On 10 November 2011, Airbus announced the end of the A340 program. At that time, the company indicated that all firm orders had been delivered. The decision to terminate the program came as A340-500/600 orders came to a halt, with analyst Nick Cunningham pointing out that the A340 "was too heavy and there was a big fuel burn gap between the A340 and Boeing's 777". Bertrand Grabowski, managing director of aircraft financier DVB Bank SE, noted "in an environment where the fuel price is high, the A340 has had no chance to compete against similar twin engines, and the current lease rates and values of this aircraft reflect the deep resistance of any airlines to continue operating it".