Jetrader - September/October 2012 - 31
The Future
Last year, CIT, in association with Forbes, conducted an independent survey of finance executives at airlines around the world to gauge the impact of the economy on aviation and to gain a better understanding of where the industry is headed. In the survey, 65 percent of respondents named operating leases as the most important type of financing to them. With the proportion of leased aircraft in airlines’ fleets rising, from 40 percent of the world’s fleet currently to 50 percent by 2020, this is an important trend for airlines to consider in today’s aviation market. It is clear that leasing has become an even more crucial aspect of aircraft financing (see Chart 2: Proportion of Leased Aircraft in Airlines’ Fleets). When the A320neo, Boeing 737MAX, Boeing 787 and A350 were announced, both airlines and lessors snapped up early positions shortly after the manufacturers made launch decisions. Unlike in decades past, many of these orders were for groups of 50 to 100 and even 200 aircraft for individual airlines. This demand has led to a lack of availability from manufacturers through the end of the current decade. However, lessors have strategic positions available for airlines so that airlines that were unable to place orders early in the cycle may still enjoy the benefits of advances in technology and operating efficiencies. Operating leasing in its traditional format has
Chart 2: Proportion of Leased Aircraft in Airlines’ Fleets
Source: Ascend and Company estimate helped to balance airlines’ portfolios, reduce their residual value risk and minimize capital expenditures. Now, however, the operating lessor also gives airlines access to technological improvements. Facing greater fuel price volatility and a weak financial market, it is increasingly clear that lessors will play an even more important role as airlines look to renew and expand their fl eets.
The leading advisor to the aviation industry. With over 100 aircraft under management, AVITAS is the leading independent provider of Technical Asset Management services.
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Aircraft Inspections and On-Lease Audits Redeliveries and Repossessions Maintenance Reserve Negotiations / Management Technical Lease Language Negotiation / Drafting On-Site Maintenance Representation
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Strategic Planning Industry Analysis and Forecasting Cycle Analysis
VALUATIONS
Aircraft, Engines and Spares Values BlueBooks and Online Values
703.476.2300 www.AVITAS.com
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Jetrader - September/October 2012
Table of Contents for the Digital Edition of Jetrader - September/October 2012
A Message from the President
Calendar/News
Boeing Fine Tunes 20-Year Current Market Outlook
Showers, Sunshine and (Some) Surprises
ISTAT Introduces Farnborough Airshow Chalet
Airline Finance from an Operating Lessor’s Perspective
Q&A: Leonard Kazmerski
State of the Regions: Europe
A Case of Olympic Proportions
Aircraft Appraisals
ISTAT Foundation
International Appraisers’ Program
Advertiser.com/Advertiser Index
Jetrader - September/October 2012 - cover1
Jetrader - September/October 2012 - cover2
Jetrader - September/October 2012 - 3
Jetrader - September/October 2012 - 4
Jetrader - September/October 2012 - A Message from the President
Jetrader - September/October 2012 - 6
Jetrader - September/October 2012 - 7
Jetrader - September/October 2012 - Calendar/News
Jetrader - September/October 2012 - 9
Jetrader - September/October 2012 - Boeing Fine Tunes 20-Year Current Market Outlook
Jetrader - September/October 2012 - 11
Jetrader - September/October 2012 - 12
Jetrader - September/October 2012 - 13
Jetrader - September/October 2012 - 14
Jetrader - September/October 2012 - 15
Jetrader - September/October 2012 - Showers, Sunshine and (Some) Surprises
Jetrader - September/October 2012 - 17
Jetrader - September/October 2012 - 18
Jetrader - September/October 2012 - 19
Jetrader - September/October 2012 - 20
Jetrader - September/October 2012 - 21
Jetrader - September/October 2012 - 22
Jetrader - September/October 2012 - 23
Jetrader - September/October 2012 - ISTAT Introduces Farnborough Airshow Chalet
Jetrader - September/October 2012 - 25
Jetrader - September/October 2012 - 26
Jetrader - September/October 2012 - 27
Jetrader - September/October 2012 - Airline Finance from an Operating Lessor’s Perspective
Jetrader - September/October 2012 - 29
Jetrader - September/October 2012 - 30
Jetrader - September/October 2012 - 31
Jetrader - September/October 2012 - 32
Jetrader - September/October 2012 - Q&A: Leonard Kazmerski
Jetrader - September/October 2012 - 34
Jetrader - September/October 2012 - 35
Jetrader - September/October 2012 - 36
Jetrader - September/October 2012 - State of the Regions: Europe
Jetrader - September/October 2012 - 38
Jetrader - September/October 2012 - 39
Jetrader - September/October 2012 - A Case of Olympic Proportions
Jetrader - September/October 2012 - 41
Jetrader - September/October 2012 - 42
Jetrader - September/October 2012 - 43
Jetrader - September/October 2012 - 44
Jetrader - September/October 2012 - Aircraft Appraisals
Jetrader - September/October 2012 - 46
Jetrader - September/October 2012 - 47
Jetrader - September/October 2012 - ISTAT Foundation
Jetrader - September/October 2012 - 49
Jetrader - September/October 2012 - 50
Jetrader - September/October 2012 - International Appraisers’ Program
Jetrader - September/October 2012 - 52
Jetrader - September/October 2012 - 53
Jetrader - September/October 2012 - Advertiser.com/Advertiser Index
Jetrader - September/October 2012 - cover3
Jetrader - September/October 2012 - cover4
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