But the company acknowledged that it had fallen far behind on its delivery schedule for new jetliners.

The newest jetliners are far more fuel efficient than those built only a decade ago.

Dr Ryan estimated that the industry would require something in the order of £330 billion to pay for new jetliners over the next eight years.

To compete, Boeing is developing a new, long-haul jetliner called the 7E7, which will only seat about 223.

The 737-800 model is Boeing's new jetliner with 162 to 189 seats, which will become available in 1998.

The new jetliners that began operating during that time presented ideal targets to hijackers.

So, how big is the market for giant new jetliners with 500 or more seats?

The order is the first by a leasing company for Boeing's newest jetliner, the midsize, long-range 777.

Airbus will then begin putting together the huge new jetliner, for which the company says it already has 129 orders (retail price: $270 million each).

The Boeing Company's commercial airplane group said it had chosen four subcontractors for its new 777 jetliner.