Ethiopian Airlines has signed an agreement with Boeing to expand its cargo fleet, purchasing 10 new freighters. The deal, signed by Ethiopian Airlines Group CEO Mesfin Tasew and Boeing's Senior Vice President of Commercial Sales and Marketing Brad McMullen, includes eight Boeing 777-8 Freighters and two additional Boeing 777 Freighters. The agreement is part of Ethiopian Airlines' long-term Vision 2040 fleet strategy.
The eight 777-8 Freighters are scheduled for delivery between 2033 and 2035, while the two additional 777 Freighters are expected to be delivered in 2027 and 2028. Ethiopian Airlines will also acquire four Boeing 777 passenger aircraft converted into freighters. The airline's cargo operation currently contributes around 23 percent of its total revenue, making the expansion of its freighter fleet a key component of its growth strategy.
The catalogue value of the agreement is approximately $5 billion, although the actual purchase price will remain confidential. Mesfin Tasew stated that the expansion is driven by the growing importance of cargo operations to the airline. He emphasized that the airline continuously reviews its future aircraft requirements based on its fleet plan and manufacturers' order books.
Ethiopian Airlines currently has 102 firm aircraft orders and expects to continue placing additional orders as it implements its long-term fleet plan. The airline aims to operate 360 aircraft by 2040, according to its Vision 2040 strategy. Mesfin Tasew added that the order book of manufacturers is a key factor in the airline's decision-making process.
Brad McMullen highlighted that the agreement further strengthens Boeing's longstanding relationship with Ethiopian Airlines, which spans 80 years. He praised Ethiopian Airlines' existing cargo operations, noting that one of its 777 Freighters was the most-utilized aircraft in Boeing's global fleet in the previous year.
The partnership between Ethiopian Airlines and Boeing extends beyond aircraft procurement to industrial development, aviation training, STEM education, and leadership development. McMullen emphasized that the new aircraft combines the capabilities of the existing 777 Freighter with newer technologies, including a carbon-fibre composite wing, designed to improve efficiency and reliability.
The deal supports Ethiopian Airlines' goal of expanding its cargo operation and increasing its revenue. The airline's growth strategy relies heavily on the expansion of its freighter fleet, which will enable it to meet the growing demand for cargo services.
Key points
- Ethiopian Airlines purchases 10 new freighters from Boeing as part of its Vision 2040 strategy.
- The deal includes eight Boeing 777-8 Freighters and two additional Boeing 777 Freighters.
- The agreement strengthens Boeing's 80-year partnership with Ethiopian Airlines.
