Market activity in the first quarter saw inventory hold steady at multi-year lows, with an equal number of aircraft coming onto and leaving the market. Buying activity generally accelerates in the spring quarter, and this year’s set-up seems to be no exception, with brokers reporting brisk sales action. Despite the tightening there’s quite a bit of head scratching about why prices haven’t reacted more positively.
China, as Asia’s largest prospective market for business aviation, always seemed an obvious choice as the location for the Asian Business Aviation Conference & Exhibition (ABACE). But with demand for business aviation now bubbling in other parts of Asia, and the industry having to show patience in waiting for China to fulfill its potential, some have questioned whether organizer NBAA might consider freshening up the event in some other venue.
General Dynamics’s aerospace division, which includes Gulfstream Aerospace and Jet Aviation, saw first-quarter revenues climb 19.5 percent year-over-year, to $2.125 billion, while profits soared 30.3 percent, to $404 million, from the same period last year.
Switzerland-based Jet Aviation Management (Booth P326) announced here at ABACE 2014 in Shanghai that it is adding two Gulfstream G450s and a new Gulfstream G550 to its managed fleet in Asia, bringing to 30 the number of aircraft it operates in the region.
The G550 and one of the G450s will be based in Hong Kong and maintained by the company’s Hong Kong maintenance facility, a Gulfstream Authorized Warranty Service Center for G450/G550/G650 aircraft. Delivery of the aircraft is expected by the end of next month.
Minsheng Financial Leasing (MSFL), Asia’s largest business jet leasing firm, announced nearly $3 billion in orders with Gulfstream and Bombardier today at ABACE 2014 in Shanghai. It placed the orders from both OEMs in the fourth quarter.
Minsheng Financial Leasing Co. (MSFL), Asia’s largest business jet leasing firm, is climbing steeply to increase the size of it inventory even more. On perhaps one of the clearest days in ABACE memory, Minsheng confirmed yesterday that it had placed orders with both Gulfstream and Bombardier in the fourth quarter of last year.
Gulfstream Aerospace’s substantial investment in establishing China’s first factory-owned service center for business aircraft appears to be paying off as the U.S. airframer prepares to add support capability for its latest G650 and G280 models later this year.
Gulfstream Aerospace recently delivered the 300th outfitted G450, a milestone that comes nearly nine years after the twinjet entered service in May 2005. “The delivery…is a proud moment for Gulfstream because it demonstrates the reliability, performance and comfort the aircraft provides and reflects continuing interest from customers,” said Scott Neal, Gulfstream senior vice president of worldwide sales and marketing. “The G450 remains the market leader in its class.
Gulfstream has a fleet of over 100 business aircraft owned and operated in the Arabian Gulf region, with both Saudi Arabia and the United Arab Emirates (UAE) representing strong customer basses in the large-cabin market.
The paint shop by Hawker Pacific at Singapore Seletar Airport has seen brisk business in its first year of operation, and the company is anticipating demand continuing to grow during the this year. Built inside an aircraft hangar with a floor area of nearly 11,000 sq ft, the facility is the only paint shop in the region dedicated to business aircraft. It can handle the larger business jets such as Bombardier Global Express, Dassault Falcon 7X and Gulfstream G550. Among the tasks already undertaken are OEM warranty repairs, livery changes and full resprays.