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Boeing Tallies New Order for 737 MAX

March 17, 2021
A private-investment firm booked a contract worth up to $2.9 billion for 24 new aircraft, with purchase rights for 60 more, signaling some new confidence in the commercial aviation sector.

Boeing has an order for 24 new Boeing 737 MAX-8 aircraft from a private investment firm, Miami-based 777 Partners. The value of the order, which includes purchase rights for 60 additional jets, was not revealed, but it could be as high as $2.9 billion at the standard list price for the 737 MAX 8.

The buyer will assign the new aircraft to various low-cost airlines it in which it holds stakes.

“We could not be more excited to partner with Boeing on this transformative order for our growing aviation business. The 737-8 aircraft are a fantastic addition to our aviation portfolio and will enable our partners to leverage the jets’ superior economic performance to deliver low fares for their passengers while reducing their carbon footprint,” stated 777 Partners managing partner Joshua Wander.

He added: “The retrenchment of traditional carriers globally has created an unprecedented market opportunity for more agile and cost-efficient operators. These aircraft will enable our operators to accelerate the recovery in the destinations they serve.”

The sale is important for Boeing’s 737 program, which has been negatively impacted by an 18-month idling of the 737 MAX due to an investigation into the cause of two jet crashes; and for Boeing itself, which like the wider commercial aviation sector has suffered from weak demand since the outbreak of the COVID-19 pandemic.

Boeing tallied more than 450 cancelled orders for 737 MAX jets during 2020, as carriers redetermined their future capacity requirements.

The 737 MAX-8 has a capacity for 178 to 200 passengers, with a range of 3,550 nautical miles. The aircraft also offers the operators 16% lower fuel usage and CO2 emissions than the previous version of the 737, meaning lower operating costs and a reduced environmental impact.

“This is a significant order that speaks to 777 Partners’ belief in the 737-8 and the market recovery ahead,” stated Ihssane Mounir, Boeing SVP of Commercial Sales and Marketing.

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