ISTAT Jetrader - Winter 2023 - 44

APPRAISAL
Boeing 737-800
Youcef Berour Minarro
ISTAT Certified Appraiser
Cirium Ascend Consultancy
youcef.berourminarro@cirium.com
cirium.com/thoughtcloud
Photo courtesy of Davide Olivati.
T
he last passengerconfigured
737800
rolled out of
Boeing's Renton
factory in January
2020 and was
delivered to China
United Airlines. It marked the end of
a very successful 22-year production
run, which saw almost 5,000 aircraft
delivered, making it the most popular
member of the 737NG family. The
737-800 accounted for 73% of 737NG
deliveries and is one of the most
successful narrowbody aircraft to date.
Over the last 20 years, the
narrowbody arena has been dominated
by the 737-800 and the equally
successful Airbus A320-200, together
forming the backbone of most airlines'
fleets. Around 90% of the original 737800
fleet remains in active passenger
service, with most of the remaining
10% consisting of retirements and
freighter conversions (over 200 have
already been converted).
As of September 2023, there were
currently 4,432 737-800s in passenger
service and a further 224 parked (5% of
the fleet), compared to 8% parked for
the A320-200. Ascend has seen a drop
in 737-800 storage rates reflecting the
strong recovery in operations. Many of
the aircraft registered as parked are
BOEING 737NG IN SERVICE FLEET SHARE %
* 14% 737-700
* 77% 737-800
* 1% 737-900
* 8% 737-900ER
0% 737-600
Source: Cirium Fleets Analyzer (8 September 2023)
either in transition between operators
or awaiting heavy maintenance or cargo
conversion, so true availability is much
lower than 5%.
The largest market for the type by
in-service aircraft is Asia Pacific, with
40% of the total fleet. China Southern
Airlines has 161 aircraft, and Hainan
Airlines has 133 aircraft, the largest
operators in the region. Europe follows
with 28%, being home to the largest
737-800 operator, the Ryanair group
(Ryanair, Malta Air and Buzz), with
a combined fleet of 397, of which all
are in active service. North America
accounts for 22% of the global fleet, led
by American and Southwest Airlines,
with fleets of 303 and 207 aircraft,
respectively. The remaining fleet is
spread across Latin America, Africa and
the Middle East. Having two relatively
standardized cabin/seating layouts
(single class or two class) allows aircraft
to transition quickly and relatively
inexpensively between operators.
The 737-800 ranks as the second
most liquid aircraft in the world, with
a Herfindahl-Hirschman Index (HHI)1
of
203, trailing slightly behind the A320200
(CFM56 -5B powered), which
scores 156. Any aircraft with a score
under 500 is generally considered to
have good liquidity.
Ongoing delivery delays of the 737
MAX have resulted in extended service
lives for 737-800 aircraft, as operators
continue to invest in modernization such
as adding split scimitar winglets and
1. The Herfindahl Hirschman Index (HHI) is a way of measuring of market concentration. It is the sum of the squares of the market share (in %) of
each operator - the lower the number, the less concentrated the fleet and hence more liquid it is.
44 * THE OF F I C I AL PUBL I CAT I ON OF ISTAT

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ISTAT Jetrader - Winter 2023

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