Updated Feb 19, 2018 12:05:31 With a growing number of airlines opting to discontinue their entire fleet of aircraft, and with more than $10 billion in costs projected to be incurred over the next decade, the future of the world’s most popular airline is looking very uncertain indeed.
Bingham Airways, which has a market value of more than US$1 billion, has been forced to look at the future and is already planning to sell its remaining fleet of Boeing 737-800 aircraft, including the 777-300ER and 777-200ER.
But the company’s future has been thrown into doubt by its new CEO, David O’Brien, who left his position as chief executive earlier this year to become BINGHAN’s new chairman and chief executive officer.
“David is a visionary and has an innovative, visionary approach to business,” BINGFANS CEO Steve McManus said in a statement on Thursday.
A Boeing 777-400ER is seen in this illustration photo taken on Feb 19. “
We wish him the best in his future endeavours.”
A Boeing 777-400ER is seen in this illustration photo taken on Feb 19.
The company has announced that it will not be renewing its fleet of 737-700 aircraft.
Source: AFP/Getty ImagesIn a statement, BINGAMans CEO McManuses said he was honoured to have been appointed to the post.
“I look forward to working closely with Bingham to help the airline to achieve its strategic goals and deliver value for the shareholders,” he said.
“Bingham has been at the forefront of the aviation industry for more than 60 years, and it is clear that BING will continue to have an important role to play in the aviation sector for many years to come.”
But with Boeing’s new 737-900 aircraft in full production, BingHAM’s future looks uncertain, too.
The 777-900ER is expected to be rolled out in 2020 and has been in the works for a decade, with Boeing planning to buy up the entire 737 fleet as well as the Boeing 737 MAX planes for the same period.BINGHAM has already sold off several aircraft, such as the 777X and 777X-8.
But with the 737 MAX and 737 MAX Plus in full service, the 777s will need to be resold to raise funds.
With its 777s, Boeing is also looking to re-build its 737 fleet.
It is planning to rebrand its 777-8 as the 737-9 and it will be able to sell off its 737-7ER, 737-8, and 737-MAX planes to fund this plan.
In its statement, Boeing also announced that the 737MAX and 737MAX Plus will be phased out in 2021.
The company’s current 737 fleet, which includes the 777x and the 777XP, are expected to remain in service until 2022.
But with Bingham’s 737 fleet now completely retired, the company will no longer be able use the existing 737-300ERS as a basis for its future aircraft.
The Boeing 737 is the most popular aircraft in the world, but its fleet is increasingly becoming less common.
Bingham is already considering selling the entire fleet, including its 787 Dreamliner and 787-9 Dreamliners, to help fund its new planes.
“Bing is committed to achieving its full-service aviation business, but the 737 is not the only aircraft option in our portfolio,” McManuss said.
BINGAMANS BATTLE FOR AIRPLANE AIRPORT”We have a plan to invest in a brand new 777X that will be the backbone of our business, and we will be investing heavily in a new 737 MAX that will underpin our future growth.”BINGFAN HAS BEGUN TO REDUCE CAPITAL BY 25%”Bingham is investing heavily to improve the safety, performance and customer experience of its fleet,” McWilliams said.
BINGBAN HAS A PLAN TO REDUDUCE COSTS BY 25%”BING has also announced plans to reduce the capital cost of its 777 fleet by 25% and increase the revenue it generates by $2 billion over the course of the next three years.
McManus also said that the company would be laying off its existing 777-800 and 7778 aircraft as well.
At the same time, Boeing has announced plans for a new 777-X, which it is also developing.