Cost of Boeing groundings rises as TUI takes $200 million-plus hit

Tui Boeing 737 Max planes

Anglo-German tour operator TUI became the latest Boeing 737 MAX operator to warn of a hit to its profits as the U.S. planemaker moved to restore confidence in its best-selling model after two fatal crashes that have grounded the planes worldwide.

TUI said it was planning for the planes to remain grounded until at least the middle of July, costing it upwards of 200 million euros ($224 million) in core profit, with “considerable uncertainty” about when the 737 MAX would return to service.