China Airlines orders 16 Boeing 787s for $4.6 billion

Aug. 30, 2022 10:32 AM ETThe Boeing Company (BA)By: Rob Williams, SA NY10 Comments

China Airlines Boeing 777-309ER (Reg B-18006) 60th Anniversary Livery Landing At Tan Son Nhat International Airport (SGN-VVTS), Vietnam.

HuyNguyenSG/iStock Editorial via Getty Images

China Airlines on Tuesday said it will buy 16 of Boeing’s (NYSE:BA) 787 Dreamliner widebody planes. The deal is valued at $4.6 billion at list prices, Reuters reported.

The Taiwanese carrier will replace its fleet of Airbus A330s with the new planes. The deal comes several weeks after U.S. House Speaker Nancy Pelosi visited the country, fueling tensions with China.

China Airlines's purchase comes a day after Boeing received an order from shipping company UPS (UPS) for eight more 767 Freighters. UPS will take delivery of the airplanes starting in 2025, expanding its fleet to 108 767s.

China Airlines’ operating revenue this year has risen 29% to 82 billion Taiwanese dollars ($2.69 billion) through the end of July, according to data posted on its website.

Boeing was little changed at $165.63 a share in the first hour of trading on Tuesday.

Seeking Alpha contributor Dhierin Bechai has a Buy rating on Boeing (BA) on the possibility for a longer-term improvement in aircraft deliveries. Contributor JR Research rates Boeing as a Hold on its market value.

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