|
|
|
|
|
|
|
|
|
|
LATEST NEWS
|
|
Thursday, December 3rd, 2020
|
|
|
|
|
TUI, the world’s largest holiday company, has secured a third major financial bailout to help it cope with the knock-on effects of the COVID-19 pandemic on the travel industry. Having already secured €3 billion in state loans this year, the company has announced that it has struck a deal with the German government, banks and private investors to borrow an additional €1.8 billion.
|
TUI lost €1.1 billion in the second quarter of 2020, having flown 23 million holidaymakers in 2019. Currently the company is burning through approximately €600 million a month. Including this new loan, TUI now has reserves of €2.5 billion, as of December 1, to help the business recover post pandemic. According to Reuters news agency, TUI’s largest shareholder, Russian billionaire Alexey Mordashov, who owns 25% of the company, will be expanding his investment as part of the capital measures, his stake increasing to 36% if he gets an exemption from financial watchdog Bafin from making a mandatory takeover offer. Otherwise, he will hike it to 29.9%.
|
The package comes with a ban on management bonuses and dividends, a German economy ministry spokeswoman said. However, budget lawmaker Sven-Christian Kindler from the opposition Greens called on the government to include strict rules on climate and job protection into the package. The new TUI rescue package includes a €500 million capital increase with subscription rights and a €420 million so-called silent participation from Germany’s economic support fund WSF, which can be converted into equity at any time. It also includes a non-convertible equity hybrid from WSF worth €280 million, a state guarantee of €400 million, an extra €200 million credit facility from state bank KfW and the extension of an existing KfW facility to July 2022. (€1.00 = US$1.21 at time of publication.)
|
|
|
|
|
|
|
|
FL Technics, a global provider of aircraft maintenance, repair and overhaul (MRO) services, has acquired Wright International, an independent provider of line maintenance services in Canada. For FL Technics as well as its parent company Avia Solutions Group, this marks the entry into the North American aviation services market.
|
Wright International provides aircraft line maintenance services up to 'A' level checks, AOG support and training for airlines at Canada’s major international airports, including Toronto Pearson, Vancouver, Calgary, Montreal-Mirabel and Ottawa. Founded in 1991 and headquartered at Toronto Pearson International Airport, Wright International is a Transport Canada and EASA approved Maintenance Organisation (AMO) licensed to service most commercial aircraft types.
|
The acquisition of Wright International grants FL Technics a foothold in the strategically important North American market and allows it to serve its airline clients across an even wider network of international locations. Together with its subsidiaries, FL Technics today offers line maintenance services at over 70 airports and base maintenance services at five locations around the globe.
|
|
|
|
|
|
King Thompson has been named the Senior Sales and Customer Support Manager for maintenance, repair and overhaul (MRO) activity at the Middle River Aerostructure Systems (MRAS) business of ST Engineering.
|
In this new role, Thompson will lead and assist sales campaigns for MRAS’ expanding MRO business focus on jet engine nacelles and engine components. He also is responsible for managing MRO service agreements and material, along with ensuring customer satisfaction.
|
Thompson brings more than 20 years of MRO expertise in the airline industry, having held sales and customer service manager positions at United Airlines and Delta Air Lines. Prior to joining MRAS, he was the MRO Sales & Customer Service Manager for United Airlines, based in San Francisco, California.
|
|
|
|
|
|
|
|
Jet Aviation Dubai has completed and successfully redelivered the region’s first 4C-Check on a Dassault Falcon 50. The inspection was combined with FMS upgrades, light cabin refurbishments and mandatory ADS-B implementation. In tandem, the company also redelivered a 144-month check on a G450 and a 192-month check on G-IV, both requiring extensive structural repairs. The company is currently performing a C-Check on a BBJ.
|
The 4C maintenance inspection on a Dassault Falcon 50 is a milestone maintenance event due 24 years after service entry that requires extensive removal and subsequent reinstallation of the aircraft’s structures and systems for detailed inspections. With this Falcon 4C inspection, the aircraft cabin was entirely stripped, the three engines were removed and sent to the engine shop, and the landing gear was replaced.
|
The 8000+ dedicated man-hour project was achieved by sharing expertise and resources with the company’s Basel Dassault Falcon center of excellence, demonstrating Jet Aviation’s global MRO expertise and footprint.
|
|
|
|
|
|
|
|
Embraer’s newly published 2020 Commercial Market Outlook examines passenger demand for air travel and new aircraft deliveries over the next ten years with special emphasis on Embraer’s product segment - aircraft up to 150 seats. The report identifies emerging trends that will influence growth, factors shaping future airline fleets, and the regions of the world that will lead demand in the commercial sector.
|
The global pandemic is causing fundamental changes that are reshaping air travel patterns and demand for new aircraft. There are four main drivers:
|
- Fleet Rightsizing - a shift to smaller-capacity, more versatile aircraft to match weaker demand
|
- Regionalization - companies seeking to protect their supply chains from external shocks will bring businesses closer, generating new traffic flows
|
- Passenger Behavior - preference for shorter-haul flights and decentralization of offices from large urban centers will require more diverse air networks
|
- Environment - renewed focus on more efficient, greener aircraft types
|
“The short-term impact of the global pandemic has long-term implications for new aircraft demand,” said Arjan Meijer, President and CEO of Embraer Commercial Aviation. “Our forecast reflects some of the trends we’re already seeing - the early retirement of older and less efficient aircraft, a preference for more profitable smaller airplanes to match weaker demand, and the growing importance of domestic and regional airline networks in the restoration of air service. Aircraft with up to 150 seats will be instrumental in how quickly our industry recovers.”
|
Embraer predicts that global passenger traffic will return to 2019 levels by 2024, yet remain 19% below Embraer’s previous forecast through the decade, to 2029. Traffic in Asia Pacific will grow the fastest (3.4% annually).
|
The outlook forcasts that 4,420 new jets up to 150 seats will be delivered through 2029, 75% of deliveries will replace ageing aircraft, 25% representing market growth. The majority will be to airlines in North America (1,520 units) and Asia Pacific (1,220), while 1,080 new turboprops will be delivered through 2029, the majority will be to airlines in China/Asia Pacific (490 units) and Europe (190).
|
|
|
|
|
|
|
|
CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing (CDB Leasing), has completed the financing for eight of the nine Boeing 737 MAX 8 aircraft under the purchase and lease-back agreement with Calgary-based carrier WestJet. The ninth aircraft is anticipated to close in December 2020. The aircraft were originally delivered to WestJet over the past three years.
|
“We have formed a strong working relationship with our colleagues at WestJet, and warmly welcome them to our growing family of airline customers across the Americas,” commented CDB Aviation Chief Marketing Officer Peter Goodman.
|
|
|
|
|
|
BOC Aviation has released that it has increased the amount of the committed, unsecured revolving credit facility (the RCF) from its largest shareholder, Bank of China and extended the maturity to 2026.
|
The new terms of the facility now provide the Company with US$3.5 billion to support its future growth, an increase of US$1.5 billion. The final maturity of the RCF has also been extended from April 28, 2022 to December 31, 2026.
|
|
|
|
|
|
|
|
Aero Norway, the specialist CFM56 repair facility, has further expanded its capabilities with the addition of a new plasma spraying machine. The Oerlikon MultiCoat™ Pro advanced thermal spray platform, offers increased efficiency as well as multiple thermal spray processes in one system including plasma spray and HVOF (High Velocity Oxygen Fuel).
|
“The introduction of the new machine has also allowed us greater physical flexibility within our internal repair equipment as it has a reduced footprint, and enables us to offer HVOF related repairs in addition to the plasma repairs,” says Neil Russell, Chief Operating Officer at Aero Norway. “This is a substantial investment that was initiated in 2019 / 2020 as part of our strategy to identify which parts needed to be brought in house and grow our repair back shop accordingly.”
|
The advanced thermal spray system platform – MultiCoat™ Pro combines multiple thermal spray processes in one system which will allow Aero Norway’s customers to benefit from the unlimited versatility and unmatched process control. In addition to reduce turn-around times as a result of the introduction of this more efficient system, the new platform will allow the integration of multiple thermal spray processes, eliminate operating errors, and deliver the benefit of fast, flexible upgrades with minimal shop disruption.
|
|
|
|
|
|
|
|
VAS Aero Services has acquired multiple CFM International CFM56-7B engines for teardown and distribution of the surplus parts through VAS’s worldwide airline operator customer base.
|
|
The first CFM56-7B engine has been placed with VAS’s aftermarket services partner, SR Technics (SRT), for teardown and parts recertification. The addition of the CFM engine enhances VAS’s supply relationship with SRT and offers major end users v, used, serviceable material solutions.
|
|
|
|
|
|
|
|
|
click here to download the latest PDF edition
|
|
|
|
click here to download the latest PDF edition
|
click here to subscribe to our other free publications
|
|
AIRCRAFT & ENGINE MARKETPLACE
|
click here to view in PDF aircraft and engines available for sale and lease
|
|
|
|
|
|
|
|
|
|
Interested in advertising with AviTrader?
|
|
Vice President Sales & Business Development
|
|
|
|
|
