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Thursday, March 11th, 2021

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Icelandair and Titan Aircraft Investments agree sale-and-leaseback deal on two 767-300ERs

Titan Aircraft Investments has agreed to purchase two Boeing 767-300ER aircraft from Icelandair which will be converted to freighters and then placed on long-term leases to Icelandair. Titan Aircraft Investments is a joint venture between Titan Aviation Holdings and Bain Capital Credit, while Titan Aviation Holdings, which is a subsidiary of Atlas Air Worldwide Holdings Inc. will manage the aircraft. Titan Aircraft Investments’ portfolio has now grown to three aircraft, which also includes a 777-200 freighter.

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc.

Icelandair Group operates international and domestic passenger services, an airfreight and logistics business through Icelandair Cargo, as well as aircraft leasing and consulting services through its subsidiary Loftleidir Icelandic.

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Honeywell secures US$476 million engine production contract for U.S. Army Chinook fleet

Honeywell has won a four-year IDIQ (Indefinite Delivery, Indefinite Quantity) contract for new production and spare T55-GA-714A engines that power the U.S. Army’s CH-47 Chinook helicopters. This US$476 million contract award will ensure that the U.S. Army’s Chinook fleet has spare engines to support future missions and available engines for Boeing’s Philadelphia production line through 2024 to serve the U.S. Army and foreign partner nations’ new aircraft requirements.

The engines will be assembled and tested at Honeywell’s production facility at the company’s aerospace global headquarters in Phoenix. Securing this engine production contract follows a milestone year for the T55 engine. In 2020, Honeywell won a competitive repair and overhaul contract for the T55. In addition, Honeywell completed a new, world-class engine repair and overhaul facility in Phoenix. That move allows the repair and overhaul work on the T55-GA-714A engine to be fulfilled in the same location as new engine production.

The T55 center of excellence provides for a shared workforce, facilities, and engineering resources between both engine lines and delivers up to 20 engines per month to the U.S. Army, foreign military and commercial customers.

Lufthansa Technik to provide component support for MasAir

Lufthansa Technik and the Mexican carrier MasAir Cargo Airline have signed a comprehensive Total Component Support (TCS®) contract covering repair and overhaul of components for MasAir's Boeing 767F fleet. The new contract governs supply for up to 14 aircraft over a period of five years. This is the first contract signed directly between Lufthansa Technik and MasAir.

With the Total Component Support TCS® agreement, MasAir benefits from an individual supply concept that enables short, rapid transport paths. Component support of MasAir fleet will be ensured through a home base stock to be established in Mexico City and in Los Angeles, California.

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AerCap to acquire GE Capital Aviation Services

AerCap Holdings N.V. (AerCap), the global leader in aircraft leasing, has entered into a definitive agreement with General Electric under which AerCap will acquire 100% of GE Capital Aviation Services (GECAS), a GE business.

The combined company will be an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft, over 900 owned and managed engines, over 300 owned helicopters and approximately 300 customers around the world.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, US$24 billion of cash and US$1 billion of AerCap notes and/or cash.

Upon completion of the transaction, GE is expected to own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Directors.

Citi and Goldman Sachs have provided AerCap with US$24 billion of committed financing for the transaction.

The transaction is subject to approval by AerCap shareholders, receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to close in the fourth quarter of 2021.

The combined company will retain the name AerCap, and GECAS will become a business of AerCap.

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Acumen Aviation and Infinity Trading & Solutions announce strategic partnership

Acumen Aviation (Acumen) and Infinity Trading & Solutions (ITS) have announced a new strategic partnership agreement.
The two companies have entered into an aircraft and component services agreement, under the terms of which, Acumen will support ITS business activities within the India region. Through its well established network, Acumen will support the sale and marketing of the ITS wide-ranging component inventory to the aviation industry in India and will also assist ITS in the purchase of aircraft, engine and component assets in the region.

Seán O Connor – Managing Director Americas and VP-Commercial, Acumen said: "We are very pleased to support a global supply chain partner and custom solutions provider like ITS. Acumen is very well positioned with our focused team of professionals to make this a very successful partnership."

Aeroxchange and Cargolux expand relationship with new multi-service agreement

Aeroxchange has reported that Cargolux selected AeroRepair® to automate its repair order management process. As an Aeroxchange network member since 2009, this new multi-service agreement also further extends Cargolux’s subscription to both AeroAOG® and AeroBuy® for another five years.

AeroBuy, AeroRepair and AeroAOG are a part of Aeroxchange’s suite of e-commerce applications enabling airlines and their trading partners to increase supply chain transparency, accelerate purchase and repair order lifecycles and manage AOG recoveries. After connecting its Trax system with Aeroxchange’s software platform, Cargolux will yield significant operational efficiencies through process automation and workflow standardization with its trading partners.

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Electric "elephant" de-ices aircraft at Munich Airport

The fleet of de-icing vehicles at Munich Airport has now received particularly powerful and environmentally friendly support: the all-electric "Elephant e-BETA" from the Danish manufacturer Vestergaard has been in use at EFM, the company for de-icing and aircraft towing at Munich Airport.

According to the manufacturer, the "Elephant e-BETA" is the first electric de-icing vehicle. The spray arms and nozzles, which are driven by electric motors, perform the de-icing of aircraft silently and effectively. At the heart of the vehicle is a generously dimensioned lithium-ion battery power pack that enables the electric de-icing of around 10 to 15 aircraft. This allows the de-icing vehicle to complete about two to three hours of operation without needing to be recharged.

The vehicle still drives to the de-icing areas with a conventional diesel engine and can therefore be used flexibly, but at the site itself, the engine is switched off and the all-electric de-icing begins. Elephants are known to have great endurance and a special sensitivity: not bad prerequisites for the Elephant e-BETA to achieve good results in the handling of sensitive aircraft in the test phase now underway.

Compared with conventional de-icing vehicles, the electric version can avoid up to 87% of the CO2 emissions caused by the vehicle. The electric de-icing vehicle thus fits in perfectly with Munich Airport's climate strategy, which envisages the airport operating in a CO2-neutral manner by 2030 at the latest.
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Tamar Jorssen
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Email: tamar.jorssen@avitrader.com
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Tamar