Ethiopian Airlines has placed a firm order with Boeing (NYSE: BA) for eight 777-8 Freighters and two 777 Freighters, the two companies said on 30 September 2026.
The 10-aircraft deal makes Ethiopian Airlines the first African carrier to buy the 777-8F, Boeing’s newest widebody freighter, according to a joint statement issued via PRNewswire.
Ethiopian Airlines Boeing freighters deal doubles 777X order book
The agreement was signed at a ceremony in Addis Ababa, with Reuters reporting earlier in September that the airline was nearing a deal for multiple freighters, as first reported by Reuters.
It is Ethiopian Airlines’ second order for Boeing’s 777X family, adding to a prior purchase of eight 777-9 passenger jets, according to CAPA – Centre for Aviation.
The carrier also secured rights to buy eight further 777-8Fs beyond the firm order, Addis Standard reported, and plans to convert four existing passenger aircraft into freighters as part of a wider cargo expansion, according to ch-aviation.
Deliveries stretch to 2035
Delivery timing underlines the long-dated nature of the commitment. Ethiopian Airlines chief executive Mesfin Tasew said the eight 777-8Fs are scheduled for delivery between 2033 and 2035, while the two 777Fs arrive in 2027 and 2028, ch-aviation reported.
The airline already operates around a dozen Boeing 777 freighters, FreightWaves reported, and the 777-8F offers a maximum structural payload of 118 tonnes against 107 tonnes for the current-generation 777F, according to Air Cargo News – the capacity jump Boeing is pitching to cargo operators expanding across Africa.
Boeing’s senior vice president of commercial sales and marketing, Brad McMullen, told the signing ceremony that the relationship between the two companies spans nearly 80 years, according to allAfrica.com.
Order lands as Boeing posts another quarterly loss
The backlog win comes as Boeing’s underlying finances remain under strain. The group reported a net loss of $444m on revenue of $24.56bn in the second quarter of 2026, according to its 10-Q filed with the SEC.
That followed a $4m net loss in the first quarter of 2026 on revenue of $22.22bn, filings show, continuing a run of losses that stretches back through 2025 and 2024. Boeing posted a $5.34bn net loss in the third quarter of 2025, a $611m loss in the second quarter, and a $37m loss in the first, according to its quarterly filings.
The losses go back further still. Boeing lost $6.17bn in the third quarter of 2024 and $1.44bn in the second, figures in its 10-Q disclosures show, even as quarterly revenue climbed from $16.57bn in early 2024 to $24.56bn by mid-2026. The pattern points to a manufacturer growing its top line while struggling to turn that growth into profit.
Boeing shares closed down 0.52% on the day of the announcement, at $186.62, and have fallen 9.98% over the preceding 20 trading days, according to consolidated US exchange data. Trading volume ran 33% above the 20-day average, with the stock’s 20-day range spanning $184.42 to $212.08.
Short-selling activity has also picked up. FINRA’s daily short sale volume data show Boeing’s short ratio rising from 0.30 on 23 September to 0.58 on 30 September, the day the Ethiopian Airlines order was confirmed, according to FINRA figures.
A strategic marker, not a near-term fix
For Ethiopian Airlines, the order signals confidence in cargo demand on the continent even as deliveries of the flagship 777-8F sit nearly a decade out. For Boeing, it adds to the 777X backlog at a moment when quarterly losses continue to weigh on sentiment more heavily than fresh orders can offset.
Wider bond markets offered little distraction on the day. The 10-year US Treasury yield stood at 5.26% on 29 September, up marginally from 5.24% the previous session, with the 10-year/2-year spread widening to 0.41 percentage points from 0.37, according to Federal Reserve data.
Investors will next watch whether Boeing can convert its widening 777X order book – and a cargo market tilting toward higher-payload freighters – into the kind of earnings turnaround that quarterly filings have yet to show.
This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
