China Eastern Airlines announced it will claim losses from United States aircraft manufacturing giant Boeing after its 737 MAX fleet was grounded worldwide for safety reasons following the Ethiopian Airlines crash.
Reuters reported Tuesday that an official of Civil Aviation Administration of China had made a decision to send experts to be part of the FAA panel after being invited to join. Boeing disclosed Tuesday, April 9, that it received no new orders for the Max in March. The disclosure highlights the mounting uncertainty among customers, Boeing investors, and suppliers about when the new MAX version of the 737 might return to flight following the global grounding of the plane after two fatal crashes.
Boeing is the world's largest aerospace company, building military and commercial aircraft, missiles, satellites and other space technology.
American has 76 more MAX jets on order, though deliveries are on hold as Boeing works through a software fix, which will need regulatory approval.
"Currently, all the aircraft leasing contracts are implemented normally". The US aircraft manufacturer even received zero new orders in March for the 737 MAX, with total orders for the first quarter halving to 95 aircraft, compared to 180 a years earlier.
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"I am confident that Boeing will solve this issue" with the Max, he said.
American said all its 737-800 aircraft will be back in service by the end of April, but the carrier will continue to cancel about 90 flights per day through June 5 as the 737 MAX remains grounded.
Boeing said last week it would cut monthly 737 MAX production by 20 percent starting mid-April, without giving an end-date.
Bank of America Merrill Lynch on Monday downgraded Boeing's stock to "neutral" from "buy" and cut its price target to $420 a share from $480 after the crashes. In all, 346 people died.
The downgrade of Boeing's stock follows the crashes of Ethiopian Airlines Flight 302 on March 10 and Lion Air Flight 610 on Oct 29, 2018. Critics have raised questions about oversight provided by the US Federal Aviation Administration and its decision to certify the 737 Max safe for commercial use. "We own it, and we know how to do it".