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| Source: Aepert's blog |
不知道大家有沒有發現，航空新聞裡面常常可以看到：「某航空公司向飛機製造商訂購客機 X 架，選擇權 Y 架」的描述。那到底選擇權是什麼意思呢？
航空公司購買飛機時的選擇權 （Purchase Option）是指，航空公司在主合約中，除了確定購買一定數量的飛機外，還與飛機製造商（如波音、空中巴士）約定未來可以「以約定價格與交機時程」再購買選擇權數量的飛機。
選擇權不是實際的訂單，而是保留優先購買權利。例如 A 航空公司訂購波音 777 客機 20 架，選擇權 6 架。意思是 A 公司可以等到市場更加清楚時，再依照營運狀況，以相同價格，決定是否要購買這額外 6 架飛機。
關於交機時程怎麼訂，則會依照航空公司與飛機製造商談的合約為主，常見的安排有以下幾種情況：
- 預先保留交機時段（reserved delivery slot）舉例：A 航空公司 2024 年簽訂 A350 的合約，確定訂單交機時間為 2026-2028，同時保留 3 架選擇權，若在 2025 年前行使，則這 3 架可以在 2028-2029 年交機。
- 行使選擇權後再安排交機（non-guaranteed slot）舉例：A 航空公司 2022 年簽訂 20 架 787 選擇權，沒有保留交機時程，當 2024 年市場需求上升，他們決定行使 10 架，但製造商交機已排到 2030，這批選擇權飛機就得等到 2030 之後交付。
- 條件式保留（conditional slot）舉例：A 航空公司有 5 架 A321 的選擇權，合約規定需在 18 個月內行使，否則製造商可以將交機時段轉售給其它航空公司。
航空公司透過選擇權購買飛機的好處是：
- 靈活調整機隊規模，可以根據未來市場需求、財務狀況，再決定是否執行選擇權。
- 鎖定價格與時程，航空公司可避免未來價格上漲或排隊等交機。
- 展現長期合作意向，向製造商爭取更多優惠。
選擇權若未行使，會在期限內自動失效，航空公司也不需賠償或付款。
- What Is a “Purchase Option” When Airlines Order Aircraft?
You might have noticed in aviation news that it often says something like:“Airline X orders 20 aircraft, with options for 10 more.” But what exactly does “options” mean?
When an airline buys planes, a purchase option means the airline agrees to buy a certain number of aircraft now, and also gets the right to buy more planes later, at a fixed price and delivery schedule, from the same manufacturer (like Boeing or Airbus).
This “option” is not an actual order. It’s a right, not an obligation. For example, Airline A orders 20 Boeing 777s and adds 6 options. That means Airline A can decide later, depending on market conditions, whether to buy those extra 6 planes at the same agreed price.
How Are Delivery Schedules Arranged?
The delivery timing depends on the contract between the airline and the manufacturer. Common cases include:
The delivery timing depends on the contract between the airline and the manufacturer. Common cases include:
- Reserved delivery slot:
- The manufacturer saves a future delivery time in advance.
- Example: Airline A signs a deal in 2024 for A350s, with delivery in 2026–2028. It also has 3 options. If it exercises the options by 2025, the extra 3 planes can be delivered in 2028–2029.
- Non-guaranteed slot (arranged later):
- Delivery is only arranged after the option is used.
- Example: Airline A signs options for 20 Boeing 787s in 2022 without fixing delivery. In 2024, it exercises 10 of them, but production is full until 2030, so those planes are delivered after 2030.
- Conditional slot:
- The delivery time is saved only if the option is used within a certain period.
- Example: Airline A has 5 A321 options. The contract says they must be exercised within 18 months, or the delivery slots can be sold to other airlines.
- Flexibility: They can adjust their fleet size based on future demand and finances.
- Locked-in price and delivery: They avoid future price increases and long delivery waits.
- Stronger relationship with the manufacturer: Shows long-term interest and may get better deals.
