El Al orders nine 787s from Boeing

Aircraft manufacturer Boeing (NYSE:BA) has received an order for up to nine 787 Dreamliners from El AL Israel Airlines. These planes are expected to open direct routes to Europe in the next two years.

In 2012, Qantas canceled 35 orders for the extended 787-9 model amid financial losses. Ever since, its commitment to the 787 has been debatable. At the time, it kept 15 orders for smaller 787-8s for its Jetstar Airways subsidiary. The company said the Israeli-flag carrier is looking to replace and grow its existing long-haul fleet, increase capacity and provide greater route flexibility to and from its hub at Ben Gurion Airport, Tel Aviv. The list price value of the new orders from Boeing is about $2.2 billion.

El Al said the orders are both to replace aging aircraft and further expand its fleet.

Boeing’s 787 Dreamliner holds a distinguished position in the lucrative long-range passenger jet market.

“These aircraft are the latest and most advanced in the world and are efficient and economical”. The lightweight environment-friendly carbon composites help to reduce fuel requirement.

El Al set to receive the new planes starting in the third quarter of 2017. “Our agreement to purchase 787 Dreamliners is a significant step forward in the optimization of our route network, enhancing passenger service and the overall flight experience”, El Al president and CEO David Maimon said.