Copa Airlines (CM, Panamá City Tocumen International) is holding Boeing accountable for the recent B737-9 grounding debacle and expects compensation. However, the Panamanian carrier refused to disclose any prospective numbers given the ongoing nature of the talks.
During Copa Holdings's fourth quarter 2023 investors' call, Pedro Heilbron, chief executive officer (CEO), said: “Boeing has been and continues to be an important partner for Copa, and we remain committed to our relationship in the long-term. Nonetheless, we hold them accountable for the grounding and its impact on our passengers and our financials, for which we expect to be fairly compensated.”
José Montero, the holding’s chief financial officer (CFO), confirmed negotiations with the US manufacturer.
The ch-aviation fleets module shows Copa Airlines operates a fleet of twenty-nine B737-9s, of which 21 were grounded between January 6 and 29, forcing it to cancel a total of 1,788 flights.
The Panamá City Tocumen International-based carrier also operates nine B737-700s, fifty-eight B737-800s, and one B737-800(BCF) (wet-leased from Wingo (Panama)). It has an outstanding order with Boeing for nine B737-10s, thirteen B737-8s, and three B737-9s. It also has a subsidiary, Copa Airlines Colombia, commercially known as Wingo (Colombia), which operates nine B737-800s.
For the full year 2023, Copa Holdings reported a net profit of USD518.2 million dollars on an operating profit of USD811.8 million.
