Thursday, 27 June, 2019

American Airlines extends B737 Max cancellations until June 9 April 2019

Investigators have determined that an anti-stall system automatically activated before the Ethiopian Airlines Boeing 737 Max jet plunged into the ground More travel disruptions on the way as American Airlines cancels 737 Max flights into June
Russell Knight | 10 April, 2019, 18:50

American Airlines now has 24 Boeing MAX 8 Aircraft in its fleet, and has more of the aircraft on order. On Tuesday, investors will start to find out what it means for Boeing's bottom line.

"After a relatively slow reaction by Boeing management to the Ethiopian Air accident, we believe Boeing is feeling much more regulatory and political pressure on the MAX than it anticipated", said the Canaccord Genuity note.

Boeing also announced on Friday that it is cutting the production rate for all of its 737 planes from 52 a month to 42. The company does not usually disclose dollar figures as part of the deliveries report, but given the calamities it has faced and the enormity of the task it faces in winning back market confidence, it will reportedly detail the financial costs of the 737 crisis.

Managing Director Ronald Epstein said the reputational loss from the crisis threatens to hurt the company's bargaining power as it negotiates with airlines, according to CNBC.

This report will precede the Annual Meeting of Shareholders on 29 April.

Indonesian airline Garuda is the only company so far to publicly disclose it has cancelled an order for the planes.

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The decision comes after the crash of a 737 MAX 8 in Indonesia and another in Ethiopia. As a result, the attorney said hundreds of people were killed in two crashes that were not even six months apart.

Bank of American estimated delays with the 737 will last six to nine months, longer than the three- to six-month delay originally forecast.

S&P warned that deliveries in some markets could be delayed after regulators in the EU, Canada, China and elsewhere said they would review Boeing's fixes before allowing the planes to resume normal operations. While there are plenty of traditional 737 models in service, almost all of the new planes that Boeing is selling as part of the program are Max models.

On Sunday, American Airlines said it is extending its cancellations of about 90 daily flights as the troubled 737 Max plane remains grounded by regulators. Cowen aerospace analyst Cai von Rumohr said he now believes Boeing won't be able to make deliveries to USA airlines - American, Southwest Airlines and United Airlines - until June. The company said earlier this week that it would be several more weeks before it could submit the software update to the Federal Aviation Administration for approval.

"This could delay a resumption of MAX deliveries to USA carriers (10% of backlog or ~480 planes) until June. foreign deliveries may not resume until Q3 or possibly Q4", they added.

Overall, he expects Boeing to deliver just 500 737 planes in 2019.

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