Thai Airways, the flagship carrier of the Kingdom of Thailand, is reportedly engaged in discussions with two aerospace industry giants, Airbus and Boeing, regarding the acquisition of more than 90 new aircraft. While it remains premature to speculate about the airline's final choice, the order will likely encompass a combination of both Airbus and Boeing aircraft.
The strategic move by Thai Airways underscores its intention to capitalize on the burgeoning growth in air travel within the region. Notably, this potential order for 95 aircraft represents a significant initiative, especially in light of the air travel landscape during the turbulent years of 2020 and 2021.
However, it is essential to recognize that despite this ambitious step, Thai Airways is currently navigating through a financial reformation process, including staff and debt restructuring, while operating under bankruptcy-protected debt restructuring. Although previous reports suggested an intent to acquire 30 aircraft, Thai executives now perceive the need for a fleet expansion consisting of 95 narrow-body and wide-body jets, aligning with contemporary macroeconomic trends.
As per Reuters, Thai Airways' planned procurement encompasses up to 15 narrow-body jets and 80 wide-body jets, constituting the most substantial fleet expansion in decades for the airline. This development has raised questions about the potential for Thai Airways to recapture its former glory.
In June, Chai Eamsiri, the Chief Executive Officer of Thai Airways, announced the airline's intention to finalize a deal for 30 wide-body jets by the end of the current year. However, this plan remains subject to adjustments as circumstances evolve. Thai Airways aims to leverage the post-pandemic rebound to recover financially and revitalize its reputation and standing within the industry.
The airline has grappled with financial difficulties since the late 2010s, primarily due to managerial inefficiencies. Presently, it is seizing the opportunity presented by the rebound in air travel to embark on a path to recovery and improved performance.
In 2021, Thai Airways initiated a debt restructuring process involving debts totaling 400 billion baht, equivalent to $11.17 billion. The airline intends to transfer 20 Airbus A320 aircraft from its subsidiary, Thai Smile, to Thai Airways as part of the effort of this restructuring. Furthermore, the airline has secured slots for the delivery of 12 new Airbus A321neo aircraft, scheduled for receipt between 2025 and 2026.
Thai Airways currently operates a diverse fleet comprising both legacy and modern airliners. This mixed fleet has contributed to consistency-related complaints from passengers. The airline's inventory includes Boeing 787s, Airbus A350s, Boeing 777-300ERs, as well as older Boeing 777-200ERs and Airbus A330s.
Despite the ongoing complexities of debt restructuring, Thai Airways achieved a net profit of 2.2 billion baht, equivalent to $61.8 million, in the current year's second quarter, marking a significant turnaround from the 3 billion baht loss incurred in 2022, according to Reuters.
With its financial outlook showing signs of improvement, Thai Airways aspires to ascend to new heights and regain its stature as one of the world's premier airlines.
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