Airlines lining up for Boeing 787 compensation

By Adrian Bathgate and Aiko Hayashi

WELLINGTON/TOKYO (Reuters) - Airlines lined up on Thursday for compensation after Boeing Co (BA.N) announced a further six-month delay for its new 787 Dreamliner plane.

Air New Zealand (AIR.NZ), Air India AI.UL and Japan's two big carriers, All Nippon Airways (ANA) (9202.T) and Japan Airlines (JAL) (9205.T), were among those eyeing redress along with Virgin VA.UL and British Airways (BAY.L).

The U.S. plane maker announced the third major delay for the revolutionary plane on Wednesday, promising first delivery in the third quarter of 2009, more than a year after the original target of May this year -- with an indefinite delay for a short-range model favored by the Japanese carriers.

"The 787 is an extremely fuel-efficient aircraft," said Japan Airlines' chief executive Haruka Nishimatsu. "A delay will impact us significantly."

More than 50 airlines are waiting for 892 Boeing 787s, worth a combined $145 billion at list prices.

Despite the problems, Boeing shares jumped 4.8 percent on Wednesday and shares in most of its U.S. parts suppliers for the airliner also rose, with the delay much shorter than Wall street had expected.

The problems at Boeing mirror embarrassing and costly delays at rival Airbus, a unit of European aerospace group EADS (EAD.PA), which was two years late with its A380 super jumbo.

If delays on the plane get even longer, airlines might postpone or cancel orders, which would likely boost sales of Boeing's established 767 and 777 models and increase interest in Airbus's competing A350 XWB.

Virgin, which has ordered 15 Dreamliners, and British Airways which had hoped to start receiving its 24 new 787 aircraft in August 2010, said on Thursday they were in compensation talks with Boeing amid the latest setback.

Australia's Qantas (QAN.AX), the plane's second-biggest buyer ordering 65 planes, said it had already put in a claim for redress after previous delays and was due substantial damages.

"We did anticipate a further delay and have been working on contingencies for some time," Chief Executive Geoff Dixon said.

Northwest Airlines Corp NWA.N said it would fly older planes for longer, while waiting for Boeing to address problems with the carbon-composite Dreamliner, which the Chicago-based firm had touted as a breakthrough that would change aviation.

"We are disappointed by the latest delays, but we still believe the 787-8 will be a game-changing airplane for our fleet," spokeswoman Tammy Lee said.

Bahrain's Gulf Air GULF.UL, which has ordered 16 of the 787s, said it was unaffected by the delay as it is not due to take delivery until 2016.

Other Middle East buyers of the 787 include Qatar Airways, Kuwait Aviation Lease and Finance Co (ALAF.KW) and state-owned Dubai Aerospace Enterprise.