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LATEST NEWS

Friday, December 11th, 2020

Pandemic-impacted TUI posts annual loss of €3.0 billion

Only days after TUI, the Anglo-German multinational travel and tourism company headquartered in Hanover, Germany secured a third round of emergency funding for €1. 8 billion, it has posted an annual loss of €3.0 billion as a result of the effect of the COVID-19 pandemic on the holiday industry sector. TUI had previously secured state loans totaling €3.0 billion.

TUI has confirmed that it intends to increase its annual cost-cutting measures to €400 million from the previous target of €300 million. “The rapid measures to cut costs and secure liquidity are important for the Group. They are a stable foundation for the future,” TUI Chief Executive Fritz Joussen said in a statement. The company posted a loss of €3 billion, from €894 million of underlying core earnings (EBIT) last year, while revenue came in 58% lower at €7.9 billion.

Following the latest bailout, TUI now has €2.5 billion of liquidity, and Joussen said the COVID-19 vaccine would help boost demand for holidays in 2021, forecasting a return to 2019 levels by 2022. Bookings for next summer were 3% higher than they were at this stage in 2019, and average prices for summer 2021 were 14% higher than 2020. TUI’s carriers include TUI Airways in the U.K., TUI Fly Belgium, TUI fly Deutschland, TUI fly Netherlands and TUI fly Nordic. (€1.00 = US$1.21 at time of publication.)

SET_01

EcoPulse™ hybrid aircraft demonstrator achieves first key milestone

The EcoPulse™ distributed propulsion hybrid aircraft demonstrator – which is being developed by Daher, Safran and Airbus with the support of France’s CORAC civil aviation research council – has successfully passed its Preliminary Design Review as a first key step toward validating the project’s feasibility and firming up the architecture for a first flight scheduled in 2022.

Incorporating a distributed propulsion configuration from Daher, Safran and Airbus, this shared hybrid aircraft project has the goal of helping to transform the aviation sector. EcoPulse™, which was unveiled at the 2019 Paris Air Show, is backed by the French government – with a reaffirmation of support coming in the framework of France’s recovery plan presented last June.

By laying the framework for light aircraft by the end of the decade, it will allow the development of technologies that reduce the environmental footprint of future commercial aircraft, thus contributing to the air transportation sector’s decarbonization objectives by 2050.

After more than one year of development based on a light aircraft platform supplied by Daher, the project has reached a key milestone with the successful completion of its Preliminary Design Review (PDR), which enabled the validation and freezing of the demonstrator’s baseline configuration, as well as confirming the hybrid distributed propulsion system’s level of safety and compatibility with the aircraft.

The project is now entering the assembly and integration phase at Daher, at its Tarbes, France site, with systems supplied by Safran and Airbus. The start of final assembly is planned for late 2021, with the first flight scheduled to take place in 2022.

SPL_04 (2020-01-17)

GA Telesis purchases one PW4056-3 engine from Air Atlanta Icelandic for disassembly

GA Telesis (GAT) has reported the purchase of one one Pratt & Whitney PW4056-3 engine last operated by Air Atlanta Icelandic.

The transaction was recently concluded by the Component Solutions Group (CSG), whereas the engine will be immediately inducted for disassembly. The removed material will be directly routed to repair with GA Telesis' approved MRO vendor base.

Upon completion, the used serviceable material (USM) will be made available to GA Telesis’ airline and MRO customers worldwide within the next three months.

Liebherr to overhaul landing gears for Austrian Airlines

Liebherr-Aerospace has been selected by Austrian Airlines to overhaul the landing gears of the airline’s 17 Embraer E-Jet E195 aircraft. The first landing gear is expected to arrive end of December 2020, at Liebherr-Aerospace Lindenberg GmbH in Lindenberg (Germany), where the overhaul activities will be performed.

The complete landing gear system for the E-Jet E1 family (E170/E175/E190/E195) has been developed, manufactured and certified by OEM Liebherr-Aerospace Lindenberg GmbH, Liebherr’s center of competence for flight controls, landing gear systems, gears, gearboxes as well as electronics.

PRW_05

Pratt and Whitney and MTU Maintenance sign 11-year PW1100G-JM aftermarket agreement

International Aero Engines and MTU Maintenance have signed an 11-year PW1100G-JM aftermarket agreement, committing themselves to further investment in the engine’s aftermarket network.

The contract covers a significant quantity of shop visits per year, in addition to the existing and substantial commitments to the program. This is a clear and strong signal to the industry that, despite the current unprecedented crisis it is facing, both companies still believe in the mid- and long-term success of the PW1100G-JM engine program – part of the GTF family and flying on the A320neo.

MTU Maintenance has completed over 20,000 shop visits in 40 years and currently has 30 engine models in its portfolio – including the PW1100G-JM. It performs over 1,000 shop visits per year at its worldwide locations. PW1100G-JM shop visits are currently performed at MTU Maintenance Hannover in Germany and EME Aero in Poland.

Finnair has been granted credit support in excess of €100 million

As a part of Finnair’s rebuild program, the company has been granted export credit support in excess of €100 million from the export credit agencies of Germany, France and the United Kingdom. Credit support has been offered to qualified purchasers of Airbus aircraft and, in this case, it has been granted for the Airbus A350-900 aircraft that was delivered to Finnair in September 2020. Finnair has mandated JPMorgan Chase Bank, N.A., London Branch to arrange the financing.

Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus, of which 16 have been delivered as of September 1, 2020.

TRU_01

Contrail taps Michael Coviello as Vice President of Transaction Management

Contrail Aviation Support, a worldwide supplier of surplus and aftermarket commercial jet engine components as well as asset leasing and acquisitions, has appointed commercial aircraft transaction veteran, Michael Coviello, who has 42 years of industry experience, as Vice President of Transaction Management.

In his new role, Coviello will manage and optimize all aspects of the deal flow transaction process, from contracts to third parties liaising to technical, in an effort to support the origination team and further drive transaction volume.

Throughout Coviello’s distinguished career spanning four decades, he has held notable leadership positions, most recently, he served as Vice President Aircraft Trading of ACG in Newport Beach, CA.

REV_02

AAR to continue C-40 contractor logistics support with Naval Air Systems Command

AAR has been awarded a US$148,357,084 firm-fixed-price, indefinite-delivery/indefinite-quantity follow-on contract with Naval Air Systems Command. This expanded contract provides contractor logistics support required for operating and maintaining the C-40A aircraft, aircraft subsystems, appliances and support equipment, including depot-level, main operating base and supply support. This award also introduces additional requirements including new operating sites, commercial line maintenance, and scheduled engine overhauls.

Heavy maintenance work on the C-40A aircraft will be performed at AAR’s MRO facility at the Oklahoma City airport, with line maintenance support conducted at two Naval Air Stations within the United States and logistics support at six Naval Air Stations. AAR will also use its landing gear repair facility in Miami and component repair shop in New York to support the Navy fleet.
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Tamar Jorssen
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Email: tamar.jorssen@avitrader.com
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Tamar