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LATEST NEWS

Tuesday, August 11th, 2020

Iran refuses to pay compensation for downed Ukrainian jet

The Iranian government has refused Ukraine’s request for compensation for the loss of the Ukrainian Airlines Boeing 737 that was accidentally shot down shortly after take-off from Tehran Imam Khomeini International Airport on January 8 this year.

While the government does not rule out paying compensation for the victims, even though an initial offer made in February was rejected by the Ukraine, the request to pay compensation for the jet itself has been rejected as it was insured by European insurers, not Iranian insurers. “The Ukrainian plane is insured by European companies in Ukraine and not by Iranian (insurance) companies,” said Gholamreza Soleimani, according to the Young Journalists Club news website affiliated with state TV. “Therefore, compensation should be paid by those European companies.”

While more recent negotiations on compensation were held in July, a further round of talks has been scheduled for October this year and Ukrainian officials have confirmed that they will be looking to obtain the maximum amount of restitution as possible for the victims. Iran’s Civil Aviation Organization concluded in its July report that the downing of the passenger jet was as a result of a string of mistakes, including the misalignment of a radar system and a lack of communication between the air defense operator and his commanders.

The incident occurred when Iran was in a state of high alert subsequent to having launched a missile attack on an Iraqi base housing American troops in retaliation for the killing of the country’s most powerful commander, Qassem Soleimani, on January 3.

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AEI adds HAECO Xiamen as authorized AEI Conversion Center

Aeronautical Engineers (AEI) has selected HAECO Xiamen as an authorized AEI Conversion Center. HAECO Xiamen’s first AEI conversion, a B737-800SF, is scheduled to commence in January 2021. This will be followed by an additional line starting in April 2021.

AEI currently has four active authorized AEI Conversion Centers, including Commercial Jet, in Miami, Florida; Commercial Jet Services in Dothan, Alabama; KF Aerospace in Kelowna, B.C., Canada and STAECO in Shandong province, People’s Republic of China.

Great Dane Airlines selects AerFin’s BeyondPool™ flight-hour solution

Danish Charter operator Great Dane Airlines, has become the latest airline to select AerFin’s BeyondPool™ component Flight Hour-solution, signing a long-term Flight-Hour Agreement (FHA) to support the airline’s fleet of three (3) E195 E-Jet aircraft.

AerFin’s BeyondPool™ is a fully bespoke, comprehensive E-Jet component FHA solution, covering repair, overhaul, pooling and on-site provisioning of E-Jet rotable component inventory and is fully supported out of Great Dane Airlines’ main hub in Aalborg, Denmark. In addition, AerFin will also be positioning a comprehensive on-site stock of inventory into Hanoi, Vietnam – this, following the recent announcement that Great Dane Airlines will be providing ACMI capacity support for Vietnamese operator, Bamboo Airways.

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Heston MRO and Toowoomba Wellcamp Airport partner for aircraft storage

Toowoomba Wellcamp Airport, a privately funded airport in South East Queensland, and Heston MRO, an independent MRO organisation in Australia, partner up to create a one stop aircraft parking and storage solution.

Commencing immediately, the services offered to airlines and aircraft owners include short- and long-term aircraft parking, induction into storage programs, ongoing maintenance support, re-activation, logistics, and other related services. Toowoomba Wellcamp Airport cater for immediate parking of up to 70 aircraft, with a potential to expand this number to up to 200 units.

With 2870 meters runway, capable of landing aircraft up to A380, unrestricted 24/7 access, and close proximity to Brisbane, the airport is suitable for flexible storage and maintenance of most of the aircraft types.

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ALC announces pricing of public offering of US$700 million of senior unsecured medium-term notes

Air Lease Corporation (ALC) has announced the pricing of its public offering of US$700.0 million aggregate principal amount of 2.875% senior unsecured medium-term notes due January 15, 2026. The sale of the notes is expected to close on August 17, 2020, subject to satisfaction of customary closing conditions. 

The notes will mature on January 15, 2026 and will bear interest at a rate of 2.875% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2021. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness. 

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Robinson Helicopter delivers R66, serial number 1000

Robinson Helicopter has delivered R66 Turbine, serial number 1000, to Robinson dealer Les Gillespie of Gardner Aviation (Peachtree City, GA).

FAA-certified in October 2010, the first production R66 was delivered the following month. Since then, the R66 has proven itself on a daily basis. Powered by the Rolls Royce RR300 turbine engine, the R66 recently surpassed 1. 2 million flight hours without a single reported in-flight engine failure. This accomplishment demonstrates a level of reliability that exceeds EASA’s stringent requirements for single-engine helicopters.

The R66 has also risen to the challenges of flying to the North Pole and circumnavigating the globe multiple times.

North American Aerospace Industries names Martin O’Boyle Business Development Manager - MRO

North American Aerospace Industries Corporation (NAAI), a provider of sustainable end-to-end aircraft recycling solutions, has appointed Martin O’Boyle as Business Development Manager - MRO. In this role, O’Boyle will have the responsibility for developing the company's MRO business in North America.

He brings to his new position extensive technical and commercial experience working across aviation for airlines, aircraft lessors, corporate operators, OEMs and maintenance facilities.

Before joining NAAI, O’Boyle served as Head of Civil Aviation Business Development for Sabena Aerospace. Part of his role was to set up a joint venture in Africa where he was responsible for business development, operations, and the project’s management

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IAI experienced growth in operating- and net income in first-half 2020

Israel Aerospace Industries (IAI) has reported sales increase of 4.6% to US$2,078 million in the first half of 2020 (H1 2020), compared with US$1,986 million in H1 2019 and growth of 7.6% in company sales in the second quarter of 2020 (Q2 2020) to about US$1,060 million compared with US$985 million in Q2 2019.

Sales of the Military Groups in H1 2020 increased to US$1,706 million compared with US$1,448 million in the corresponding period of last year. IAI reported a decrease of 15% in sales of the Aviation Group in H1 2020 to US$612 million compared with about US$721 million in the corresponding period of last year

Net income increased 64% to US$82 million in H1 2020 compared with US$50 million in H1 2019 and an increase of 33% in net income to US$48 million in Q2 2020 compared with about US$36 million in Q2 2019.

The company reported an increase of 28.7% in net income of the Military Groups in H1 2020 to about US$130 million compared with about US$101 million in the corresponding period of last year.  The net loss sustained by the Aviation Group in H1 2020 amounted to US$8 million compared with a loss of US$7 million in the corresponding period of last year.

EBITDA grew by 35% to US$223 million in H1 2020 compared with US$165 million in H1 2019 and EBITDA in Q2 2020 grew by 26%, totaling US$121 million (representing 11.4% of sales), compared with about US$96 million (representing 9.7% of sales) in Q2 2019.

IAI reported 25% growth in gross profit in H1 2020 to US$333 million (16% of sales) as opposed to US$267 million in H1 2019 (13% of sales) and 12.4% growth in gross profit in Q2 2020 to US$163 million (15.4% of sales) as opposed to US$145 million in Q2 2019 (14.7% of sales).

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Tamar Jorssen
Vice President Sales & Business Development
Email: tamar.jorssen@avitrader.com
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Tamar