FRANKFURT and BRUSSELS—Flying narrowbody aircraft across the Atlantic is nothing new. But the arrival of longer-range versions of the Boeing 737 and Airbus A320, able to fly at much lower unit costs than the legacy Boeing 757, is creating fresh opportunities, along with Bombardier’s C Series. Norwegian’s announcement in July that it plans to build a fleet of 30 Airbus A321LRs took the market by surprise. The Scandinavian low-cost carrier (LCC) so far uses only Boeing ...

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