Jetrader - November/December 2011 - 32

appraisal

Boeing 737-400
Ken De Jaeger, Vice President ICF SH&E, Senior Appraiser, ISTAT Tel: 212.656.9181 kdejaeger@icfi.com

Background
Launched in 1986, the Boeing 737-400 entered service in 1988 as the second of three models in the 737 Classic family. In comparison to the 737-300, the 737-400 incorporates a 120-inch fuselage extension, a reinforced wing, strengthened undercarriage, additional overwing exits, and a new tail skid for over-rotation protection. Both EFIS and standard cockpit display avionics were available by customer option. The Boeing 737-400 has a maximum takeoff weight (MTOW) ranging from 138,500 pounds to 150,000 pounds, and typically accommodates between 146 in a two-class layout and up to 188 passengers in a one-class conﬁguration. The aircraft has a marketing design range between 1,907 to 2,060 nautical miles (nm) with 146 passengers. The ﬁnal of 486 deliveries took place in 2000.

Current Fleet and Order Status (As of June 2011)
Region Europe/CIS Asia/Pacific North America Africa/Middle East Latin America/Caribbean Totals No. of Operators 45 25 21 11 2 104 Total Fleet 136 173 122 29 2 462 % 29.4% 37.4% 26.4% 6.3% 0.4% 100.0% Stored 5 10 28 1 44

Current and Future Market Outlook
As a derivative aircraft, the Boeing 737-400 has enjoyed reasonable market success, but its limited payload and range performance, out-of-production status, and the advent of intense competition from the Airbus A320 and Boeing 737NG families of aircraft have led major airlines to focus on newer, more fuel-efﬁcient types as they contract their ﬂeets in a period of general economic malaise. As such, values and lease rates have declined markedly over the past three years, particularly for younger aircraft. Nevertheless, its family associations with the popular 737-300 should ensure continued operator interest in the medium term albeit at lower values and lease rates, and there is growing interest in conversion of the type to a freighter role.

Basic Speciﬁcations
Length Wingspan MTOW – Basic to Maximum Fuel Capacity Typical Passenger Accommodation Engine Models Marketing Range 119 ft 7 in 94 ft 9 in 138,500 to 150,000 lbs 5,311 to 6,295 USG (with Auxiliary Tanks) 146 (2-class) to 188 (1-class) Two CFMI CFM56-3B2 / CFM56-3C1 1,907 to 2,060 nm

Boeing 737-400 Appraisal Values (Boeing 737-400, EFIS Avionics, CFM56-3C1 Engines, 138,500 MTOW)
Year of Delivery CMV US$ MM 2011 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 3.48 3.76 4.07 4.41 4.77 5.17 5.60 6.07 6.59 7.15 7.75 8.42 9.14 BV US$ MM 2011 4.00 4.33 4.70 5.09 5.53 6.00 6.51 7.08 7.69 8.36 9.09 9.88 10.75 2012 3.74 4.06 4.40 4.78 5.19 5.64 6.13 6.66 7.24 7.87 8.56 9.31 10.14 2013 3.50 3.80 4.13 4.48 4.87 5.29 5.76 6.26 6.81 7.41 8.06 8.78 9.55 2014 3.27 3.55 3.86 4.20 4.57 4.97 5.41 5.88 6.40 6.97 7.59 8.27 9.00 Future Base Values - Inflated at 2.5% per annum 2015 3.05 3.32 3.61 3.93 4.28 4.66 5.07 5.53 6.02 6.56 7.14 7.78 8.48 2016 2.84 3.09 3.37 3.68 4.01 4.37 4.76 5.19 5.65 6.16 6.72 7.32 7.98 2017 2.64 2.88 3.14 3.43 3.75 4.09 4.46 4.86 5.31 5.79 6.31 6.89 7.51 2018 2.45 2.68 2.93 3.20 3.50 3.82 4.17 4.56 4.98 5.43 5.93 6.47 7.06 2019 2.27 2.48 2.72 2.98 3.26 3.57 3.90 4.26 4.66 5.09 5.56 6.08 6.64 2020 2.09 2.30 2.53 2.77 3.04 3.33 3.64 3.99 4.36 4.77 5.22 5.70 6.23 2021 1.93 2.12 2.34 2.57 2.82 3.10 3.40 3.72 4.08 4.47 4.89 5.35 5.85

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.

32 The ofﬁcial publication of the International Society of Transport Aircraft Trading
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Jetrader - November/December 2011

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