Aviation data service provider JetNet (Stand 571) of Utica, New York, is showcasing new features and upgrades to its subscriber products here at EBACE. These include a new commercial airliner database, a sales price index (SPI) option for aircraft sales professionals and interface enhancements for Mac and multi-browser compatibility, along with mobile and web-enabled device compatibilities.
Financing, Insurance and Taxes
Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.
The European Business Aviation Association (EBAA) is tackling the headaches facing those trying to secure funding for new and preowned aircraft with the recent formation of a finance and leasing working group to report to its associate members advisory committee (AMAC). The group will be chaired by Aoife O’Sullivan, a partner with London-based aviation law firm Gates and Partners.
Embraer has delivered the first of 13 Legacy 650s to China’s Minsheng Financial Leasing (MSFL). Minsheng signed a memorandum of understanding (MOU) for the business jets last July, and this was supplemented by an additional agreement signed at the Singapore Airshow last month for three Lineage 1000s.
Milestone Aviation Group (Booth No 7010), a helicopter financing company, made a splash at Heli-Expo this year, announcing a $480 million deal with Eurocopter (Booth No. 1917) for 16 EC225s, a contract with Sikorsky Aircraft (Booth No. 6148) for three S-92s (terms not disclosed), and a $125-135 million leasing agreement with major operator Bristow Group for five large helicopters.
In two separate deals here yesterday, global aircraft finance company Milestone Aviation Group (Booth No. 7010) announced with OEMs Eurocopter (Booth No. 1917) and Sikorsky Aircraft (Booth No. 6148), respectively, orders for 16 Eurocopter EC225s and three Sikorsky S-92s. The EC225 order is valued at $480 million. Terms of the S-92 contract were not disclosed.
In two separate deals announced yesterday at Heli-Expo, global aircraft finance company Milestone Aviation Group signed orders for 16 Eurocopter EC225s and three Sikorsky S-92s. The Eurocopter order is valued at $480 million; terms of the Sikorsky contract were not disclosed. Deliveries of the EC225s are planned to start next year, with Milestone taking approximately three aircraft per year. In the Sikorsky deal, Milestone will take two S-92s in the second half of this year, with the third slated for delivery early next year.
Sikorsky Aircraft recognized Vancouver-based Helijet International as operator of the world’s highest time Sikorsky S-76 airframe. Helijet’s S-76A, S/N 760074, has logged a total of 37,025 flight hours. It entered service in July 1980 and then flew 2,287 hours during nine years’ service as a corporate transport in the northeastern U.S. Helijet acquired the aircraft in January 1990. In scheduled service, it has carried more than 500,000 passengers some three million miles between Helijet’s passenger terminals in Vancouver and Victoria, British Columbia.
The business aircraft finance world will converge at the second iteration of the International Corporate Jet and Helicopter Finance Conference, to be held in London next week. The February 7 and 8 event is expected to attract more than 200 delegates and speakers, including representatives from more than 30 international finance institutions from 17 countries. According to conference organizer Corporate Jet Investor, 70 percent of all worldwide business jet and helicopter purchasers receive financing.
Politicians like to use the term “dead on arrival” to refer to unpalatable bills, and that’s how 116 bipartisan members of the House earlier this year described a trial balloon floated by the Obama Administration on user fees for general aviation.
The big financial freeze that has gripped much of the aerospace industry since around the time of the last Farnborough airshow in 2008 is starting to thaw. And, as a consequence, deal making is back in fashion.
This was the headline assessment of the state of the sector from Michael Richter, managing director of the aerospace and defense group of financial advisor and asset manager Lazard on the eve of this week’s show.