Copa Airlines has reduced from 15 to 11 the number of new 737 Max aircraft it expects Boeing will deliver to it in 2024, while acknowledging that the new estimate itself is at risk.
The Panamanian carrier's disclosure in November 2023 of preliminary guidance of 15 expected new Max deliveries in 2024 predates the US Federal Aviation Administration's emergency airworthiness directive issued on 6 January that grounded nearly the entirely of the global fleet of Max 9s.
Copa, which operates 29 of the variant, cancelled 1,788 flights between 6 and 29 January, before returning its 21 grounded Max 9s to service. The carrier expects the impact of the FAA's Max 9 directive will have a ripple effect on Boeing's ability to meet its delivery goals, and has adjusted its targets for 2024 accordingly. "We have reduced the number of aircraft from the numbers in our preliminary guidance last year, to 11 deliveries this year," Copa chief executive Pedro Heilbron said on 8 February during an earnings call. "But we still have that risk of even more delays. That's still up in the air, I would say." Copa has reduced its estimated year-on-year capacity growth for 2024 to 10%, down from of its initial expectation of a 12-14% expansion. "We continue to see a healthy demand environment in the region as we again expect to deliver strong financial results in 2024," Heilbron says. In 2023's fourth quarter, the airline made an operating profit of $219 million. In addition to its 29 Max 9s, Copa operates nine 737-700s and 58 737-800s, and has 25 Max jets on order. Heilbron notes that "Boeing has been, and continues to be, an important partner for Copa", adding: "Nonetheless, we hold them accountable for the grounding and its impact on our passengers and our financials, for which we expect to be fairly compensated". At 8 February, Copa expects in 2024 to take delivery of three Max 9s and eight Max 8s, with an assumption to end the year with 117 aircraft. "We have already secured JOLCO financing for nine out of these 11 expected deliveries in 2024," says Copa finance chief Jose Montero. Heilbron adds: "We have a few Max 9s we're expecting this month, which we're not sure when we're going to get. And we're also expecting delays on the Max 8s we are receiving this year."