ISTAT Jetrader - Summer 2020 - 48

APPRAISAL

A330 Freighters
David Griffin
ISTAT Certified Appraiser
Senior Valuations Analyst
Ascend by Cirium

david.griffin@cirium.com
www.cirium.com

Photo courtesy of EFW.

A

t the 2006
Farnborough Air
Show, Airbus
launched the
A330-200F as
a replacement
for the A300600RF, which later entered service in
August 2010.
Designed to compete with the
Boeing 767-300F and to serve as a
replacement for the DC-8F and DC10-30F, the A330-200F is capable of
transporting a payload of 65 tons over
a range of 4,000nm (e.g., London to
Mumbai), or 70 tons over 3,200nm
(e.g., London to Dubai) in payload mode
configuration, while the aircraft has a
total useable volume in the region of
16,000 cubic feet.

We are now seeing a price point where it is
economical for A330-200s and A330-300s to be
converted to freight configuration.
Although designed to not require
significant modification from the
passenger variant airframe, there are
some structural differences in the A330200F, including a new nose and landing
gear bay, a reinforced fuselage and a
141" by 101" main deck cargo door.
Unlike the passenger version, which
has three engine options, the A330200F is powered by either the RollsRoyce Trent 772B-60 or the Pratt &
Whitney PW4170. The Trent 700 proved
to be the engine of choice with a 90%

Half-Life

A330200P2F

A330200F

market share. The remaining 10%,
or four aircraft, were all ordered by
Malaysia Airlines, with one now being
operated by Turkish Airlines.
Ultimately, there was a dearth
of orders, with only 38 aircraft
being delivered prior to cessation of
production in 2017. According to Cirium
Fleets Analyzer, as of April 2020,
Turkish Airlines is the largest operator
with 10 aircraft, followed by Avianca
Cargo (6) and Qatar Airways and Hong
Kong Air Cargo with five each.

Future "Half-Life" Base Values - 2.0% Inflation

CMV

CBV

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2004

$34.20m

$35.75m

$34.60m

$33.53m

$32.56m

$31.66m

$30.85m

$30.12m

$29.47m

$26.51m

$23.82m

$21.39m

2005

$34.85m

$36.72m

$35.47m

$34.31m

$33.25m

$32.28m

$31.40m

$30.60m

$29.89m

$26.87m

$24.14m

$21.67m

2015

$54.30m

$61.09m

$57.34m

$53.89m

$50.74m

$47.87m

$45.26m

$42.90m

$40.77m

$36.47m

$32.59m

$29.09m

2016

$58.20m

$65.01m

$60.83m

$57.00m

$53.50m

$50.31m

$47.42m

$44.80m

$42.44m

$37.94m

$33.88m

$30.21m

2017

$62.40m

$68.98m

$64.37m

$60.14m

$56.28m

$52.77m

$49.58m

$46.70m

$44.11m

$39.40m

$35.15m

$31.32m

Point of Valuation: April 1st, 2020. Engines: R-R Trent 772B-60, MTOW: 513,677lb (A330-200F), 507,063lb (A330-200P2F)
48

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ISTAT Jetrader - Summer 2020

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