China Eastern Airlines to receive 15 787-9s by 2021

China Eastern Airlines stated (28-Apr-2016) it entered an agreement with Boeing for 15 new 787-9 aircraft valued at approximately approximately USD3.915 billion at list prices. The purchase of the aircraft is payable by cash in installments, and is, as currently contemplated, being funded through the company's working capital, bank loans from commercial banks, bonds issuance and other sources of financing available to the company. The Boeing aircraft are expected to be delivered to the company in stages from 2018 to 2021, with four aircraft expected to be delivered in 2018, six in 2019, three in 2020 and the remaining two in 2021. The company noted: "Without considering the adjustments to be made to the aircraft fleet of the Company as a result of the market conditions and the age of the aircraft and based on the ATKs of the Company as at 31 December 2015, the Boeing Acquisition will increase the ATKs of the Company by approximately 2.32%, 3.48%, 1.74% and 1.16% for each of the four years from 2018 to 2021, respectively". China Eastern plans to operate the new 787-9s on routes between China, North America and Europe. China Eastern Airlines chairman Liu Shaoyong said: "We are very happy to introduce the new 787 Dreamliners into our long-haul fleet... The addition of these next-generation, fuel-efficient airplanes will play a key role in supporting China Eastern's strategy for international expansion, and enable us to realise profits in point-to-point routes across the Pacific Ocean, and between China and Europe." [more - original PR]