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Airbus vs. Boeing, comparison of market forecasts (2017)

Two weeks ago, during Le Bourget air show in Paris, both Airbus and Boeing released their market forecasts for the following 20 years: Airbus’ Global Market Forecast (GMF, PDF 3.6 MB) and Boeing’s Current Market Outlook [PDF, 3.8 MB].

In previous years, I have published comparisons (1) of both Airbus’ and Boeing’s forecasts. You can find below the update of such comparison with the latest released figures from both companies.


Comparison of Airbus GMF and Boeing CMO 2017-2036.

Some comments about the comparison:

  • The main comment for this year CMO is that after years of Boeing dowplaying the demand for the segment of the large aircraft (seen as mainly 747, A380 and some other high capacity aircraft, depending on the manufacturer), it has finally stopped to consider them a category by themselves and has merged that category with the “intermediate twin-aisle” (i.e. 777, A350…).
  • Excluding the large aircraft, both companies’ forecast for the twin aisle segment is nearly identical: ~8,175-8,210 aircraft (we may assume that about 100 of those 8,210 from Boeing’s CMO correspond to large aircraft, thus comparing apple to apples would be ~8,175-8,100). The mix between small and intermediate twins varies, ~400 units up and down.
  • On the other hand, Boeing forecasts about 4,700 single-aisle more than Airbus (the gap has widened in 100 units this year). Boeing doesn’t provide the split between more or less than 175 pax capacity airplanes since its 2015 CMO, nor does Airbus since 2016.
  • Alltogether, Boeing sees demand for 10% more passenger aircraft (excluding regional a/c and freighters) with a 9% more value. The gap is slightly lower than in 2016.
  • In relation to last year’s studies, Airbus has increased demand by ~1,700 aircraft (and ~ 190 Bn$) whereas Boeing has increased it by 1,400 (and ~ 130 Bn$).
  • In relation to traffic, measured in terms of RPKs (“revenue passenger kilometer”), that is, the number of paying passenger by the distance they are transported, they see a similar future: Airbus forecasts for 2036 16.5 RPKs (in trillion, 4.4% annual growth from today) while Boeing forecasts 17.8 RPKs (4.7% annual growth).

Some lines to retain from this type of forecasts:

  • Passenger world traffic (RPK) will continue to grow about 4.5% per year. This is, doubling every ~15 years.
  • Today there are about 18,890 passenger aircraft around the world (according to Airbus; 19,130 in Boeing’s CMO), this number is about 800 a/c more than the year before (5% increase) and will more than double over the next 20 years to 40,120 a/c in 2036 (41,320 as seen by Boeing, excluding regional jets).
  • Most deliveries will go to Asia-Pacific, 42% or ~17,000 passenger aircraft (according to Airbus).
  • Domestic travel in China will be the largest traffic flow in 2036 with over 2,000 bn RPK (according to Boeing, an annual growth of 6.1%), or 11.6% of the World’s traffic.
  • Nearly 13,000 aircraft will be retired to be replaced by more eco-efficient types.

The doubling of the world’s middle class over the next 20 years will fuel air traffic growth and new airplanes demand.

As I do every year, I strongly recommend both documents (GMF and CMO) which provide a wealth of information of market dynamics.

(1) Find here the posts with similar comparisons I made with the forecasts of previous years: 201020112012, 2013, 2014, 20152016.


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Boeing vs. Airbus: CEO compensation (2016)

For the last 3 years I have been writting a small series of posts comparing the compensation of Airbus and Boeing CEOs (1). This series started out of conversation with colleagues and I keep it to have a record of the evolution and for quick reference in other conversations (2). Thus, this post is just the update with the information for the 2016 fiscal year.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I just share the information and sources below for comparison and future reference.

Airbus CEO, Tom Enders’ 2016 compensation (financial statements here, PDF, 1.0 MB, page 59):


Airbus CEO Tom Enders 2016 compensation.

Enders saw its base salary increased in 100 k€ after 3 years at 1.4 M€. Variable pay also increased substancially, but share-based remmuneration decreased in a bigger amount. The overall compensation (6.25 M€) decreased, as it has been the case for the last 3 years.

Boeing CEO, Dennis Muilenburg’s 2016 compensation (proxy statement here, PDF, 4.2 MB, page 30):


Boeing’s CEO Dennis Muilenburg 2016 compensation.

Dennis Muilenburg saw its base salary increased in 50 k$, after a decrease of 330 k$ last year in the transition between McNerney and him. Incentive percentages were kept constant, has been the case in the last 4 years. The total compensation (15.18 M$) increased in relation to 2015 but it is still bellow the 2014 levels (17.8 M$).

Comparison. It is interesting to note that while the base salary is nearly the same, 1.5 m€ vs 1.65 m$ (more so taking into account average exchange rates in 2016 (~ 0.90 EUR/USD)), the incentive schemes at Boeing end up with a total remuneration for the CEO about the double (x2.2) of that in Airbus.

(1) See the previous comparisons for the years 2013, 2014 and 2015.

(2) From what I see in the stats of the visits to this blog, other people are having similar conversations as these posts with the compensation comparison have ranked among the top 10 most read ones the last years.

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Aircraft market forecasts accuracy (update 2017)

About three years ago I wrote a post in which I analyzed the accuracy of commercial aircraft market forecasts. In particular, Boeing’s series of yearly Current Market Outlook (CMO). In that comparison, between the CMOs from 1999 and 2014, we could compare the predicted and the actual world fleets at 2013 year-end.

In this post, I just wanted to provide an update with the figures from the latest CMO (2017), released a couple of weeks ago, in comparison with 1997’s CMO. In that CMO from 1997, we find the following chart showing Boeing’s forecasted fleet size and distribution for 2001, 2006, 2011 and 2016 year-ends.

Fleet at year end - forecast 1997

1997 Boeing CMO year-end fleet forecasts for 2001, 2006, 2011 & 2016.

In 2017’s CMO, Boeing offered figures of 2016 year-end fleet.

Fleet at year end 2016 - Boeing 2017 CMO

Fleet at year-end 2016 – Boeing 2017 CMO.

Along these years, Boeing has simplified the segmentation with which it provides the fleet and aircraft demand. Single aisle segment is not divided in up to 4 sub-segments. Twin aisle aircraft have gone from two categories (747 and the rest) to three (small and intermediate widebody and large aircraft) and back to two (small widebody and larger), but slightly different. Freighters come with less sub-segments, too.

Despite of the difference in the presentation of the fleet we can try to make a comparison:

Comparison Fleet at year end 2016

Comparison of aircraft fleet at year-end 2016: 1997 forecast vs. actual (sources: Boeing CMO 1997 and 2017).

Some reflections:

  • The overall size of the fleet was quite well predicted, with a difference of 1%.
  • The forecasts for small aircraft was too conservative: both single aisle and regional fleets are today larger than forecasted.
  • The forecasts for larger aircraft was too optimistic: both widebody and freighter fleets are today smaller than forecasted.

This year’s Boeing’s CMO presentation includes a couple of slides on the accuracy of 1997 CMO in relation to what would be the demand for new airplanes vs. what it has turned out to be 20 years later.


More aircraft have been delivered in relation to what had been forecasted. Retirement of aircraft also increased its pace with increases of oil price in the 2000s. See the chart below from Avolon’s paper “Aircraft retirement and storage trends” [PDF, 2 MB].


Now, having seen all this information, I can update this other graphic which I shared 5 years ago in a blog post titled “World commercial aircraft fleet: forecast vs. actual“:

Fleet evolution - forecast vs actual - 2017 CMO

World commercial aircraft fleet: past forecast vs. actual, and future demand (data source: Boeing CMOs up to 2017). Fleet (blue and red lines) in the left axis; market forecast (grey columns) in the right axis.

As you can see, actual fleets, forecasted fleets and forcasted fleet demand have all been increasing year by year . The compounded annual growth rate (CAGR) for each one has been:

  • Actual fleet growth: 3.65% from 1995 to 2016 (3.04% from 2000 to 2016).
  • Forecasted (15-20 years before) fleet growth: 3.52% from 2000 to 2036 (3.55% from 2000 to 2016).
  • 20-year market forecast: 4.82% from 1992 to 2017 (3.56% from 2001 to 2017).

The 20-year market forecasts have grown at a higher rate (4.82%) than fleets (3.65%), it is mainly because the first sets of data that I could retrieve come from the economic crisis of the beginning of the 1990’s, when Boeing trimmed down its forecasts. From the 2000’s the figures for market forecast have grown at a similar rate (3.56%) than those of fleets (3.04%). And so will be the growth of forecasted fleet from 2016 to 2036: 3.52%.


  • 1990 CMO long-term market forecast is made for 15 years, not 20.
  • Forecast of fleet for the periods 2000-2003, 2005-2008 and 2010-2013 does not come from CMOs published 20 years before, but from 5, 10 and 15-year fleet forecasts included in the CMOs of 1996, 1997, 1998 and 1999.
  • Boeing does not publish 5, 10 and 15-year fleet forecasts anymore.
  • It would be interesting to have a per-segment graphic, however there is not consistent data to produce it for the same time span. Boeing has made different changes to the way it reports fleet and market segments.

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Review of Boeing Current Market Outlook 2017

Last week, on the first day of Le Bourget air show, Boeing Commercial published its yearly update of the Current Market Outlook (CMO) for the next 20 years of commercial aircraft market (2017-2036).

I have just compared the figures for passenger aircraft of the last two years’ CMOs:

CMO 2017 vs 2016 comparison

CMO 2017 vs. 2016 comparison.

Some comments to it:

  • You can see that the total number of new aircraft delivered has slightly increased from 38,690 to 40,110, a 3.7%, which is consistent with the 4.7% traffic increase (1) that Boeing predicts (2).
  • The volume (Bn$) increases by a lower percentage, 2.3% (130 Bn$) up to 5.79 Trn$… this, as it was the case with CMO 2016, is due mainly to the increase in (3):
    • single-aisle aircraft expected sales in volume (6%, +180 Bn$) and aircraft (+1,390), and
    • small wide-body segment with 70 more aircraft (+7%) and an increase in volume of 70 Bn$ (+6%).
  • Four years ago, I wrote about a sudden change between CMO 2013 and CMO 2012 of the mix in wide-bodies; in this respect, CMO 2016 is consistent with last year’s one.
  • For years, Boeing has been dowplaying in its CMO the demand for the segment of the large aircraft (seen as mainly 747, A380 and some other high capacity aircraft, depending on the manufacturer). This year, Boeing has finally stopped to consider them a category by themselves and has merged that category with the “intermediate twin-aisle” (i.e. 777, A350…).
    • It is interesting to see that, if in CMO 2016 both segments had a combined market forecast of 3,450 aircraft (430 large and 3,020 intermediate twin-aisle), in CMO 2017 the combined figure has diminished to 3,160, a reduction of about 300 aircraft or 8.4%.
    • If the demand for intermadiate twin aircraft was about constant, that would mean that the large segment is seen to almost disappear, in Boeing’s eyes, with not many more than 100 airplanes in 20 years (down from 430 forecasted last year).

This year presentation includes a couple of slides on the accuracy of 1997 CMO in relation to what is the fleet they forecasted for the end of 2016 vs. what has been the reality 20 years later. I will come back to that in a following post, as I wrote some blog posts years ago making similar comparisons and in the last such one, commenting on CMO 2014, I mentioned

For the next such comparison we will need to wait some years, as from the year 2000 Boeing provided CMOs in a different fashion, offering a view of the forecasted fleet only 20 years from the date in question, instead of a view every 5 years. Therefore, we will have to wait until 2017, when we will be able to compare the 20-year forecast from 1997 CMO with the actuals of 2016 to be provided in 2017 CMO.

See below a quick image about that forecast:


Find below the nice infographic [PDF, 539 KB] that the guys from Boeing have put up together:


Boeing Commercial Aviation Market Forecast 2017-2036 infographic.

As always, I recommend going through the CMO, as you can learn a lot about the business: from global numbers, to growth, traffic figures, fleet distributions, forecasts, etc… You may find the presentation [PDF, 3.8 MB], a file [XLS, 0.6 MB] with all the data or the full CMO report [PDF, 53.6 MB].

(1) Traffic increased measured in RPKS (revenue passenger kilometers) in billions.

(2) These two ratios, 3.7% fleet demand and 4.8% traffic growth, point to an implicit increase in the average size of the aircraft in fleet and / or a higher utilization of the aircraft (higher availability).

(3) These two segments (single-aisle and small wide-body) saw as well the largest increases in number of aircraft and volumes in the CMO of 2015 in relation to 2014.

(4) Find the reviews I wrote comparing 2016 CMO with 2015 CMO2015 CMO with 2014 CMO2014 CMO with 2013 CMO and 2013 CMO with 2012 CMO.

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Marathon Sevilla 2017

On Sunday February 19th, together with my brother Jaime, I took part again in the marathon of Seville. This was the second time that I was in the departure line of that race, after a failed attempt in 2015 when I fell sick the day before the race (see a related post here). Ever since, I had the idea of coming back to get that one done.


Picking the running bibs on the Friday before the race.

Early November 2016, right after the good finishing experience at the marathon in Dublin, I decided to rest for only 3 days and continue with a good training schedule, trying to get a shape to target a new personal best (PB) time at the marathon in Seville.


During the 16 weeks previous to the race (the standard training plan that I follow to prepare marathons since 2013 (1)), I completed:

  • 724 km of running, which is the second highest training volume I had done ever for a marathon (behind the 780 km I did prior to Athens marathon),
  • 21 series / intervals training sessions, out of the 28 included in the plan, a 75% (the second highest completion only behind the 25 sessions I did for Athens marathon). Most of those sessions (18) were completed at the best or second best pace I ever managed in those particular training sessions. Thus, I was going relatively fast.
  • however, I did not complete any long run of 3 hours. I did complete some of 2h30′, once in a split training session going up to 30 km, but that was not up to what is required by the plan. In previous seasons, I had completed more and longer long runs. This was the weakest point of my training this time towards achieving a PB.

Another good thing of the training season is that sharing the progress of it with my brother Jaime, I managed to convince him to join me in running the marathon, which he did, even if the difference in training volume made us decide that we would run on our own during the race itself. See a post with his experience in his blog here.


Before the race at the stadium.

The circuit of the marathon was the same than in 2015. It started from the stadium at La Cartuja, it then went to Triana and Los Remedios, crossed the river and went the bulk of it around the historic centre of the city, passing by Parque Maria Luisa, Plaza de España, the Cathedral, La Alameda, etc., from km. 33 to 38.


The race strategy was rather clear: I would try to run from the beginning at a pace slightly below 5 minutes per kilometre in order to finish below 3h30′. There was a pacer for that time, but I feared that I wouldn’t be able to make contact with him at the departure, as it had been the case in 2015 and was the case this year.

I felt rather well from the beginning, thus, if anything I had to pace myself a bit slower. It was a cloudy and fresh day, conditions which I prefer for long races. However, being a bit cold obliged me to make a technical stop after the 15th km to go to the restroom. There, I lost almost 2 minutes, and passed from being about 40-50 seconds below the target pace to being about 1’20” above. I ran the numbers in my head, stayed cool and decided not to rush but to recover those seconds slowly. I thus continued with the target pace well enough until km. 27.

0006 (2)I then felt that it was becoming difficult to keep below 5 min per km. I opted for relaxing the pace just a few seconds for a couple of kilometres to see how the body was responding. From km 27 to 33 I was then shifting from 5 to about 5’05”-15″. Since I was not recovering the 2 minutes lost at km 15, I then considered shifting from plan A (below 3h30′) to plan B, a new PB (running below 3h34’50”).

A few minutes later, running at Avenida de la Palmera, I felt a bit stiffer, and saw that I would need to soften a bit more the pace, towards 5’30” per km and slower. I then ran the numbers again and forgot about plan B and thought of a plan C, i.e., achieving a new second best time in the distance: anything better than the 3h42’25” clocked in Dublin. I saw that this plan C would be quite doable as I had at that point a buffer of about 7-8 minutes to be consumed in the following 9 kilometres, so I let myself go.




My running during the last 3-4 kilometres was a disaster. Alternating some stretches of walking with sprinting, for average paces between 5’40” and 6’05”. At every kilometre that my watch was marking I ran the numbers again and saw that I would just make it, that new second best time, so I kept being relaxed. In the end I finished in 3h41’39”, about 40 seconds better than my previous 2nd best.


Last sprint.

In the table below you can see a comparison of partial times of some of the last marathons I ran in the last years.


You can see how in Seville I started rather fast, and was able to keep that pace until km 25. At the 30th I was slower than in Rotterdam, if only due to the stop at the km 15. If in Dublin I managed a comfortable negative split by running a slow first half, this time the pacing was the contrary: I ended with a much worse feeling even if clocking a slightly better time. But I had to try it, to see if a achieved a new PB. I have no regrets with having started fast and not having been able to keep the pace. I will keep trying it whenever I have completed a moderately good training plan and the race is rather flat and fast.

With the 3h41’39”, I finished in the 4,475th place, that is about the upper 44% of the 10,144 finishers. See the diploma from the race below.


I then waited for my brother Jaime to see him finishing and enjoy together the feeling of accomplishment. Two years before I had to quit. This time, both of us were meeting at the finish line.

This was my 16th marathon completed. Possibly not the last one.



(1) I have been using this plan to prepare for 9 marathons already. As all training sessions are recorded and loaded into an online tool of Garmin, this allows the comparison of the volume between different training seasons, or the comparison of specific training sessions in a given day / week from training periods for different marathons.


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Flight excursion to Montferrand’s phare aeronautique and the Pyrenees

Last Sunday, we took one of the aeroclub’s DR-400 airplanes to make another family flight excursion.

This time the purpose of the flight was twofold: (1) we wanted to spot a couple of phares aéronautiques, i.e., aeronautic lighthouses that were set up in 1920s to allow night flight navigation for l’Aéropostale courriers, close to Toulouse, and (2) we wanted to take benefit from a sunny day around Occitanie to make a tour around the snow-covered Pyrenees, something we already did about a year ago when we completed the route of the Cathar castles (see here a post about it).

See below the quick reference paper navigation log prepared for the flight.


A few months ago, a friend of Luca, Tijmen, tipped us on the existence of these aeronautic lighthouses. See in this website a map with the precise location all of them had, including those still standing.


We succesfully spotted the 2 phares closest to the East of Toulouse-Lasbordes aerodrome, located in Montferrand (just to the East of the wind turbines by the A61) and Bazièges (just to the North of the silos marking the waypoint SB). See a picture of the first one below (2 houses to the left of the wing blue tip).

Wind turbines


Once we had spotted the phare in Montferrand, we took to the South to start the climb to above 10,000 ft in order to fly over the Pyrenees.


Approaching the Pyrenees, we flew over the old castle of Montsegur, which we had already seen before when we flew over the Cathar castles. See below a couple of pictures, in context and in detail.



Once up there, we just enjoyed some minutes of flying around, spotting skiing stations, seeing possible routes through the mountains towards Andorra and Spain, enjoying the breathtaking views, taking a few pictures…





Finally, see below the navigation chart with the route followed marked on it and the navigation log as used. The total engine running time of the excursion: 1h28′.



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San Silvestre 2016

solohayunaLast December 31st again, we bid our farewell to the year 2016 by running with friends the San Silvestre Vallecana. This is a tradition that is spreading throughout several cities and villages and that seems to be the origin of last year’s race’s motto: “Vallecana solo hay una” (from Vallecas there is only one).

Between injuries, illnesses, holidays away, etc., of the members that have been part of our group in the past, this year has been among the ones in which the group was less packed; we ran 4 of us together: Jaime, Nacho, Pablo (who became father of his second child just a few weeks before!) and me. In addition, we saw Juan at the departure (though he ran with other two colleagues) and we failed to meet Manuel.

As in 2012, when Nacho could not run, the fact that Sara could not join us running meant that she could came to the departure to take a few pictures (thanks!), much better than the ones we normally take with our mobile phones… see below.


This year I subscribed again, after more than a decade of not doing so. And as usual, we ran from behind the pack and did not put a special effort in running at a moderate pace, thus we ended up the jog in 1h09’07”. See here the official time plus my Garmin recording.

This was the 18th San Silvestre in a row for Jaime, a remarkable achievement. I do not follow the count for Nacho or Pablo, but they both must have run between 8-10. From my side, this was the 16th one, after I ran it in 1998 for the first time.

On top of that, Nacho and I ran with a GoPro camera in order to film different scenes from the race. See below the video compiled by Nacho.

It was a pleasure to run through the centre of Madrid with friends again.


Note: see the difference of this last selfie at the end with the pictures at the beginning…

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