ISTAT Jetrader - Spring 2023 - 36

APPRAISAL
Boeing 747-8F
Olga Razzhivina
ISTAT Certified Senior Appraiser
Oriel
olga@oriel.aero
oriel.aero
Photo courtesy of Paul Weatherman.
T
he Boeing 747-8F
is the last in the
long line of the
iconic " Queen of the
Skies " succession
of aircraft. With
its origins in the
1960s, the 747 through its variants has
undergone continuous improvement and
enlargement, culminating in the 7478F.
The 747-8F features a 76-meterlong
fuselage and is powered by four
General Electric GEnx-2B engines.
With a maximum payload of 133
tons in high-gross-weight configuration,
the 747-8F comfortably surpasses
the 777-200LRF by some 30 tonnes.
While the proposed 777XF is likely to
be more capable than its predecessor,
the 747-8F's main advantage is its nose
door. The succession of 747 production
freighters is the only nose-loading
aircraft model that has achieved wide
commercial success.
The nose-loading capability allows
for carriage of large-sized, mostly
industrial, cargo, which would be
impossible to load via the side door.
While such freight is rare, it brings
considerable revenue to specialist
freight forwarders. The nose door
also facilitates faster loading and
unloading of traditional cargo, making
turnarounds shorter and helping to
maximize utilization.
With only one aircraft remaining on
order as of year-end 2022 and expected
36 * THE OF F I C I AL PUBL I CAT I ON OF ISTAT
BOEING 747 PRODUCTION FREIGHTER PROGRAMS
100
150
50
200F
400F
400ERF
8F
to deliver to Atlas Air in early 2023,
production is now all but finished. With
107 aircraft in its fleet, the 747-8F
completes the 350 deliveries of Boeing
nose-loading freighters.
So, if the nose-loading freighters
are so useful, why is their production
coming to an end? The contributing
factors are numerous and lie as
much with the aircraft itself as with
the changing air cargo landscape.
As mentioned earlier, the original
747 variant dates back to the 1960s,
and despite numerous design
improvements, it is difficult to compete
with the newer generations of aircraft.
Having four engines has become nearly
extinct in passenger operations and is
a significant cost. The changes in the
types of air cargo demand is another
significant pressure. In the second half
of the 20th century, airfreight was a
fast way to deliver goods. During the
1980-2010 era, dedicated freighters
also saw sizeable deployment in the
expeditionary wars, supplementing
military capacity. However, introduction
of advanced manufacturing and
inventory management practices,
increasingly reliable - and far
cheaper - sea shipping and withdrawal
of troops from the remote conflict
zones have all reduced demand for the
dedicated freighter.
With the introduction of the new
generation of widebody passenger
aircraft like the Boeing 777 and Airbus
A330 and A350, competition from belly
capacity has also eaten into the dedicated
freighters' demand. With the much higher
frequency of scheduled passenger flights,
passenger aircraft came to carry as much
as 50% of total airfreight. This came
to a halt with the COVID-19 lockdowns,
causing a surge in demand for dedicated
freighters. However, this has proven to be
a temporary phenomenon, not offering a
lasting demand.
The fastest growing sector in freight
transportation now is e-commerce.
However, with its lower cargo density,
the demand is for volume rather
Number Built
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ISTAT Jetrader - Spring 2023

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