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Aeromexico Seeks to Add 12 Boeing 737 MAXs to Its Fleet
Aeroméxico is currently working to incorporate new aircraft into its fleet with plans to add 12 new Boeing 737 MAX aircraft in the coming months, with the first arrival planned for October. In a press release, the Mexican carrier stated that these orders were in addition to the 28 that the company announced in April, meaning there will be a total of 40 aircraft joining the fleet over the course of the next year to replace other aircraft and improve connectivity.
“Aeromexico continues its strategy of having the safest, most modern, efficient and less pollutive fleet. The incorporation of new aircraft will allow us to continue strengthening the connectivity in our main operation centers to meet the demand for our clients with the best aircraft, the best service and fare to adjusts to our customers’ needs,” commented Nicolás Ferri, Aeroméxico’s Executive Commercial Vice President.
The negotiations for these 12 aircraft is currently being carried out with Dubai Aerospace Enterprise, an aviation leasing firm based out of the United Arab Emirates. The deal is subject to the approval of the U.S. Court for the Southern District of New York, which is in charge of Aeroméxico’s voluntary financial restructuring process under Chapter 11 bankruptcy laws.
Last April, Aeroméxico signed agreements to augment its widebody fleet with 24 new Boeing 737-800s and Boeing 737 MAX 9s in addition to four Boeing 787-9 Dreamliners, which will join the airline’s fleet in 2021 and 2022. In May, the Mexican carrier received its first Boeing 737 MAX 9 aircraft.
The Mexican flag carrier’s fleet currently totals 118 aircraft: 47 Embraer 190s, 53 Boeing 737s and 18 Boeing 787 Dreamliners.
Continued Financial Hardship
That news came as Aeroméxico reported a net loss of $139 million for the second quarter of 2021 as a result of the crisis caused by the Covid-19 pandemic, according to its most recent financial results report.
According to A21, the Mexican carrier ended the quarter with total liquidity of $950 million, which came mainly from preferential financing treatment under Chapter 11 regulations.
During the quarter, the company’s revenues were $496 million, an increase of 46.2% compared to the first three months of the year, mainly as a result of the gradual recovery in the domestic and international markets.
However, Aeroméxico’s revenues continued to decline and were down 40.5% compared to the same period in 2019 due to the reduction in traffic caused by the Covid-19 pandemic. This was especially true in international markets, many of which continue to prevent operations with different entry and exit restrictions.
Earnings before interest, taxes, depreciation, and amortization — an operating metric commonly known as EBITDA — totaled $94 million during the second quarter, an improvement compared to the first quarter, when the airline reported EBITDA of negative $20 million.
“Despite the complex environment, the market has shown signs of recovery. During the second quarter, total capacity increased by 9.0% compared to the first quarter of 2021, driven by the recovery of 7.2% in the capacity assigned to the international market and 11.4% to the domestic market,” the airline said in a statement. However, total capacity remains 39.2% below pre-pandemic levels.
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