Jetrader - May/June 2012 - 20

appraisal

Boeing 737-900ER
Bob Cowgill Vice President ACI Aviation Consulting Tel: 540-428-4388 bcowgill@aciaviation.com

Background
The latest iteration of Boeing’s Next Generation (NG) family of 737s, the -900ER was announced in July 2005 to address deﬁciencies in MTOW and fuel capacity in the 737-900. A ﬂ at rear bulkhead and additional overwing exits allows seating for up to 215 passengers in a single-class conﬁguration. Auxiliary fuel tanks and winglets boost range to 3,265nm and represent enhancements to value, as does the Sky Interior option. The ﬁrst delivery was made to Indonesia’s Lion Air in April 2007. The aircraft is the basis for the Boeing BBJ3. 2011 list price is $89.6mm.

Basic Specifications
Wingspan w/winglets Length Cabin Height Cabin Width Typical Passenger Layouts Maximum Takeoff Weight (Optional) Maximum Landing Weight Maximum Fuel Capacity (No auxiliary tanks) Powerplants 117 ft. 5 in (35.8m) 138 ft 2 in (42.1m) 7 ft 3 in (2.2m) 11 ft 7 in (3.53m) 215 in Single Class / in 173 Dual Class (20F/153Y) 187,700 lbs (85,139 kg) 157,300 lbs (71,350 kg) 6,875 US Gal. (26,020 L) 2 x CFMI CFM56-7B27, 26,300 lbs thrust

Boeing 757, the -900ER nor the Airbus product, offers the kind of performance sought by operators seeking to replace aging 757s. This shortfall, and the 2011 announcement of the reengined 737 Max 9, may impinge on future sales of the type although not necessarily on near-term value stability. The limited number of operators is a negative factor for values with nearly 84 percent of the ﬂeet being ﬂown by Lion Air and United Airlines. Beneﬁting the -900ER is the current requirement for larger aircraft by some airlines, the high level of commonality with other members of the 737NG family and the projected 2017 delivery date of the ﬁrst 737 Max; likely later for the 9 variant. Boeing 737-900ER Current Fleet & Backlog as of March 2012 Aircraft Speciﬁcations Region Africa/Middle East Asia/Paciﬁc Europe/CIS Latin America/Caribbean North America Lessors/Unidentiﬁed Total Average age: 2.4 Years In Service 0 67 6 0 35 4 112 Backlog 4 141 34 0 136 19 334 Stored 0 0 0 0 0 2 2

Current and Future Market Outlook
The year 2011 was a banner year for the 737-900ER with 144 orders booked, most notably a win of 100 aircraft from U.S. legacy Delta Airlines. The ongoing “upgaging” of narrowbody aircraft has undoubtedly beneﬁted the type although commercial success trails the Airbus 321. As the hoped-for successor to the highly successful

Current and Future Values as of March 2012 Base Values @ 2.5% Inﬂation YOB 2012 2011 2010 2009 2008 2007 2006 Current Market Values 51.15 47.83 44.72 41.50 38.51 35.47 32.67 2012 51.15 49.55 46.59 43.49 40.59 37.60 34.82 2013 48.35 46.79 43.95 40.99 38.21 35.36 32.71 2014 45.65 44.13 41.41 38.58 35.93 33.21 30.69 2015 43.06 41.57 38.97 36.26 33.73 31.15 28.75 2016 40.56 39.11 36.62 34.04 31.63 29.16 26.88 2017 38.16 36.75 34.36 31.90 29.60 27.26 25.09 2018 35.86 34.48 32.20 29.85 27.65 25.43 23.37 2019 33.64 32.30 30.11 27.87 25.78 23.67 21.71 2020 31.51 30.20 28.11 25.98 23.99 21.98 20.13 2021 29.47 28.19 26.19 24.16 22.27 20.36 18.60 2022 27.50 26.25 24.35 22.42 20.61 18.81 17.15

The aircraft values stated herein are the product and the property of independent third-party sources, and ISTAT neither approves nor endorses the information contained herein or the use thereof for any purpose whatsoever. 20 The ofﬁcial publication of the International Society of Transport Aircraft Trading
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Jetrader - May/June 2012

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