February 2005 |
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Volume 03, Issue
9 |
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Commercial Airplanes |
Customers, financiers get an update from Boeing on 7E7 development BY YVONNE LEACH Boeing and representatives from about 70 airlines and financial institutions spent two days in Seattle late last year discussing the all-new 7E7 Dreamliner airplane's progress as Boeing moves toward finalizing the configuration. The large-scale meeting, called Progress Summit II, was similar to one held in 2003. It featured open discussion on customer requirements, concepts for standardizing and simplifying the 7E7, and airplane financing.
At the summit, 7E7 Program officials focused on key features of the airplane that deliver value to airlines by lowering costs and increasing revenue opportunities. Because the 7E7 will use 20 percent less fuel than today's airplanes, it has a clear cost advantage. Program officials also pointed to the extensive use of composite materials that make the airplane lighter and offer maintenance savings, as composites are not subject to the same fatigue and corrosion issues as aluminum. On the revenue side, airlines that operate the 7E7 will gain an advantage over their competitors by providing passengers what they want, program officials said. The 7E7 offers more frequent, nonstop flights and a more comfortable cabin experience that will make it an airplane preferred by passengers. In addition, the 7E7 offers greater revenue cargo capacity, a source of revenue for airlines that can mean the difference between profit and loss on a route. "We strongly believe our future is with Boeing and the 7E7," said Franco Pecci, chairman and CEO of 7E7 customer Blue Panorama. Pecci said his team was impressed with the new interior, innovative use of composites, commonality of parts and interchangeability of engines. That's on top of the performance: The 7E7 is an airplane that can fly more than 15 hours with a maximum load of 299 passengers and do it using 20 percent less fuel. "We are a privately owned airline, and we are looking constantly at saving costs. The 7E7 can do this for us," Pecci said. One important topic at the Progress Summit was how Boeing is helping airlines maintain the value of their 7E7s by increasing product commonality. While customization might seem like a benefit, it actually reduces the long-term value of an asset such as a commercial airplane. "You need a product that can be moved from customer to customer throughout its life," Feren said. To ensure the 7E7 remains a valuable asset over its lifecycle, the 7E7 Program has actively involved financial institutions in the 7E7's development. "The fact that Boeing is asking financiers early about what's important in the design of this airplane is unique," said attendee Bert van Leeuwen, a senior vice president with DVB Bank in Germany. "Taking out the technical risks and making the airplane easily transferable reduces the risk profile and therefore translates into lower finance costs." The 7E7 Program will finalize the 7E7's configuration by mid-2005. The first 7E7 is set to enter production in 2006, with flight test during 2007 and certification, delivery and entry into service in 2008.
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