PHOTO
Long-haul operator Emirates has placed an order for two Boeing 777 freighters at the Dubai Airshow 2021 as part of its $1 billion investment to further expand its global air cargo capacity amid surging demand for air freight.
The 777 freighter is the world’s largest, longest-range twin-engine aircraft that cuts carbon dioxide emissions and fuel use by 17 percent compared to legacy airplanes. It can carry a maximum payload of 102 kilograms, enabling carriers to reduce the number of stops and save on landing fees on long-haul routes.
“We are delighted to announce an investment of $1 billion to further expand our freighter capacity. This underscores our commitment to supporting our customers’ requirements and reflects our confidence in our future growth and status as one of the largest airline cargo carriers in the world,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group.
The air cargo business has provided a silver lining for airlines around the world that have been losing billions of dollars in revenue due to a massive decline in passenger numbers. Air cargo markets as of August 2021 continued to be strong, with global demand – measured in cargo tonne-kilometres (CTKs)- posting a 7.7 percent increase compared to August 2019, according to the International Air Transport Association (IATA).
“Many of the economic indicators point to a strong year-end peak season. With international travel still severely depressed, there are fewer passenger planes offering belly capacity for cargo. And supply chain bottlenecks could intensify as business continue to ramp up production,” Willie Walsh, IATA’s Director General, said earlier.
Boeing has recently forecast that demand for dedicated freighters could increase this year. By 2040, the Middle East freighter fleet will be 87 percent larger compared with pre-pandemic levels, the US plane maker said.
Boeing airplanes currently provide more than 90 percent of worldwide dedicated freighter capacity. Since 2005, more than 300 777 freighters have been ordered, including 38 orders this year.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
