The February 6 collapse of the Dulles Jet Center roof under a heavy blanket of snow– and the estimated $300 million worth of corporate jets damaged or destroyed in the event–has raised questions about insurance liability.
Private-equity firm Carlyle is reportedly seeking a buyer for aviation communications services company Arinc in a sale that could command as much as $1 billion. Carlyle acquired Arinc in July 2007.
While UBS Investment Research’s March business jet index reflects a stable market, other indictors showed that the business aviation market recovery has stalled a bit. According to a market report released yesterday by the investment firm, pre-owned business jet inventories were roughly unchanged in February, following declines in each of the prior six months.
Abu Dhabi-based investment firm Aabar Investments is investing a further $20 million in charter provider XOJet. The move came just four months after XOJet secured $470 million in additional funding from a group led by TPG, a Fort Worth-based private equity firm, and Aabar. Meanwhile, Aabar and XOjet said they plan to form a joint venture in the UAE to provide aviation services in the Middle East and North Africa.
The new Central Europe Private Aviation Association (Cepa) will hold its inaugural conference in the Czech capital Prague on April 22 and 23. The group has been formed to represent and coordinate the interests of business aviation companies in new European Union states, including the Czech Republic, the Slovak Republic, Poland, Romania, Bulgaria, Croatia and Slovenia.
According to UBS Investment Research’s latest business jet update, flight activity in November was roughly unchanged from the same period in 2008, stemming the year-over-year declines seen in each of the previous 24 months. On a seasonally adjusted basis, cycles were roughly 1 percent higher from October and are now 18 percent above their March low, though still 23 percent below the 2007 peak.
Jet Professionals, a division of Jet Aviation, is making its Crew Advantage program available to business aviation crews globally. Already available in the Americas, starting this month Crew Advantage is being extended to cover Europe, the Middle East, Africa and Asia. The program covers pilots, cabin crew and technical personnel.
UBS Investment Research’s latest monthly business jet market report, released yesterday, shows that business condition indicators have stabilized and in some cases are moving higher. Its November business jet market index came in at 45, some 5 percent higher than UBS’s prior survey and the seventh straight move higher. However, the index has not yet crossed the 50 threshold indicative of actual improvement in market conditions.
In its latest Business Jet Update released yesterday, UBS Investment Research predicts 8- to 10-percent growth in bizjet flight activity for the coming year, with a 12- to 14-percent increase in movements for the first half of next year, based on recent trends.
UK-based International Bureau of Aviation (IBA) is offering an aircraft valuation tool called Jet Values 2. This Web-based product (www.jetvalues2.com) provides 24/7 information to customers needing current and forecast aircraft values.