Sunday, July 13, 2008

ILFC may order 300 planes from Airbus, Boeing

Britain: International Lease Finance Corporation (ILFC), the world's biggest aircraft lessor, may soon order about 300 planes from Boeing Company and Airbus SAS to meet demand from airlines which are suffering financially due to high oil prices and can no longer afford to buy their own jetliners.
As airlines face rising costs and falling demand, plane manufacturers could be forced to lower prices. So, ILFC could purchase 150 single-aisle aircraft from Airbus and about the same number from Boeing, a senior company official said.
"A stressed marketplace provides us opportunities. We could be buying some planes at reduced costs," the official said. The Los Angeles-based ILFC is a unit of American International Group Inc and is the biggest owner of commercial airliners with a 1,000-strong fleet.
According to the International Air Transport Association (IATA), the airline industry may face staggering losses of over six billion dollars this year, with oil prices hovering above the 145 dollars a barrel mark. Nearly 20 airlines across the world have collapsed or filed for bankruptcy in 2008.
Many others are postponing deliveries to cut spending. In India, airlines are expected to lose over a billion dollars (about Rs 4,000 crore) this year.
13/07/08 PTI/Economic Times
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