Boeing, Volga-Dnepr Group Confirm Acquisition of 20 747-8 Freighters to Grow, Upgrade Fleet

Photo:Duncan Stewart - LAX

Companies sign agreement for long term logistics support for Boeing and its partners

FARNBOROUGH, United Kingdom, July 12, 2016 /PRNewswire/ -- Boeing (NYSE:BA) and Volga-Dnepr Group, a leader in transportation of unique, outsize and heavy cargo, announced today at the 2016 Farnborough International Airshow finalization of terms for the acquisition of 20 747-8 Freighters, which includes four aircraft that have already been delivered.

Boeing also signed an agreement with the Group's subsidiaries AirBridgeCargo Airlines and Volga-Dnepr Airlines to provide long-term logistics support for Boeing Commercial Airplanes and its partners using Boeing 747-8 and Antonov 124-100 freighters. Boeing and Volga-Dnepr Group will also enter into an agreement to look at future services opportunities.

The agreements further strengthen the long and successful cooperation between the two companies.

"Volga-Dnepr intends to provide strong evidence to the market that the unique An-124 and Boeing 747-8 four-engine freighters are still essential to serve the fast-changing requirements of our customers worldwide," said Alexey Isaykin, President of Volga-Dnepr Group. "The most obvious proof of this is the high demand for Boeing 747-8 and Аn-124 freighters from customers in the aerospace industry, which today represents 30 percent of our overall operations. This is the reason we continue to be so committed to the future of these glorious aircraft and why we are signing long-term agreements with Boeing and General Electric in the Cargo Village at Farnborough."

Volga-Dnepr Group was the first to order the Boeing 747-8 Freighter in Russia and took delivery of its first 747-8 Freighter in 2012. The newly-ordered aircraft will support Volga-Dnepr's long-term strategy to grow AirBridgeCargo's fleet and replace current 747-400s. They will be acquired through a mix of direct purchases and leasing over the next six years.

"Volga-Dnepr Group is a world-class cargo carrier and an outstanding service provider," said Boeing Commercial Airplanes President and CEO Ray Conner. "Boeing and Volga-Dnepr Group have a long history of successful partnership and I am very proud we can continue this journey together."

The newly-delivered 747-8 Freighter on display in the Cargo Village at Farnborough will be operated by CargoLogicAir, the new British cargo airline and partner of Volga-Dnepr Group.

The new 747-8 Freighter gives cargo operators the lowest operating costs and best economics of any large freighter airplane while providing enhanced environmental performance. It is optimized to provide greater revenue cargo-carrying capability than the 747-400, offering 16 percent more cargo volume while keeping its unique nose door.

Volga-Dnepr Group is the world leader in the unique, oversize and heavy cargo market and has represented the Russian airfreight industry in the international market since 1990. The Group, which includes three leading Russian all-cargo carriers – Volga-Dnepr Airlines, AirBridgeCargo Airlines and Atran Airlines – has a multinational team based in 15 countries. Volga-Dnepr is currently operating 12 Antonov 124-100, 5 IL-76TD-90VD, 16 Boeing 747s (five Boeing 747-400ERFs, three Boeing 747-400 Freighters and eight Boeing 747-8F Freighters) and three Boeing 737-400F.

It is one of the leading carriers of aerospace cargo, working with leading aircraft manufacturers and operators, helicopter manufacturers and operators, satellite companies and aircraft parts manufacturers. The Group generates over 30% of its revenues from the delivery of aerospace cargoes and to date has completed over 5,150 flights for aerospace customers and carried nearly 170,000 tonnes of products.