Latest news with #SMBCAviationCapital
Reuters
22-05-2025
- Business
- Reuters
Boeing back in 'dynamic' production mode, engine supplier Safran says
PARIS, May 22 (Reuters) - U.S. planemaker Boeing (BA.N), opens new tab has returned to a more "dynamic" production profile after years of uncertainty surrounding setbacks to its 737 MAX passenger jet, the head of engine maker and key Boeing supplier Safran ( opens new tab said on Thursday. Production of the benchmark narrow-body jet stands at almost 38 a month, the ceiling imposed by U.S. regulators after the blowout of a door plug on an Alaska Airlines aircraft last year, Safran CEO ( opens new tab Olivier Andries told an annual meeting. Boeing Commercial Airplanes Vice President of Quality Doug Ackerman told reporters on Tuesday the planemaker expects to stabilize 737 MAX production at 38 airplanes a month over the next couple of months. Safran co-produces the world's most-sold jet engines with GE Aerospace (GE.N), opens new tab through their CFM International joint venture. CFM's LEAP engines power all Boeing 737 MAX and compete with Pratt & Whitney for airline contracts on the Airbus A320neo. Safran's upbeat tone on Boeing's progress towards restoring jet production contrasts with a more cautious perspective from one of the world's largest leasing firms earlier on Thursday. Boeing and Airbus ( opens new tab have made progress, but there is "a way to go" to get a stable, predictable production cycle, SMBC Aviation Capital CEO Peter Barrett said. Safran's Andries told shareholders that demand for aftermarket services for jet engines had risen in part due to delays in production of new aircraft, caused by snags in aerospace supply chains. Airbus has said CFM is itself one of two suppliers slowing down increases in its output in the first half of the year, while CFM has said it is confident of accelerating in the second quarter. The Airbus and Boeing versions of LEAP are different sizes of engine with a broadly different set of parts. Andries said Safran was meanwhile getting encouraging results from CFM's wind-tunnel and other tests to demonstrate technology for a successor to the LEAP engine called RISE, designed to reduce fuel consumption and emissions by 20%.
Yahoo
22-05-2025
- Business
- Yahoo
Lessor SMBC says Boeing and Airbus output has made some progress
By Padraic Halpin and Tim Hepher DUBLIN (Reuters) -Boeing and Airbus have made progress in boosting aircraft manufacturing, but there is "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said on Thursday. The world's third-largest aircraft lessor, which has over 250 planes on order with both manufacturers, also said tariffs could be a drag on that recovery and have the potential to delay production increases. Boeing has faced a series of crises but expects to stabilise 737 MAX production over the coming weeks, while Airbus has reaffirmed its target for increased commercial deliveries this year despite a recent dip. "I was actually there (at Boeing) a few weeks ago. I certainly felt that the corner was turned and I don't say that lightly. There's more to go but I do think they are absolutely travelling in the right direction," Peter Barrett told Reuters, adding that Airbus has also made progress. As U.S. President Donald Trump's tariff war and "America First" policies disrupt international relations, Barrett said there was "some caution" on transatlantic routes, but that SMBC's customers have said domestic U.S. demand was resilient. SMBC on Thursday said it had booked a further $654 million from insurance settlements over the last year related to jets stranded in Russia following Western sanctions, bringing its total recoveries from claims to $1.41 billion. SMBC recorded an impairment of $1.6 billion in 2022 after 34 of its jets got stuck in Russia following the sanctions over Moscow's war in Ukraine that forced the termination of leases. SMBC was one of six lessors that ended an Irish lawsuit against their insurers last month and Barrett said the majority of its litigation around the world was complete. Pretax profits at SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, grew 22% year-on-year to $563 million in the year to end-March, excluding the settlements, it said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
22-05-2025
- Business
- CNA
Lessor SMBC says Boeing and Airbus output has made some progress
DUBLIN :Boeing and Airbus have made progress in boosting aircraft manufacturing, but there is "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said on Thursday. The world's third-largest aircraft lessor, which has over 250 planes on order with both manufacturers, also said tariffs could be a drag on that recovery and have the potential to delay production increases. Boeing has faced a series of crises but expects to stabilise 737 MAX production over the coming weeks, while Airbus has reaffirmed its target for increased commercial deliveries this year despite a recent dip. "I was actually there (at Boeing) a few weeks ago. I certainly felt that the corner was turned and I don't say that lightly. There's more to go but I do think they are absolutely travelling in the right direction," Peter Barrett told Reuters, adding that Airbus has also made progress. As U.S. President Donald Trump's tariff war and "America First" policies disrupt international relations, Barrett said there was "some caution" on transatlantic routes, but that SMBC's customers have said domestic U.S. demand was resilient. SMBC on Thursday said it had booked a further $654 million from insurance settlements over the last year related to jets stranded in Russia following Western sanctions, bringing its total recoveries from claims to $1.41 billion. SMBC recorded an impairment of $1.6 billion in 2022 after 34 of its jets got stuck in Russia following the sanctions over Moscow's war in Ukraine that forced the termination of leases. SMBC was one of six lessors that ended an Irish lawsuit against their insurers last month and Barrett said the majority of its litigation around the world was complete. Pretax profits at SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, grew 22 per cent year-on-year to $563 million in the year to end-March, excluding the settlements, it said.
RTÉ News
22-05-2025
- Business
- RTÉ News
SMBC proceeds from Russian jet insurance settlements hit $1.4 billion
Irish-headquartered aircraft lessor SMBC Aviation Capital said today it has booked a further $654m in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41 billion. It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6 billion in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563m, excluding the benefit of the insurance settlements. SMBC is owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group. It said today its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft. Meanwhile, Boeing and Airbus are making progress in stabilising production but there is still "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said today. "I was actually there (at Boeing) a few weeks ago. I certainly felt that the corner was turned and I don't say that lightly. There's more to go but I do think they are absolutely travelling in the right direction," Peter Barrett told Reuters. "Airbus also has made progress," he added.
Irish Examiner
22-05-2025
- Business
- Irish Examiner
SMBC proceeds from Russian jet insurance settlements hit €1.2bn
Irish aircraft lessor SMBC Aviation Capital has booked a further $654m (€577.2m) in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41bn (€1.2bn). It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6bn (€1.4bn) in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563 million, excluding the benefit of the insurance settlements. SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, said its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft. Reuters
