Turkish Airlines set to order 600 aircraft, chairman says

Turkish Airlines (THY) (THYAO.IS) will order a total of 600 new aircraft in June and they will be delivered within ten years, company chairman Ahmet Bolat said on Thursday.

Such an order, if confirmed, would be the largest in the industry’s history by a single airline, eclipsing a record order by Air India for 470 Airbus and Boeing planes in December, but his comments took some industry sources and analysts by surprise.

“During the IATA we are going to announce orders. With one of the big manufacturers, we are almost finishing our discussions. We are going to order (a total of) around 600 aircraft,” Bolat told reporters at a press meeting for the launch of the company’s renewed inflight dining concept.

IATA’s annual summit, grouping some 280 airlines, will be held in Istanbul on June 4-6.

Turkish Airlines could hand an order for the rest of the new aircraft “to the other manufacturer” at the next European air show in June, Bolat added in an apparent reference to Airbus (AIR.PA), Boeing’s European rival.

Airbus declined to comment.

The Paris Airshow takes place in the week of June 19.

Addressing Turkey’s landmark elections on May 14, he said he expected the company’s top management to continue on after the vote so that Turkish Airlines can carry out its 10-year growth plan.

Airlines have been bulk-ordering planes to secure dwindling slots as travel rebounds following the pandemic.

THY has ambitious plans to attract more traffic to its Istanbul hub, competing with European and Gulf rivals.

Boeing shares rose 0.6%. Airbus ended down 0.3%.

THY last month announced a 10-year strategic plan and growth targets that include a goal of handling 170 million passengers by 2033, compared to over 85 million in 2023.