Cargo Market Growing
Boeing confirmed this
week that Guggenheim Aviation Partners (GPR) has placed an order
for six 747-400ER Freighters valued at approximately $1.37 billion
at list prices. Deliveries are scheduled to begin in late 2006 and
continue through the first half of 2008. These airplanes were added
to the Boeing orders and deliveries Web site on June 30th,
attributed to an unidentified customer.
"Guggenheim Aviation Partners recognizes the value of the Boeing
747-400 Freighter family as the standard for the air cargo market,"
said Guggenheim Executive Officer Stephen Rimmer. "The 747-400ER
Freighters will fit well with and extend our 747 freighter leasing
strategy, which was designed to capitalize on the dynamic air cargo
"Guggenheim Aviation Partners' purchase of these new aircraft to
be offered on lease to our cargo airline customers will extend
Harry and Daniel Guggenheim's legacy in the aviation industry by
providing investment capital at a critical juncture for the
industry," said Peter Lawson-Johnston Jr. of Guggenheim Partners
(the sponsor of GAIF) and Guggenheim family member.
The global air cargo industry is one of the fastest-growing
segments of the aviation market. Boeing projects in its World Air
Cargo Forecast 2004/2005 that the air cargo industry will grow at
an average annual rate of 6.2 percent, significantly higher than
passenger traffic. Cargo traffic growth rates in excess of seven
percent are projected for Asian routes - the largest increases in
the world over the next 20 years.
In October 2004, Guggenheim also purchased five 747-400 Special
Freighters which will become available to operators starting in
2007, with four aircraft already placed in Special Freighter
configuration with Martinair. Guggenheim currently owns a total of
11 Boeing airplanes, eight of which are leased to operators, with
three in freighter conversion programs.
"The 747-400 Freighter family is the clear favorite of the
world's leading freighter operators, and Guggenheim is positioning
itself as a leader in freighter leasing," said Scott Carson, vice
president of Sales - Boeing Commercial Airplanes. "Guggenheim's 747
Freighter commitment clearly demonstrates Guggenheim's foresight in
the aviation industry and its continued confidence that the 747
freighter will continue to play the leading role in meeting the
needs of the air cargo industry now and in the future."
The 747-400ERF has a maximum takeoff weight of 910,000 pounds
(412,775 kg) and a maximum payload of 248,600 pounds (112,760 kg).
The airplane's range of 4,970 nautical miles (9,200 km) makes it
ideal for routes such as New York to Frankfurt, London to Seoul, or
Tokyo to Los Angeles. Typical 747-400ERF cruise speed is 560 mph
Eighteen of the world's top cargo carriers have ordered 126
747-400 and -400ER Freighters. The Boeing 747 Freighter family
provides more than half the world's freighter capacity.