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New Plane Orders On ´Knife Edge´ - Boeing
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New plane orders are on a "knife edge" as high energy prices reduce demand, a senior Boeing executive said.
Boeing´s order book, however, has been supported as airlines seek more efficient models to replace inefficient older jets, said Mike Bair, vice-president of business strategy and marketing at Boeing Commercial Airplanes.
"Airlines are putting down older, energy-inefficient planes and are asking us if we can get new, more efficient airplanes to them sooner," Bair said on the sidelines of the St Petersburg Economic Forum.
Jet fuel prices are hovering above USD$150 a barrel, adding billions of dollars to airlines´ operating expenses, as crude oil trades at record highs. US crude traded at almost USD$140 a barrel after a 9 percent jump on Friday.
Asked whether this had negatively affected new plane orders, Bair said: "Right now, it´s not affecting demand. We´re on a knife edge."
Boeing had 414 commercial plane orders at the end of May, in line with the 417 it had at the same time a year ago. Last year turned out to be Boeing´s best ever, with 1,413 net orders.
But the pace of orders has slowed from a brisk start in the first three months of the year. The top four US airlines are planning to cut flights, lay off workers and retire older planes as they look to reduce their fuel bills.
Bair said he was confident Boeing´s 787 Dreamliner would meet its latest schedule for test flights in the fourth quarter. First deliveries are set for the third quarter of 2009, about 15 months behind the company´s original schedule.
"We´re putting parts on the airplane in June. It will fly by the end of summer," he said.
The revolutionary, fuel-efficient 787 broke early sales records for Boeing and is seen by analysts as key to the company´s financial future.
Bair, the program´s original leader, was replaced in October by Pat Shanahan, who had been working on Boeing´s defense side.
"It´s embarrassing to miss a deadline, but it´s a great airplane," Bair said. "Customers were disappointed, but they are willing to wait."
(Reuters)
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