Charter and Fractional » Fractional

News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.

February 12, 2007 - 10:20am

Cleveland-based fractional provider Flight Options yesterday announced three new buyer-incentive programs. Until December 16, buyers of a 3/32nd share (75 hours of annual usage) in a new Hawker 400XP will get an extra 25 occupied hours per year (a total of 100 hours) with no additional capital outlay. According to Flight Options, this equates to a savings of nearly $200,000.

February 9, 2007 - 10:11am

Three of the five pilots for Cleveland-based fractional aircraft operator Flight Options who are trying to organize pilots under International Brotherhood of Teamsters Local 1108 (the same union that represents NetJets fractional pilots) told AIN that they soon expect to have enough organizing cards to call a vote.

February 8, 2007 - 9:59am

Net sales for Flight Options increased in the fourth quarter of last year compared with the same period in 2005, but the fractional provider recorded an operating loss quarter-over-quarter. Nevertheless, parent Raytheon stands by the company. “Flight Options essentially met or exceeded all the operational objectives that we had in place,” said Raytheon CFO Dave Wajsgras.

February 6, 2007 - 3:38am

Flight Options insists that it’s business as usual despite last month’s unexpected departure of the company’s chairman and CEO, John Nahill.

February 5, 2007 - 4:32am

Taking a quasi-Southwest Airlines approach, Cleveland-based fractional provider Flight Options last month announced a “go-forward” plan to rationalize its fleet over the next three to five years with the goal of simplifying operations, increasing fleet reliability and reducing overall costs. The move is a big gamble, however, since roughly half of the company’s shareowners are up for renewal in the next 18 months.

February 2, 2007 - 10:26am

On October 29, more than four out of every five of the unionized pilots at fractional provider NetJets voted to reject a tentative agreement (TA) reached in late August (see AIN November, page 4), sending a strong message to their now former master executive council (MEC) members, the International Brotherhood of Teamsters (IBT) Local 284 and the company itself.

February 2, 2007 - 10:10am

In a business world where a niche market may be the key to success, PlaneSense has apparently found both niche and success, operating a fractional ownership fleet composed solely of PC-12 turboprop singles and serving the U.S. Eastern Seaboard.

February 2, 2007 - 9:49am

NetJets Europe (NJE) sold shares in 18 complete aircraft last year, representing an 80-percent increase in sales over 2003. By the end of last year the European fractional ownership program’s fleet consisted of 58 aircraft. That number is set to grow to 91, with 33 deliveries scheduled for this year.

February 2, 2007 - 5:03am

Bombardier has launched Skyjet International as a global network of fixed-rate executive charter services spanning North America, Europe, the Middle East and the Asia-Pacific region. Customers who want to fly in or among any of these regions can opt for block-charter terms through the Canadian manufacturer’s existing Jet Membership card or take advantage of the ad hoc rates the manufacturer previously offered under the Skyjet name in the U.S.

February 1, 2007 - 10:06am

Atlanta-based aviation placement company AIR projects that the four major fractional aircraft ownership companies will hire at least 1,000 pilots this year, more than double the 482 hired last year, but fewer than the record 1,363 hired in 2000. The last year in which the fractionals hired more than 1,000 pilots was 2001, according to AIR. NetJets, the largest fractional operator, is expected to hire more than a third of the projected total.

 
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