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LATEST NEWS
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Friday, January 13th, 2023
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Minneapolis, Minnesota-based global investment firm Castlelake is providing financing through its aviation lending programme to United Airlines secured on four 2020-vintage 787-9 Dreamliners with a value in excess of US$540 million.
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"We are pleased to partner with United, one of the world's largest airlines, to provide them with tailored financing solutions to support their global growth strategy," said Armin Rothauser, Partner and Head of Asset-Backed Direct Lending at Castlelake. "In the current economic environment, we are seeing an increase in demand for flexible financing solutions and more opportunity to partner with airlines, lessors and other industry participants to deliver these solutions."
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Castlelake's Aviation has been investing in the aviation sector for some 17 years. In addition, since March 2020, the company has originated, purchased or committed approximately US$5.4 billion in aviation lending opportunities. This transaction with United builds on Castlelake's momentum working with aircraft operators as a capital provider and strategic partner, including the recent completion of two transactions totalling US$100 million.
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Since inception, Castlelake funds have invested over US$17 billion in aviation opportunities and has acquired more than 650 aircraft and developed relationships with approximately 200 airline partners. (£1.00 = US$1.22).
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SAS AB has reached agreements with two additional lessors, Air Lease Corporation and Jackson Square Aviation, representing 13 aircraft in the aggregate, to amend the terms of existing aircraft and equipment lease agreements. With these agreements, SAS concludes its lessor negotiations as part of the chapter 11 process.
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In total, SAS has reached agreements with 15 lessors, representing 59 aircraft. Through the amended lease agreements, SAS expects to achieve the targeted annual cost savings of at least SEK 1.0 billion in reduced aircraft lease expenses and annual cash flow items relating to aircraft financing. This constitutes an important step in achieving the SEK 7.5 billion in annual cost savings by fiscal year 2026 under the SAS FORWARD plan. The new amended lease agreements are subject to approval by the U.S. Bankruptcy Court for the Southern District of New York and to the plan of reorganisation in the chapter 11 process being confirmed and becoming effective.
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As part of SAS’ comprehensive business transformation plan, SAS FORWARD, SAS set a target for annual cost reductions of SEK 7.5 billion by fiscal year 2026, as compared to the annual cost base for fiscal year 2019. An important part of the targeted cost reductions, at least SEK 1.0 billion, are expected to be achieved in reduced aircraft lease expenses and annual cash flow items relating to aircraft financing. (£1.00 = SEK 12.70 at time of publication)
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Air Lease Corporation (ALC) has posted an update on aircraft investments, sales and significant financing activities occurring in the fourth quarter of 2022. As of December 31, 2022, ALC’s fleet was comprised of 417 owned aircraft and 85 managed aircraft, with 398 new aircraft on order from Boeing and Airbus set to deliver through 2028.
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The company delivered 16 new aircraft from ALC’s order book including two Airbus A220-300s, five A321neos, two Airbus A330-900neos, three Boeing 737-8s, three Boeing 737-9s and one Boeing 787-9.
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Furthermore, ALC recovered one Boeing 737-8 aircraft previously detained in Russia and sold five aircraft to third-party buyers. Aircraft investments in the quarter totalled approximately US$1 billion.
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The company issued US$700 million of 5.85% senior unsecured medium-term notes due 2027 and closed a US$400 million unsecured term loan facility with final maturity in 2027. (£1.00 = US$1.22 at time of publication)
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Having grounded the Boeing 737 MAX 8 in 2019 after fatal crashes in 2018 and 2019, the Chinese government has finally lifted its restrictions on the aircraft and a Boeing 737 MAX 8 took off from Guangzhou for a flight to Zhengzhou this Friday, January 13, based on information obtained from Flightradar24.
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Operated by China Sothern Airlines, the flight has taken place just as Chinese authorities have abandoned zero-COVID policies and the air travel market looks to recover rapidly.
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Blueberry Aviation has added Jon O’Connell to its commercial aircraft team as Commercial Director Asia-Pacific.
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O’Connell has over 30 years' experience in aircraft leasing, trading, finance, marketing, technical evaluation and management and has worked in senior leadership positions for airlines, aircraft manufacturers and leasing companies in various global locations during his extensive, international career in the commercial aviation industry.
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In recent years he was the Dubai-based Chief Commercial Officer for DAE Capital. Before his move to Dubai, as the Managing Director Asia Pacific Sales for AWAS, he had been responsible for AWAS’ regional presence for nearly 15 years having established the Singapore office in 2003. From 1995 to 2001, he was with Airbus’ Commercial Department based in Toulouse as part of the Asset Management team and then in Sydney responsible for aircraft sales in the Asia Pacific region.
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easyJet, Flughafengesellschaft Berlin Brandenburg (FBB) and the Brandenburg state government have celebrated the opening of the easyJet maintenance hangar at Berlin Brandenburg Willy Brandt Airport (BER).
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The new hangar, which started construction in September 2021, will provide easyJet with the capacity needed to ensure it can operate in the most efficient, safe and competitive way. The project was supported by the Wirtschaftsförderung Brandenburg as well as easyJet's chosen partner MRO Facilities, who managed the design and construction to deliver market-leading operational performance.
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The maintenance hangar was built in accordance with the German Building Energy Act Gebäudeenergiegesetz, GEG) and as such meets the requirements for energy-efficient construction in the EU. More than 100 easyJet employees will be responsible at the new facility in BER for the supervision and management of aircraft maintenance activities of the easyJet Europe-fleet, which currently comprises 135 aircraft (incl. eight A320neo and five A321neo aircraft). This will further improve the efficiency of operational processes and save maintenance costs in the long-term.
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easyJet continues to operate its aircraft as efficiently as possible, being one of the largest single-brand operators of A320neo-family aircraft in Europe and is always looking for further efficiency improvements to reduce fuel burn and therefore carbon emissions.
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The latest preliminary figures from WorldACD Market Data indicate that, consistent with a continued softening of market conditions, global air cargo tonnages has shown no signs yet of a post-holiday-season recovery, whereas last year there was already an upswing by the end of the first week of the year.
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Figures for week one (January 2-8th) show worldwide tonnages to be stable compared with the previous week, while last year in the same period an increase of +4% was observed. The underlying trend, therefore, seems to be a global weakening of demand. However, average rates held firm in the first week of 2023, showing an increase of +1% compared with the previous week, whereas last year a substantial decrease of -5% was recorded.
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Comparing weeks 52 and one with the preceding two weeks (2Wo2W), tonnages decreased -27% below their combined total in weeks 50 and 51, with a -5% decrease in capacity, while average worldwide rates declined -3% – based on the more than 400,000 weekly transactions covered by WorldACD’s data.
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In this two-week period, tonnages were significantly down between all regions, as is common this time of year. Notable decreases were recorded between Europe and Central and South America (-34% eastbound, -44% westbound), between Europe and North America (-34% eastbound, -42% westbound), between Europe and Africa (southbound -38%, northbound -27%) and between Europe and Asia Pacific (-34% eastbound, -15% westbound).
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Comparing the overall global market with this time last year, chargeable weight in weeks 52 and one was down -21% compared with the equivalent period last year, at -1% lower capacity. Notably, tonnages ex-North America are down by -29%, and ex-Asia Pacific tonnages are -26% below their strong levels this time last year. There were also double-digit percent year-on-year drops on tonnages outbound from Europe (-18%) and Middle East and South Asia (-12%). Overall capacity has fallen slightly (-1%) compared to the previous year and is down from Asia Pacific (-11%), Central and South America (-5%) and Europe (-2%), whereas from Africa (+12%), North America (+4%) and Middle East and South Asia (+4%) capacity remains above its levels this time last year.
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Worldwide rates are currently -28% below their unusually elevated levels compared to this time last year at an average of US$3.08 per kilo in week one, despite the effects of higher fuel surcharges, but they remain significantly above pre-COVID levels.
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Parker Meggitt, a business segment of Parker Hannifin Corporation, a global leader in motion and control technologies, has announced a partnership with Airbus to develop an energy buffer (eBuffer) in support of the ZEROe aircraft demonstrator.
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Parker Meggitt is working with Airbus to build energy storage equipment that will support electric propulsion. The eBuffer will maximize safety, efficiency and weight while balancing electric and mechanical constraints. The eBuffer will be an important piece of the electrical system that will complement the fuel cell primary power source and therefore will be one of the integral components of the Airbus ZEROe demonstrator aircraft.
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