Wednesday, January 28, 2015
AviTrader Daily Aviation News Alert
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February 20, 2015 · 541 Views
The bitter dispute between US- and Gulf-based airlines has reached a new level after Emirates flatly rejected an open apology made concerning what was seen as incredibly tactless and insensitive remarks made by Delta’s Chief Executive, Richard Anderson. The unfortunate incident relates back to comments made by a group of American airlines that a number of the larger Gulf carriers had benefited from state subsidies amounting to a figure in excess of US$40bn. As a consequence the American airlines either wanted to renegotiate or scrap the current Open Skies agreement.
Offended by such claims, the Gulf carriers retaliated by questioning whether or not US airlines had received government subsidies totaling US$5bn in the wake of 9/11. Unfortunately Delta’s Anderson, responding to this claim on CNN, said: “It’s a great irony to have the United Arab Emirates from the Arabian Peninsula talk about that, given the fact that our industry was really shocked by the terrorism of 9/11, which came from terrorists from the Arabian Peninsula.” While the UAE and Qatar, two of the States’ allies who have offered either military or logistical support for international operations were particularly upset by these comments, Delta simply made it clear that Anderson had been responding to claims regarding post 9/11 subsidies. “He didn’t mean to suggest the Gulf carriers or their governments are linked to the 9/11 terrorists. We apologize if anyone was offended.”
Unfortunately the largest of the three main Gulf carriers did not see this as acceptable. “We believe that the statements made this week by Mr. Anderson were deliberately crafted and delivered for specific effect,” it confirmed in a statement. However US airlines continue to complain that they have lost significant numbers of bookings since 2008 as a result of Gulf competition and cited documents they indicate demonstrate aid which has allowed their competitors to offer cheap fares. In retaliation, Gulf officials say that most US carriers do not fly the same routes and are losing business only because they offer an inferior service.
This is not a dissimilar situation to the one between Gulf airlines and European carriers, including Lufthansa, and coincidentally has come at the same time as US airlines are trying to have US Exlm Bank closed down. They believe Gulf carriers are benefitting to a greater degree from the export credit agency. The tit-for-tat dialog continues with Western airlines showing concern for the safety of thousands of service industry jobs, a complaint to which Gulf carriers have responded by making it very clear they support at least as many jobs in the aerospace sector with their huge orders for aircraft.
February 20, 2015 · 639 Views
Snecma (Safran), a leading manufacturer of aircraft engines, and Hindustan Aeronautics (HAL), a leading aerospace manufacturer, signed a Memorandum of Understanding (MoU) on January 28th, 2015 in Bangalore to explore establishing a joint venture in India for the production of aero-engine parts. The proposed joint venture will initially focus on the manufacture of high-tech parts for the Dassault Rafale’s Snecma M88 engine, then subsequently contribute to other major aerospace projects of HAL & Snecma, in India and worldwide. Spanning over 30,000 m², the proposed joint venture’s new plant is expected to benefit from substantial investment by the two partners, providing it with state-of-the-art machinery and equipment. This agreement marks a major step forward in the long-standing collaboration between Snecma and HAL. The proposed joint venture will further broaden the scope of the excellent relations established over the past 60 years between Safran affiliates and the Indian aerospace industry. For example, Snecma manufactures the M53 engines powering the Mirage 2000H “Vajra” fighters operated by the Indian Air Force.
December 2, 2014 · 195 Views
On the 7th January 2013 a fire was reported on board a Boeing 787 Dreamliner while parked at Boston’s airport in the USA. The fire was put down to a problem with one of the plane’s lithium-ion batteries. A week later an All Nippon Airways 787 Dreamliner had to make an emergency landing after smoke was discovered inside the plane which was subsequently traced back to another lithium-ion battery. As a consequence of this incident, all 787 Dreamliners were grounded until April of that year until further acceptable testing and improvements were carried out to the battery system on board the plane. The battery itself was manufactured by GS Yuasa and comprised eight individual cells making up a combined weight of 63lbs.
Nearly two years later and the results of the investigation into the first incident have concluded that the lithium-ion battery installed in the plane should not have received certification by the FAA. The National Transport Safety Board (NTSB) were also critical of Boeing who they believed had erroneously ruled out the chances of thermal runaway in its assessment of the battery’s safety. Boeing’s battery tests to obtain original certification included crushing battery cells, driving nails through them and deliberately introducing short circuits to cause failure. Boeing found “nothing adverse happened” while these tests were carried out, and so deemed the battery’s box and internal protection to be of an acceptable standard. Boeing stated that it had followed the certification process set out by the FAA. It would seem that while the cause of the fire has been clearly identified, responsibility for its occurrence has not been accepted in full by anyone.
November 5, 2014 · 162 Views
Back in February this year, Rolls-Royce, the FTSE-100 engine maker, lost over £3bn of its value after shocking the market with its first profits warning in a decade. To announce a second one this October has created considerable concern and Rolls-Royce has decided that over the next 18 months they need to reduce costs by up to £80m a year by axing 2,600 jobs, the majority of which will be in the aerospace sector in Britain and the United States. The focus is on Rolls-Royce’s key Trent engines as they move from the development to the production phase, which consequently requires fewer engineers.
Back in February John Rishton, Rolls-Royce group’s Chief Executive, had admitted that the future was “bumpier than I had expected”, while blaming the current problems on deteriorating economic conditions and a tit-for-tat trade war between the EU and Russia over the Ukrainian crisis which had affected its nuclear and energy business as well as its power-systems unit. This week Rishton has had to admit that “We are taking determined management action and accelerating our progress on cost. The measures announced today will not be the last; however they will contribute towards Rolls-Royce becoming a stronger and more profitable company.”
Another consequence of the situation is the unexpected departure of Finance Director, Mark Morris, leaving the company after 27 year without any explanation. He will be replaced by David Smith, who is being promoted from Finance Director of the Rolls-Royce Aerospace division. This second profit warning saw share value fall 11% to 832p, wiping a further £2bn off the company’s value. However, news of the redundancies was well received by investors and the share price rallied by 2%, currently standing at 832p. This is clear confirmation of comments made by Espirito Santo’s analyst, Ed Stacey, who indicated that investors would be expecting a clear message from the new Finance Director and tight control on all finances.
March 25, 2014 · 111 Views
Air France-KLM selected the GEnx-1B engine to power its 25 Boeing 787 Dreamliners and 12 leased 787 aircraft. The total engine order is valued at more than $1.7bn. Air France-KLM and GE Aviation have also signed an agreement that will allow Air France-KLM to offer maintenance, repair and overhaul (MRO) services for the GEnx-1B engine. Under this agreement, Air France-KLM will be licensed to perform maintenance and overhaul work on the GEnx-1B engine and GE will provide technical support and assistance on overhaul workscoping and component repair licenses, comprehensive material support and training.
March 7, 2014 · 78 Views
International Lease Finance Corporation (ILFC) has closed a new senior secured term loan of $1.5 billion. The loan will bear interest at LIBOR plus 275 basis points with a 0.75% LIBOR floor, is priced at 99.5% of par value, and will mature in 2021. The collateral used to support the transaction has an initial weighted average age of 9.1 years. It will be secured primarily by a first priority-perfected lien on the equity of certain of ILFC’s subsidiaries, which directly or indirectly own a pool of aircraft and related leases. ILFC plans to use the proceeds for general corporate purposes, including purchasing aircraft and supporting the company’s liquidity cushion.
February 26, 2014 · 78 Views
In 2013, Airbus achieved a new industry record of 1,619 gross commercial orders (FY 2012: 914 gross orders) with net orders of 1,503 aircraft (FY 2012: 833 net orders), excluding ATR. Gross orders comprised 1,253 A320 Family aircraft, 77 A330s, 239 A350 XWBs and 50 A380s. Fourth-quarter orders included Emirates Airline’s agreement for 50 A380s and Etihad Airways’ order for 50 A350 XWBs, 36 A320neos and one A330-200F. Airbus Military (now part of Airbus Defence and Space) received 17 net orders (FY 2012: 32 net orders). Airbus’ net order intake increased sharply to €202.3bn (FY 2012: €88.9bn). At the end of 2013, Airbus’ consolidated order book was valued at €647.4bn (year-end 2012: €525.5bn). The Airbus Commercial backlog was worth €627.1bn (year-end 2012: €505.3bn), comprising 5,559 Airbus aircraft (year-end 2012: 4,682 units) and representing over eight years of production. Airbus Military’s order book was worth €20.8bn (year-end 2012: €21.1bn). Airbus series aircraft deliveries increased to 626 aircraft (FY 2012: 588 aircraft, including three A330s without revenue recognition). Airbus Military delivered 31 aircraft (FY 2012: 29 aircraft). Airbus’ consolidated revenues increased seven percent to €42,012m (FY 2012: €39,273m), reflecting higher commercial and military aircraft deliveries. The Division’s consolidated EBIT rose to €1,710m (FY 2012: €1,252m). Airbus Commercial’s revenues rose to €39,889m (FY 2012: €37,624m). The Airbus Commercial reported EBIT was €1,595m (FY 2012: €1,147m) with the EBIT before one-off at €2,216m (FY 2012: €1,669m). Airbus Commercial’s EBIT before one-off benefitted from the improved operational performance, including favourable volume, some better pricing and an improvement in A380 losses. It also included higher A350 XWB programme support costs. Revenues at Airbus Military rose to €2,893m (FY 2012: €2,131m), driven by the A400M ramp-up and higher volumes from both light and medium transport planes and tankers. The EBIT at Airbus Military was €166m (FY 2012: €93m).
January 29, 2014 · 74 Views
Boeing Commercial Airplanes fourth-quarter revenue increased to $14.7bn and full-year revenue increased to a record $53bn on higher delivery volume. Fourth-quarter operating margin improved to 10.3% and full-year operating margin grew to 10.9% on the higher volume, favorable delivery mix and continued strong operating performance. During the quarter, the company launched the 777X with 259 orders and commitments. During the year, the 787 program completed first flight of the 787-9, successfully launched the 787-10 and began operating at a 10 per month production rate in final assembly. The 737 program delivered at a record production rate of 38 per month and has won nearly 1,800 firm orders for the 737 MAX since launch. In 2013, a record 648 commercial aircraft were delivered. In January 2014, the company reached an eight-year contract extension through 2024 with the International Association of Machinists & Aerospace Workers District 751 (IAM). Commercial Airplanes booked 465 net orders during the quarter and 1,355 during the year. Backlog remains strong with 5,080 airplanes valued at a record $374 billion.
January 9, 2014 · 65 Views
The A350 XWB development aircraft, MSN3, is in Bolivia where it will perform a series of tests at the high altitude airfields of Cochabamba and La Paz. Cochabamba is around 8,300 feet above sea level, and La Paz is one of the world’s highest airports at 13,300 feet. Operations at such high altitude airfields are particularly demanding on aircraft engines, Auxiliary Power Unit (APU) and systems. The aim of these trials is to demonstrate and validate the full functionality of engines, systems, materials as well as to assess the overall aircraft behaviour under these extreme conditions. A number of take-offs with all engines operating and with simulated engine failures are being performed at each of the airfields to collect data on engine operating characteristics and validate the aircraft take-off performance. The autopilot behaviour will also be evaluated during automatic landings and go-arounds. Since the A350 XWB’s first flight with MSN1 on June 14th 2013, over 800 flight test hours have been performed in close to 200 test flights by both MSN1 and MSN3. In total the A350 XWB flight test campaign will accumulate around 2,500 flight hours with the fleet of five aircraft. The rigorous flight testing will lead to the certification of the A350-900 by the European EASA and US FAA airworthiness authorities, prior to entry into service in Q4 2014.
July 5, 2013 · 64 Views
Firefly, Malaysia Airlines’ subsidiary carrier has taken ownership of its first brand-new ATR 72-600. The aircraft is the first of 20 latest generation firm ATRs, plus 16 options, ordered by Malaysia Airlines in December 2012. Firefly currently operates 12 ATR 72-500s, and with the arrival of the new ATR 72-600s will almost triple its exclusively ATR 72 aircraft fleet, taking the total to over 30 aircraft.
June 26, 2013 · 40 Views
Certification testing is underway on the first Passport development engine at GE Aviation’s Peebles Testing Operation in Ohio. The engine began ground testing on June 24th and ran for more than three hours, reaching more than 18,000 lbs. of standard day sea-level takeoff thrust. Eight Passport engines and one core will be involved in the engine certification program. Flight testing on GE’s flying testbed is scheduled for 2014. Engine certification is expected in 2015. The Passport engine certification program follows three years of validation testing. GE Aviation has conducted validation tests on the fan blisk design, including two fan blade-out rig tests, ingestion tests and a fan aero rig test to demonstrate fan efficiency. Testing is complete on the third eCore demonstrator, and GE has accumulated more than 300 hours of testing on eCore demonstrators to date.
May 22, 2013 · 53 Views
Rolls-Royce has won an order from US leasing company CIT Aerospace for Trent XWB engines, to power ten Airbus A350 XWB aircraft and Trent 700 engines to power 13 Airbus A330 aircraft. The Trent XWB engines will power ten CIT A350 aircraft that were announced in January 2013 which were in addition to five A350 XWB aircraft already on order. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold. The engine variant that will power the A350-800 and -900 was awarded European Aviation Safety Agency (EASA) type certification in February. The engine will power the first flight of the Airbus A350 XWB this year and the aircraft’s first in-service flight in 2014.
January 27, 2015 · 251 Views
Marshall Aviation Services, the business aviation-focused arm of the Marshall Aerospace and Defence Group, announced it is widening its expertise into the FBO arena. It has secured the executive aviation handling facility (FBO) at Birmingham Airport and will formally open for business under the Marshall Aviation Services name within the next few months. Marshall has agreed a long term lease of the award-winning FBO, built in 2011 and located to the west of the airport. The glass fronted 4,000 m² (44,000 ft²) facility, includes 2,500m² (27,000 ft²) of hangarage space which will be available both to resident and ad-hoc visiting aircraft. Under the previous operator, the FBO was named Best Handling Agent/FBO by industry peers of the Baltic Air Charter Association (BACA) in 2013. The FBO is regularly used by BAE Avro RJ executive charter operator Cello Aviation and FlairJet, Marshall Aviation Services’ aircraft operations, charter and management company, will also have a presence there. The facility will continue to offer fuel services via Avfuel. Freddie Judge returns to his previous role to run the facility day-to-day as FBO Manager whilst overseen by Cambridge-based Pauline Smith, who has served in senior FBO roles with ExecuJet and Harrods Aviation in Dubai and London Stansted, respectively. Pauline was manager of Al Bateen Executive’s DhabiJet facility before joining Marshall’s in 2012. The Marshall Aviation Services’ team intends to position the facility as a world-class FBO, offering comprehensive amenities for both flight crew and passengers, including crew rest facilities, flight planning rooms, prayer room and visitor or residential crew offices.
January 27, 2015 · 47 Views
Aircraft cabin lighting specialists, STG Aerospace, announced the appointment of Neil Thomas as Engineering Director. A graduate in Electronic Engineering, a Chartered Engineer and a Chartered Manager, Neil joins the company having worked in airline cabin and avionics environments for more than 20 years, specialising in leading multi-disciplinary engineering teams and providing the technical interface to customers, including STC documentation and support.
January 27, 2015 · 42 Views
Gogo, a leading global aero communications service provider, reported that it’s on track for record aircraft installs in 2015. The company now has a backlog of well more than 1,000 commercial aircraft, more than half of which are expected to be installed in 2015. With the large backlog in commercial aviation and the company’s current trends in business aviation, Gogo expects to install a record number of aircraft in 2015. Recently announced domestic regional jet installs and certain international fleet wins are expected to make up the bulk of the installs for 2015. Gogo expects to bring 500 additional commercial aircraft online by the end of this year, which would bring the total number of commercial aircraft equipped with its connectivity service to more than 2600. Of the new installs, around 25 percent are expected to be international aircraft. In addition to new installs, Gogo continues to upgrade previously-installed ATG systems to its next generation ATG-4 technology, which triples peak speeds to the aircraft and brings more capacity to the sky. More than a third of the aircraft on which ATG was installed have been upgraded to ATG-4. Gogo expects close to half the commercial fleet operating in the U.S., or more than 1,000 aircraft, to be upgraded to the newer technology by the end of 2015.
January 27, 2015 · 254 Views
Aircastle increased the size of its existing unsecured revolving credit facility with Citibank, N.A., Goldman Sachs Bank USA, J.P. Morgan Chase Bank N.A. and Royal Bank of Canada, as joint lead arrangers, Citibank, N.A. as agent; and Citibank, N.A., Goldman Sachs Bank USA, J.P. Morgan Chase Bank N.A., Royal Bank of Canada, Credit Agricole Corporate & Investment Bank, DBS Bank Ltd., Los Angeles Agency, Union Bank, N.A. and Deutsche Bank AG New York Branch, as lenders. The facility, which will be used for working capital, including the acquisition of aircraft, was increased to US$600m from US$450m. Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of September 30th, 2014, Aircastle’s aircraft portfolio consisted of 140 aircraft on lease with 61 customers located in 37 countries.
January 27, 2015 · 251 Views
For the fourth quarter 2014, American Airlines Group reported a record GAAP net profit of US$597m. This compares to a GAAP net loss of US$2.0bn in the fourth quarter 2013, which includes the results for US Airways only for the period from the completion of the merger on December 9th, 2013, through December 31st, 2013. For full year 2014, GAAP net profit was US$2.9bn, compared to a full year 2013 GAAP net loss of US$1.8bn for AMR Corporation, which includes the results for US Airways only for the period from the completion of the merger on December 9th, 2013, through December 31st, of 2013.
January 27, 2015 · 376 Views
Aerodynamics, a leader in full-service shuttle operations and tailored corporate flight solutions, is pleased to announce that Mr. F. Darrell Richardson will lead ADI as the new CEO, President and Chairman of the company. Darrell Richardson is a seasoned and accomplished aviation professional with over forty five years of experience. In his previous aviation positions he has served in senior executive roles at numerous airlines such as; Continental Express, Mesaba Airlines, Pace Airlines, Piedmont Hawthorne Aviation, Piedmont Airlines, Phoenix Airline Services, InterIsland Aviation Services Group, most recent Silver Airways where he lead them to be named Regional Airline of the Year for 2013.
January 27, 2015 · 376 Views
CAE and Bombardier have signed an agreement for CAE’s acquisition of Bombardier’s Military Aviation Training business for approximately CA$19.8m. The closing of the transaction is conditional on usual conditions and regulatory approvals, and if those are obtained closing is expected to occur during 2015. This move significantly enhances CAE’s core capabilities as a training systems integrator (TSI) globally, and expands its offering into support for live flying training of future military pilots, including next-generation fighter pilots, for the Royal Canadian Air Force and its allies. Upon conclusion of this transaction, CAE will be the prime contractor responsible for the NATO Flying Training in Canada (NFTC) program that produces qualified military pilots for defence customers. Bombardier’s Military Aviation Training business includes approximately 200 employees supporting the NATO Flying Training in Canada (NFTC) program. NFTC was launched in 2000 and utilizes more than 700,000 km² of air space at Canadian Forces Base (CFB) Moose Jaw and CFB Cold Lake. In addition to classroom, computer-based, and simulator training, the NFTC program delivers live flying training on a fleet of Beechcraft T-6 (CT-156 Harvard) trainer aircraft and BAE Systems Hawk (CT-155 Hawk) lead-in fighter trainer aircraft. The NFTC program is also responsible for full maintenance and operation of the aircraft under the governance of Canada’s Department of National Defence airworthiness program. In addition to the Royal Canadian Air Force, other NATO partners and allies have sent student and instructor pilots through the NFTC program, including Denmark, the United Kingdom, Singapore, Italy, Hungary, Austria, Saudi Arabia and the United Arab Emirates. CAE is a global leader in providing comprehensive training solutions based on world-leading simulation technology and integrated training services. The company employs 8,000 people at more than 160 sites and training locations in 35 countries.
January 27, 2015 · 404 Views
On January 1st, 2015, Stéphane Cueille was named director of Safran Tech, Safran’s new Research & Technology center in the Paris-Saclay technology cluster near Paris, inaugurated January 27th. He reports directly to Eric Bachelet, Safran Vice President, R&T.
January 27, 2015 · 78 Views
On January 27th, Safran’s new Research & Technology Center, Safran Tech, was inaugurated at France’s leading science and technology cluster, in Saclay, near Paris. Safran Tech will eventually house some 300 scientists and engineers dedicated to research on key disciplines for all of Safran’s business sectors. Safran Tech reflects Safran’s corporate strategy of intensifying and pooling its R&T efforts to focus on several major disruptive technologies, in particular more electric aircraft, new aircraft propulsion architectures and new information and communications technologies. Safran has already invested nearly €60m in this venture, and the total will exceed €80m by 2018. Safran Tech will take the Group’s R&T to a new plane by facilitating open innovation. The center’s staff will team up with universities, government organizations, industry partners and innovative startups, working in joint laboratories or platforms to form a top-tier scientific community, characterized by creativity and connectivity, and open to the entire world. Safran Tech is already working with leading national research organizations such as the Université d’Orsay, Ecole Centrale de Paris, Sup’elec, Sup’Optique and ONERA, and will soon house a joint laboratory with the French Alternative Energies and Atomic Energy Commission, CEA, dedicated to research on sensors and their applications. Another upcoming venture is a joint vehicle robotics laboratory, created by PSA (Peugeot-Citroën), Valeo, the École des mines de Paris engineering school and Safran. Two research centers belonging to the École des Mines ParisTech (Ecole des Mines de Paris) will eventually be located on the site.
January 27, 2015 · 80 Views
AWAS has agreed to lease one A319 passenger aircraft to new customer Bangkok Airways in Thailand. This aircraft comes from AWAS’ existing portfolio, was delivered to the airline and will be used on Bangkok Airways network operating from Suvarnabhumi International Airport in Bangkok, Thailand.
January 27, 2015 · 98 Views
The board of Aer Lingus has recommended acceptance of an increased €1.36bn (US$1.5bn) takeover offer from IAG, who are now left with the problem of allaying any concerns the Irish Government may have in order to gain their approval. “IAG recognises the importance of direct air services and air route connectivity for investment and tourism in Ireland and intends to engage with the Irish government in order to secure its support for the transaction,” IAG made clear in a statement. Merrion Stockbrokers’ David Holohan made it clear that the assurances offered by IAG should lay to rest many of the government’s concerns.
“IAG has outlined plans for Aer Lingus which we believe are logical, attractive and will likely alleviate the concerns of the Irish government. Our view is that this news paves the way for the Irish government to support the deal,” said Holohan.
The revised offer from the owner of British Airways, IAG, is its third in six weeks and is worth €2.55 per share, up from a previous €2.40. This offer also includes a cash offer of €2.50 per share and a cash dividend of €0.05 per share. Aer Lingus have made it clear that its recommendation is subject to being satisfied with how IAG intends to address the interests of certain relevant parties, including its main shareholders Ryanair, and the Irish state. The Irish government had intended to sell its 25% interest as part of the 2010 bailout by the European Union and International Monetary Fund, but they subsequently postponed the proposition. However the government is now facing increased pressure from the two main political opposition parties, as well as the airline’s trade unions, not to sell.
IAG have made it clear it intends to operate Aer Lingus as a separate business with its own brand, management and operations. Transport Minister Paschal Donohoe will brief the cabinet on the offer on Tuesday, stating that they will look at how a merger would affect Aer Lingus’ workers and competition for air routes out of country. IMPACT, Aer Lingus’ main trade union, has intimated that a takeover could see the loss of up to 1,200 jobs, which is a quarter of the carrier’s workforce.
A successful takeover would provide IAG with more take-off and landing slots at London’s Heathrow Airport, British Airways home base and major European hub for international flights.
January 27, 2015 · 78 Views
Porter Aviation Holdings has completed the sale of its passenger terminal at Billy Bishop Toronto City Airport (BBTCA) to Nieuport Aviation Infrastructure Partners GP (Nieuport Aviation), a consortium of Canadian and international infrastructure equity investors. Nieuport Aviation comprises InstarAGF Asset Management Inc. (InstarAGF), Kilmer Van Nostrand Co. Limited, Partners Group, and institutional investors advised by J.P. Morgan Asset Management. Nieuport Aviation encompasses long-term infrastructure owners and operators with a deep local presence, significant international expertise in managing aviation infrastructure, and a commitment to world-class client service. PAHI operated terminal facilities at BBTCA through its subsidiary, City Centre Terminal Corp. (CCTC). Porter Airlines Inc., another PAHI subsidiary, will maintain and enhance its service at the airport in coming years. BBTCA is the ninth busiest airport in Canada, serving 2.4 million passengers in 2014. The terminal is a state-of-the-art facility newly constructed by CCTC in 2010. The airport is a major economic engine for the Greater Toronto Area, generating approximately CA$1.9bn in total annual economic impact and supporting approximately 5,700 direct and indirect jobs. It is accessible to about 6.6 million residents within a one-hour drive. In 2013, Billy Bishop Airport was recognized by Skytrax as one of the world’s best small airports.The sale price of the terminal is undisclosed.