Financial Daily from THE HINDU group of publications
Tuesday, Oct 18, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 18, 2005 |
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Logistics
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Airlines Emirates acquires 10 Airbus A340-500 for $2 billion Vimala Vasan
Abu Dhabi , Oct. 17 EMIRATES airline has received its entire order of Airbus A340-500s with the arrival of its tenth A340-500 aircraft. It has invested close to $2 billion for the acquisition of its A340-500 fleet. The financing has been obtained from various sources comprising 29 per cent from European banks, 10 per cent from Islamic sources, 24 per cent from commercial banks within the GCC and 37 per cent from commercial banks outside the GCC - a substantial portion of which came from banks in Japan and China, according to a statement from the airline. Emirates' fleet - with an average aircraft age of only 56 months - reflects the airline's business strategy of focusing on medium and long-haul routes. The airline has constantly upgraded its fleet to include aircraft with more capacity and longer range. Emirates also has firm orders for 30 Boeing B777-300 Extended Range, of which five are already in service, and the remaining will join the airline's rapidly-expanding fleet by end 2007. Emirates' fleet currently stands at 81 aircraft and comprises 29 Airbus A330-200s, 12 Boeing 777-300s, nine Boeing 777-200s, 10 Airbus 340-500s, eight A340-300s, five Boeing 777-300ERs, one Airbus A310, one Airbus A310F and six Boeing 747 freighters. The airline's order book worth almost $30 billion in list prices consists of orders for 92 aircraft, including 45 Airbus A380-800s (including two A380Fs), 25 Boeing 777-300ERs plus nine options, two A310-300Fs and 20 Airbus A340-600 Higher Gross Weight aircraft.
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