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Tuesday, March 26th, 2019
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Naresh Goyal, the chairman of India’s second-largest commercial airline Jet Airways has been forced to resign amidst the stricken carrier’s continued financial crisis. Currently two thirds of the airline’s fleet has been grounded due to defaulting on lease payments or inability to carry out mechanical repairs. As at the end of March 2018 Jet airways was carrying US$1.6 billion in debt and had posted operating losses in nine of the past 11 years while struggling to pay off debt.
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The resignation of Goyal, along with his wife Anita, comes after continued pressure from creditors. Banks will now receive 114 million new shares in the company, providing it with an immediate emergency fund of up to US$218 of additional debt. While Etihad remains a major shareholder, lenders will now become the majority shareholder with over 50 percent of the company.
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“The Jet Airways debt saga has entered a decisive phase,” said Rajesh Narain Gupta, managing partner of law firm SNG & Partners. “Banks have no other option but to pick up the major stake and find a new promoter for the debt-laden airline. However, it remains to be seen how successful banks become in managing an airline, going beyond their core competence.”
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Lenders led by government-owned State Bank of India, have proposed an intricate bailout package, under which banks will take a majority of the company for 1 rupee -- one U.S. cent -- while giving the ailing airline time to arrange fresh equity. Jet’s board have approved the proposal and have cleared a plan to set up an interim panel to monitor daily operations and cash flow while new investors are being sought.
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Spatial a provider of cabin crew training simulators, has been selected by Lufthansa Aviation Training (LAT) to manufacture a B777X Cabin Emergency Evacuation Trainer (CEET).
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Designed and built to meet LAT’s exact training requirements and international regulatory standards, the B777X CEET will enable cabin crew to be comprehensively trained in all safety and emergency procedures (SEPs) for this aircraft type including fire and smoke training, door and exit operation, secure cockpit procedures and emergency equipment usage.
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The CEET will be fitted with a cutting edge audio-visual system providing forward and cabin views as well as virtual slide deployments at the operational doors encompassing a number of potential emergency scenarios and aircraft malfunctions.
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Once built, the CEET will be shipped and installed at LAT’s largest training facility in Frankfurt.
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Comlux has taken delivery of the first of three ACJ320neo aircraft, which will now enter VIP cabin-outfitting by Comlux Completion in Indianapolis. It is the largest customer for the ACJ320neo Family, which has already won a total of 11 orders.
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The ACJ320neo family uses new engines and wingtip mounted Sharklets to deliver a 15% fuel-saving, which also translates into a leap forward in range for business jet operators.
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Norwegian is combining flights and reallocating aircraft within its own network to cope with the grounding of the MAX 8, keeping the number of cancellations at a minimum and minimizing the impact on customers.
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Norwegian has more than 110 Boeing 737–800 aircraft in its fleet, which is not affected by the temporary suspension. It also has some available capacity in the 787 Dreamliner fleet that has been utilized on several high-volume routes. The schedule changes have been concentrated to high frequency routes, minimizing both the economic impact and the disruption for passengers.
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Norwegian has decided to delay the potential sale of six Boeing 737-800 aircraft and use available 787 Dreamliner capacity on high-volume routes, which will add flexibility. The Company is further preparing to wet lease aircraft to fill the remaining capacity gap.
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Airbus and China Aviation Supplies Holding Company (CAS) have signed a General Terms Agreement (GTA) covering the purchase by Chinese airlines of a total of 300 Airbus aircraft.
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The GTA comprises of 290 A320 Family aircraft and 10 A350 XWB Family aircraft, reflecting the strong demand in all market segments including domestic, low cost, regional and international long haul from Chinese carriers.
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According to Airbus’ latest China Market Forecast 2018 to 2037, China will need some 7,400 new passenger and freighters aircraft in the next 20 years. It represents more than 19% of the world total demand for over 37,400 new aircraft.
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By the end of January 2019, the in-service Airbus fleet with Chinese operators totaled some 1,730 aircraft, of which 1,455 are A320 Family, and 17 are A350 XWB Family planes.
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Innovative part-out specialist APOC Aviation has recruited Anca Mihalache to head up its new engine trading division. Her role will be to develop the leasing platform for APOC Aviation, foster relationships with airlines, investors and repair shops; manage engine sales; trade engines with
leases attached or as naked assets; and evaluate engine stock for trading, leasing or teardown.
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The focus of the engine division at APOC will be on CFM56-3/5A/5B/7B and V2500-A5 engines. A dynamic programme of investment is underway and the Company is pursuing a fast-growth strategy to build trading relationships with like-minded counterparties that is underpinned by significant investment.
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Mihalache joins APOC from Vallair where she served as Head of Trading & Leasing responsible for managing sales operations and developing strategies and profit targets for all aircraft, engines, engine parts and airframe components.
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CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co. (CDB Leasing), has delivered the first of two Airbus A330-200 aircraft to Spain’s long-haul airline Wamos Air. The second aircraft is slated for delivery in June 2019.
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Wamos Air is the third-leading, long-haul airline in Spain, boasting air capacity of more than 1,600,000 seats a year flown on a fleet of six Boeing 747-400 and five Airbus 330-200. Wamos Air’s business model is diversified in three different areas: regular flights, charter operations, and wet lease operations.
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The new Jetcopter urban VTOL air taxi will be shown for the first time at the AERO 2019 general aviation trade exhibition, from April 10 until 13 in Friedrichshafen in Germany.
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The new Jetcopter will meet all EASA requirements for new generation VTOL aircraft and will be certified according to EASA regulations. In the latest configuration, the Jetcopter will have five seats.
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The Jetcopter will be powered by two 500 hp (368 kW) converted automotive motors, rotating two 200 cm diameter air turbines. These air turbines will create an airflow velocity of 950 km/h. This airflow will be diverted to four endpoints, where it can be vectored to any direction, resembling the system that was used in the Hawker ´jump jet´ Harrier in 1967.
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Handling the Jetcopter will however be very different from the Harrier: the Jetcopter will be able to hover like a drone; the pilot will only have to select the desired altitude, direction and speed to make the urban taxi fly to its destination.
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With its 1000 hp, the Jetcopter will have a range of 1000 km and speed above 300 km/h. The new Jetcopter will offer a Maximum Take-off Weight of 2000 kg.
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Aeroflot PJSC has reported operating results for Aeroflot Group and Aeroflot – Russian Airlines for February 2019.
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In February 2019, Aeroflot Group carried 3.9 million passengers, a year-on-year increase of 17.2%. Aeroflot airline carried 2.6 million passengers, a year-on-year increase of 15.9%.
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Group and Company was up 17.5% and 11.5% year-on-year, respectively. Capacity rose by 18.4% for Aeroflot Group and by 12.5% for Aeroflot airline.
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Aeroflot Group’s passenger load factor was 77.5%, representing a 0.6 point decrease versus the same period a year earlier. The passenger load factor at Aeroflot – Russian Airlines decreased by 0.7 points year-on-year to 75.3%.
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ST Engineering’s Electronics sector has launched SERIS® Airport Analytics to address the rising air traffic volume faced by global aviation markets.
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As pressures intensify with surging air transport demands, SERIS® Airport Analytics is designed to enhance airports’ operational performance through data-driven and fact-based decision-making. Leveraging its advanced intelligence capabilities powered by machine learning and artificial intelligence, airport operators will be able to reduce delays in air traffic flow and congestion in airports during peak times, delivering a more seamless travel experience to passengers.
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“Cities are facing urbanisation pressures like infrastructure challenges on land, at sea, and in the air. As a leading Information Communications Technologies provider and co-creator of smart city solutions, we help our customers adapt to new challenges and meet resource demands through the use of cutting-edge technologies,” said Mr Low Jin Phang, General Manager of Info-Software Systems, Electronics, ST Engineering.
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For airports, ST Engineering’s portfolio ranges from Robotics and Automation to Aviation Security and Advanced Simulation solutions. In Airport Operations, its integrated SERIS® Airport Operations Centre System enables Airport Collaborative Decision Making (A-CDM) and day-to-day operations. Airport Analytics further expands its solution portfolio for airports.
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