Boeing Co.’s lost orders for the grounded 737 Max surpassed 400 for the year last month and the coronavirus pandemic stymied shipments of the company’s 787 Dreamliner, a crucial source of cash.
Customers scrapped another 43 Max orders in July, including 35 that had been previously disclosed, according to figures posted on Boeing’s website Tuesday. That brought the number of sales that have been canceled or swapped for other Boeing models to 416 in 2020. Meanwhile, the planemaker delivered just four jetliners last month and booked zero new orders.
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Boeing's meager July shipments of the 787 topped May's washout
Source: Boeing data compiled by Bloomberg Intelligence
The lean July underscores the one-two punch Boeing is contending with as the virus guts demand for new planes while the flying ban on the Max nears the 17-month mark. Boeing has said its best-selling model is likely to win U.S. approval to resume flying by the end of the year, while cautioning that the Federal Aviation Administration will ultimately determine the timing.
Last month, Canada Jetlines dropped orders for five Max aircraft, Avolon Holdings Ltd. scrubbed two and an unidentified customer scrapped a deal for a plane that was to be used as a business jet.
Those cancellations came on top of 35 that had already been disclosed. Kuwaiti lessor Alafco Aviation Lease and Finance Co. cut its order book by 20 and AerCap Holdings NV canceled 15 Max orders. Aircraft lessors have been working with Boeing to pare speculative orders as the planemaker revises its delivery schedules, fueling part of the uptick in recent Max cancellations.
Deliveries in July totaled just four commercial jets, including two freighters and two 787 Dreamliners. That was the worst month for the Dreamliner since mid-2013 except for May of this year, when Boeing delivered none, according to figures compiled by Bloomberg Intelligence.
Boeing’s marquee wide-body aircraft has become a critical source of cash during the Max’s grounding. Travel restrictions imposed to fight the pandemic have impeded the ability of some buyers to take delivery.
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August 11, 2020 at 10:00PM
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Boeing’s Lost Max Orders Top 400 This Year, 787 Deliveries Drop - Bloomberg
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