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Boeing has launched its new 777-8 Freighter with launch customer Qatar Airways placing a firm order for 34 aircraft with options for 16 more. The signing ceremony was held in the White House, attended by Boeing President and CEO Dave Calhoun and Boeing Commercial Airplanes President and CEO Stan Deal and Qatar Airways Group Chief Executive, His Excellency Akbar Al Baker, witnessed by US Commerce Secretary Gina Raimondo and His Excellency, Ambassador Sheikh Mishaal bin Hamad Al Thani, and Director of the White House National Economic Council Brian Deese. First delivery of the new freighter is anticipated in 2027.
Qatar Airways ordered 30 GE9X engines and four GE90-115B engines, plus GE TrueChoice services, in coordination of Qatar Airways’ agreement for 34 firm 777-8 orders with an additional 16 purchase right options, and an additional order of two Boeing 777 Freighters.
The total value of the order with GE is more than U.S.$6.8 billion list price, including spare engines and a TrueChoice services agreement to cover the maintenance, repair and overhaul (MRO) of the engines.
Qatar Airways has also signed a Memorandum of Understanding for up to 50 737-10s, the largest 737 MAX aircraft.
Boeing maintains that the 777-8 Freighter will be the largest, longest-range and most capable twin-engine freighter in the industry. With payload capacity nearly identical to the 747-400 Freighter and a 25% improvement in fuel efficiency, emissions and operating costs.
"Boeing has a long history of building market-leading freighter aircraft and Qatar Airways is honoured to have the opportunity to be the launch customer for the 777-8 Freighter, an aircraft which will not only allow us to further enhance our product offering for our customers, but also help us meet our objectives to deliver a sustainable future for our business," said Al Baker. "Today marks a great day in the ever-building and strong relationship between Qatar Airways and Boeing. We certainly push Boeing hard to deliver upon our expectations, and the team at Boeing consistently strives to meet and exceed our expectations, giving the opportunity for us to be here today to launch the most significant new freighter aircraft for a generation."
"We are delighted to launch Boeing's next great cargo airplane – the 777-8 Freighter – with Qatar Airways, one of the world's largest cargo carriers and our partner since the airline began operations 25 years ago," said Deal. "Our team is ready to create an airplane that will serve them well for many decades. Qatar Airways' selection of the efficient 777-8 Freighter is a testament to our commitment to provide freighters with market-leading capacity, reliability and efficiency."
Deal added, "We are proud that Boeing provides over 90% of the world's dedicated freighter capacity. With global supply chains under pressure and high demand for e-commerce, the performance and capabilities of the fleet is more important than ever."
The 777-8 Freighter features engineering design improvements and innovative technologies, including a new carbon-fibre composite wing and new fuel-efficient engines. With a range of 4,410 nautical miles (8,167 km), the 777-8 Freighter has a maximum structural payload of 118 tonnes, allowing customers to make fewer stops and reduce landing fees on long-haul routes.
As part of the agreement, Qatar Airways will convert 20 of its 60 777X family orders to the 777-8 Freighter. Qatar Airways is also ordering two current 777 Freighters to capitalise on the buoyant air cargo market.
Boeing and Qatar Airways also signed a Memorandum of Understanding for a firm order of 25 737-10 aircraft and purchase rights for 25 additional airplanes. The total value of this 737-10 commitment is nearly $7 billion at current list prices. The largest model in the MAX family, the 737-10 seats up to 230 passengers in a single-class configuration and can fly up to 3,300 miles.
"Qatar Airways very much looks forward to adding the 737-10 to its fleet, with this new variant of the 737 being ideally suited to our short-haul network, allowing us an opportunity to further enhance our product offering for our customers, modernize our fleet and operate the most efficient aircraft in its category," said Al Baker.
Meanwhile, for the first time, the world’s biggest banks have been ranked according to their ESG credentials by East & Partners.
BNP Paribas was ranked top as the best perceived “Stand out” ESG/Sustainable Finance provider globally. Global banks Standard Chartered, Citi, HSBC and JP Morgan are in the top five.
The research included direct interviews with the top 100 revenue ranked corporates in each of eight countries, Australia, Canada, China, Germany, Hong Kong, Singapore, the United Kingdom and the USA.
| Rank | Bank | % of Total |
| 1 | BNPParibas | 11.4 |
| 2 | Standard Chartered | 9.3 |
| 3 | Citi | 8.5 |
| 4 | HSBC | 8.1 |
| 5 | JPMorgan | 7.0 |
| 6 | Barclays | 6.9 |
| 7 | BAML/Bank of America | 5.7 |
| 8 | DBS | 3.2 |
| 9 | Deutsche | 2.9 |
| 9 | Lloyds | 2.9 |
| 11 | Bank of China | 2.1 |
| 11 | Santander | 2.1 |
| 13 | OCBC | 1.6 |
| 14 | Goldman Sachs | 1.5 |
| 14 | Morgan Stanley | 1.5 |
| 16 | ANZ | 1.3 |
| 16 | RBS | 1.3 |
| 16 | UBS | 1.3 |
| 19 | ICBC | 1.2 |
| 19 | Société Générale | 1.2 |
| 21 | Commonwealth Bank of Australia | 1.1 |
| 22 | MUFG | 0.9 |
| 22 | National Australia Bank | 0.9 |
| 22 | Westpac | 0.9 |
| 25 | Credit Suisse | 0.8 |
| Others | 2.4 | |
| None | 11.7 | |
| TOTAL | 100.0 |
Source: East & Partners
Martin Smith, East & Partners global head of markets analysis, told UK newspaper City A.M.: “Out of the 30 individual providers nominated, BNP Paribas was highlighted as the best standout provider of sustainable/ESG finance across all products and services according to global treasurers. Relative to their peers, on a global scale they stood well above the pack.”
“Of greatest concern, or perhaps of greatest opportunity, is the very large one in ten portion of global treasurers who did not view any bank as being the best, stand out provider of ESG finance,” he continued. “This cohort of treasurers and bank relationship gatekeepers are open to being won over should a provider come forward.”