EBACE Could Mark Start of Bizav Turnaround

 - May 5, 2010, 8:12 AM

During the opening session yesterday, European Business Aviation Association president and CEO Brian Humphries welcomed attendees to “a very special EBACE, which has as its theme celebrating the global reach of business aviation.” While reflecting on the achievements of the last 10 years, “We must focus on the challenges and opportunities of the future,” he noted. On that note, Richard Aboulafia, v-p of analysis at the Teal Group, suggested that this year’s EBACE could mark the start of a gradual economic recovery after two years of severe difficulties. He said that the number of used aircraft that had been in the market was a false reflection of reality as companies had come under pressure to put aircraft up for sale. “The problem is not as bad as it seems. Many felt shareholder or political pressure and put aircraft up for sale, knowing that they would need them. It was completely insane that this pressure was put on [for example] Ford. Those aircraft weren’t in reality on the market,” Aboulafia said. “We are seeing the green shoots and definite signs of recovery. And there is a growing recognition of the importance of business aircraft.”