Monarch snaps up 15 more Boeing 737 Max 8s as it plans to overhaul fleet by 2022

 
Rebecca Smith
Monarch and Boeing will also collaborate on securing additional third party fleet servicing agreements
Monarch and Boeing will also collaborate on securing additional third party fleet servicing agreements (Source: Monarch)

Budget UK airline Monarch has announced it has ordered an extra 15 Boeing 737 Max 8s, as it plans to have a completely modern fleet by 2022.

The 15 737s are valued at $1.7bn (£1.3bn) at current list prices and will grow Monarch's fleet from 30 to 45 airplanes, with the first delivery in 2018.

Read more: Boeing launches 737 Max 10 in bid to unseat Airbus' A321neo

The two companies have also announced the launch of a joint venture with the aim of securing additional third-party fleet servicing agreements.

“This is a momentous day for our business,” said Monarch’s chief executive Andrew Swaffield. “The decision to exercise our option for an additional 15 737 Max 8 aircraft is a clear illustration of confidence in Monarch’s future success. By the end of 2022, Monarch will have a completely new, modern fleet which will transform both the airline and the customer experience."

Swaffield said the fuel-efficient fleet will also help the airline reduce its environmental impact, and add £100m a year to its bottom line from lower fuel and servicing costs.

The airline was given a boost last October after turbulence from the post-Brexit vote devaluation of the pound made market conditions tougher.

It received a £165m cash injection from its majority shareholder, Greybull Capital, allowing the firm to renew its ATOL licences from the Civil Aviation Authority for the next year

Read more: Monarch has cancelled all UK flights to Sharm el-Sheikh

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