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LATEST NEWS

Monday, November 9th, 2020

Singapore Airlines posts record US$1.74 billion quarterly loss

With no domestic market to rely on, Singapore Airlines has seen passenger numbers plummet by 98.6% for the month of September when compared to the same month in 2019. Additionally, the volume of cargo carried in September 2020 compared to September 2019 fell by 42.3%. The result of the global pandemic has seen the airline cut 4,300 jobs and ground much of its fleet, with little sign of change other than a slight increase in cargo demand.

According to the International Air Transportation Association (IATA) it is unlikely carriers will return to pre-pandemic levels until 2024, while Raymond Yap, an analyst at CIMB, believes the airline will continue to lose money for the next three years.

Singapore Airlines is also being hit hard by a SG$1.3 billion impairment charge which is connected to the withdrawal of 26 older aircraft, including seven Airbus A380 superjumbos. Revenue for the quarter fell 81% to SG$783.8 million compared to the same quarter 2019, generating a SG$2.34 billion loss compared to a quarterly profit in 2019 of SG$94.5 million.

To help counteract the effects of the pandemic on air travel, Singapore Airlines confirmed back in March that it would raise SG$5.3 billion in equity and up to SG$9.7 billion in convertible bonds in a deal backed by its majority shareholder, state fund Temasek Holdings. The airline indicated in mid-October that SG$6.2 billion of the funds had been used to date to repay a bridging loan, refund tickets, service debt, pay for aircraft and fund operating expenses. It is believed there currently remains SG$1.9 billion of credit lines and up to SG$6.2 billion of convertible bonds available. (US$1.00 = SG$1.35 at time of publication.)

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BOC Aviation delivers first of four Airbus A321neo aircraft to IndiGo

BOC Aviation has delivered the first of four new Airbus A321neo aircraft for lease to IndiGo. The aircraft will be powered by CFM Leap engines.

Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation, said: “We are very pleased to deliver the first of four new Airbus A321neo aircraft on lease to IndiGo, India’s largest passenger airline, and we’re pleased to have an opportunity to build on our relationship with IndiGo.”

Airbus Helicopters delivers 1,400th H135 helicopter

At the end of September Airbus Helicopters has delivered the 1,400th H135 helicopter to the French operator Mont Blanc, adding to a fleet of more than 20 H135 and H145 helicopters in service with the operator to provide Helicopter Emergency Medical Services (HEMS) in France.

“As the benchmark for HEMS helicopters, the H135 is the safest, most reliable and most economic platform – arriving at the scene on time…every time,” explained Martin Schneider, Airbus Helicopters’ Head of the H135 programme. “There are more than 650 H135s in emergency medical service duties, operated by thousands of pilots and medics who protect and save lives each day.”

Transferring patients from one care centre to another is a complex operation even in the best of times. In light of the COVID-19 pandemic, the ability to transfer critical care patients has become a crucial ability that helps swing the balance in what often are life and death situations, freeing up resources for health care systems under stress.

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TAG Aero and ITS to support 737 New Gen and A320 market with 131-9B and 9A APU solutions

TAG Aero and ITS have entered into an agreement to support the Boeing 737 New Gen and Airbus A320 aircraft market with 131-9B and 9A APU solutions. ITS’s strategic fleet retirement solutions combined with TAG Aero’s extensive APU repair and overhaul capabilities will establish reliable, global support for 737 New Gen and A320 operators. Together, TAG Aero and ITS will provide solutions for 131-9 series maintenance, leases, flat-rate exchanges and outright APU sales.

ITS, located in Arizona, offers a wide range of custom solutions from fleets to airlines, leasing companies, MROs, OEMs and resellers worldwide. This global support has established them as a trusted supply chain partner in the Air Transport Industry.

TAG Aero is a 145 certified repair station specializing in Auxiliary Power Units and related material. Between two state of the art facilities in Florida and South Carolina TAG provides customers comprehensive APU solutions including repairs, sales, procurement, leasing, exchanges, and LRU repairs.

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Boeing appoints Jinnah Hosein to newly created role of VP Software Engineering

Boeing appointed Jinnah Hosein as the company's vice president of Software Engineering, effective immediately. In this newly created role, Hosein will report to Greg Hyslop, Boeing chief engineer and senior vice president of Engineering, Test & Technology, and will focus on further strengthening Boeing's focus on software engineering across the enterprise.

Hosein will lead a new, centralized organization of engineers who currently support the development and delivery of software embedded in Boeing's products and services. The team will also integrate other functional teams to ensure engineering excellence throughout the product life cycle.  

Hosein brings extensive experience as a software engineering leader across several innovative, high-tech companies. He joins Boeing after serving as vice president of Software Engineering for Aurora, a self-driving vehicle company, in Palo Alto, California. He led the company's software organization for the development of those vehicles and developed Aurora's high-integrity software life cycle to deploy autonomous architecture to on-road vehicles.

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KLM gets final approval of €3.4 billion loan package by the Dutch state

KLM is in the midst of the worst crisis in its 101-year history, with the COVID-19 pandemic eroding its strong performance of recent years. The €3.4 billion loan package, consisting of a government loan and guarantees on bank loans, is crucial to securing the future of the airline and its network for the Netherlands.

The Dutch Government has made its loan package contingent on certain conditions, one being that all KLM employees must agree to adjust certain employment conditions for the duration of the loan (expected until 2025). KLM has spent the past few months hammering out the details of this austerity program with the trade unions for cockpit, ground and cabin personnel, in line with the required structure and percentages. The outcomes of these negotiations have been formalized in outline collective labor agreements and incorporated as such into the restructuring plan that KLM submitted to the Dutch Government on 1 October.

The outline agreements define the austerity measures that will apply until early 2022 (for cockpit crews) and late 2022 (for ground and cabin personnel). It was especially important to specify the contribution that all KLM employees would be making towards the airline’s cost-reduction efforts over the entire loan period. To meet this demand without having to re-enter negotiations, a “commitment clause” was inserted into the agreements between KLM and the trade unions. KLM and the eight trade unions have therefore satisfied a key requirement, ensuring final approval of €3.4 billion loan package by the Dutch state.

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West Star Aviation instals first Bongiovi audio system in Hawker 900XP

West Star Aviation has installed its first Bongiovi Audio System in a Hawker 900XP at its Grand Junction (GJT) facility.

Bongiovi Aviation Audio system is unique in the aspect that the interior panels actually become the speakers, by placing the transducers to the backside of the panels, giving the cabin a sleek, more sophisticated look and sound, while also reducing weight by eliminating speakers and subwoofers.

“The dynamic range and frequency spectrum coverage is phenomenal throughout the aircraft,” said Walt Marcy, Avionics Technical Sales Manager (GJT).
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Tamar Jorssen
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Email: tamar.jorssen@avitrader.com
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Tamar