DAE axes 45 Airbus jet orders

A Dubai leasing firm has cancelled all its remaining Airbus orders worth $5.8 billion, it emerged on Thursday.

The cancellation of 45 jets by Dubai Aerospace Enterprise (DAE) Capital also raised questions over the fate of about $9 billion in unfilled orders for Boeing.

DAE Capital has 56 unfilled orders from Boeing including 15 of its newest freighters based on the 747-8 stretch jumbo, according to the US company's website.

Officials at DAE Capital, whose chief executive Robert Genise resigned on June 30, were not available for comment.

An Airbus spokesman confirmed the cancellations, which emerged in a monthly order snapshot dominated by strong sales of its A320neo passenger jet at last month's Paris Air Show.

Airbus sold a total of 777 aircraft in the first half, or 640 after accounting for cancellations such as the 45 remaining orders for A320 and A350 jetliners withdrawn by DAE Capital.

According to the most recent available data, Boeing won 210 gross orders and 151 net orders between Jan. 1 and June 28.

Fresh demand has been dominated by orders for fuel-saving narrow-body jets from India and Asia to dampen oil costs, but planemakers are still managing backlogs left vulnerable in some cases by the abrupt end of a previous ordering boom in 2008.

DAE had already cancelled Airbus orders worth $4.7 billion as well as a slew of Boeing orders in March and entered negotiations with both planemakers about the rest of its orders.

French brokerage Oddo said investors were prepared for the cancellations.

Dubai Aerospace Enterprise ordered more than 200 aircraft during the market heyday in 2007. "Some details still need to be finalised," an Airbus spokesman said.

Airbus delivered 258 aircraft including 10 A380 superjumbos between January and June.
 

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