Jetrader - January/February 2012 - 18

appraisal

Boeing 757-200
Olga Razzhivina, ISTAT Senior Appraiser Ascend, a division of Airclaims Tel: 44-(1)208-897-1066

Background
The Boeing 757 entered service in 1982. It shares the two-crew cockpit and systems commonality with the widebodied 767 and is powered by a choice of Rolls-Royce RB211-535 or Pratt & Whitney PW2000 engines. The 757-200 has MTOWs between 220,000 pounds and 255,000 pounds and can carry 186 passengers over ranges of 3,000-4,000 nautical miles, which enables U.S. transcontinental and New York-London nonstop capability respectively. All 757s have the same fuel capacity; some are unofﬁcially designated 200ERs, though this indicates they are ETOPS equipped for overwater operations. Maximum passenger capacity is 239. There are currently 671 Boeing 757-200 aircraft in passenger service with 52 operators and 56 aircraft in storage (8 percent) with 20 companies. The in-service ﬂeet includes 356 aircraft powered by Rolls-Royce engines, including 230 equipped with winglets, and 315 Boeing 757-200 aircraft powered by P&W engines, 85 of which are equipped with winglets.

Top 5 B757-200 Airline Operators (In Service) Delta Air Lines American Airlines United Airlines Continental Airlines Thomson Airways TOTAL

Qty. 164 124 96 41 26 451

Top 5 B757-200 Operating Lessors (In Service) ILFC SkyWorks Leasing GECAS BBAM Guggenheim Aviation Partners

Qty. 66 33 20 20 16

Market Outlook
• Market values stable since Q2; as is the lease market. • The youngest vintages have lost most of their premium as values are driven largely by speciﬁcations rather than age. • The A321neo is likely to be the closest replacement but will not be available until mid-decade; 737-9 version of 737 Max will also get closer. However, the 757 is still relatively unique in terms of seat-range performance. • Replacement by U.S. majors is underway—American with A321s and Delta with 737-900ERs. Rightsizing makes the 757 freighter an attractive aircraft for the air cargo market.

Boeing 757-200 Fleet Distribution (In Service)

Year of Build 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004

Current Market Value 6.50 6.50 6.50 6.65 7.10 7.90 9.05 10.55 12.45 14.75 17.45 20.60

Base Values at 2.5% annual inflation rate 2011 5.70 5.70 5.70 6.08 6.70 7.83 9.33 10.95 12.95 15.08 17.33 19.83 2012 5.14 5.14 5.14 5.47 6.02 7.02 8.35 9.78 11.55 13.41 15.39 17.57 2013 4.61 4.61 4.61 4.91 5.39 6.27 7.44 8.70 10.25 11.89 13.60 15.51 2014 4.12 4.12 4.12 4.38 4.80 5.58 6.60 7.71 9.06 10.49 11.98 13.63 2015 3.67 3.67 3.67 3.89 4.26 4.94 5.84 6.80 7.98 9.21 10.50 11.92 2016 3.25 3.25 3.25 3.45 3.76 4.35 5.13 5.97 6.99 8.05 9.16 10.38 2017 2.87 2.87 2.87 3.04 3.31 3.82 4.50 5.22 6.10 7.01 7.96 9.00 2018 2.52 2.52 2.52 2.66 2.90 3.33 3.92 4.54 5.29 6.07 6.88 7.77 2019 2.20 2.20 2.20 2.32 2.52 2.90 3.40 3.93 4.57 5.24 5.92 6.67 2020 1.91 1.91 1.91 2.02 2.19 2.51 2.93 3.38 3.93 4.49 5.07 5.70 2021 1.65 1.65 1.65 1.74 1.88 2.16 2.52 2.90 3.36 3.84 4.32 4.85

Values in $ millions. The aircraft values stated herein are the product and property of independent third-party sources, and ISTAT neither approves nor endorses the information contained herein or the use thereof for any purpose whatsoever.

18 The ofﬁcial publication of the International Society of Transport Aircraft Trading
http://www.ISTAT.org
Jetrader - January/February 2012

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