(Posted 18th July 2024)
The cargo division of Dubai-based Emirates, the world’s fourth-largest airline by freight traffic, committed on Tuesday to purchase an additional five 777 freighters from Boeing for U Dollars 1 billion, adding needed supply of widebody freighters as demand for air shipping grows.
The announcement comes a day after Airbus upgraded by 3.3% its demand forecast for widebody freighters through 2043 but trimmed its overall outlook for freighter aircraft.
The Emirates order builds on one in 2022 for five 777 cargo jets, deliveries of which are expected to begin in the second half of the year.. The new tranche of planes will be delivered in 2025 and 2026.
Emirates SkyCargo said it will return some older leased freighters as new freighters arrive but that the overall capacity of the freighter fleet will increase by 30% once all the aircraft enter service.
The cargo airline operates 11 Boeing 777 freighters and temporarily wet leases one Boeing 747-400 from a third-party carrier. In addition to the 10 Boeing 777s on order, Emirates SkyCargo is converting 10 777-300 Extended Range jets into freighters under a deal with Israel Aircraft Industries, taking the freighter fleet to 17 aircraft by the end of 2025.
“Demand for our world-class product and services is growing exponentially, [amplified by Dubai’s strategy] to double foreign trade and reinforce the city’s position as a global trading hub. This investment in additional Boeing 777 capacity enables us to cater to customer demand and marks a step forward on our long-term strategic growth plan,” said Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group chairman and CEO, in a news release.
He indicated that Emirates is also evaluating both the Airbus A350 and Boeing 777-8 next-generation freighters for future fleet growth and renewal.
“The next phase of our strategy will include a full assessment for our future freighter fleet reviewing all aircraft options to ensure we are best equipped to respond to the evolving demands of the market,” he added.
Earlier this month,Turkish Airlines also placed an order for four Boeing 777 cargo jets.
The 777 freighter has a maximum payload of 112 tons and a range of 4,970 nautical miles.
