Jetrader - March/April 2009 - 22

appraisal Boeing 777-200 Angus Mackay Senior Manager, SH&E Tel: +1 617 218 2121 E-mail: amackay@sh-e.com Photo courtesy of The Boeing Company Background The Boeing 777 series widebody twin-jet aircraft, features a unique fuselage cross section, a highly efﬁcient wing, and incorporates Boeing’s ﬁrst airliner ﬂy-by-wire system. The advanced two-pilot cockpit is derived from that of the B747-400, and new ultra large turbofans were developed by each of the three main engine manufacturers. The Boeing 777-200 has a maximum takeoff weight (MTOW) ranging from 506,000 lb to 545,000 lb, seating between 305 and 328 in a three-class layout and up to 440 passengers in a high-density conﬁguration. The aircraft has a design range of 5,210 nautical miles (nm) with 305 passengers. Power plant options include variants from the General Electric GE90 (eight aircraft), the Pratt & Whitney PW4000 (63 aircraft) and the Rolls-Royce Trent 800 engine series (16 aircraft). Entry into service (EIS) occurred in 1995 with initial deliveries to United Airlines with the last of the 88 aircraft produced and delivered to Japan Airlines in 2007. No aircraft were delivered in either 2002 or 2006. Current and Future Market Outlook Values and lease rates have suffered due to market perspectives that the B777-200 is an inferior aircraft to the successor B777200ER, a variant that was introduced seven years following initial EIS of the B777-200. The main opportunities for future deployment of the B777-200 are in Southeast Asia between moderately dense trafﬁc city pairs and as a candidate for cargo conversion should Boeing launch its mooted B777-200BCF program. Most airline interest now lies with the B777-300ER or Airbus A330 variants, which offer superior range and payload performance and, in the light of these concerns, there is no current order backlog for the B777-200. Lease rates lie between $415,000 for mid-1990s vintage aircraft to around $650,000 for late-build aircraft but are now stagnating. SH&E believes that residual values and lease rates will continue their decline, even in the event of market recovery, with a growing differential in marketability between the B777-200 and -200ER variants. Current Order Status (As of January 2009) Number of Operators Africa/Middle East 2 Asia/Paciﬁc 7 Europe 2 Latin America/Caribbean 0 North America 1 Total 12 Region Total 4 59 5 0 19 87 % 5% 68% 6% 0% 22% 100% Orders 0 0 0 0 0 0 Stored 0 0 2 0 0 2 Appraisal Half Life Values (As of January 2009) Year Of Delivery 2007 2005 2004 2003 2001 2000 1999 1998 1997 1996 CMB US$ NM 2009 97.95 81.22 74.21 67.96 57.45 53.05 49.14 45.65 42.56 39.81 BV US$ NM 2009 96.98 79.63 72.4 65.98 55.24 50.77 46.8 43.27 40.15 37.38 2010 91.89 75.46 68.61 62.53 52.37 48.13 44.37 41.04 38.08 35.46 2011 87.07 71.51 65.03 59.27 49.65 45.63 42.07 38.92 36.12 33.64 2012 82.51 67.78 61.64 56.19 47.07 43.27 39.9 36.91 34.27 31.92 2013 78.2 64.25 58.43 53.27 44.64 41.04 37.85 35.02 32.51 30.29 2014 74.12 60.9 55.39 50.51 42.33 38.93 35.91 33.23 30.85 28.75 Basic Speciﬁcations Basic Dimensions Wingspan: 199 ft 11 Length: 209 ft 1 in Height: 60 ft 9 in Engine Series Conﬁguration Pratt & Whitney: PW4074/77/84 Rolls Royce: Trent 875/77 General Electric: GE90-76B/85B Passenger Conﬁguration Two Class: 375 Three Class: 305 Cargo Conﬁguration Fleet Data Lower Deck (LD-3 Containers): 32 Lower Deck Volume: 5,056 cu ft Bulk Cargo Volume: 600 cu ft Basic Operating Data MOTW Standard: 506,000 lbs Option: 515,000 lbs Option: 545,000 lbs MLW: 445,000 lbs MZFW: 420,000 lbs OEW:298,900 Maximum Structural Payload: 121,100 lbs Maximum Fuel Capacity: 31,100 USG Design Range: 5,210 nm Cruise Speed: 0.84 Mach Fleet Data Average Fleet Age: 10.69 years 1995 37.37 34.93 33.13 31.44 29.83 28.32 26.88 Future Base Values - Inﬂated at 2.5% per annum The aircraft values stated herein are the product and property of independent third-party sources, and ISTAT neither approves nor endorses the information contained herein or the use thereof for any purpose whatsoever. Information current as of 1/09/09 22 The ofﬁcial publication of the International Society of Transport Aircraft Trading
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