Values Seek to Shrug Off Security Woes The latest round of high profile media attention on aviation-related security issues has the potential to adversely affect the tenuous recovery in lease rentals should such issues persist or manifest into terrorist action. Prior to the current spate of problems, the...
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Values Seek to Shrug Off Security Woes
The latest round of high profile media attention on aviation-related security issues has the potential to adversely affect the tenuous recovery in lease rentals should such issues persist or manifest into terrorist action.
Prior to the current spate of problems, the industry was beginning to exhibit solid performance in the second half of 2003. A stronger world economy, a recovery in the stock market and renewed consumer confidence has filtered through to the aviation community. The effects of SARS and Iraq were overcome and traffic levels began to climb, particularly on long haul flights. Yields also improved. The weakening dollar has benefited those paying lease rentals or finance in dollars but receiving revenues in other currencies, though the potential rise in interest rates remains. The launch of new low-fare carriers by the U.S. majors has provided a means of retaining existing equipment while also coming to terms with new market realities. However, some U.S. majors are still finding trading conditions difficult such that the prospect of Chapter 11 bankruptcy will continue to generate pessimism.
The number of new orders has remained low such that Airbus and Boeing [NYSE: BA] continue to fight hard battles for each order, particularly those for widebodies. The launch of the B7E7 in all but name represents a key turning point for Boeing as it struggles to compete with a still vibrant Airbus. Both manufacturers are now having to consider the problems associated with replacing ageing models at a time of market weakness.
Assumptions
The listing of current and future values below are based on the year of build. The essential assumption is that the aircraft is being sold as a single unit between a willing seller and willing buyer for cash. The high and low figures for Oct. 31 current values represent adjustments for offer and sale prices, financing arrangements, specification differences, maintenance status and condition. These are not absolutes and distressed sales as well as sale and leaseback transactions may fall outside the figures indicated. Some transactions involving distressed sales on fully run-out aircraft are considered exceptional and can fall outside the value ranges. Scrap values are also likely to fall outside the indicated range of values. Quantity discounts, particularly for the larger equipment, will attract discounts of at least 15-20 percent as a matter of course.
The values quoted below were prepared in late October in the context of an improving market. The values listed below are market values, not theoretical base values and seek to balance transaction pricing, where available, and the considered worth of the asset.
The quoted future values attempt to predict cyclic trends when supply will exceed demand and vice versa. Values may experience a rise as well as a fall in any projected year. In addition to values, an aircraft rating is included for all aircraft types. The aircraft ratings, ranging from highest A++ to the lowest E--, reflects The Aircraft Value Analysis Company's opinion as to the relative attraction of the asset over the short to medium term and is determined by a number of variables ranging from product life cycles to levels of availability.
The future values - four and seven years from 2003 - are expressed in current U.S. dollars having been adjusted for inflation and are based on the mid-case current values. For Stage 2 aircraft no future values are provided beyond this year unless hushed. Future values for hushkitted aircraft are however, provided.
The figures are for guidance only and are not intended to reflect actual recent market transactions - assuming that any reliable data exists. Rather the values represent the considered worth of the aircraft tempered by the prevailing market conditions. (Values are given in millions of U.S. dollars.)
The data has been extracted from the October 31, 2003, edition of the semi-annual Aircraft Value Reference 2003-2023, priced $1,250.00, by courtesy of The Aircraft Value Analysis Company. Telephone: +44 1789 730283, Fax: +44 1789 730309, E-mail: sales@aircraftvalues.net, Internet http://www.aircraftvalues.net.
A300B2-200. Aircraft Rating: E--
The A300B2-200 has been relegated to the parting out market for a number of years such that its relevance to asset-based financing has long since been lost. The type, however, demonstrated all too well the problem of associating long-term residual value to an initial and marginalized variant.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1976 |
0.9 |
1.6 |
1.9 |
0.6 |
- |
| 1978 |
1.0 |
1.8 |
2.2 |
1.0 |
- |
| 1980 |
1.1 |
2.1 |
2.5 |
1.1 |
0.3 |
| 1982 |
1.3 |
2.3 |
2.7 |
1.3 |
0.6 |
A300B4-100. Aircraft Rating: E-
The -100 fared slightly better than the B2-200 in that it was perceived to be suited to the freighter conversion market. An upgrade to a -200 was possible but relatively few conversions took place. The type has little or no relevance to the market, even though the youngest examples are just over 20 years of age.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1974 |
0.7 |
1.5 |
1.7 |
- |
- |
| 1976 |
1.0 |
2.01 |
2.4 |
1.0 |
- |
| 1978 |
1.3 |
2.6 |
3.0 |
1.9 |
- |
| 1980 |
1.6 |
3.2 |
3.6 |
2.3 |
1.3 |
A300B4-200. Aircraft Rating: E
A type that established Airbus as a viable competitor to the then mighty Boeing and McDonnell Douglas. Whereas earlier variants of the A300 were used as the basis for proving the concept of a twin-engined widebody, the B4-200 pushed the model into the mainstream. Values are facing a very tough time, though it is not totally down and out.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1975 |
1.6 |
2.7 |
3.2 |
- |
- |
| 1977 |
1.9 |
3.2 |
3.8 |
1.7 |
- |
| 1979 |
2.2 |
3.7 |
4.5 |
2.4 |
1.1 |
| 1981 |
2.5 |
4.2 |
5.1 |
2.8 |
1.9 |
| 1983 |
2.8 |
4.7 |
5.7 |
3.2 |
2.2 |
A300F4-200 (Converted). Aircraft Rating: C
The A300F4-200 still suffers from virtual constant excess, though there always appear to be willing lessees eager to take advantage of a fluctuating airfreight market. Values have deteriorated from the highs of nearly $20 million, but at current levels they represent viability for both owners and operators. The B757 is already on the scene and the arrival of the B767-300 will represent a keen competitor. Values of the oldest examples are not likely to be able to resist an age-related decline.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1975 |
5.6 |
7.9 |
9.1 |
- |
- |
| 1977 |
6.1 |
8.6 |
9.9 |
5.9 |
- |
| 1979 |
6.6 |
9.3 |
10.8 |
6.4 |
4.2 |
| 1981 |
7.2 |
10.0 |
11.6 |
7.0 |
4.6 |
| 1983 |
7.7 |
10.7 |
12.4 |
7.6 |
5.0 |
A300-600. Aircraft Rating: D
Despite significant falls over the last few years, if not decade, the type continues to suffer further declines. Freighter conversion has been beckoning for some considerable time but speculative conversion is proving elusive.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1985 |
6.3 |
9.0 |
10.6 |
5.9 |
3.7 |
| 1987 |
7.7 |
11.0 |
12.9 |
7.3 |
4.7 |
| 1989 |
9.0 |
12.9 |
15.1 |
8.7 |
5.8 |
| 1991 |
10.4 |
14.8 |
17.4 |
10.3 |
6.9 |
A300-600R. Aircraft Rating: D+
The -600R still has something to commend it to operators. The prospect of a replacement still seems far off such that for operators seeking high capacity for medium haul routes, the A300-600R represents one of very few alternatives. Values, however, are still considered to have declined over the last six months in line with the expectation that the principal source of demand lay with the freighter market. Post conversion capital costs need to be below $20 million, suggesting that some further falls are inevitable.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1987 |
11.8 |
16.0 |
17.8 |
11.1 |
7.6 |
| 1989 |
15.0 |
20.3 |
22.5 |
14.3 |
10.0 |
| 1991 |
18.1 |
24.5 |
27.2 |
17.6 |
12.5 |
| 1993 |
21.3 |
28.8 |
31.9 |
21.2 |
15.3 |
| 1995 |
24.4 |
33.0 |
36.6 |
25.0 |
18.3 |
| 1997 |
27.6 |
37.3 |
41.4 |
29.2 |
21.8 |
A310-200. Aircraft Rating: D--
Few types have seen such a large proportion of the fleet turned to freighters. The concentration with so few carriers, indeed one carrier, carries many risks for the medium to long term.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1982 |
3.4 |
4.9 |
5.9 |
3.1 |
1.7 |
| 1984 |
4.0 |
5.8 |
6.9 |
3.7 |
2.1 |
| 1986 |
4.7 |
6.7 |
7.9 |
4.3 |
2.5 |
| 1988 |
5.3 |
7.5 |
9.0 |
5.0 |
3.0 |
A310-300LGW. 153t. CF6. Aircraft Rating: C-
Like the A300, the A310 is unlikely to have a direct replacement for many years, forcing carriers to continue seeking the smaller widebody. Values continue to decline, though lease rentals may be faring better. If and when a recovery emerges, the A310 is not expected to be among the beneficiaries. Scrapping has already befallen some examples, highlighting the precarious nature for values.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1985 |
7.1 |
9.8 |
11.7 |
6.3 |
3.9 |
| 1987 |
9.8 |
13.7 |
16.3 |
9.1 |
5.8 |
| 1989 |
12.6 |
17.5 |
20.8 |
11.9 |
7.7 |
| 1991 |
15.4 |
21.4 |
25.4 |
14.8 |
9.7 |
| 1993 |
18.1 |
25.2 |
30.0 |
17.8 |
12.0 |
| 1995 |
20.9 |
29.0 |
34.6 |
21.1 |
14.4 |
| 1997 |
23.7 |
32.9 |
39.2 |
24.8 |
17.2 |
A310-300HGW. 160t CF6. Aircraft Rating: C+
A great aircraft at least for the few operators that have the route structure and passenger yields to make the type viable. The type has considerable merit in terms of payload/range and has long been used on transatlantic routes.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1988 |
12.0 |
16.5 |
19.3 |
10.8 |
7.0 |
| 1990 |
15.0 |
20.6 |
24.1 |
13.8 |
9.0 |
| 1992 |
18.0 |
24.7 |
28.9 |
16.9 |
11.3 |
| 1994 |
21.0 |
28.8 |
33.6 |
20.2 |
13.7 |
| 1996 |
24.0 |
32.8 |
38.4 |
23.8 |
16.4 |
A319LGW. 64t. Aircraft Rating: B+
The A319 features operating characteristics that match the needs of a wide range of operators. The 130 seater is very much back in vogue, though at the expense of the B737-300 and -400.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1996 |
21.0 |
23.1 |
24.2 |
17.4 |
14.2 |
| 1998 |
23.9 |
26.2 |
27.5 |
22.3 |
17.1 |
| 2000 |
26.7 |
29.4 |
30.8 |
25.3 |
19.9 |
| 2002 |
29.6 |
32.5 |
34.1 |
28.1 |
22.8 |
A319HGW. 73.5t. Aircraft Rating: A--
Values of the A319HGW are among the few to have actually experienced an increase, albeit very modest, in the last six months, though placement can still be ponderous for the uninitiated. In view of the next quarter being a traditionally lean period, values are expected to achieve stability at best.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1996 |
22.1 |
24.2 |
25.4 |
19.9 |
14.9 |
| 1998 |
25.0 |
27.4 |
28.7 |
23.2 |
17.8 |
| 2000 |
27.9 |
30.5 |
32.1 |
26.4 |
20.7 |
| 2002 |
30.9 |
33.7 |
35.4 |
29.2 |
23.6 |
A320-100. Aircraft Rating: E-
An aircraft that continues to stimulate the senses of the adventurous, but which has little relevance to the concept of asset-based financing.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1987 |
5.7 |
6.9 |
7.6 |
4.8 |
3.2 |
| 1989 |
5.9 |
7.2 |
8.0 |
5.1 |
3.5 |
| 1991 |
6.2 |
7.6 |
8.3 |
5.4 |
3.8 |
A320-200LGW. 73.5 tonne CFM56. Aircraft Rating: B+
The age profile of the A320 now extends back for nearly 16 years. This has created a clear need to differentiate between those built before 1996 - a point when an upgraded version of the CFM56 became available - and subsequent examples. Values and lease rentals of the A320 have been impacted by the problems encountered by a number of operators. Something of a surplus is constraining values and rentals, a problem that will not easily dissipate.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1988 |
12.9 |
14.4 |
15.0 |
10.7 |
7.4 |
| 1990 |
16.1 |
17.9 |
18.7 |
13.7 |
9.5 |
| 1992 |
19.3 |
21.5 |
22.5 |
16.7 |
11.8 |
| 1994 |
22.5 |
25.0 |
26.2 |
20.0 |
14.4 |
| 1996 |
25.7 |
28.6 |
29.9 |
23.6 |
17.2 |
| 1998 |
28.9 |
32.1 |
33.6 |
27.3 |
20.4 |
| 2000 |
32.1 |
35.7 |
37.3 |
30.8 |
23.6 |
| 2002 |
35.3 |
39.2 |
41.0 |
33.9 |
26.8 |
A321-100LGW. Aircraft Rating: C++
The A321-100 remains a problem aircraft, even though availability and storage are not too much of an issue. Retention is evident among initial customers such that early availability is being avoided. As with all aircraft, absence of availability does not guarantee residual strength.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1994 |
22.5 |
25.0 |
26.0 |
19.8 |
14.1 |
| 1996 |
25.8 |
28.6 |
29.8 |
23.4 |
17.0 |
| 1998 |
29.1 |
32.3 |
33.6 |
27.2 |
20.2 |
| 2000 |
32.3 |
35.9 |
37.4 |
30.8 |
23.4 |
| 2002 |
35.6 |
39.6 |
41.2 |
34.0 |
26.6 |
A321-200LGW. Aircraft Rating: B+
A good and capable aircraft that may yet come more into its own now that production of the B757 is to cease. An increase in traffic will encourage operators to upsize rather than add frequency and the family relationship makes the type an obvious choice. Payload/range makes the -200 a viable alternative to the B737-800 and B757.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1996 |
29.7 |
32.9 |
34.2 |
26.9 |
21.0 |
| 1998 |
33.7 |
37.2 |
38.7 |
31.5 |
23.9 |
| 2000 |
37.6 |
41.6 |
43.3 |
35.8 |
27.8 |
| 2002 |
41.6 |
46.0 |
47.8 |
39.6 |
31.6 |
A330-200. Aircraft Rating: A--
The A330-200 has encountered the sort of turmoil that would permanently damage perceptions for other types. Yet the A330-200 continues to be placed by operators eager to take advantage of the operating economics of the type in terms of range and capacity. The carriage of low yielding economy passengers is secondary to the facilities offered to premium economy and business class. The all-but-launch of the B7E7 represents an important competitor such that there will need to be careful assessment of residuals. In the meantime, the replacement of B767-300ERs will continue apace much to the chagrin of Boeing.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1998 |
70.0 |
76.6 |
79.2 |
66.9 |
51.5 |
| 2000 |
76.0 |
83.1 |
76.0 |
73.7 |
58.0 |
| 2002 |
81.9 |
89.5 |
92.7 |
79.4 |
64.4 |
A330-300LGW. Aircraft Rating: C++
A type that has pulled back from the precipice in terms of excess availability. Though values are still experiencing a decline, an improvement in the fortunes of Asian carriers will do much to assist the A330. The security issues affecting the U.S. may, however, represent a sticking point given its use on the North Atlantic.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1994 |
46.6 |
52.4 |
54.5 |
40.4 |
29.0 |
| 1996 |
53.8 |
60.5 |
62.9 |
48.0 |
35.1 |
| 1998 |
61.0 |
68.6 |
71.3 |
56.2 |
41.8 |
| 2000 |
68.3 |
76.7 |
79.8 |
63.8 |
48.6 |
| 2002 |
75.5 |
84.8 |
88.2 |
70.6 |
55.4 |
A340-200. Aircraft Rating: C
A type that continues to enjoy split personalities. At one time the VVIP market seemed to be the only source of demand, but since then placement with commercial operators has seen the return of alternative uses. Though figures of $100 million are bandied around for VIP configurations, those for commercial use are much more modest.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1993 |
38.2 |
43.4 |
45.2 |
32.0 |
22.9 |
| 1995 |
43.0 |
48.9 |
50.9 |
37.1 |
26.9 |
| 1997 |
47.9 |
54.4 |
56.6 |
42.6 |
31.4 |
A340-300LGW. Aircraft Rating: B-
The type still has sufficient range to offer viable performance for operators seeking use on higher density routes. Though payload/range is a vital consideration in assessing values, not all potential operators require absolute range. However, compared to the higher gross weight B777-200ERs and A340-300s, there exists considerable competition.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1993 |
50.0 |
54.9 |
57.4 |
42.1 |
31.7 |
| 1995 |
57.5 |
63.2 |
66.0 |
49.7 |
38.0 |
| 1997 |
65.9 |
71.4 |
74.6 |
58.1 |
45.2 |
| 1999 |
72.5 |
79.7 |
83.3 |
66.3 |
52.7 |
| 2001 |
80.0 |
88.0 |
91.9 |
73.6 |
60.1 |
| 2003 |
87.6 |
96.2 |
100.5 |
80.6 |
68.0 |
A340-300ER 275t. Aircraft Rating: B++
The A340-300 is now available as an enhanced variant offering LCD displays, improved engines and numerous other changes to the previous -300ER. The E version is considered the baseline such that values of the preceding -ER have inevitably been impacted. The placement of all SIA aircraft is a relief.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1996 |
67.2 |
73.4 |
76.5 |
59.4 |
46.6 |
| 1998 |
75.3 |
82.3 |
85.8 |
68.8 |
54.9 |
| 2000 |
83.4 |
91.2 |
95.0 |
77.3 |
63.2 |
| 2002 |
91.6 |
100.1 |
104.3 |
84.9 |
74.8 |
A340-600. Aircraft Rating: B+
The A340-600 continues to enjoy considerable enthusiasm among the larger operators offering much higher capacity than the A340-300. The existing -600 is, however, disadvantaged when compared to the higher gross weight version that is due to enter service next year. There may even be justification for assuming an element of divergence between values of the two variants in the medium term.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 2002 |
114.2 |
120.2 |
123.8 |
99.9 |
78.4 |
B707-320CH. Aircraft Rating: E--
The type keeps going by virtue of dogged determination on the part of operators.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1965 |
0.1 |
0.2 |
0.4 |
- |
- |
| 1967 |
0.1 |
0.2 |
0.5 |
- |
- |
| 1969 |
0.2 |
0.3 |
0.6 |
- |
- |
| 1971 |
0.2 |
0.4 |
0.7 |
- |
- |
| 1973 |
0.2 |
0.4 |
0.8 |
- |
- |
B717-200. Aircraft Rating: C
This year will see the fate of the B717 sealed one way or another. A new regime will likely make a decision that should have been taken some years ago. Were it not for manufacturing finance, there would be little means of keeping the type in viable production. Values continue to be hard pressed.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1999 |
14.7 |
16.2 |
17.0 |
13.1 |
9.7 |
| 2001 |
17.4 |
19.2 |
20.1 |
15.7 |
11.9 |
| 2003 |
20.2 |
22.1 |
23.3 |
18.1 |
14.3 |
B727-100. Aircraft Rating: E-
The values of the -100 are of little consequence to asset-based financing.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1963 |
0.1 |
0.2 |
0.3 |
- |
- |
| 1965 |
0.1 |
0.2 |
0.3 |
- |
- |
| 1967 |
0.1 |
0.2 |
0.4 |
- |
- |
| 1969 |
0.1 |
0.2 |
0.5 |
- |
- |
| 1971 |
0.1 |
0.3 |
0.6 |
- |
- |
B727-100CH. Aircraft Rating: E++
After nearly 40 years the type still manages to eek out an existence. A hushkit is essential, though the original cost of the modification has long since been negated.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1964 |
0.2 |
0.8 |
1.5 |
- |
- |
| 1966 |
0.2 |
0.9 |
1.7 |
- |
- |
| 1968 |
0.2 |
0.9 |
1.8 |
- |
- |
| 1970 |
0.2 |
1.0 |
2.0 |
- |
- |
B727-200H. Aircraft Rating: E-
The B727-200H still has minor relevance to the market, but any value lies in the eye of the beholder. With so many alternatives now available, the B727 is no longer the type of choice.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1966 |
0.1 |
0.3 |
0.7 |
- |
- |
| 1968 |
0.1 |
0.3 |
0.8 |
- |
- |
| 1970 |
0.1 |
0.4 |
0.8 |
- |
- |
B727-200HADV. Aircraft Rating: D--
The -200HADV still has some merit, not least because its three-engined configuration affords operators considerable operating flexibility. Values have inevitably declined and are continuing to do so. Scrapping appears to be ever more prevalent and inevitable.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1972 |
0.2 |
0.6 |
1.0 |
- |
- |
| 1974 |
0.3 |
0.7 |
1.3 |
- |
- |
| 1976 |
0.3 |
0.9 |
1.6 |
- |
- |
| 1978 |
0.4 |
1.0 |
1.9 |
- |
- |
| 1980 |
0.4 |
1.2 |
2.2 |
0.4 |
- |
| 1982 |
0.5 |
1.3 |
2.5 |
0.5 |
- |
B727-200FHADV. Aircraft Rating: D
Values of the freighter version continue to decline, but not perhaps as much as they have done in the past. Operating costs in terms of fuel, maintenance and crewing costs may indeed be significant, but there continue to be supporters of the type around the globe where low capital cost and low utilization dictate its retention and acquisition.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
LOW
|
MID
|
HIGH
|
2007
|
2010
|
| 1972 |
0.3 |
1.2 |
2.2 |
- |
- |
| 1974 |
0.4 |
1.4 |
2.6 |
- |
- |
| 1976 |
0.5 |
1.7 |
3.0 |
0.5 |
- |
| 1978 |
0.5 |
1.9 |
3.5 |
0.6 |
- |
| 1980 |
0.6 |
2.1 |
3.9 |
0.8 |
0.2 |
| 1982 |
0.7 |
2.4 |
4.3 |
1.0 |
0.3 |
B737-100. Aircraft Rating: E--
Down and out.
|
October 2003 (US$ millions)
|
FUTURE VALUE (US$m)
|
|
YEAR
|
|
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