Guggenheim Aviation Partners orders Four 747-8 Freighters

Guggenheim Aviation Partners, LLC (GAP), the U.S. based aviation investment firm, acting on behalf of one of its investment funds, has ordered four 747-8 Freighters, with an option to order an additional two airplanes.

At list prices, the order is valued at approximately $1.12 billion. Delivery of the 747-8 Freighters will begin in 2009.

"Guggenheim Aviation Partners recognizes the Boeing 747 freighter family as the standard for the air cargo market," said Stephen Rimmer, Executive Officer of GAP. "We have been successful in leasing our entire 747 freighter fleet - including airplanes yet to be delivered - to cargo operators around the world. The 747-8 Freighter has unique capabilities that complement and extend our 747 freighter leasing strategy."

Investment funds managed by GAP currently own a fleet of 30 Boeing aircraft, including a fleet of seven 747-400s that will be modified through the Boeing Converted Freighter program. In addition to those airplanes, the funds ordered six 747-400ER (Extended Range) Freighters in July 2005.

Global air cargo traffic growth is expected to average 6.1% over the next 20 years, according to Boeing's World Air Cargo Forecast 2006/2007. Additionally, large freighters, such as the 747-8 Freighter, will comprise an increasingly large segment of the world freighter fleet, as operators look for high efficiency with low tonne-kilometer costs.

The 747-8 Freighter improves on the current best-in-class 747-400F with 16% more payload capacity, due to a larger airframe that allows it to hold seven additional standard pallets while maintaining its nose-door-loading capability.

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