Miami-based private investment firm 777 Partners will nearly double its 737 Max order book with the purchase of 30 of the narrowbodies valued at $3.7 billion at list prices, Boeing said Tuesday. The order—the fourth for Max jets placed by 777 Partners this year—expands the company’s commercial aircraft portfolio to a total of 68 of the narrowbodies.
"We're delighted to be able to announce the almost doubling in size of our order with Boeing," said Josh Wander, managing partner of 777 Partners. "We have long been confident in the economics of the 737 Max family but we are especially excited about the 737-8-200 variant, which represents the bulk of our additional orders. We're confident that this aircraft will be the hallmark ULCC/LCC asset, particularly in the sub-200 seat market.”
Boeing’s orders and deliveries web page shows it has won gross orders for 583 Maxes this year. However, as of October cancellations had reached 517, and next week’s planned orders and deliveries report will offer a clearer view of orders adjusted for any further cancellations and reflecting ASC 606 accounting rules. The company has seen positive net order figures for 10 straight months following an extended stretch in which cancellations and downward accounting adjustments exceeded gross orders.
Founded in 2015, 777 Partners began life as an underwriter and financier to a range of financial services businesses, asset originators, and financial technology/service providers. In recent years, the firm has broadened its mandate and now invests across six different industries: insurance, consumer and commercial finance, litigation finance, direct lending, media and entertainment, and aviation.