DAE completes acquisition of SKY Fund I Irish, Ltd.

©Dubai Aerospace Enterprise (DAE)

Dubai Aerospace Enterprise (DAE) completed the previously announced acquisition of SKY Fund I Irish, Ltd and its subsidiaries (SKY Fund I) on Friday, November 18, 2022. Sky Fund I owns and is committed to owning 36 aircraft on lease to 14 airline customers in 11 countries. Next-generation-technology aircraft represent more than 90% of the acquired portfolio. Following the acquisition of SKY Fund I, DAE Capital’s fleet of owned, managed, committed and mandated-to-manage aircraft will grow to nearly 500 units. The owned portfolio will comprise nearly 50% fuel-efficient, next- generation aircraft. DAE Chief Executive Officer, Firoz Tarapore, commented: “This acquisition of Read more

Email Post to a Friend Email Post to a Friend

Airbus invests in Canadian climate solutions company, Carbon Engineering

©Carbon Engineering, Squamish B.C, Canada

Airbus is to invests in Carbon Engineering, a Canadian-based climate solutions company, operating the largest Direct Air Carbon Capture (DACC) Research & Development facility in the world.   The investment will contribute to funding part of Carbon Engineering’s advanced direct air capture R&D technologies at the company’s Innovation Centre in Squamish, B.C., Canada.  DACC is a high-potential technology that involves capturing CO2 emissions directly from the air using high powered fans. Once removed from the air, the CO2 can be used to produce power-to-liquid Sustainable Aviation Fuel (SAF) that is drop-in compatible with today’s aircraft.   As the aviation industry cannot capture all CO2 emissions Read more

Email Post to a Friend Email Post to a Friend

IAI publishes 54% growth in net income in first nine-months of 2022

Israel Aerospace Industries (IAI) has published its financial statements for the first nine months and third quarter of 2022 (all the following figures are approximate). The company reported a 54% increase in net income in the first nine months of 2022 to US$202 million compared with US$131 million in the corresponding period of 2021. Net income grew by 135% to US$73 million in Q3 2022 compared with US$31 million in Q3 2021. IAI posted a 31% growth in EBITDA in the first nine months of 2022 to US$473 million compared with US$361 million in the corresponding period of last year. Read more

Email Post to a Friend Email Post to a Friend

Ground-breaking United Airlines is first U.S. carrier to invest in SAF biofuel refinery

©United Airlines

United Airlines has announced that it is to invest up to US$37.5 million (£32 million) in a biofuel refinery which will be capable of producing up to 50,000 barrels of sustainable aviation fuel (SAF), renewable diesel and other renewable fuels per day. Currently, the NEXT Renewable Fuels (NEXT) refinery, located in Port Westward, Oregon is undergoing permitting and expects to become operational by the beginning of 2026. NEXT is a next-generation fuels company which is currently dedicated to sustainably producing clean, low-carbon fuels and the Port Westward refinery is its first commercial project with the chosen location aiming to serve Read more

Email Post to a Friend Email Post to a Friend

Major commercial boost for Embraer as it secures US$400 million in financing from BNDES


On top of a recent US$650 million revolving credit facility with a foreign financial institution group, Brazilian planemaker Embraer has secured US$400 million in financing from the Brazilian National Bank for Economic and Social Development (BNDES). The financing will be carried out through the BNDES Exim Pre-shipment, a direct bank credit line to produce national goods destined for export. “Credit operations are important for the resumption of aircraft production by Embraer at pre-Covid-19 pandemic levels and reinforce the strategic partnership between BNDES and Embraer which started in 1997, consolidating BNDES support to the aeronautical industry and the export of Brazilian Read more

Email Post to a Friend Email Post to a Friend

SAS reaches next agreement with additional lessor to amend existing lease agreements


SAS has reached an agreement with one additional lessor, Bocomm,  representing three aircraft, to amend the terms of existing aircraft and equipment lease agreements. Including SAS’ previously announced amended agreements with lessors on October 5 and on November 1, 2022, SAS has now reached agreements with 13 lessors, representing 46 aircraft, as part of the chapter 11 process. This constitutes another important step in re-configuring the fleet and achieving the SEK 7.5 billion (£603 million) in annual cost savings under the SAS FORWARD plan. The new amended lease agreements are subject to approval by the U.S. Bankruptcy Court for the Read more

Email Post to a Friend Email Post to a Friend

Embraer posts third-quarter 2022 financial update

Embraer has delivered ten commercial jets and 23 executive jets (15 light / eight mid/super-midsize jets) in the third quarter of 2022 (3Q22), bringing year-to-date deliveries to 27 commercial jets and 52 executive jets (33 light /19 mid/super-midsize jets). Although deliveries have been backended to the fourth quarter of 2022 due to supply chain challenges, they are close to historical average for the quarter.  The company reported a 3Q22 consolidated gross margin of 19.1% compared to 19.0% reported in 3Q21. Adjusted EBIT and EBITDA were US$50 million and US$93 million, respectively, yielding adjusted EBIT margin of 5.4% and adjusted EBITDA Read more

Email Post to a Friend Email Post to a Friend

Genstar Capital joins GTCR as investor in JSSI

Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, software and industrial industries, has made a significant investment in Jet Support Services, Inc. (JSSI), an independent provider of aircraft maintenance support and financial tools for the business aviation industry. Genstar is partnering with existing investors GTCR, the Book family and JSSI’s management team to support the company’s next phase of growth. For more than 30 years, JSSI has been delivering Hourly Cost Maintenance (HCM) programmes to the business aviation industry, partnering with aircraft owners and operators to help stabilize aircraft costs, assure Read more

Email Post to a Friend Email Post to a Friend

CAE posts net income of CA$44.5 million for second-quarter fiscal 2023

CAE has posted revenue of CA$993.2 million for the second quarter of fiscal 2023, compared with CA$814.9 million in the second quarter of last year. Second-quarter net income attributable to equity holders was CA$44.5 million compared to CA$14.0 million last year. Adjusted net income in the second quarter of fiscal 2023 was CA$61.5 million compared to CA$53.2 million last year. Operating income this quarter was CA$102.1 million (10.3% of revenue), compared to CA$39.2 million (4.8% of revenue) last year. Second-quarter adjusted segment operating income was CA$124.7 million (12.6% of revenue) compared to CA$90.7 million (11.1% of revenue) last year. Second quarter Civil Read more

Email Post to a Friend Email Post to a Friend

Asia Cargo Network (ACN) becomes major investor in MAE Aircraft Management with 49% stake

Contract signing at the Bahrain Airshow between MAE Aircraft Management and Cargo Network Singapore ©MAE Aircraft Management

Bahrain’s MENA Aerospace, and Singapore-based Asia Cargo Network (ACN) have announced the signing of a significant strategic alliance between the two aviation companies, positioning MAE among the key players in freight cargo in the Middle East, South Asia and Africa. Under the agreement, ACN will base six of its cargo planes in Bahrain and the GCC where it plans to serve the MENA region as well as cargo routes into and from it. The deployment shall be over the next 18 months, with the first two of its six aircraft to include a B737-800F and B767-300F, due to arrive within Read more

Email Post to a Friend Email Post to a Friend