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Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran.
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Boeing is trembling for more than a third of orders for the 777X
The American aircraft manufacturer Boeing fears more than a third of the orders for its 777X high-capacity aircraft due to further development delays. The group calculated the volume of its orders on Monday on only 191 machines of this type, 38 percent less than stated on the group's website. As the first delivery of the model has been postponed until the end of 2023, some customers may cancel their orders.
Boeing explained the backlog with orders by an accounting rule, according to which the group had to remove endangered orders from the list, DPA reports. Boeing announced additional delays in developing and approving its model last week. With the postponement until the end of 2023, the first delivery is now about three years behind the original schedule. At the end of 2020, Boeing also reported a one-off effect due to this $ 6.5 billion slowdown, which meant the company had to report a record loss of $ 11.9 billion for the full year. In a statement to the US Securities and Exchange Commission, Boeing warned that there could be even higher write-offs if new cancellations, production cuts and test problems occur. The 777-9 is the aircraft manufacturer's first new model after two fatal crashes that led to its 737 Max landing.
As the company works to restore its reputation for safety and technical capability, the new aircraft will be subject to increased scrutiny by regulators, airlines and investors. The 777X is an energy-efficient new edition of the long-running Boeing 777 bestseller. Machines of this size are used for long-distance flights, and industry estimates that this business will be the last to recover from the downturn in the coronavirus crisis. Boeing significantly reduced production of the 777 and 777X, as well as the 787 Dreamliner. Its European competitor Airbus has done the same with its A350 and A330neo models. There are fears that the plane is too big for today's airlines. The 777-9 is longer than Boeing's iconic 747 and is the first twin-engine jet designed for 426 people in the standard layout. It is also the company's most expensive aircraft, which is offered for 442.2 million dollars before the usual discounts.
The 777X was shown at the Dubai Air Show in 2013, and sales have slowed since then. The long-awaited orders from China did not materialize due to trade tensions. "It feels like the plane is too big for most markets, for most airlines," said George Ferguson, an aviation analyst at Bloomberg Intelligence. Boeing's main customer, the Arab airline Emirates, has already indicated that it will transfer an additional portion of its 777X orders to Dreamliner. Airlines can usually withdraw from orders if the planes' delivery is delayed by more than a year. As a result, Boeing now had to delete orders from its inventory for more than 1,100 units of its 737 Max medium-haul aircraft after the company failed to deliver the model for more than a year and a half after two fatal crashes and a formal take-off ban.