Boeing’s order stockpile shrank further last month as more airlines and lessors backed out of commitments for the grounded 737 MAX jetliner in a market devastated by the coronavirus pandemic. The planemaker recorded 60 cancellations in June, including 47 that were already announced, according to the company’s website Tuesday. The tally excluded Norwegian Air Shuttle ASA’s move to scrap all 97 of its remaining Boeing jets on order, since those deals have not been officially terminated. But the orders in peril from shaky buyers rose by 123 last month. Customers have scrapped orders as collapsing travel demand complicates Boeing’s efforts to shore up its bestselling plane that is supposed to be a critical source of cash. The Max faces a long, slow comeback after a flying ban imposed in March 2019 following two fatal crashes. So far, about 2,480 deliveries of the Max have been postponed by at least a year due to disrupted production, according to Bank of America. “Once the aircraft is cleared to fly, the demand outlook for the product is uncertain,” Bank of America analyst Ron Epstein said in a report last week, noting that the Max is “strategically disadvantaged” compared with its Airbus counterpart, the A320neo. “When demand returns to commercial aerospace, we expect operators to choose the untainted programme first, before opting to order a Max,” Epstein said. Boeing stock has slumped by 50 per cent over the past 12 months, shrinking its market value to US$101.6 billion. Aircraft lessors have been working with Boeing to pare speculative orders as the planemaker revises its delivery schedules, spurring a big chunk of recent Max cancellations. Avolon Holdings dropped 17 aircraft, while BOC Aviation scrubbed a deal for 30 and Aviation Capital Group trimmed five of its orders in June. “We have and will continue to work with our customers on specific timing and adjustment to deliveries,” Boeing Chief Financial Officer Greg Smith said in a statement. The order revisions will help dictate production rates to balance supply and demand, he added. Net sales for all commercial aircraft have dropped by 323 planes so far this year, or 784 after including an accounting adjustment for customers in poor financial health and those intent on revising contracts. Deliveries have also been hurt by the coronavirus pandemic raging in the US. Many overseas customers are still unable to enter the country to take delivery of new planes, while Boeing temporarily closed factories in virus hotspots in Washington and South Carolina. The 20 aircraft delivered in the second quarter is the lowest tally since at least 1980. Still, there were faint glimmers of good news for Boeing. The company delivered 10 aircraft in June, including three of its 787 Dreamliners. That is a slight improvement from the total of four in May, when none of its marquee widebody jets were sold or delivered. Boeing had one gross aircraft order in June – a 767 freighter for FedEx – its rival Airbus was shut out for a second consecutive month. Boeing’s defence business, long overshadowed by booming jetliner sales, is now poised to help the Chicago-based company weather the market turmoil in civil aviation, Ferguson said. That point was underscored Monday, when the Pentagon and Boeing unveiled a US$1.2 billion deal for the first eight souped-up F-15EX fighter jets. All told the F-15 contract awarded last year could be worth as much as US$23 billion over the next 10 to 15 years, the US Air Force said in an email. “It’s a reminder that they’re important to the Pentagon,” Ferguson said of Boeing.