Boeing ended 2020 with its best month of the year, delivering 737 Max aircraft after nearly two years and receiving its first big firm order for the jet since it was grounded in March 2019, but Wednesday brought evidence, if any was needed, that the company is far from being out of the woods. Hit hard by the global grounding of the 737 Max and the precipitous decline in demand for new planes because of the ongoing pandemic, the aerospace giant reported its largest-ever annual loss, closing out 2020 by losing $8.4 billion in the fourth quarter. In all, the company recorded a full-year loss of $11.94 billion, easily its worst. It wasn't the 737 Max that dragged the company's finances down in the fourth quarter but a pretax charge of $6.5 billion tied to the company's newest plane, the 777X. The company said that the first delivery of the 777X would occur only in late 2023, three years behind the original schedule and a year later than the company had projected just six months ago. Boeing, it may be recalled, has slowed down deliveries of its 787 Dreamliner aircraft due to quality control concerns with the plane. The company, which has trimmed its production target of the aircraft type to five a month, also had to cut thousands of jobs during the year. “2020 was a year like no other,” Chief Executive David Calhoun said on an investor call. “Our world, our industry, our business and our communities were facing unprecedented challenges—and we’re still in the midst of it. "Despite solid progress on the vaccine front, the next six to nine months will remain very challenging for our airline customers and the entire industry," Calhoun added. "COVID-19 case rates continue to be high and travel restrictions remain in place, putting significant pressure on passenger traffic." Calhoun isn't optimistic that demand will bounce back any time soon. "We expect it will take around three years for travel to return to 2019 levels, and a few years beyond that to return to our long term growth trend," he said. EASA Approval for 737 Max It wasn't all gloom for the company on Wednesday. The European Union Aviation Safety Agency (EASA) formally approved the return to service of the 737 Max. Regulators in the U.S., Canada and Brazil have already recertified the jet and it has already been pressed into service by five carriers, with Brazil's Gol being the first. China, the country with the most number of 737 Max aircraft, is yet to unground the aircraft.
The first Austrian Airlines Boeing 777-200ER equipped with AeroSHARK surface technology has successfully completed its maiden flight. The long-haul aircraft…
Vietnam and South Korea are reportedly finalising an agreement for the acquisition of 20 K-9 Thunder self-propelled howitzers (SPH) for…
The Royal Thai Air Force (RTAF) is anticipating the final delivery of three AT-6TH Wolverine light attack aircraft by April…
Ukraine's largest airline, SkyUp Airlines, has successfully transitioned to IBS Software's iFly Res Passenger Services System (PSS) to support the…
Experia Events has announced the confirmed exhibitors for the inaugural Business Aviation Asia Forum and Expo (BAAFEx), which will take…
Aonic, a Malaysian drone service provider and manufacturer, has been awarded the Unmanned Aerial Work Certificate (UAWC) by the Civil…
Eve Air Mobility (Eve) has partnered with JetSetGo, a private aircraft charter and fractional ownership company based in New Delhi,…
L3Harris Technologies has received a contract from BAE Systems Maritime Australia for the Integrated Platform Management System (IPMS) on the…
In a response to numerous instances of Global Positioning System (GPS) denial in the war that broke out on Oct.…
Airbus Defence and Space, in collaboration with HENSOLDT, is upgrading the German Airborne Weapon Systems Electronic Warfare Centre with the…
Qantas Airways Limited has officially become a member of the Association of Asia Pacific Airlines (AAPA), as announced by the…
Indra Group’s Board of Directors has appointed Ángel Escribano Ruiz as its new Executive Chairman. This decision was made during…
The first Airbus A400M aircraft for the Indonesian Air Force (TNI-AU) has entered the Final Assembly Line in Seville, Spain.…
Italian airline ITA Airways is now a member of the Lufthansa Group and will be the Group's fifth network airline.…
Revenue Passenger Kilometres (RPKs) are predicted to increase by 25.6% between 2025 and 2030,according to data recently revealed by IBA,…
Indonesian state-owned airport operator PT Angkasa Pura Indonesia, operating under the brand InJourney Airports, reported a notable rise in passenger…
The Department of National Defense (DND) of the Philippines has confirmed plans to acquire 12 additional FA-50 Block 20 Fighting…
Airbus Helicopters has delivered two H225M helicopters to the French Armament General Directorate (DGA), marking the first of eight helicopters…
Curtiss-Wright has unveiled the PacStar 452 server, designed to enhance data storage capabilities in tactical edge applications. This new server…
CAE has inaugurated its first Air Traffic Services (ATS) Training Centre, on its campus in Montreal, Canada. As the largest…
Muirhead, a Scotland-based supplier of aviation leather, has announced its expansion into the global seat cover sector, aiming to simplify…
Lockheed Martin has delivered 10 S-70i Black Hawk helicopters to the Philippine Department of National Defense (DND) in 2024. This…
Scoot, the budget carrier of Singapore Airlines, has unveiled the launch of direct flight services to Vienna in Austria and…
The Israeli Ministry of Defense (IMOD) has signed its first contract under the $8.7 billion U.S. aid package approved by…
Taiwan’s Civil Aviation Administration (CAA) has granted certification to ExecuJet MRO Services Malaysia, a subsidiary of Dassault Aviation, allowing it…
From 9 to 11 January 2025, Vietjet's senior leadership visited the United States to meet with strategic partners during the…
SITA has announced a partnership with Palo Alto Networks to strengthen cybersecurity measures for critical airport operations. The collaboration introduces…
The Royal Malaysian Navy (RMN) formally received the KD Kasturi (F-25) on 14 January 2025 following a comprehensive Maintenance, Repair,…
Leonardo has categorically stated that it has not sold, directly or indirectly through third parties, OTO Melara 76/62 guns to…
BIRD Aerosystems has received an order from an African Ministry of Defence to deliver its Airborne Missile Protection System (AMPS).…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2025 GBP all rights reserved.