Volume I—Issue 6
A Magazine for Aviation Leaders & Influencers
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FEATURED
IATA Profitability Forecasts: Is the Airline Industry Becoming Financially Sustainable? More articles inside...
Emirates: What Did the Airline Profits Sustainability Index Reveal?
Release date: December 2015
How Do Passengers Perceive Your Airline?
Where Is the Boeing 787 Spreading the Dreamliner Effect?
Volume I—Issue 6
December 2015
Airline Profits
Contents 6
Editorial: Sea son Gr eetin gs fr om Airlin e P rofits : Happy Holidays, Merry Christmas & Happy New Year 2016
10
Profile: Em ir a tes: W ha t Did the Air lin e Pr ofits Sustainability Index Reveal?
16
Perspective: T he B om ba r dier CSe r ies Is Cer tified:
What Are the Next Key Milestones?
20
Performance: IATA Pr ofita bility For eca sts: Is the Airline Industry Becoming Financially Sustainable?
26
Paradigm: Air lin e Im a ge: W ha t Per ception Do
Passengers Have of Your Brand?
30
Platform: W her e Is the B oein g 787 Spr ea din g the Dreamliner Effect?
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3
HEAD OF PROGRAMS:
Kofi Sonokpon
All rights reserved. No part of this publication may be reproduced, duplicated, stored in any retrieval system or transmitted in any form by any means without prior written permission of the Publishers.
kofi.sonokpon@airlineprofits.com
Airline Profits is r elea sed bi-monthly in February, April, June, October, October and December.
PUBLISHED BY: Airline Profits Publications
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Airline Profits is a v a ila ble in m u ltip le fo r m a ts: o nline, m o bile, digital and print. The online and mobile versions are free to all aviation and non-aviation subscribers. Digital and print formats are chargeable based on an annual subscription. For more information about the various subscription packages offered, visit www.airlineprofits.com Airline Profits is a tr a d em a r k of M a ck so n Av ia tio n.
Š2015 Airline Profits ISSN 2368-7800 (Print) ISSN 2368-7819 (Online)
www.airlineprofits.com SPECIAL CREDITS:
JoĂŁo Augusto Batista
Airline Profits
December 2015
Volume I—Issue 6
Editorial Season Greetings: Happy Holidays, Merry Christmas & Happy New Year 2016 Kofi Sonokpon editor@airlineprofits.com
A warm welcome to the sixth edition of Airline Profits. As 2015, a very challenging, yet rewarding year is drawing to a close, we would like to wish you, your colleagues and loved ones a wonderful holiday season, a Merry Christmas and Happy New Year.
I would like to seize this opportunity to thank you for your continuous support throughout the
year.
Your suggestions, comments and feedback are essential to fueling our passion to pursue our quest
Your suggestions, comments and feedback are essential to fueling our passion to pursue our quest of becoming your publication of choice when it comes to airline profitability.
of becoming your publication of choice when it comes to airline profitability.
In this last magazine issue of the
You will also find a brief review
Furthermore, you will enjoy a
of Emirates Airline based on the
special contribution on airline
Airline Profits Sustainability In-
brand image by Mr. João Augus-
dex (APSI).
to
You will find our perspective
Lufthansa Consulting in Brazil.
about the recent certification of
Finally, you will find a review of
the Bombardier CSeries.
the Boeing 787 Dreamliner.
year, your will discover several topics, including IATA’s revised forecast for 2015 and their initial
forecast for 2016.
6
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Batista,
a
Consultant
at
Once again, thank you for your continuous support
and stay
tuned for very exciting news in 2016, including the first Airline Profits Ranking based on the Airline Profits Sustainability Index (APSI) as well as fresh details about the upcoming first edition of the Airline Profits Summit & Awards.
Read Airline Profits online at www.airlineprofits.com
Airline Profits
December 2015
Volume I—Issue 6
“ Write it on your heart that every
day is the best day in the year. ―Ralph Waldo Emerson
Airline Profits
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Airline Profits
December 2015
Volume I—Issue 6
Profile Emirates Airline: What Did the Airline Profits Sustainability Index Reveal?
In the October edition of Airline Profits, we presented our first review of Ryanair based the Airline Profits Sustainability Index (APSI). This is an integrated metric, which takes into account three dimensions: People, Performance and Agility. In this edition, we are presenting another airline review on the basis of the APSI: that of Emirates Airline.
Our analysis covered a period of 10 years, starting 2005 through 2014. We have also considered
pieces of information available on Emirates Airline’s website and other reputable sources such as
Flightglobal at the time our review was conducted.
Based on the data available as of December 2015, our analysis revealed that on a scale of 1 to 10, Emirates Airline has an Airline Profits Sustainability Index of 8.8.
Based on the data available as of December 2015, our analysis revealed that on a scale of 1 to 10, Emirates Airline has an Airline Profits Sustainability Index of 8.8.
Creation and History Founded 30 years ago in March 1985, Emirates Airline started
In the next few lines, we are go-
ing to offer a breakdown of this rating. However, let’s begin with a brief overview of the company
operations about six months later in October with wet-leased air-
East, Emirates Airline is one of the world’s largest airlines serving more than 75 countries across
all continents.
planes from Pakistan Internation-
Established as a dominant player
al Airlines.
in the aviation industry, Emirates
by highlighting some key facts.
10
The largest carrier in the Middle
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A Fleet of Emirates Airbus A380 at Dubai International Airport. Photo Credit: Emirates Airline
Airline has won multiple awards
of which Asia Pacific, Europe,
Ownership,
over the years and is also the
Africa and the Middle East ac-
Alliances
largest operator of both Boeing
count respectively for 32, 29, 16
Emirates Airline currently has a
777 and Airbus A380 aircraft
and 12 percent. Emirates Airline
simple ownership structure: 100
types.
operates a mixed fleet of 245 air-
percent of the equity is held by
craft in-service composed of: 151
Emirates Group, a business con-
Boeing 777, 70 Airbus A380, 17
glomerate owned by the Govern-
Business Model, Network and
A330, five A340 and two Boeing
ment of the United Arab Emir-
Fleet
747. The current in-service fleet
ates (UAE).
One of the world’s largest and
has an average age of 6.4 years.
award-winning mainline carriers,
The airline also has 262 aircraft
Emirates currently serves 134
on order, including Airbus A380
destinations across all continents,
and Boeing 777s.
Airline Profits
December 2015
Subsidiaries
and
At the present time, there are no subsidiaries related to Emirates Airline.
Volume I—Issue 6
Airline Profits
December 2015
Volume I—Issue 6
Profile Besides, the airline currently has
2005 to 2014.
close to 20 codeshare and com-
The Agility Index has a 15%
mercial agreements, but is not part of any global airline alliance.
calculation.
People Index
weight in the overall APSI.
The Airline Profits People Index Leadership, People and Operations Emirates Airline is currently led by Tim Clark, in the role of Presi-
is based on a scale of 1 to 10.
Summary
Emirates Airline has a high Peo-
Emirates Airline’s Airline Profits
ple Index of 8.7. Five factors
Sustainability Index of 8.8 is es-
were considered in our calcula-
sentially driven by the Perfor-
tion.
mance Index, which in this case
dent. And as of 2014, the airline employed over 44,000 people.
The People Index has a 45% weight in the overall APSI.
happens to be very high. This is mainly due to the fact that over
Headquartered in Dubai, Emir-
the
ates Airline uses Dubai Interna-
Emirates Airline was profitable
tional Airport as its main operational base. Emirates Airline also
operates some of the world’s longest non-stop flights from Dubai to Dallas and Houston (in
Texas) as well as Los Angeles and San Francisco (in California). Besides, the carrier will be flying
Performance Index The Airline Profits Performance Index is based on a scale of 1 to 10. Emirates Airline has a very
ten years out of ten. In addition to that, the airline has posted
above average operating and net profit margins.
Five factors were considered in
and high People and Agility indi-
our calculation.
ces, our primary recommenda-
Dubai to Panama City starting in
weight in the overall APSI.
tion is that Emirates Airline would do well to focus on maintaining the discipline and mo-
February 2016.
mentum they have successfully Sustainability
Agility Index
built over time.
The Airline Profits Agility Index
If you like this article and are curious in finding out more, we invite you to stay tuned as we share more airline profiles and the Airline Profits ranking.
Profile
is based on a scale of 1 to 10.
As mentioned at the beginning of
Emirates Airline has a high
this review, our analysis covered
Agility Index of 8.1. Seventeen
a 10-year period ranging from
factors were considered in our
12
(2005-2014),
With a very high Performance
The Performance Index has a 40%
Profits
decade
high Performance Index of 9.1.
the longest non-stop route from
Airline
past
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Character
“Character is the ability to carry out a good resolution long after the excitement of the moment has passed.” — Cavett Robert
Airline Profits
December 2015
Volume I—Issue 6
“ Cheers to a new year and another chance for us to get it right.
― Oprah Winfrey
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Airline Profits
December 2015
Volume I—Issue 6
Perspective The Bombardier CSeries Is Certified: What Are the Next Key Milestones?
At an important gathering held at its plant in Mirabel on December 18, 2015, and attended by Marc Garneau, the Canadian Minister of Transport, Bombardier announced the certification of the CSeries CS100 aircraft type. The certification of a new type of aircraft is undoubtedly a major milestone. As far as the CSeries is concerned, this is an outstanding achievement, considering all the program delays and the related cost overrun.
Besides, this marks an important credibility point for the company, since Bombardier had committed to get the aircraft certified by Transport Canada before the end of 2015. Moreover, the CSeries becomes the first clean-sheet, commercial narrowbody jet to be certified in nearly 30 years (since the Airbus A320 in February 1988). It is worth highlighting that the said delays and cost overrun have caused and fueled a contin-
uous wave of criticism and skepticism across the board, from the media, aviation enthusiasts and
investors. Some analysts have
16
The certification of the CS100, although a significant achievement, is only a key milestone among many...delivering flawlessly on these key milestones within the next six to nine months would be crucial in restoring confidence in the program. gone to the extent of suggesting that Bombardier should not have dare to venture into what has been considered a "dangerous territory", meaning the turf of Airbus and Boeing. Other commentators have offered that Bombardier should have simply kept
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doing what they are well known for, namely manufacturing regional and business jets as well as trains. How striking to realize how we tend to forget that just a few decades ago, Bombardier was not even engaged in manufacturing any airplanes or trains! It would be good to remind our-
Bombardier CS100. Photo Credit: Bombardier/Patrick Cardinal
selves that such criticism and skepticism have always accompanied any innovation of significant importance. For instance, the move by the Wright Brothers to create a powered and controllable airplane was welcomed by a mass of critics and skeptics who said "it couldn't be done". And to the doubting Thomas, the very reason why "it couldn't be done" is that "it has never been done before". By contrast, the innovators down through the ages have used that same "it has never been done before" as the very good reason why "it should be done", why they should keep moving
Airline Profits
until they get it done. With that
Farnborough International Air-
said,
show in July 2016.
the certification of the
CS100, although a significant
In our opinion, delivering flaw-
achievement, is only a key mile-
lessly on these key milestones
stone among many. The next
within the next six to nine
key milestones that Bombardier
months would be crucial in re-
will do well to achieve in 2016
storing confidence in the pro-
are: 1. The delivery and entry in-
gram as a winning proposition.
to service (EIS) of the first CS100
That is certainly easier said than
to Swiss, 2. The certification of
done. However, it will take at
the CS300, 3. The delivery and
least that level of commitment
EIS of the first CS300 to airBaltic,
and effort to re-position the
4. The securing of more aircraft
CSeries
sales to to achieve at least 300
changer.
as
a
serious
game-
units sold, preferably before the
December 2015
Volume I—Issue 6
“ Be at war with your vices, at peace with your neighbors, and let every new year find you a better man.
― Benjamin Franklin
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Airline Profits
December 2015
Volume I—Issue 6
Performance IATA Profitability Forecasts: Is the Airline Industry Becoming Financially Sustainable?
During the Global Media Day that IATA held on December 10, 2015, the trade association representing some 260 airlines worldwide presented their revised and initial forecasts on airline profitability respectively for 2015 and 2016. IATA raised their global target for the second time this year. Airlines are now anticipated to post a collective 33.0 US$ billion by year end, instead of the 29.3 billion announced earlier in June.
As hinted in past editions of Airline Profits, particularly in August and October, the year 2015
has been very rewarding to the airline industry. Airlines around the world and more importantly
in the USA have been reporting strong
quarterly
results.
For
some carriers it was one record
quarter after another. With that
IATA raised their global target for the second time this year. Airlines are now anticipated to post a collective 33.0 US$ billion by year end, instead of the 29.3 billion announced earlier in June.
said, some airlines are cautious about their outlook for the last quarter of 2015, due in part to the recent wave of terror, which could potentially slowdown demand for air travel during the peak holiday season. For instance, the Thanksgiving long
20
weekend in the USA did not generate the anticipated level of demand for air travel. Besides, due to cheaper oil, some potential customers prefer to travel by car instead of flying. Moreover, some world regions are being negatively affected by the strong US dollar. However, on one hand, the
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financial
performance
airlines
have reported in the first three quarters of 2015 is much higher than that of 2014. On the other
hand, the question is no longer whether airlines are going to meet IATA’s mid-year forecast of
US$ 29.3 billion, but rather by
10 Dec 2015. IATA Global Media Day 2015. Tony Tyler, Director General and CEO of IATA presenting the State of the Industry an d Global Economic Outlook. Photo Credit: IATA
how much will they exceed that? Regional Adjustments for 2015
both regions, namely: a positive
Asia Pacific, Europe, Middle
US$ 0.2 billion for Africa and US$
East and North America
1 billion for Latin America.
IATA’s revised forecast about the
Africa and Latin America
According to IATA, overall Africa and Latin America are the only two regions where airlines that
would be reporting losses in 2015, a total of US$ 0.3 billion each.
However in June, that early optimistic outlook was reduced to a positive 0.1 billion and 0.6 billion
respectively for Africa and Latin America. It appears that airlines operating in these two regions
were not in a position to take adIt is worth noting that IATA’s initial forecast released in December 2014 was favorable to
Airline Profits
vantage of the lower oil prices compared to their counterparts in
other regions.
December 2015
airline profitability in these four regions is as follows: US$ 5.8 billion for Asia Pacific, 6.9 billion for Europe, 1.4 billion for the Middle East and 19.4 billion for North America.
On one hand, Asia Pacific and Europe are anticipated to see an increase in profits of respectively 13.7% and 19.0%, whereas the
Volume I—Issue 6
Airline Profits
December 2015
Volume I—Issue 6
Performance
Middle East would see a decrease of 22.2% in profits compared to the previous forecast. On the other hand, it is worth highlighting that North America
alone is responsible for jacking up the overall airline profits. The
IATA presented an optimistic outlook for 2016, an overall US$ 36.3 billion in profits for the airline industry.
initial regional forecast of US$
13.2 billion was later revised to 15.7 billion in June.
North American airlines are now
half of 2015, which will represent
IATA’s Initial Airline Profit
a 23.6% raise compared to the
Outlook for 2016
previous forecast.
IATA presented an optimistic
anticipated to see a significant
outlook for 2016, an overall US$
increase in profits in the second
36.3 billion in profits for the air-
22
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line industry. All world regions
North America
very low for a capital intensive
are anticipated to see an increase
North America is anticipated to
economic sector such as the air-
in profitability compared to the
remain stable with US$ 19.2 bil-
line industry.
year-end forecast for 2015, yet on
lion in profits, representing a
different scales.
slight decrease of 1.0%. For instance, IATA anticipated a 4.6% net profit margin for 2015
Africa
Summary
For instance, Africa is expected to narrow their overall loss to a neg-
and 5.1% for 2016.
Referring to our opening question: “Is the airline industry be-
Undoubtedly, the airline indus-
coming sustainably profitable?�
try has started a journey toward
one can suggest that airlines are
financial sustainability, however
definitely turning in more profits
the prospect is still very fragile
Latin America
now than before. And we hope
and there is still a long way to go,
Latin American airlines are antic-
that airlines will be able to main-
especially for regions where air-
ipated to recover from their loss
tain the upward trend.
lines were not able to take ad-
ative 0.1 billion, representing an increase of 66.7%.
with US$ 0.4 billion in profits, which is a 233.3% increase.
The Middle East Airlines in the
Middle
East
would report US$ 1.7 billion in profits, a 21.4% increase.
Asia Pacific
Despite the record profits airlines have been reporting, the profit margins are still very low for a capital intensive economic sector such as the airline industry.
Carriers in Asia Pacific would
post a collective US$ 6.6 billion, which represents a 13.8% increase over the revised forecast for 2015.
According to IATA, this is due to
vantage of the current lower oil
two main factors, namely: a
prices and where a strong US
strong demand for air travel and
dollar can adversely and signifi-
lower oil prices.
cantly affect the bottom line.
Europe
As far as financial sustainability
European airlines will see a sig-
is concerned, despite the record
nificant surge in profits with US$
profits airlines have been report-
8.5 billion, a 23.2% increase.
ing, the profit margins are still
Airline Profits
December 2015
Volume I—Issue 6
“ Year's end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us. ―Hal Borland
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Airline Profits
December 2015
Volume I—Issue 6
Paradigm Airline Image: What Perception Do Passengers Have of Your Brand? Contributed by:
João Augusto Batista—Consultant at Lufthansa Consulting
Reacting to an article by Kofi Sonokpon entitled “What Business Is an Airline Really Engaged in?”, which appeared in the August 2015 edition of Airline Profits magazine and was vastly discussed on LinkedIn, industry peers almost unanimously agreed with Colleen Barrett, President Emeritus of Southwest Airlines, saying: “We’re in the Customer Service business. We just happen to fly airplanes.” In fact, other answers to this question, raised by the said article, such as safety or transportation of people and goods, are also centered in one
common
and
fundamental
theme: people. Now that the core business is known, it is necessary for an airline to think about what they stand for in people’s minds, from an employee and a customer’s perspective. Similar to any Business-to-Consumer relationship, these two groups (apart from investors) are essential to keeping an airline alive and healthy, from an operational and financial standpoint. Just like any other business, an airline needs to sell their product, which is perishable by nature (a scheduled flight is expected to take off with or without enough passengers), making the mission of selling a flight in-
26
If people were asked to state, in one word, what comes to mind when an airline name is cited, one could expect the following: Efficiency for Lufthansa, Glamour for Air France, Business for TAM or Freedom for American Airlines. ventory all the more important.
And in order to sell it, the people involved in making it happen need to be motivated. At the end
of the day, our business is people oriented or at least should be! Since the concepts related to em-
ployees are extensively covered
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in several management text books, let's shift our focus to the customer. Any airline needs to convince passengers to buy their tickets. Air travel is superfluous for customers who are not business or first class passengers. They can reschedule theirs trips,
A couple taking a selfie with a Lufthansa aircraft and passengers in the background. Photo Credit: Lufthansa
or even change their means of
tive concepts to the customer’s
presence in the media). An air-
transportation based on pricing
mind is to have a strong image,
line can alter or maintain its im-
and on the perceived value they
and that is exactly the effect an
age through branding, for in-
will get for a given price.
airline want and need. However,
stance the recent attempt by GOL
an airline’s image can also be
in Brazil and Ryanair in Europe
negatively
especially
to alter their low-cost image in
when unfortunate events such as
order to appeal to more business
accidents occur. This image, ei-
customers, who have more pur-
ther positive or negative, can and
chasing power and tend to travel
will be changed by the appropri-
more frequently. In final analysis,
ate branding, here defined in a
passengers are attracted to a
broad concept,
which ranges
brand image as well as the per-
from the brand itself (aircraft
ceived message and value it con-
painting and logo) to the custom-
veys. So, what perception do cus-
er contact (customer service and
tomers have of your brand, what
And this is where image and branding enters the discussion. If people were asked to state, in one word, what comes to mind when an airline name is cited, one could expect the following: Efficiency for Lufthansa, Glamour
for Air France, Business for TAM or Freedom for American Airlines. The idea of having your
business name bring such posi-
affected,
impact does it have on them? Airline Profits
December 2015
Volume I—Issue 6
“ Hope smiles from the threshold of the year to come, whispering, 'It will be happier.' ― Alfred Lord Tennyson
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December 2015
Volume I—Issue 6
Platform Where Is the Boeing 787 Spreading the Dreamliner Effect?
Paraphrasing Boeing Commercial Airplanes: “The industry-leading technology of the 787 Dreamliner is creating remarkable opportunities for airlines around the world and dramatically improving the air travel experience. We call it the Dreamliner effect.” In this edition of Airline Profits, we are doing an overview of the Boeing 787 and determine where in the aircraft is spreading its “Dreamliner effect” the most.
Description Initiated in the 1990s as a faster and more fuel-efficient alternative to the 767 and 747 aircraft types, the Boeing 787 Dreamliner is Boeing’s most fuel efficient jetliner to-date. It is also one the first aircraft types to have a composite-made airframe. Based on the Sonic Cruiser technology, a concept that Boeing dropped in 2002 and shifted to the 7E7 just a few weeks later in January 2003, the Dreamliner attribute of the 7E7 was announced in July 2003. However, the 7E7 designation
A long range, mid-sized, widebody, powered with two jet engines, the Boeing 787 has four variants (787-3, -8, -9 and -10) and can accommodate between 242 to 335 passengers in a typical 3-class configuration. Inspired by focus groups, the
A long range, mid-sized, wide-
Boeing 787 marked a departure
body, powered with two jet en-
from the hub-and-spoke concept,
gines, the Boeing 787 has four
which suited the 747 to that of
variants (787-3, -8, -9 and -10)
the point-to-point.
and can accommodate between 242 to 335 passengers in a typical
was changed to 787 much later in
3-class configuration.
January 2005.
30
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Boeing 787 Dreamliner. Photo Credit: Boeing
The Maiden Flight, Flight Test
FAA and EASA granted a type
The first intercontinental flight
and Type Certification
certificate to the Boeing 787-8 in
that ANA operated with the 787
August 2011.
occurred only three months later
The maiden flight of the Boeing
from Haneda, Japan to Frankfurt,
787 took place in December 2009 and originated
from
Everett,
Washington for three hours. The flight test program was con-
ducted with a mix fleet of aircraft equipped with two types of engines, made by respectively by
GE (GEnx-1864) and Rolls-Royce (Trent 1000). Following the flight test program, which lasted about
Germany in January 2012. Apart
Launch Customer and Entry into
from ANA, Qatar Airways, Japan
Service
Airlines, JAL, Air India, Ameri-
All Nippon Airways (ANA), the launch customer for the Boeing 787, took delivery of the first aircraft in September 2011. And the Dreamliner officially entered service on October 26, 2011 with a flight from Tokyo to Hong Kong.
can Airlines, Air Canada, Ethio-
pian Airlines and United Airlines are some of the largest operators of the Boeing 787.
CONTINUED.
eight to nine months, both the
Airline Profits
December 2015
Volume I—Issue 6
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December 2015
Volume I—Issue 6
Platform
Highlight of Production and In-
empty
service Issues
caught fire, causing significant
Beside the overweight issue encountered during the production phase, which essentially caused a
delivery delay of about three years, the Boeing 787 Dreamliner also experienced fuel leakage,
wiring
damage
and
lithium-
battery fire issues over the next
at
London
Heathrow
heat damage to the airplane. Moreover, other fire breakout incidents on the Japanese fleet
operated by Japan Airlines and All Nippon Airways caused the FAA and the Japanese aviation
authorities to issue an Airworthiness Directive and ground the
protection features against shortcircuits and overheating.
Following the approval of the revised battery design by the FAA and the retrofitting of the in
-service fleet, the ban on the Dreamliner was lifted worldwide in April 2013, after nearly four
months of grounding.
Boeing 787 fleet. Ultimately, the
Order
entire fleet was grounded world-
Distribution by Region
wide.
Boeing
As of December 2015, more than
For instance in 2013, a 787 operat-
re-designed the lithium-battery
60 airlines operate some 350 Boe-
ed by Ethiopian Airlines parked
system and included additional
ing 787 Dreamliners worldwide.
few months after entering ser-
vice.
32
Consequently,
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Summary
and
Fleet
Asia Pacific is by far the region
In terms of orders, Europe re-
years to deliver more than six
with the largest fleet in-service
mains second, but the Middle
times the initial fleet of 50
(155
East comes in third place before
aircraft, which was grounded in
North America.
2013.
airplanes),
representing
some 44% of the 787 fleet in service. Asia Pacific is also the re-
Furthermore, Boeing has a back-
gion with the most Dreamliner
operators as well as the largest
log of almost double the current
Summary
fleet in service, excluding op-
fleet on order, some 208 air-
Despite all the production and
tions. Undoubtedly, the Boeing
planes, representing nearly 33%
early operational issues, which
787 Dreamliner has set the bar
of the Boeing 787 Dreamliner or-
challenged and figuratively test-
very high for its category of air-
der book. Europe, North America
ed in some way the mettle of the
craft in a relatively short period
and the Middle East, are respec-
Dreamliner,
upon entering service.
tively second, third and fourth
quickly became a fast-selling air-
regions to have the most 787 in
craft. As a matter of fact, Boeing
service.
has managed in less than three
Airline Profits
the
Boeing
December 2015
787
Volume I—Issue 6
“ Let our New Year's resolution be this: we will be there for one another as fellow members of humanity, in the finest sense of the word. ― Goran Persson
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“ If you asked me for my New Year Resolution, it would be to find out who I am. ―Cyril Cusak
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Leadership
“No man will make a great leader who wants to do it all himself
or get all the credit for doing it. ” — Andrew Carnegie
Airline Profits
December 2015
Volume I—Issue 6
“ Celebrate what you want to see more of. ― Tom Peters
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“ Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. ―Albert Einstein
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