According to Lenta.ru, with reference to Bloomberg, the Boeing Company began its B747-400s buyback from airlines that are ordering new Boeing 747-8s. The latter are currently experiencing hard times as the order rate is not as high as the manufacturer anticipated. Despite the fact that the names of the companies involved in the program are not being revealed, industry experts believe that the list might include Cathay Pacific Airways and Korean Airlines.
The buyback strategy allows the corporation to support airlines’ fleet renewal, by reducing their expenses. Boeing’s proposal is particularly relevant in the current state of the market, when the demand for older wide-body aircraft is rapidly lowering.
Boeing 747-400, which was in the production from 1988 until 2009, is currently the best selling model of the 747 family. The new generation of B747’s is the longest passenger aircraft in the world (exceeding the length of the Airbus A340-600 by 1 meter), with redesigned wings and improved efficiency. Cargolux Airlines, Atlas Air, Lufthansa and Cathay Pacific Airways currently have the largest B747-8 fleets amongst the industry.
Boeing’s main competitor – Airbus – has also been practicing the buyback strategy in order to accelerate the process of manufacturing of new generation of airliners. For example, last year the manufacturer bought 10, and this year – 3 of its A340s.