Global Slump... What Global Slump?

Proving that a recession is only a bad thing if you don't have any money, Turkish Airlines is dangling an order for as many as 105 aircraft in the faces of Boeing and Airbus. On the airline's wish list are the Airbus A350 XWB, A330 and A319/320/321, and Boeing's 787 Dreamliner, 777 and variants of the 737.

In an official statement, the company says its administration, "...attached utmost importance to the timing of this tender. Turkish Airlines is entering the global crisis and the approaching recession in a strong position both commercially and financially."

"The list price of the planes we are planning to buy is more than 6-billion dollars, but with bargaining these prices will certainly change," Turkish Airlines CEO Temel Kotil told Reuters.

Turkish Airlines is partly owned by the Turkish state, and says it will place a firm order for 25 wide-body, long-haul planes and 50 narrow-body, medium-haul aircraft, and options for 10 more wide-bodies and 20 narrow-bodies.

As other carriers throughout the world stumble financially and cut capacity, Kotil said Turkish Airlines is sticking to its prediction of passenger growth of 20 percent, and sales of $4.5 billion for 2008.

Boeing Commercial Airplanes Vice President for Marketing Randy Tinseth confirmed the airline's bright outlook. "The Turkish economy is growing fast and we expect that market to grow briskly in the next 20 years, at about 2 to 2.5 times the average for Europe," he said.

Deliveries of aircraft under the expected order are expected to start in the second half of 2010.

Turkish Airlines is also shopping for takeover opportunities. A government source said last week the company was the high bidder for BH Airlines, the Bosnian Muslim-Croat federation flag carrier.

FMI: www.thy.com/