Continental Airlines, the US carrier, yesterday announced that it has acquired four sets of take-off and landing slots at Heathrow for a record $209 million (£105 million) ahead of this month’s “open skies” agreement.

The four pairs of slots will allow it to offer flights between New York and Heathrow – among the most lucrative routes in aviation.

One industry insider, who declined to be named, described the sum as “unbelievable” and said that it indicated how desperate airlines are for access to Heathrow.

The deal was unveiled in a filing to America’s Securities and Exchange Commission, and the identity of the vendor of the slots is not known.

Continental already has a commercial relationship with Virgin Atlantic, by which each airline’s passengers can use the other partner’s flights.

Until March 20, the commercial air space between New York and Heathrow is protected. Only four airlines have been able to operate services between New York and Heathrow – British Airways, Virgin Atlantic, American Airlines and United Airlines.

Once the open skies agreement becomes effective, other airlines, such as Continental and Delta, will be able to offer services into Heathrow and on to the rest of Europe.

Continental also yesterday reported a February load factor – the proportion of seats sold per flight – of 76 per cent, slightly lower than for the same period the year before.

IATA, the world airline industry body, has already given warning that the market faces a slowdown as airlines are forced to cope with the surging fuel price and the impact of a sharply slowing US economy.

Elsewhere, Virgin Atlantic said it would buy engines from Rolls-Royce in a $2.6 billion deal to power the fleet of Boeing 787 Dreamliners that it ordered last year.

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