The British Reuters news agency said on the 29th that since the Boeing plane door fell off in Alaska Airlines, a series of aviation accidents have plunged the $150 billion jet industry into a new crisis.
On the 29th, at the Aviation Economic Growth Frontier Conference held in Dublin, Ireland, many aviation industry people told Reuters that although there were no major casualties, the near-miss disaster led to more regulatory interventions, slowing down the process of aircraft development and production, thereby weakening the overall growth expectations of the aviation industry.
Last week, the Federal Aviation Administration ordered Boeing to suspend production of the 737 MAX until all quality issues were resolved. According to industry insiders, Boeing faces strict quality scrutiny, affecting its delivery speed. Rob Morris, head of Ascend Global Consulting, said deliveries in 2026 and 2027 are estimated to face downside risks due to the Boeing MAX accident.
According to data released by the International Air Transport Association (IATA) at the end of last year, global air passenger traffic has recovered to 98 pre-pandemic levels as of October 20232% level. Reuters reported that the airline industry has struggled to keep up with the travel boom so far this year, but aircraft have been limited due to labor and parts shortages.
Singapore's Business Times reported that both Airbus and Boeing are facing chain disruptions and production delays, with Airbus having a record backlog of 8,024 orders and Boeing having a backlog of 5,783 as of October 2023, close to a historical record. Engine makers Pratt & Whitney Canada and Rolls-Royce of the United Kingdom also have a backlog of orders.
The profitability of airlines around the world is also worrying. According to IATA estimates, the net profit margin of global airlines was only 2.2 last year7%, which is well below the expectations of industry investors. According to IATA, external headwinds such as global macroeconomic conditions, fuel** and regional conflicts will continue to exist in 2024, affecting the fortunes of the industry.
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