Business aircraft trading has started to move more freely, but the fallout from the financial crisis continues to cast a shadow over the market, according to JetBrokers Europe. The UK-based group says brokers are having to work harder and be more inventive to get deals closed. And buyers are facing much closer scrutiny from lenders.
Charter and Fractional
News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.
Financial records at French air charter operator Blue Line are being scrutinized following the company’s compulsory liquidation on October 6 with debts of €37 million ($52 million). The suddenness of the 200-employee company’s demise prompted the judge in charge of the liquidation to tap a certified public accountant to investigate Blue Line’s financial affairs. A preliminary report is to be released by year-end.
Aircraft charter firm Air Partner launched a new Middle East jet card for private jet customers who want to travel within the region. The program offers inclusive fixed prices for aircraft, along with a 48-hour guaranteed availability and no ferry charges.
Revenues at Berkshire Hathaway’s NetJets fractional aircraft subsidiary climbed 17 percent during the first nine months of this year versus a year ago “due to an increase in worldwide flight revenue hours and increased fuel cost recoveries, partially offset by lower management fees due to fewer aircraft in the NetJets program.” According to the third-quarter financial report, NetJets logged pre-tax earnings of $158 million in the first n
This morning, Columbus, Ohio-based NetJets announced it acquired jet card provider Marquis Jet Partners. Marquis Jet was started in 2001 by Kenny Dichter, offering 25-hour jet cards essentially equivalent to a 32nd share of a NetJets airplane. Jet card buyers purchase a “pre-paid sub-lease of a specific aircraft,” according to Marquis, which owns 65 airplanes in the NetJets fleet.
The FAA has concluded that two Boston Air Charter pilots were in violation of the FARs when they took off in their respective Cessna Citations from Norwood Memorial Airport (Mass.) on March 17, during which time the field was closed due to flooding. The pilots face a proposed 30-day suspension of their airman certificates.
Carpet manufacturer Tai Ping has launched the Vestige Collection, which consists of 21 designs that have been recolored for the aviation market. The hand-tufted carpets are made of New Zealand wool and silk, with jute and flax as accents, and are offered in golden browns, ecru, bronze and gray-blues. New York-based Tai Ping is exhibiting here at Booth No. 3241.
Riding the wave of recent increased charter activity, private jet operator XOJet is continuing its expansion plans following the two strongest quarters in the company’s history.
Charter broker Spectrum Air is launching scheduled nonstop business jet flights between Van Nuys, Calif., and Teterboro, N.J., on October 10. Travelers will be able to make per-seat reservations on the flights, at a cost of $3,950 each way, including all fees and catering.
CitationAir by Cessna launched an alliance with UK-based charter broker Air Partner, through which each company’s respective customers will have access to aircraft on preferential terms. CitationAir clients will be able to fly in aircraft provided through Air Partner’s JetCard block charter program in Europe and other regions of the world.