Turkish Airlines reaches compensation deal with IEA

Turkish Airlines has sealed a compensation deal with International Aero Engines LLC (IAE) regarding the engines of some Airbus aircraft.

"Our company reached a compensation settlement with IAE in relation to mitigating the operational impact arising from engine availability and related issues for PW1100G-JM Engine powered A320/321NEO aircraft, including through the revision of the purchase and maintenance agreements between our Incorporation and IAE," the flag carrier said in a filing with Borsa İstanbul.

According to information on Turkish Airlines' website, the carrier has 58 A321NEO and nine A321NEO jets in its fleet.

The flag carried operated a fleet of 456 aircraft as of the end of May, up from 417 from a year ago.

The seating capacity of Turkish Airlines grew more than 10 percent year-on-year in May to 93,599.

This week, Turkish Airlines placed an order with Boeing for four 777 Freighters in a bid to further strengthen the airline's position in the global air cargo market.

With this order, Turkish Airlines will operate 12 777 Freighters.