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Thursday, August 9th, 2018
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LATEST NEWS
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Avolon, the international aircraft leasing company, has announced that ORIX Corporation, through its wholly owned subsidiary ORIX Aviation Systems (ORIX Aviation), has entered into an agreement to acquire a 30% stake in Avolon from Bohai Capital (Bohai). The Transaction is subject to customary closing conditions and Bohai shareholder approval. Bohai’s largest shareholder, HNA Group, has provided its commitment to the Transaction. The Transaction is expected to complete in the fourth quarter of 2018.
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Transactions Highlights
‒ ORIX Aviation to acquire a 30% shareholding in Avolon for US$2.2 billion, based on March 31, 2018 NAV subject to customary closing adjustments
‒ Transaction implies an Avolon enterprise value of US$23.7 billion, as at March 31, 2018
‒ ORIX is rated A-/A3/A- by Fitch, Moody’s and S&P respectively. For the 12 months to March 31, 2018 ORIX reported revenue of US$25.6 billion and net income of US$2.8 billion.
‒ Diversifies and strengthens the financial profile of Avolon's shareholder base
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‒ Scale investment from an experienced sector participant highlights the attractiveness of the aircraft leasing sector, the Avolon platform and management team
‒ Governance structure enhances protections for minority shareholder and, indirectly, debt investors
‒ Facilitates positive credit rating momentum at Avolon
‒ Enhances Avolon’s profile in the Japanese financial markets and creates the opportunity for further collaboration with ORIX Aviation, a S&P ranked aircraft lessor, asset manager and trading company.
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Southwest Airlines has reported that traffic in July 2018 increased 2.1% comapared to July 2017, while capacity increased 3.2%. The July 2018 load factor was 86.3%, compared with 87.3% the previous year.
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Hawaiian Airlines has reported its system-wide traffic statistics for the month ended July 31, 2018.
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Hawaiian welcomed nearly 1.1 million guests in July 2018, a record for the month of July and an increase of 3.2% over the same period last year. Total traffic increased 5.1% on an increase of 5.0% in capacity. Load factor increased 0.1 points to 87.4%.
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WestJet has announced July 2018 traffic results with a load factor of 85.2%, a decrease of 0.4 points year over year. Traffic increased 8.2% year over year, while capacity grew 8.7% over the same period. WestJet welcomed an additional 144,000 guests in July, a year-over-year increase of 6.5%.
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Another 250 flights have been added to the list of Ryanair cancelations as the German Pilots’ union Vereinigung Cockpit (VC) confirms that pilots will be taking strike action this Friday after a 96 percent majority of Ryanair pilots employed in Germany voted in favor of a walk out.
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They now join the ranks of striking pilots in Ireland, Belgium and Sweden, with over 150 flights already canceled ahead of further action. In all, approximately 45,000 Ryanair passengers will be given up to 48 hours’ notice if their flights have been canceled. Although the Irish low-cost carrier has not confirmed which flights will be canceled, it is understood that links from East Midlands, Glasgow, Manchester and Stansted to and from Berlin Schonefeld will be grounded on Friday, along with Manchester and Stansted services to Frankfurt.
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The strike by German pilots was announced on July 30 after VC confirmed that no improved offer had been received from Ryanair, Martin Locher, the union’s President commenting that: “Improvements are inconceivable without staff cost increases in the cockpit. Ryanair categorically ruled out any increase in staff costs in the negotiations. Ryanair alone is responsible for the escalation that has now occurred. VC regrets the impact on affected passengers, cabin crew and ground crew.”
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Friday is due to be one of the busiest days of the summer for carriers, with Ryanair originally intending to operate 2,400 flights. That number has now dwindled by around 400 due to strike cancellations in Ireland, Belgium, Sweden and Germany, representing one-sixth of Ryanair’s schedule.
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Sichuan Airlines, the largest all Airbus fleet carrier in China, has taken delivery of its first A350-900 leased from AerCap in Toulouse on August 8, becoming the first Chinese mainland operator via leasing to take delivery of the world’s newest and most efficient twin-engine widebody aircraft.
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Powered by Rolls-Royce Trent XWB engines, Sichuan Airlines’ A350-900 aircraft features a comfortable two-class cabin layout of 331 seats: 28 business, and 303 economy. The airline will initially operate the new aircraft on its domestic routes, followed by its international “Panda Routes”.
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Sichuan Airlines operates an all Airbus fleet of 135 aircraft, including 123 A320 Family aircraft and 12 A330 Family aircraft. The partnership between Sichuan Airlines and Airbus dates back to 1995 when the airline introduced the A320, becoming the first to operate an Airbus fly-by-wire aircraft on the Chinese mainland. It was also the first operator to take delivery of a Tianjin assembled A320 Family aircraft. In 2010, Sichuan Airlines received its first A330 aircraft, in 2016 it signed a Letter of Intent for leasing four A350-900s, and in 2018 it signed an agreement with Airbus to order ten A350-900s.
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GA Telesis, a leader in commercial aerospace, has announced Devin Adderley as the Vice President of Sales for its MRO Services Group. Reporting to Pastor Lopez, the group president, Adderley will lead a team of seasoned sales leaders to grow GAT’s global customer base and increase market penetration while supporting the larger GAT Ecosystem.
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Adderley joins GA Telesis MRO Services, from his previous position of Vice President of Sales & Marketing at Turbine Controls. Prior to that, he held numerous management and executive positions at Sargent Avborne and Sargent Aftermarket respectively. He earned his MBA from Nova Southeastern University and his BS in Aerospace Electronics from Embry Riddle Aeronautical University.
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Magnetic MRO, a global total technical care and asset management organisation, has launched another unmanned RFID (Radio Frequency Identification) Tool Control system, resulting in two advanced Tool Gates and one RFID Kiosk in total throughout its facilities in Tallinn, Estonia.
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The project is designed and upgraded for fully automated inventory transactions, supported by CribMaster’s latest software, so that all hangars can communicate with each other without any manual input.
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Upgrading its RFID systems to an advanced level, Magnetic MRO is now able to provide full quality control for calibration servicing and testing, as well as ultimate convenience for issuing tools and equipment accompanied by easy returning options. The system also allows employees to assign the relevant tools to respective task cards in order to improve preparation period and optimize operational safety and control.
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Magnetic MRO is also preparing to launch CribMaster Mobile to improve the user experience and avoid unnecessary time consumption arising from obligatory desktop interactions.
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Jota Aviation, based at London Southend Airport, has appointed Jeff Fieldhouse as their new Safety and Compliance Manager.
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Fieldhouse joins the team from Aviation Safety Training & Consultancy practice Baines Simmons (part of Air Partner Plc) where over the past eight years, has engaged with a large number of clients in both business and commercial aviation. Fieldhouse is a recognised highly-proven specialist in Regulatory Affairs, Quality Management, Compliance Monitoring and Safety Management Systems (SMS). He also has a deep understanding of the engineering regulatory requirements (Part 145, M, 147 and 66) specifically EASA, FAA and ICAO.
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West Atlantic has engaged in a partnership with TP Aerospace for an all-inclusive wheels and brakes program to support their fleet mainly composed of Boeing 737, as well as B767, CRJ and ATP.
The initial contract is for seven years, covering 46 aircraft operated by the cargo airline.
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Following this new partnership, TP Aerospace will open a new MRO facility in the UK to support the fleet of West Atlantic and other customers in the region.
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