A Boeing Company press release announced today that Air China Ltd. ordered 60 Boeing 737 and 737 Max aircrafts. The purchase is valued at over $6 billion, but with large-order discounts, Bloomberg reports that Air China will pay less than $5.9 billion.

The aircrafts, to be delivered between 2016 and 2020, will increase Air China’s current fleet capacity by 8 percent. This will help the airline meet rising tourism demands and replace its older, less fuel-efficient planes with newer models to lower fuel costs.

China’s 9 Air and China Eastern Airlines, along with Singapore-based BOC Aviation, have also signed contracts for the 737s this year. According to NASDAQ, the 2014 net orders for the aircrafts through December 16 totaled 1,019.

Boeing’s 2014-2033 Current Market Outlook shows the company expects there to be a demand for more than 25,000 single-aisle airplanes like the 737 over the next 20 years. This year, the 737 Max became its fastest-selling airplane. The company plans to kick up production from its current 42 planes per month to 52 planes per month by 2018, allowing it to produce over 620 planes a year.

(Image by Aero Icarus via Flickr)

Posted by Lauren Dodillet