9-Mar-2011 10:23 AM

Air China and Boeing sign agreement for five B747-8s

Air China and Boeing signed (07-Mar-2011) an agreement for the purchase of five B747-8s. Air China is the first Chinese carrier to contract the passenger version of the B747-8. The carrier will use the aircraft on international routes and are scheduled to delivery in 2014 and 2015. The agreement still requires Chinese Government approval, at which time it will be posted to the Boeing Orders & Deliveries website. The announcement coincided with the Asian Aerospace Expo and Congress, being held in Hong Kong. The new 747-8 will typically seat around 470 passengers. The purchase is expected to increase the carrier's fleet capacity by 6.6% on end of 2010 levels. The agreement is worth around USD1.54 billion at list prices although Air China stated it has received "significant price concessions" from Boeing. The purchased will be funded through cash generated from the company’s business operations, commercial bank loans and other financing instruments of the company. Until Air China's order, only two carriers - Lufthansa and Korean Air Lines - had placed orders for the aircraft. The aircraft now has 30 orders from three airline customers and eight orders for the business jet version. [more - Press Release] [more - Air China release]

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