Emirates Orders 5 More 777 Freighters

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Emirates Orders 5 More 777 Freighters

Emirates Orders 5 More 777 Freighters

Boeing Lands Big Win: Emirates Orders 5 More 777 Freighters

The Boeing Company (NYSE:BA) shares are trading higher premarket on Monday. The company disclosed an order from Emirates SkyCargo for five additional 777 Freighters, adding to a previous order of five.

Finalized in September, the order increases Emirates’ total Boeing widebody aircraft orders to 249, including 14 of its 777 Freighters.

Emirates SkyCargo plans to nearly double its fleet of 777 Freighters to 21 in the coming years, up from the current 11, as it continues expanding its capacity.

The 777 Freighter, with a range of 9,200 kilometers and a 102-tonne capacity, is the longest-range and highest-capacity twin-engine cargo jet.

It allows operators to connect key markets like the Middle East, U.S., and Europe with more nonstop routes and improved operating efficiency.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said, “Demand for Emirates’ air cargo services has been booming. This reflects Dubai’s growing prominence as a preferred and trusted global logistics hub, and also the success of Emirates SkyCargo’s bespoke solutions that address the needs of shippers in different industry sectors.”

Read: Boeing Shares Jump As Troubled Aerospace Company Inks $10B Supplemental Credit Agreement With Big Banks

Stephanie Pope, president and CEO of Boeing Commercial Airplanes, said, “Emirates continues to set the direction for our industry and we deeply appreciate the trust they have placed in the Boeing widebody family to serve as the backbone of their global fleet.”

Recently, the Boeing union announced a tentative agreement that includes a 35% wage increase over four years and improved retirement benefits.

If approved, the deal will replace a previous contract from 2008 and aims to resolve ongoing financial challenges for Boeing.

Investors can gain exposure to the stock via Invesco Aerospace & Defense ETF (NYSE:PPA) and Gabelli Commercial Aerospace and Defense ETF (NYSE:GCAD).

Price Action: BA shares are up 3.87% at $161.00 premarket the last check Monday.

Photo via Shutterstock

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This article Boeing Lands Big Win: Emirates Orders 5 More 777 Freighters originally appeared on Benzinga.com

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