Nearly every large passenger jet on Earth comes from just two companies: Airbus and Boeing. The order backlog stretches more than 12 years and runs into the hundreds of billions of dollars. It sounds like a dream business — but the reality is that an Airframe OEM (the company that assembles the aircraft's "body") works on thin margins, high risk, and today its biggest problem isn't finding customers, it's ramping production fast enough to meet demand. This lesson looks at why "assembling an aircraft" is both a wall no one else can compete past and, at the same time, the most fragile point in the industry.
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Theme index· base 100 · USD total return
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Why is Airframe OEMs moving?
Q2 2026
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Gulf demand, defense deals and Boeing output lift Airframe OEMs
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Gulf demand recovery and NATO defense deals Gulf flights returned to 82% of pre-war levels and NATO pledged over $50 billion in defense deals, boosting demand for both commercial and military aircraft.
This shows a major demand recovery and new defense orders that directly benefit Airframe OEMs.
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Boeing expands 737 MAX production and wins Chinese order Boeing added a fourth 737 MAX line, targeting 52 jets per month by early 2027, and secured its first Chinese order in years, signaling stronger output and market access.
This highlights Boeing's production ramp-up and a key order that improves its competitive position.
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Embraer may enter narrow-body market, breaking duopoly Embraer is considering launching a narrow-body jet, which would challenge the Airbus-Boeing duopoly and offer airlines an alternative amid frustration over delivery delays.
This is a potential competitive shift that could reshape the narrow-body market.
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Geopolitical tensions and oil price spike pressure Boeing Trump's Iran strike threats spiked oil prices and pressured Boeing shares, as higher fuel costs could lead airlines to defer aircraft deliveries.
This is a key risk factor that could dampen demand and hurt Airframe OEMs.
Latest
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Boeing's MAX 10 Certification Delayed, But Strike Averted and Defense Wins
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737 MAX 10 certification delayed by software issue The FAA halted certification of Boeing's 737 MAX 10 after finding a software glitch that affects automated navigation during certain landings. This delays deliveries and cash payments, and Boeing shares fell as much as 6.8%. It hurts the Airframe OEMs theme because the MAX 10 is key to competing with Airbus's A321neo.
This is a new negative event that directly impacts Boeing's certification timeline and cash flow, a core driver for the theme.
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Boeing engineers approve contract, averting strike Boeing's 17,000 engineers ratified a four-year contract with a 10% wage raise, removing the threat of a strike that could have disrupted production and certification. This is positive for the theme because it avoids further delays and supports Boeing's turnaround efforts.
This new development removes a major overhang and supports production stability, a key factor for the theme.
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Boeing wins $20B Navy F/A-XX fighter contract Boeing was selected to develop the Navy's next-generation fighter, a contract worth over $20 billion. This boosts Boeing's defense backlog and long-term revenue visibility, supporting the Airframe OEMs theme through increased defense demand.
This is a new major defense contract that adds to Boeing's backlog and highlights defense as a growth driver for the theme.
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Boeing-China order hopes fade ahead of Trump-Xi summit Hopes for a large Boeing order from China faded as the Trump-Xi summit focused on other issues. Boeing is now working to finalize a provisional 200-plane deal, far below earlier expectations of up to 750. This is a negative for the theme because China is a major potential demand source.
This new update lowers expectations for a key demand catalyst, impacting the theme's growth outlook.
Q3 2026
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Airframe OEMs: record orders and cash flow, but delays and fuel costs bite
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Boeing's cash flow and order wins Boeing returned to positive free cash flow, delivered 171 jets in Q2, won a $20B Navy contract, and gained 737 MAX 7 certification. Airbus raised targets and launched a €5.8B buyback.
This shows the core financial and operational recovery that drove the sector.
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Embraer's record backlog Embraer hit a record $34.5B backlog, signaling strong demand for its regional jets and reinforcing its position as a growing competitor.
This highlights a key positive development for a major OEM outside the duopoly.
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Boeing's certification and labor setbacks Boeing's 777X faced delays and Emirates rejected early jets; a software glitch delayed MAX 10 certification; FAA ordered inspections of 471 MAX jets; and 17,000 engineers nearly struck.
These operational and regulatory hurdles threatened Boeing's production and reputation.
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Fuel costs and trade threats pressure demand Jet fuel near 20-year highs pressured airline demand, China orders disappointed, and Trump threatened Bombardier's US sales, clouding the outlook for aircraft makers.
These external factors could reduce orders and disrupt international sales.
News & notes movingAirframe OEMs
European UnionUnited States
Airframe OEMs
Airbus Delivers 72 Aircraft in September, Recovering from Delays, but New Quality Issue Emerges on A330
Airbus delivered 72 aircraft in September, a figure nearly matching the 73 delivered in the same month a year earlier, according to industry sources. If confirmed, that would exceed the mid-to-high 60s analysts had expected and top Jefferies' estimate of 68. The unexpected recovery comes amid concerns over recent manufacturing defects involving A321neo parts and system-wide delays caused by shortages of components such as engines. Meeting the year-end target of about 870 aircraft will require record deliveries in the fourth quarter, and Lars Wagner, CEO of the commercial aircraft division, said this week he is "very confident." Meanwhile, Airbus disclosed that it has advised airlines to check A330 aircraft for foreign objects after tools were found in the horizontal tail of planes earlier this year, which has delayed deliveries. The recommendation covers aircraft delivered between January 2021 and July this year, amounting to 160 planes, including 15 MRTT military aerial refueling and transport aircraft, according to Cirium data.
FAA Clears Boeing 737 MAX Software Glitch as Not a Safety Issue
The Federal Aviation Administration has determined that a newly identified software glitch in the Boeing 737 MAX does not present a flight-safety concern, according to The Wall Street Journal. The agency convened its Corrective Action Review Board on Friday to assess whether the issue constituted an unsafe condition requiring immediate action. The FAA said the board reached its determination because pilots retain full control of the aircraft and the indications to the flight crew are clear and unambiguous, adding that it will consider appropriate action if new information emerges. The software problem had raised concerns among some aviation industry officials about potential safety implications when 737 MAX aircraft are landing under certain circumstances. Boeing shares traded 1.5% higher following the report.
Boeing Wins U.S. Navy F/A-XX Sixth-Generation Fighter Contract
Boeing has been awarded the U.S. Navy's F/A-XX sixth-generation fighter contract, a multi billion dollar program. The F/A-XX is planned to replace the Navy's current F/A-18 Super Hornet fleet and extend carrier air wing reach. The award follows Boeing's earlier win on the U.S. Air Force's F-47 next generation fighter, consolidating its role in future combat aircraft. The win strengthens the part of the Boeing thesis that leans on advanced technology and a diversified backlog across commercial jets and defense, helping offset some reliance on the loss making commercial division by anchoring long duration military work alongside programs like the F-47 and P 8A. The award also magnifies concerns analysts already highlight around execution risk, supply chain complexity and high debt, since another classified, multi billion dollar fighter program increases capital and delivery commitments.
Defense & Geopolitical Fragmentation › Defense Primes — United States ▲Demand
Aerospace & Aviation › Airframe OEMs ▲Demand
BA · Capital · Negative The award magnifies execution risk, supply chain complexity and high debt by adding another classified multi-billion-dollar fighter program with heavy capital and delivery commitments.
BA · Demand · Positive Boeing awarded the U.S. Navy's multi-billion-dollar F/A-XX sixth-generation fighter contract, adding a major defense program to its backlog.
PM discusses Airbus support for investment and aerospace technology transfer
Prime Minister and Interior Minister Anutin Charnvirakul held talks with Wouter van Wersch, Executive Vice President for International Affairs at Airbus, and Bert Porteman, a representative of Airbus Thailand, on ways to upgrade and expand cooperation between Thailand and Airbus in the aviation industry, space technology, human resource development, and clean energy. The Prime Minister affirmed the policy of promoting the aviation industry and future industries, and asked Airbus to consider broadening cooperation to cover more areas by building on the cooperation models the company has with other countries and extending them to Thailand. On clean energy, the Prime Minister proposed that Airbus promote the use of sustainable aviation fuel, or SAF, produced in Thailand, using Thai raw materials and agricultural output as part of the production chain. In addition, Airbus plans to establish a Center of Excellence in Thailand as a hub for developing knowledge, technology, and personnel, linking Airbus's global network to Thailand. The Prime Minister also proposed expanding cooperation in space technology and security, building on existing cooperation with the Geo-Informatics and Space Technology Development Agency, or GISTDA, and Thaicom Public Company Limited, as well as discussing cooperation with Thai Airways International Public Company Limited to support the goal of pushing Thailand to become the region's aviation hub.
AIR.PA · Demand · Positive Airbus is expanding cooperation with Thailand across aviation, space technology, personnel development, and clean energy, including establishing a Center of Excellence in Thailand.
THAI.BK · Demand · Positive Airbus and Thai officials discussed cooperation with Thai Airways to support Thailand's goal of becoming the region's aviation hub, implying potential business for the airline.
THCOM.BK · Demand · Positive Airbus plans to expand space technology cooperation building on existing work with GISTDA and Thaicom, signaling potential new business for the satellite operator.
Boeing engineers approve four-year contract, averting strike risk
Boeing shares rose about 4% Thursday after the company's largest white-collar union approved a new four-year contract, removing the threat of a strike that could have disrupted production and certification work at the aircraft maker. The Society of Professional Engineering Employees in Aerospace, which represents roughly 17,000 Boeing engineers, scientists, technicians and other workers, said both of its bargaining units voted to ratify the improved offer. About 68% of members in the professional unit, representing roughly 13,000 engineers and scientists, backed the agreement, while more than 53% of the technical unit, which represents about 4,000 designers, analysts and technicians, also voted in favor. The new contract provides a 10% wage increase upon ratification, followed by annual raises of 4% and the potential for an additional 2% performance-based increase. The agreement removes the immediate prospect of a strike after Boeing workers had rejected the company's initial proposal, with the current contracts set to expire October 6 and a work stoppage potentially beginning as soon as October 7. A strike could have added another complication for Boeing as it works to advance certification of its long-delayed 737 MAX 10 and 777X aircraft while increasing production and accelerating deliveries.
BA · Regulation · Positive Boeing's largest white-collar union ratified a four-year contract, averting a strike that could have disrupted production and 737 MAX 10/777X certification work.
FAA Weighs Safety Review of Boeing 737 Max Software as Max 10 Certification Delayed
The Federal Aviation Administration could convene a safety review panel as soon as Friday to examine a software problem affecting Boeing's 737 Max family, potentially leading to additional regulatory action, Bloomberg News reported, citing people familiar with the matter. The glitch can increase pilot workload during certain aborted landing procedures by shifting the autopilot to a less automated mode for pitch control. The FAA's Corrective Action Review Board is expected to determine whether the problem constitutes a flight-safety issue and whether measures such as an airworthiness directive are necessary. Boeing notified operators about the issue in August and is working on a software update, while GE Aerospace, which supplies the affected software, said it is assisting Boeing and the FAA with the review. The smaller Max 7 was certified in August with the same software, although Southwest Airlines, United Airlines and Alaska Air Group have said their fleets don't use the faulty version; United also said it is not accepting new aircraft equipped with the affected software, while Southwest said its recent and upcoming Max 8 deliveries won't contain it. The FAA has said certification of the 737 Max 10 will remain on hold until the review is completed, adding another potential obstacle for a model already years behind schedule, and Boeing has more than 1,500 orders for the Max 10, making its entry into service important to the company's production plans and future cash generation.
BofA Upgrades Dassault Aviation to Buy on Rafale Order Prospects
BofA Securities upgraded Dassault Aviation to buy from neutral and raised its price target to €360 from €345, citing the French fighter maker's long order book and potential new Rafale contracts. The target implies about 27% upside from the €284 share price cited in the report, and BofA noted the stock has fallen about 20% from its year-to-date high, creating a more attractive entry point. Dassault's Rafale backlog provides about 7.5 years of production visibility at current delivery rates, with further upside possible from India and Ukraine. India's proposed order for 114 Rafales could become a key catalyst in the fourth quarter and would be the largest export order in the aircraft's history, while Ukraine has expressed interest in acquiring up to 100 Rafales, initially ordering 16 aircraft under a July 2026 agreement with France with deliveries due to begin in 2028-29. Neither opportunity has yet become a firm contract, but BofA said that if both orders are secured, Dassault's backlog could exceed 400 aircraft, potentially extending production visibility to about 15 years at 2026 production rates. BofA also raised its 2026 earnings-per-share forecast to €16.40 from €16.30 and its 2028 forecast to €22.31 from €21.42, while cutting its 2027 estimate to €19.36 from €19.67.
United StatesIsraelSaudi ArabiaUnited Arab Emirates
Airframe OEMs▲
Trump praises Boeing 737 Max after Flydubai flight nearly plunges
US President Donald Trump praised the Boeing 737 Max after the aircraft model was involved in an attempted downing of a Flydubai plane bound for Israel's Tel Aviv. Trump said the 737 Max is strong and can withstand more stress on the airframe than it was designed for. However, Trump did not directly address the Flydubai flight incident, instead praising Boeing and Kelly Ortberg, Boeing's chief executive officer. Israeli officials said on Wednesday, September 30, that passengers and crew aboard the aircraft were able to thwart an attempt by the co-pilot to bring the plane down in an incident that occurred on Tuesday, September 29. During the incident, the plane plunged nearly 14,000 feet in less than 30 seconds before passengers and crew were able to regain control of the aircraft and land it safely in Tabuk, in northwestern Saudi Arabia.
BA · Geopolitics · Positive Trump praised the Boeing 737 Max and CEO Kelly Ortberg after the Flydubai aircraft survived an attempted downing, giving the model positive political backing.
SkyDrive Appoints Former Toyota and Airbus Executives to Leadership Roles
SkyDrive Inc. has appointed former Toyota executive Taiji Ono as executive vice president and head of global business, and former Airbus executive Gonzalo Ramos as global commercial officer. Ono, who spent nearly 17 years at Toyota Motor Corporation before serving as chief strategy officer at a data platform company, will oversee global business strategy, commercial models and sales strategy, including public-private partnerships in Japan. Ramos, who brings over 22 years of experience in commercial aviation, aircraft leasing and Advanced Air Mobility, including almost 18 years at Airbus, will lead commercial expansion in the United States, Middle East, Europe and Australia, driving aircraft sales contracts and post-delivery maintenance, repair and overhaul support. SkyDrive says it has partnered with airlines, operators, local governments and business partners across 10 countries, and that pre-orders and letters of intent for its SKYDRIVE SD-05 model total 451 aircraft. The company is pursuing type certification with the Japan Civil Aviation Bureau and the U.S. Federal Aviation Administration, with the aim of launching the aircraft into service in 2028.
Advanced Air Mobility (eVTOL) › Passenger eVTOL OEMs ▲Talent
Aerospace & Aviation › Airframe OEMs Talent
Advanced Air Mobility (eVTOL) › Piloted Western Air-Taxi OEMs Talent
スカイドライブ · Regulation · Positive SkyDrive is pursuing type certification with the Japan Civil Aviation Bureau and the U.S. FAA toward a 2028 service launch.
スカイドライブ · Demand · Positive SkyDrive reports 451 pre-orders and letters of intent for its SKYDRIVE SD-05 aircraft, a concrete product-demand signal.
Ethiopian Airlines Orders Eight Boeing 777-8 Freighters and Two 777 Freighters
Boeing and Ethiopian Airlines announced that the African carrier has ordered eight 777-8 Freighters and two 777 Freighters, making Ethiopian Airlines the first African carrier to purchase the world's newest widebody freighter. The order is Ethiopian Airlines' second for the 777X airplane family, building on its earlier purchase of eight 777-9 passenger jets that established the carrier as Africa's first 777X customer, and it doubles the airline's 777X family order book. The 777-8 Freighter will be the world's largest and most capable twin-engine freighter, with a maximum structural payload of 118 tonnes, and will be paired with the 777 Freighter to expand the carrier's Boeing freighter fleet. Ethiopian Airlines Group CEO Mesfin Tasew said the aircraft will enhance payload capacity, operational flexibility, efficiency and sustainability as cargo demand grows, while Boeing senior vice president of Commercial Sales and Marketing Brad McMullen cited the strength of the partnership and growing worldwide air cargo demand. Ethiopian Airlines currently connects more than 70 cargo markets across Africa, Asia, Europe, the Middle East and North America with a fleet of 12 777 Freighters, two 767 Freighters and four 737-800SF airplanes.
BA · Demand · Positive Ethiopian Airlines ordered eight 777-8 Freighters and two 777 Freighters, a concrete order for Boeing's aircraft.
Ethiopian Airlines · Demand · Positive Ethiopian Airlines expands its freighter fleet to meet growing cargo demand, doubling its 777X family order book.
Duffy Sees No Safety Concern From Boeing 737 MAX Software Issue
US Transportation Secretary Sean Duffy said he currently sees no safety concern from a software problem affecting some Boeing 737 MAX aircraft and that there is no need to ground the fleet. Speaking to reporters on Wednesday after an event in Washington, Duffy said authorities had learned that delays in responding to problems can have serious consequences, according to Reuters. Boeing said on Saturday that the software issue could prevent pilots on certain 737 MAX aircraft from accessing automated flight guidance during a particular landing scenario, and that it has notified operators and is working on a permanent software fix. The Federal Aviation Administration said Monday it would delay certification of Boeing's long-awaited 737 MAX 10 until the issue is resolved, and the agency plans to convene a Corrective Action Review Board to examine the matter, possibly as early as next week. The FAA has said the affected software version can increase pilot workload during a go-around, when a landing is aborted and the aircraft climbs to attempt another landing.
CGSI upgrades tourism sector, favors THAI over AOT, expects 24% and 60% profit growth in 2027
CGS International Securities (Thailand), or CGSI, has raised its investment weighting for Thailand's tourism sector to Overweight, citing expectations of strong profit growth continuing from the second half of 2026 through 2027, and said THAI looks more attractive than AOT on cheaper valuations. CGSI estimates THAI's net profit in 2027 will grow 24% year on year, while AOT's will grow 60% year on year. In AOT's case, most of the growth comes from a full year of benefits from the increase in the departure passenger service charge, or PSC, which the company officially announced in February 2026 and is expected to remain unchanged for at least four more years. THAI, meanwhile, benefits from lower fuel costs and fleet expansion, taking delivery of 14 Airbus A321neo aircraft and 12 Boeing 787s, lifting its fleet from 84 aircraft at the end of the second quarter of 2026 to 102 by the end of December 2026. For third-quarter 2026 results, CGSI expects AOT to post normalized profit of 4.4 billion baht, up 9% year on year and 16% quarter on quarter, even though passenger numbers fell 2% year on year. It expects THAI to post normalized profit of 2.8 billion baht, down 48% year on year but up 138% quarter on quarter, helped by a recovery as jet fuel prices fell 17%. Foreign tourist arrivals from July to September 2026 are expected to fall 5% year on year to 7.03 million from 7.43 million. CGSI nonetheless highlights that THAI's valuation looks more attractive at a 2027 price-to-earnings ratio of 6.9 times, 27% below the sector average, versus AOT at 27.6 times, 48% above the sector average, and that THAI's earnings also have more upside.
AOT.BK · Capital · Positive CGSI rates tourism Overweight and forecasts AOT 2027 profit growth of 60%, driven by the higher passenger service charge, though it prefers THAI on valuation.
THAI.BK · Capital · Positive CGSI favors THAI over AOT, citing cheaper valuation (6.9x 2027 P/E) and 24% profit growth from lower fuel costs and fleet expansion.
Boeing Reaches Tentative Four-Year Deal With Union Covering 17,000 Engineers
Boeing reached a tentative four-year labor deal with the Society of Professional Engineering Employees in Aerospace covering about 17,000 workers. The proposed agreement includes guaranteed wage increases over the contract term, according to union communications released alongside the announcement. The union said the deal, announced ahead of a strike authorization timeline, will now go to members for a ratification vote. The tentative agreement lowers the immediate risk of a work stoppage that could have disrupted aircraft certification work and deliveries, easing near-term execution risk on programs such as the 737 and 777X. The deal does not remove concerns around debt, execution issues or the 737 MAX software glitch recently reported.
BA · Regulation · Positive Boeing reached a tentative four-year labor deal with 17,000 engineers, lowering the immediate risk of a work stoppage that could have disrupted certification and deliveries.
Taiwan Confirms Ongoing Talks with US on Arms Purchases After Trump-Xi Summit
Taiwan's defense minister has revealed that Taiwan is continuing discussions with the United States on arms purchases and has received assurances from Washington that its policy toward Taiwan remains unchanged, following last week's meeting between President Donald Trump and Chinese President Xi Jinping in Washington. Wellington Koo, Taiwan's defense minister, told reporters today that since the summit, the Taiwanese government has received repeated clarifications from the US side that Washington's policy toward Taiwan remains the same, and that for arms procurement programs currently underway, each project requires concrete cooperation, with no notification of any changes so far. One of the delayed programs is an order for 66 F-16V fighter jets from Lockheed Martin, placed in 2019, equipped with modern electronics, weapons, and radar to enhance the ability to counter the Chinese air force, including the J-20 stealth fighter. Taiwanese media reported that the first two F-16V jets are in Hawaii awaiting delivery to Taiwan. Koo did not disclose a delivery schedule, saying only that production has reached a stage where delivery is possible, and noted that due to the delays, related compensation measures are in place. China has consistently urged the United States to stop selling arms to Taiwan. In May, after visiting Beijing, Trump said the United States had paused consideration of a new arms package worth about 14 billion dollars, but after meeting Xi in Washington last week, Trump said only that Xi understood his position on Taiwan.
Ryanair Cuts Fiscal 2027 Traffic Forecast to 214 Million Passengers
Ryanair Holdings lowered its fiscal 2027 traffic forecast from 216 million to 214 million passengers, trimming its winter schedule to limit exposure to unhedged high fuel prices between November 2026 and March 2027. The carrier expects traffic to be flat year over year over that winter period and estimates the schedule reduction will cut winter losses by €70 million to €100 million. Ryanair also faces production delays at Boeing, where the MAX-10 is expected to be certified in late summer 2026 with the first 15 deliveries in spring 2027 and 300 of the fuel-efficient aircraft due by March 2034. Total operating expenses rose 11% year over year in the first quarter of fiscal 2027, with fuel and oil costs up 16% as the price of the company's 20% unhedged fuel more than doubled, while depreciation climbed 21% and maintenance, materials and repair expenses rose 30%. The Zacks Consensus Estimate for third-quarter and fourth-quarter 2026 earnings, as well as for 2026 and 2027 earnings, has been revised downward over the past 90 days, and the stock carries a Zacks Rank #4 (Sell).
RY4C.XETRA · Capital · Negative Operating expenses up 11% with fuel, depreciation and maintenance costs surging, and consensus earnings estimates revised downward
RY4C.XETRA · Supply · Negative Ryanair trims winter schedule and cuts FY2027 traffic forecast to limit exposure to high unhedged fuel costs
BA · Supply · Negative Boeing MAX-10 certification and delivery delays constrain Ryanair's fleet growth, highlighting Boeing production problems
European UnionItalyFranceGermanyUnited KingdomSpain
Airframe OEMs▼
Airbus A321neo paint defect affects about 500 aircraft
Airbus and Italy's Leonardo are investigating a defect that arose at an unlisted paint company, and a quality alert has been issued affecting about 500 of Airbus's best-selling A321neo jets, according to multiple people familiar with the matter. The defect came to light when Airbus engineers stripped paint from fuselage components and found gaps in the protective primer underneath. According to the sources, engineering teams from Airbus and Leonardo are now working at TESI, a paint supplier that is a subcontractor to Leonardo, to support remediation work and to determine the cause of the problem, which has not yet been identified. Analysts say the issue relates to reinforcing rods called stringers in part of the A321neo's forward fuselage. Airbus said about 500 aircraft are affected, including 250 at various stages of production, but that there is no impact on safety. It has also not changed its delivery targets.
AIR.PA · Supply · Negative Paint defect at supplier TESI affects about 500 A321neo jets, including 250 in production, requiring remediation work.
TESI · Supply · Negative TESI, the paint supplier and Leonardo subcontractor, is where the primer defect arose and is the focus of remediation and cause investigation.
0ONG.LSE · Supply · Negative Leonardo's subcontractor TESI produced the defective primer on A321neo fuselages, and Leonardo engineering teams are involved in remediation.
GE Aerospace Ships Redesigned GE9X Engines to Boeing, Expects FAA Certification Within Months
GE Aerospace has begun shipping GE9X engines with a redesigned mid-seal to Boeing and expects FAA certification of the modified part within the next few months, CFO Rahul Ghai said at a Morgan Stanley conference, expressing confidence the durability issue will not delay the Boeing 777X's planned 2027 entry into service. Testing showed the original seal, which connects the engine's front and rear sections, lacked the durability GE expected; the company identified the root cause, completed a redesign, validated the new component internally, and incorporated it into engines now moving through production. Boeing can continue using the original seal for current certification work, including approvals required before ETOPS testing, while GE pursues separate FAA approval for the redesigned component in production aircraft, allowing regulatory work to advance in parallel. The GE9X exclusively powers the 777X, and GE previously reported an order book exceeding 950 engines, with Emirates alone having since increased its total order to more than 540 units. Boeing CEO Kelly Ortberg has separately warned that regulatory work on the 777X could extend into 2027 because of engine-certification issues, and GE has not disclosed the expense associated with testing the new seal, modifying engines or addressing units that already contain the original component.
GE · Technology · Positive GE Aerospace completed and validated a redesigned GE9X mid-seal, resolving the durability issue and expecting FAA certification within months
BA · Supply · Positive GE9X redesigned mid-seal engines shipping to Boeing and FAA certification expected within months, keeping 777X's 2027 entry into service on track
Emirates Airline · Demand · Positive Emirates increased its GE9X-powered 777X order to more than 540 units, supporting the engine's order book
Spirit Airlines Wins Approval to Sell Final 27 Aircraft for $668.1 Million
Spirit Airlines secured bankruptcy court approval from Judge Sean H. Lane at the U.S. Bankruptcy Court for the Southern District of New York to sell its final 27 Airbus A320ceo aircraft for $668.1 million, the most valuable remaining property the defunct carrier has to liquidate. The larger transaction involves creditors taking ownership of aircraft that served as collateral for Spirit's debt: 23 of the planes go to Save 2026-B LLC for $567.4 million, while four Airbus A321s are sold for $100.7 million cash to FTAI Aircraft Leasing Bermuda (2026) Ltd., with that cash flowing into the bankruptcy estate. The sale is only one piece of the wind-down, which also includes 22 takeoff and landing slots at New York's LaGuardia Airport won by JetBlue at auction, an 8.3-acre Dania Beach, Florida corporate campus sold for $93.25 million to an affiliate of Boston hedge fund Hill City Capital, and flight simulators, spare engines and ground-service equipment. Google separately agreed to pay $10 million for a collection of Spirit's business data including approximately 100 million emails and 500 million Microsoft Teams chats, subject to deidentification and court approval. Proceeds are subject to the bankruptcy plan's payment priorities, with DIP lenders holding superpriority claims first, followed by administrative and professional creditors, then other secured and unsecured creditors, leaving shareholders at the bottom with no guarantee of any recovery.
Boeing and Turkish Airlines Finalize Order for Up to 150 737 MAX Jets
Boeing and Turkish Airlines have finalized an agreement for up to 150 737 MAX jets, the carrier's largest single aisle order with Boeing. The deal covers firm orders and options across the 737 MAX family and aligns with Turkish Airlines' expanding narrow body fleet plans. Boeing, a US$158.0b aerospace and defense group, frames the agreement as part of broader airline efforts to renew fleets and support lower emissions on short and medium haul routes. The order reinforces Boeing's position in a key Eurasian hub and supports higher-volume production that can spread fixed costs, while also magnifying execution and supply chain risks already flagged for the 737 program. Boeing's commercial aircraft backlog exceeds $500 billion, with firm orders for the 737 and 787 programs stretching to the next decade.
Aerospace & Aviation › Avionics & Aircraft Systems ▲Demand
BA · Demand · Positive Turkish Airlines finalized an order for up to 150 737 MAX jets, a concrete end-customer order for Boeing's aircraft.
Turkish Airlines · Demand · Positive Turkish Airlines finalized its largest single-aisle order with Boeing for up to 150 737 MAX jets, expanding its narrow-body fleet.
Vietjet Thailand Celebrates 10 Years, Targets 29-Aircraft Fleet by End of 2026
Vietjet Thailand has kicked off its 10th anniversary celebration under the theme "10 Years of Dedication, A New Chapter Takes Flight" at CentralwOrld, with Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn presiding over the opening ceremony. The event runs from September 25 to 27, 2026, at the Central Court zone on the first floor. Woraneti Laphrabang, Chief Executive Officer of Vietjet Thailand, said that since beginning commercial flights in 2016, the airline has served more than 50 million cumulative passengers and transported over 100,000 tonnes of cargo. It aims to expand its fleet to 29 aircraft by the end of 2026 to support increased flight frequency and the launch of new routes to international destinations. The airline is also pressing ahead with expanding its "Sky ConX" programme, connecting travel from regional airports to international destinations nationwide, and is bringing in the new Boeing 737-8 to improve fuel efficiency and reduce emissions. The event also unveiled the "Blueview" in-flight entertainment system, which is expected to enter service in the fourth quarter of 2026 at no charge, along with a new Sky Café menu item, Spicy Roast Duck Spaghetti, created by Chef Nick Nattaphon Phawaphaiboon, and special offers throughout the event, such as tickets starting at 910 baht round trip and Fun Coins giveaways for redeeming discounts on products and services.
AOT Discusses with Boeing to Prepare Suvarnabhumi Parking Stands for 777X Aircraft
Airports of Thailand, or AOT, disclosed that Ms. Paweena Jariyathitipong, Chief Executive Officer, together with Air Vice Marshal Somchanok Tiamtiabrat, Advisor 10 and Acting Senior Executive Vice President for Airport and Aviation Standards, held discussions with Mr. Erik Langhofer, Director of Regulatory Affairs, Global Safety & Regulatory Affairs, Asia-Pacific, and Ms. Tammie Kuo, Airport Engineering Technology, Boeing Commercial Airplanes, from The Boeing Company, regarding the introduction of the Boeing 777X aircraft into operations at AOT's airports. The purpose of this discussion was to prepare the airports for aircraft parking stand management and to fully ready other facilities for this aircraft model, in order to create opportunities for airlines to consider bringing the Boeing 777X into service. This will benefit passenger volumes and enhance the potential of AOT's airports under safety standards. It also supports AOT's goal of becoming a World-Class Aviation Hub and will further stimulate Thailand's tourism and economic sectors.
AOT.BK · Demand · Positive Preparing its airports for the Boeing 777X will benefit passenger volumes and enhance AOT's airport potential under safety standards.
BA · Demand · Positive AOT discusses preparing Suvarnabhumi parking stands and facilities for the 777X, creating opportunities for airlines to bring the Boeing 777X into service.
United Airlines Takes Delivery of First A321XLR With Pratt & Whitney GTF Advantage Engines
United Airlines Holdings received its first Airbus A321XLR equipped with Pratt & Whitney GTF Advantage engines, an early step in the carrier's broader fleet modernization and long-haul narrowbody deployment plans. The new GTF Advantage powerplants are designed to provide higher thrust, improved durability, and more efficient fuel burn on long-range routes. United operates a large network of passenger routes across the US, Canada, the Atlantic, the Pacific, and Latin America, and the A321XLR with GTF Advantage engines plugs directly into its Narrative tying premium cabins and a modernized, fuel efficient fleet to stronger economics on long haul routes. The delivery backs the bullish view that United can use aircraft and engine choices to chase higher-yield passengers while keeping unit costs in check, since longer range narrowbodies open thinner transatlantic or deep Latin American routes where a widebody might struggle to fill. On the bear side, rolling out new engine technology adds complexity and capital intensity just as Delta and American pursue their own fleet plans, making reliability and maintenance performance on GTF Advantage powered jets an early proof point for whether the approach feeds through to resilient margins.
UAL · Technology · Positive United received its first A321XLR with Pratt & Whitney GTF Advantage engines, advancing its fleet modernization and long-haul narrowbody plans.
Xi Jinping Arrives in U.S. for State Visit as Trade Truce Extended
President Xi Jinping of China arrived Wednesday evening at Andrews Air Force Base outside Washington, D.C., for a three-day state visit, his first to the United States since the Obama administration, and was greeted on the tarmac by President Trump. The two sides agreed to extend a trade truce just before the summit, building on a thaw that followed a tariff war with levies that extended beyond 100% and the subsequent resumption of critical rare earths from Beijing. A dinner tonight will feature the CEOs of Alphabet, Apple, Citigroup, Dell, Nvidia, and Tesla. Trade is expected to dominate the agenda, with possible announcements on agricultural purchases, non-tariff barriers, and more high-end computer chips to China, while discussions will also cover China's economic support for Iran and Russia and multi-billion-dollar U.S. arms deals with Taiwan. Boeing has effectively been shut out of China since 2017 as rival Airbus expanded its market share, and Trump said last week he is not opposed to Chinese automakers manufacturing cars in the U.S. as long as they employ Americans.
Boeing-China plane deal hopes fade ahead of Trump-Xi summit
Hopes that China will commit to buying more Boeing planes are fading ahead of Thursday's summit between Donald Trump and Xi Jinping, Reuters reported, citing two people briefed on the matter. Boeing is instead working to finalize a provisional deal for China to buy 200 planes, which was struck in tandem with Trump's summit with Xi in May. Boeing and China had been discussing a potential deal for 500 planes ahead of that May summit before provisionally agreeing on the 200-jet order, and at the time Trump said China could boost its order to as many as 750 planes. The aircraft maker has been effectively shut out of China since 2017, while rival Airbus continued to expand its market share there, and Boeing and Airbus forecasts project China will order around 9,000 new planes by 2045, more than any other region. Last week Boeing CEO Kelly Ortberg said the important part was to reopen the China market for the company, adding that there will be an increment of orders going forward that airlines will announce at their own pace. Scott Kennedy, a China specialist at the Center for Strategic and International Studies, told Reuters that securing new aircraft deals was not a top priority at Thursday's summit, with U.S. and Chinese officials more focused on the trade truce, AI safeguards, weapons sales to Taiwan, and deals on soybean and rare earth exports.
BA · Demand · Negative Hopes for a large new China order fade ahead of the Trump-Xi summit, with Boeing only working to finalize the earlier provisional 200-plane deal.
ANA Flight Makes Emergency Evacuation at Naha Airport After Engine Trouble Forces Turnback, 3 Sustain Minor Injuries
An ANA flight turned back to Naha Airport due to engine trouble, and passengers made an emergency evacuation, leaving three people with minor injuries. At around 9:20 p.m. on the 23rd, ANA Flight 1502, a Boeing 737-800 bound for Saga that had just taken off from Naha Airport, turned back to Naha Airport after an instrument display indicated an engine problem. According to ANA and others, about 20 minutes after departure a display showed that the right engine's oil was at a high temperature, so the right engine was shut down, and the aircraft landed shortly after 10 p.m., after which an emergency evacuation using the escape slides was carried out on the taxiway. Of the 152 passengers, including four infants, three sustained minor injuries such as abrasions. No fire or smoke was confirmed. The Ministry of Land, Infrastructure, Transport and Tourism has classified the incident as a serious incident that could have led to an accident, and ANA and others are investigating the detailed cause.
9202.JP · Regulation · Negative ANA Flight 1502 engine trouble forced an emergency evacuation; the incident is classified as a serious incident and is under investigation.
S&P 500 Q3 Earnings Seen Up 23.9% as Growth Broadens Across Sectors
S&P 500 earnings for the third quarter are expected to rise 23.9% from a year earlier on 11.4% higher revenues, according to Zacks Investment Research, with 14 of 16 Zacks sectors posting positive earnings growth and 6 sectors producing double-digit growth. The double-digit gainers are Aerospace at 159.5%, Energy at 111.8%, Tech at 41.9%, Basic Materials at 29.8%, Transportation at 14.9% and Industrial Products at 13.0%. Excluding the Tech sector, Q3 earnings for the rest of the index would be up 14.3%; excluding Energy, aggregate growth would fall to 19.9%; excluding both Tech and Energy, the rest of the S&P 500 would grow 7.4%. Within Tech, excluding Nvidia, Micron and Alphabet, Q3 earnings for the rest of the sector would be 20.5% versus 41.9% otherwise, while the Zacks Semiconductor industry is expected to post 85.4% earnings growth on 62.8% revenue growth. Since the start of Q3, Energy has seen the largest upgrade to its earnings outlook on elevated oil prices tied to the Persian Gulf situation, with Aerospace, Industrial Products, Tech, Autos, Transportation, Finance and Utilities also enjoying positive revisions.
Boeing 737 MAX Production Ramp Slower Than Expected, CEO Ortberg Says
Boeing is taking longer than expected to stabilize 737 MAX production at 47 aircraft per month, CEO Kelly Ortberg said, remarks that sparked a selloff in Boeing shares even as Bank of America Securities argued the market reaction was excessive. The company still aims to raise that rate to 52 aircraft per month next year, while 787 Dreamliner production remains at 8 aircraft per month, and Boeing reiterated that certification of the long-delayed 737-10 could arrive soon; that model accounts for roughly 30% of the 737 MAX order book. Recent reports indicate the slower production ramp could leave 2026 free cash flow closer to $2 billion rather than the higher figures some investors had anticipated. The Federal Aviation Administration also finalized a new airworthiness directive covering certain 737 MAX aircraft over similarities with older 737 models where cracks were reported near the forward galley door. Hedge fund holdings in Boeing fell from 99 at the end of the first quarter of 2026 to 90 at the end of Q2 2026, and short interest stood at 1.9% of float as of August 14, 2026.
BA · Supply · Negative 737 MAX production ramp to 47/month is slower than expected, delaying the path to 52/month and cutting 2026 free cash flow toward $2 billion.
BA · Regulation · Negative FAA finalized a new airworthiness directive on certain 737 MAX aircraft over forward galley door cracks.
Korean Air Finalizes 103-Jet Boeing Order Worth US$36.2b
Korean Air has finalized an order for 103 aircraft from Boeing, a US$36.2b list-price deal that meaningfully thickens the planemaker's commercial backlog, which is already measured in the hundreds of billions. The order lands as Boeing's short-term share price return has been weak, with the stock down 10.23% over 90 days and 13.19% year to date, while its 3 year total shareholder return stands at 1.06%. Boeing last closed at $197.72, and the most followed valuation narrative pegs fair value at $160.01 using a 10% discount rate, implying the stock is already pricing in a lot of recovery. Operationally, Commercial Airplanes narrowed its operating margin from negative 5.1% to negative 2.7% on 171 deliveries against 150, the 737 is transitioning to 47 per month from 38 a year ago with a fourth Everett line activated in July and management targeting 52 next year, and the FAA certified the MAX 7 after nearly a decade with roughly 30 airframes in storage ready for retrofit. A separate SWS DCF model points the other way, with the stock at $197.72 trading at roughly a 49.4% discount to an estimated future cash flow value of $390.95.
Boeing Tells Suppliers to Abandon Manual Methods for Automation
Boeing Co. has told its suppliers they must shift away from traditional manual processes as the airplane manufacturer works to increase production rates. Chief Technology Officer Lane Ballard said at an industry event on Wednesday that the aerospace sector needs to transition from its historical approach to modern manufacturing techniques, noting that aerospace used to be a craftsman business that was hand-built and hand-riveted. Ballard said suppliers need to understand they must move away from craftsman thinking and become versed in autonomy, and that Boeing and its suppliers require engineers with expertise in software, autonomy, artificial intelligence and rapid design-to-manufacturing processes. Boeing and competitor Airbus SE are working to increase production to address large order backlogs, though both face supply chain bottlenecks affecting key components. Increasing 737 Max production rates remains important for Boeing as it works to reduce debt and compete with Airbus in the single-aisle aircraft market, and Ballard said the industry will need approximately 40,000 commercial airplanes over the next 20 years. Last week, Boeing Chief Executive Officer Kelly Ortberg said the company needs more time to stabilize 737 production at 47 planes per month, citing challenges in in-house wing production, but added that the supply chain is in pretty good shape to move to the next rate next year.
Qantas to launch direct Sydney–New York flights in mid-2028
Qantas, Australia's largest airline, announced on the 23rd that it will launch direct flights linking Sydney, the country's largest city, with New York on the US East Coast in mid-2028. The direct route will be its second ultra-long-haul service, following the planned Sydney–London direct flight scheduled to begin in October 2027. Qantas currently connects Sydney and New York via Auckland, New Zealand. The new direct service will use Airbus A350-1000ULR aircraft fitted with additional fuel tanks, covering just over 16,000 kilometers in about 18 hours, cutting more than three hours off the connecting route. Ticket sales will begin in August 2027.
AIR.PA · Demand · Positive Qantas will use Airbus A350-1000ULR aircraft for its new Sydney–New York ultra-long-haul route, a concrete order for Airbus's product.
Trump to Host Xi at White House on Sept 24, Trade Truce Hopes Build Ahead of Nov 10 Deadline
President Donald Trump is preparing to welcome Chinese leader President Xi Jinping to the White House on Sept 24, their second meeting this year following a summit in Beijing in May. Xi will arrive in Washington, D.C. on Sept 23, and Trump plans to greet him personally at Joint Base Andrews before a welcome ceremony on the South Lawn of the White House, marking the first state-level official visit by a Chinese leader since 2015. The main item on the negotiating table is the extension of the trade truce agreement set to expire on Nov 10. China wants the truce to last until the end of Trump's term, while U.S. Trade Representative Jamieson Greer has said a 3-6 month framework is acceptable to the United States, because China has fulfilled only about two-thirds of its rare earth commitments under the trade deal. The U.S. is watching for confirmation of China's order for 200 Boeing aircraft and agricultural goods, especially soybeans, worth 29 billion dollars in 2024, as well as a reciprocal tariff reduction package worth 30 billion dollars. China accounts for roughly 70% of global rare earth mining, 85% of refining capacity and about 90% of alloy and magnet production, giving it significant leverage. On Taiwan, China wants the United States to end arms sales and to change its wording from not supporting to opposing Taiwan independence. Analysts at Bank of America Global Research assess that the most likely scenario is an extension of the trade truce by one year.
Krungsri sees slight tourist recovery, eyes AOT as standout aviation stock
Krungsri Securities said tourist arrivals in the third week of September 2026 came to 0.46 million, down 7% year-on-year but recovering 5% from the previous week. The year-on-year contraction was driven by a 32% drop in Malaysian tourists, 35% from South Korea and 23% from India, while Chinese tourists numbered 0.07 million, down 6% year-on-year for a second consecutive week. Cumulative arrivals from January 1 to September 19 stood at 22.2 million, down 4% year-on-year. Total passenger volume nationwide in the third week of September 2026 fell 9% year-on-year, a deeper contraction than the previous week's 7% decline, though passenger volume at Samui airport still grew a strong 14% year-on-year. The research team maintained a Neutral view on the aviation sector, assessing that the US-Iran war remains a key risk given elevated oil prices, with the average jet fuel price from January 1 to September 21 at 144 US dollars per barrel, up 66% year-on-year and above the research team's full-year 2026 average jet fuel assumption of 130 US dollars per barrel, leaving airline stocks' 2026 earnings exposed to downside. The research team also picked AOT as its Top Pick in the sector with a Buy rating and a target price of 70 baht, citing less direct exposure to oil price risk and a positive catalyst from an increase of more than 50% in the international route passenger service charge. In the near term, BA stands out on continued strong passenger growth at Samui airport, with a Buy rating and a target price of 25 baht.
AOT.BK · Capital · Positive Krungsri picks AOT as Top Pick with Buy rating and 70 baht target, citing less oil exposure and a >50% international passenger service charge hike catalyst.
BA.BK · Demand · Positive BA stands out on continued strong passenger growth at Samui airport, which grew 14% year-on-year.
American, United and Southwest Cut Flights as Q4 Fuel Costs Jump $1B
American Airlines, United Airlines and Southwest Airlines are scaling back or reconsidering planned flight schedules as jet fuel prices surge, a move that could leave travelers with fewer flight options and potentially higher fares heading into the holiday season. For American, the latest jump in fuel prices alone is expected to add roughly $1 billion to its fourth-quarter fuel costs compared with the assumptions it made in July, after fourth-quarter fuel prices rose by roughly $1 per gallon from that July level, according to CFO Devon May, who noted that every one-cent change in fuel prices affects quarterly costs by about $10 million. United has already said some flights scheduled for December will no longer operate and warned of additional adjustments in the first quarter of 2027 and beyond if fuel prices remain elevated, while Southwest has roughly halved its planned 2026 capacity growth from an original target of about 2% to 3%, with its CFO saying further reductions could follow. The International Air Transport Association reported the global average jet fuel price rose 7.4% to $194.90/bbl from the week before, and its June outlook noted that airlines could rationalize capacity by trimming less-profitable routes or reducing flight frequencies. Executives from all three carriers said demand has remained resilient despite higher fares, and that combination of strong demand and less available capacity can give airlines more ability to maintain or increase fares.
China Making Progress on Purchase of 200 Boeing Jets, U.S. Trade Representative Says
U.S. Trade Representative Greer said on the 21st that China is making progress toward fulfilling the plan it announced in May to purchase 200 Boeing aircraft. Speaking to Fox News, Greer said that of China's Boeing orders, "about 140 are proceeding smoothly. Order procedures are also moving forward for roughly 10 more." He did not say, however, whether China would place additional Boeing orders ahead of the meeting scheduled for the 24th between U.S. President Trump and Chinese President Xi Jinping. China's Commerce Ministry announced in May that it would buy 200 Boeing jets, the first time the Chinese government had officially confirmed a Boeing order. Trump later said the number of Boeing aircraft purchased could reach as many as 750.
Aerospace & Aviation › Avionics & Aircraft Systems ▲Demand
BA · Demand · Positive China is progressing on its announced purchase of 200 Boeing jets, with about 140 orders proceeding smoothly and ~10 more in process.
Alaska Airlines Adds Daily 737-800 Honolulu-Kahului Service From October 2026
Alaska Air Group, operating as Alaska Airlines, is expanding its Hawaii network by introducing daily Boeing 737-800 service on select Honolulu-Kahului flights beginning Oct. 3, 2026. The supplemental service will include three Honolulu-Kahului round trips, adding passenger and cargo capacity while helping maintain the frequency and connectivity of Neighbor Island operations. The 737-800 aircraft will feature reclining leather seats, in-seat power, USB charging and additional premium seating options, along with upgrade opportunities for Atmos Rewards and Huakai by Hawaiian members. Hawaiian Airlines plans to retire its 717 fleet in 2028 and transition to Hawaiian-branded 737 aircraft with premium interiors and fast, free Starlink Wi-Fi. Also beginning Oct. 3, Neighbor Island travelers will need to check in and drop checked bags at least 50 minutes before departure, up from the current 30 minutes.
GE Aerospace Ships Redesigned GE9X Mid-Seal as FAA Approval Looms
GE Aerospace has begun shipping GE9X engines fitted with a redesigned mid-seal, moving a key hardware fix into production while the Boeing 777X certification effort continues. The change follows internal testing aimed at a durability issue identified earlier this year, according to Chief Financial Officer Rahul Ghai. The existing seal remains usable for current aircraft-certification work, giving GE room to keep the broader program moving, but the redesigned production seal still needs separate Federal Aviation Administration approval, which management expects to conclude within several months. GE says the issue should not delay the 777X's entry into service. Shares slipped roughly 0.3% to $312.46 Friday morning, a price 15.21% above the stock's $271.21 GF Value.
GE · Technology · Positive GE Aerospace began shipping GE9X engines with a redesigned mid-seal, moving a durability fix into production.
GE · Regulation · Neutral The redesigned production seal still requires separate FAA approval, expected within several months.
BA · Regulation · Neutral Article notes the 777X certification effort continues and GE says the seal issue should not delay entry into service, but no new Boeing-specific development is reported.
Bank of America Reiterates Buy on Boeing After CEO Flags 737 and 777X Delays
Bank of America aerospace analyst Ronald Epstein reiterated his Buy rating and $270 price target on Boeing after CEO Kelly Ortberg's September 16 remarks at Morgan Stanley's Laguna Conference triggered a roughly 7% intraday drop in the shares. Boeing closed at $198.20 on Friday, September 18, down 4.83% over the past five trading days and 12.98% year to date, and Epstein's target implies about a 36% increase from that close. Ortberg said the 737 production line has not yet stabilized at the targeted 47-jets-per-month rate because of in-house wing production, though he said the 737 MAX 10 should be certified very soon, and he confirmed that 777X certification testing will extend into 2027. Epstein called the market reaction a bit dramatic and said the real near-term risk is a potential strike by the Society of Professional Engineering Employees in Aerospace, which represents around 17,000 engineers and whose contract expires on October 6, with members still needing to vote on a tentative four-year agreement reached earlier in September. He said he is comfortable with Bank of America's 2026 free cash flow forecast of $2.4 billion for Boeing, noting the 737 MAX 10 accounts for about 30% of the 737 backlog, and Boeing's order book exceeded $695 billion earlier this year.
Pentagon Awards Boeing $562 Million MQ-25A Contract, Lockheed Martin Over $1.3 Billion
The Pentagon announced nearly $1.9 billion in contract awards and potential contract value on September 14 involving Boeing and Lockheed Martin. Boeing received a $562 million fixed-price incentive Navy contract for low-rate initial production of the MQ-25A Stingray, covering three Lot 1 aircraft plus advance funds for long-lead components for three more Lot 2 aircraft, with initial deliveries not expected until 2029. Lockheed Martin was awarded three separate contracts totaling more than $1.3 billion, including a major missile contract, reflecting Pentagon demand for long-range standoff weapons and mobile precision artillery. Lockheed Martin is also the prime contractor for the Unmanned Carrier Aviation Mission Control System that operates the Stingray fleet. Recent filings showed hedge fund holdings of Boeing falling from 99 to 90 and Lockheed Martin from 83 to 75 between the first and second quarters.
THAI opens applications for new CEO to succeed Chai Eamsiri
Thai Airways International, or THAI, has opened applications for a new chief executive officer from September 7 to 27, 2026, to succeed Chai Eamsiri, whose term ends in January 2027. Chai said he is still assessing whether to apply for the selection process again, and offered the thought that a leader must have a clear stance and must not cling to job security to the point of forgetting business rationale. THAI has staged a dramatic turnaround with a net profit of 30.91 billion baht in 2025, exited its business rehabilitation plan on June 16, 2025, and relisted its shares on the stock exchange on August 4, 2026. Although the Ministry of Finance still holds a major 38.90% stake, the airline is no longer a state enterprise in legal terms. The new CEO must tackle three tough challenges: debenture debt of 80 billion baht that must be repaid at an average of 7 to 8 billion baht a year through 2036; pressure on energy costs from oil prices pushed up by geopolitical tensions, against which the company has more than 120 billion baht in cash on hand as a buffer; and a long-term plan to order 55 new aircraft that the board and the new CEO can review, delay, or cancel depending on circumstances. THAI shares remain in demand after being included in the SET50 index in the middle of last year, joining the FTSE Small Cap on September 18, and with a chance of being included in the MSCI index in November 2026.
THAI.BK · Capital · Neutral THAI opens CEO applications to succeed Chai Eamsiri, with the new leader facing 80bn baht debenture debt and a 55-aircraft order plan.
Textron Unit and Merlin Unveil Pilotless Cessna SkyCourier UX Cargo Plane Concept
Textron Aviation, a unit of Textron, and autonomous flight software company Merlin introduced a pilotless cargo plane concept called the Cessna SkyCourier UX on September 14, pairing an FAA-certified twin-engine turboprop with Merlin's autonomy software. The concept is designed to keep dispersed military forces supplied when normal supply routes become too risky, carrying roughly 6,000 pounds, or up to three LD3 cargo containers, and landing on unimproved strips. Merlin CEO Matt George says the company's software has logged hundreds of autonomous flights across Beechcraft King Airs, Cessna Caravans and other planes, and because the base aircraft is already certified and in production, Textron would lean on an existing factory and support network. Nothing in the announcement points to a customer, an order, or a delivery date, and the companies describe the SkyCourier UX as an exploration. The concept arrives alongside mixed results for Textron Aviation, whose second-quarter revenue rose just 1% while jet deliveries fell to 40 from 49 and segment profit slipped 3% to $165 million, even as companywide revenue rose 3% to $3.8 billion and adjusted earnings of $1.62 per share topped the $1.55 posted a year earlier.
