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Wednesday, July 03, 2013

AviTrader Daily Aviation News Alert

This is an overview of all articles linked within the selected daily newsletter.
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Emirates reject Delta’s apology regarding Anderson’s 9/11 comments

February 20, 2015 · 556 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.


Snecma and HAL to create joint venture and build a new production facility in India

February 20, 2015 · 655 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.


Design flaws led to 787 battery fire

December 2, 2014 · 197 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.


Rolls-Royce forced to axe 2,600 jobs after second profit warning this year

November 5, 2014 · 164 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.


Air France-KLM selects GEnx engines for Boeing 787 fleet

March 25, 2014 · 113 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.


ILFC closes $1.5bn senior secured term loan

March 7, 2014 · 80 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.


Airbus Commercial reports another year of financial improvement

February 26, 2014 · 80 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).


Boeing Commercial Airplanes reports full year revenue of $53bn

January 29, 2014 · 76 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.


A350 XWB in Bolivia for high altitude testing

January 9, 2014 · 67 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.


Firefly welcomes first ATR 72-600

July 5, 2013 · 66 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.


GE’s Passport engine begins first full engine test

June 26, 2013 · 42 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.


Rolls-Royce wins order from CIT to power 23 aircraft

May 22, 2013 · 55 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.


STS Component Solutions announces promotions

July 1, 2013 · 41 Views

STS Component Solutions announced several promotions: Dan McNamara has been promoted to Lead Repair Administrator. Luis Garcia is now the Director of Sales, Americas. Luis’s primary responsibilities will consist of leading the North and South American sales force. Karina Cedano has been promoted to Regional Sales Director, South America and the Caribbean. Tony Perdisatt, has been promoted to the role of Regional Sales Director, North America and will be responsible for the continued marketing of STS’ products and services throughout all customer targets within the North American region. Fio Ormeno has been promoted to Project Administrator. Fio will also assume responsibilities as a Senior Customer Support Representative. Tammie Lock and Collin Saint have been promoted to Senior Customer Support Representatives.


Ameco Beijing expands international airframe overhaul business

July 1, 2013 · 19 Views

Ameco Beijing completed two Boeing 737-800 C-checks for Nok Air in June. It is the first time for Ameco to provide overhaul services for Nok Air. Nok Air is a new low-cost airline with one of the highest number of domestic routes now within Thailand. In recent years, Ameco is dedicated to expanding the 3rd party international airframe overhaul business. Besides Nok Air, Ameco has already built up new cooperation with customers such as MEGA Maldives Airlines, Business Air, ACT Airlines and T’way Air since 2012. At the same time, Ameco also keeps long-term relationship in heavy maintenance with the airlines from North America, Europe, Russia/CIS, and Asia Pacific area. Moreover, on April 16, Ameco signed three Boeing 747 heavy maintenance contracts with Southern Air at MRO Americas that further enlarges Ameco’s North America customer group. Ameco Beijing’s annual turnover in airframe overhaul services saw a sustainable growth these years. Based on statistics, Ameco’s revenue in airframe overhaul for the 3rd party international customers increased by CAGR 20% in the past five years. In particular, the revenue for the 3rd party international airframe overhaul services saw a sharp rise of 29% in 2010 and 55% in 2011 with the proportion almost 59% and 78% in total airframe overhaul workload. It kept a steady growth of 5% in 2012.


Turbomeca appoints Chantal Grésillon VP, Continuous Improvement

July 1, 2013 · 23 Views

Turbomeca released that as from 1st July, Chantal Grésillion has been appointed VP, Continuous Improvement. Chantal Grésillion, a graduate of ENSMA (Graduate School for Aeronautical and Mechanical Engineering), began her career in 1982 with Dassault Aviation within their Structures Stress Office. From 1986 to 1990, she worked for the Design Office at Turbomeca as a Mechanical Analysis Engineer. She then became Project Engineering Manager, remaining in this position until 2000. Between 2000 and 2003, she was Manager of the Investigation sub-department, and was then appointed to Head of the Materials, Processes and Investigations department. In parallel to this role, Chantal also performed the role of Director of laboratories for the Safran network. In 2008, she became Head of the Combustion Industrial Competence Center. Chantal Grésillon has been Manager for Progress Initiatives since November 2011. In 2008, Chantal Grésillion became Head of the Combustion Industrial Competence Center. Chantal Grésillon has been Manager for Progress Initiatives since November 2011.


Finnair seeks approval to join current BA’s and JAL’s joint business agreement on flighs between Japan and Europe

July 1, 2013 · 17 Views

The first step has been taken to enable Finnair to join British Airways and Japan Airlines in their successful joint business on flights between Europe and Japan. The three airlines intend to cooperate commercially by sharing revenue and by coordinating flight schedules and fares in order to offer greater benefits to customers travelling between Europe and Japan. The new joint business arrangement is subject to regulatory approvals. Bringing Finnair into the agreement will not only strengthen the joint business, it will also enable the oneworld alliance to compete more effectively around the world with other global alliances. British Airways and JAL entered into a joint business arrangement in October 2012 providing their customers with better links between the EU and Japan, with more flight choices and enhanced frequent flyer benefits. The addition of Finnair to the joint business will further enhance these customer benefits and allow the three airlines to cooperate on expanding their presence within and to and from this important market.

Furthermore, as of July 1st, Finnair joined the transatlantic joint business founded by fellow oneworld alliance members American Airlines, British Airways and Iberia. As of July 2nd, Finnair customers flying to North America can book flights to dozens more North American cities on one single ticket. Customers of the other three airlines now also have better access to 13 cities in Finland and the rest of Europe, thanks to efficient Nordic and Baltic connections from Finnair’s Helsinki hub.


Irish company Eirtech Aviation wins Southwest Airlines contract

July 1, 2013 · 25 Views

Eirtech Aviation confirmed details of a major contract win with one of the largest airlines in the world, Southwest Airlines. The Shannon-headquartered, Irish aviation services company has developed an innovative solution for Boeing 737 aircraft, for a technical modification that has been mandated by the Federal Aviation Authority (FAA). By 2016, all owners and operators of Boeing 737’s must complete the mandated modification on their aircraft. Eirtech Aviation’s solution to the Boeing 737-specific technical problem is around half the price of alternative solutions and reduces the installation time by more than 50% over other providers. The contract will see Eirtech Aviation working with Southwest Airlines to modify its fleet of affected Boeing 737 aircraft, as directed by the Federal Aviation Authority (FAA), ensuring regulatory compliance. Eirtech Aviation’s team in Shannon developed the solution, which involves the manufacture of ‘wiring kits’ and the provision of the supporting engineering documentation. A team from Eirtech Aviation will head to Dallas to assist Southwest’s engineers on the first installation of the kits, to ensure early regulatory compliance.


Vector Aerospace and Sikorsky Aerospace Services sign agreement for customer service centre in UK

July 1, 2013 · 20 Views

Following an announcement at the Paris Airshow that Vector Aerospace has been appointed as a Sikorsky approved Customer Service Centre (CSC) in the United Kingdom, the company announced that the fourth Sikorsky VIP S-76 helicopter has been inducted into the maintenance facility in Gosport, Hampshire. The Customer Service Centres will offer Sikorsky S-76 operators complete aftermarket support – including Sikorsky trained local maintenance personnel for on-site comprehensive maintenance management, inspections and spare-parts procurement.


Nordwind Airlines chooses Turkish Technic for APU MRO Services

July 1, 2013 · 27 Views

In addition to previous agreements on base maintenance services Turkish Technic and Nordwind Airlines expand their relations and sign an agreement for APU maintenance. Under the agreement Turkish Technic will provide APU maintenance services to Nordwind Airlines for the APS3200 type APUs of its fleet.


Titan Airways expands airline support role

July 1, 2013 · 21 Views

Stansted-based charter specialist, Titan Airways, has boosted its airline support activity this summer in a two aircraft deal with Jet2.com. One of Titan’s three Boeing 757 aircraft has been contracted to the growing low-cost carrier on a damp lease basis and is currently based in Manchester, and Titan Airways’ Airbus A320-233 has been contracted on a wet lease basis and is currently based in Newcastle. Both aircraft are covering the peak summer period from May to mid-September on Jet2.com’s popular routes to the Balearics and to other Mediterranean destinations. Titan Airways’ all-white Airbus A320, the latest addition to the carrier’s expanding fleet, has been branded in Jet2.com’s colours (pictured) for the period of the lease.


Spirit AeroSystems names Heidi Wood, Duane Hawkins to senior leadership team

July 1, 2013 · 56 Views

Spirit AeroSystems has named two experienced industry executives to its senior leadership team: Heidi Wood as senior vice president, strategy, and Duane Hawkins as senior vice president, operations. Wood joins Spirit from Avjet Corporation, where she served as senior vice president and co-leader of global sales. Wood will report directly to the CEO. Hawkins comes to Spirit from Raytheon Missile Systems, where he has served since 2012 as vice president, deputy, air warfare systems.


TransDigm acquires electromechanical actuation division from GE Aviation

July 1, 2013 · 19 Views

TransDigm Group announced that it acquired the assets of GE Aviation’s Electromechanical Actuation Division for approximately $150m in cash on June 28, 2013. The business, which will be conducted by TransDigm through a new entity, Whippany Actuation Systems, (Whippany), located in Whippany, New Jersey, manufactures proprietary, highly engineered aerospace electromechanical motion control subsystems for civil and military applications. Product offerings include control electronics, motors, high power mechanical transmissions and actuators. Whippany’s revenues are estimated to be approximately $80m.


Air Lease Corporation places two new Airbus A321-200s with Monarch Airlines

July 1, 2013 · 20 Views

Air Lease Corporation signed long term lease agreements with Monarch Airlines (United Kingdom) for two new Airbus A321-200 aircraft with Sharklets and powered by IAE V2533 engines, which are scheduled for delivery in April and May of 2015.


Nepal Airlines firms up order for two Airbus A320 aircraft with Sharklets

July 1, 2013 · 24 Views

Nepal’s national flag carrier, Nepal Airlines Corporation (NAC) has signed a firm order for two Airbus A320 aircraft equipped with Sharklet fuel saving wing tip devices, following a Memorandum of Understanding (MoU) agreed in April. The A320 was chosen for its unique performance capability required for high altitude airport operations and its flexibility that enables it to be deployed on a wide variety of routes. Equipped with Sharklets to deliver unbeatable economics and up to four percent reduction in fuel burn, the aircraft will be the cornerstone of NAC’s modernised fleet.


Boeing delivers ILFC’s first 787 Dreamliner for operation by Norwegian

July 1, 2013 · 10 Views

Boeing, International Lease Finance Corporation (ILFC) and Norwegian celebrated several milestones on June 27th during a delivery ceremony for a new 787 Dreamliner. It was the first 787 delivered to ILFC and its lessee, Norwegian, which will operate the airplane. The 787 also marked the 700th airplane Boeing delivered to ILFC.


Monica Beusch appointed as general manager of Jet Aviation Zurich and head of EMEA and Asia FBO Services

July 2, 2013 · 15 Views

Jet Aviation has appointed Monica Beusch as the new general manager of Jet Aviation Zurich. Beusch will also serve as head of FBO Services in EMEA and Asia. In her new role as general manager, Beusch is charged with overseeing the Jet Aviation Zurich operation, as well as leading the FBOs in Geneva and Dusseldorf. As head of FBO Services in EMEA and Asia, Beusch is also responsible for ensuring all services meet customer needs and growing the network in strategic locations. She reports directly to Stefan Benz, Jet Aviation’s vice president of MRO and FBO operations, EMEA and Asia.


Doric Nimrod Air Three lists with Market Capitalisation of £220m

July 2, 2013 · 9 Views

Nimrod Capital and Doric Lease announced the successful listing of a new investment company on the London Stock Exchange (LSE). Doric Nimrod Air Three Ltd. (“DNA3”) aims to pay a quarterly dividend equivalent to 8.25% annum (based on the issue price of 100 pence per share) following the purchase and leasing of four Airbus A380 planes to Emirates. DNA3 continues an investment model that has been proven highly successful for UK investors as it has been for many years in Europe, and follows the launch of two previous successful offerings by Nimrod Capital. The Doric Lease Corp team, the lease asset manager, has a long and successful history in managing these types of aircraft investments. DNA3’s investment strategy is the purchase of four A380 aircraft, scheduled for delivery from September to November 2013, and leasing them to Emirates, each for a period of up to 12 years. DNA3 will aim to pay a dividend of 2.0625 pence per share per quarter, equivalent to an annual dividend of 8.25% per 100 pence share. Under the terms of the lease, the airline is responsible for insurance and all other service, maintenance and repair costs. In addition to the regular yield of 8.25 per cent, once the lease has expired, the aircraft are likely to be sold and investors paid out from the residual value.


€180m revolving credit facility for Finnair

July 2, 2013 · 17 Views

A €180m syndicated revolving credit facility for Finnair Plc. with Handelsbanken as coordinator and Handelsbanken, Pohjola, Nordea, Skandinaviska Enskilda Banken and Danske Bank as mandated lead arrangers, was signed on 2nd July 2013. The Facility carries a maturity of 3 years.


Airstream arranges purchase and lease of one ATR42-500 to Hevilift Group of Papua New Guinea

July 2, 2013 · 11 Views

Airstream International Group has arranged in collaboration with a large US based Lessor, the purchase and onward lease of 1 ATR42-500, to Hevilift Group. MSN501, previously owned by Danish Air Transport, Denmark, will be used to supplement Hevilift’s fleet of two ATR42-320s and three DHC-6 aircraft. Airstream has had a very successful first half of 2013 having concluded the sale and/or lease of 12 aircraft since the start of the year.


Air France selects UTC Aerospace Systems for E-Jet MRO services

July 2, 2013 · 16 Views

Air France has selected UTC Aerospace Systems to be the maintenance, repair and overhaul services (MRO) provider for various actuation, air management and electrical systems on Embraer E-Jet fleets that Air France supports for its customers. This is UTC Aerospace Systems’ first contract for E-Jet repairs with Air France. The three-year agreement covers MRO services for the electric power generating system, electric power equipment, air management system, and flight systems on the airline’s ERJ-170, ERJ-175 and ERJ-190 aircraft. The work will be performed by subsidiaries of UTC Aerospace Systems in Dijon, France and Maastricht, The Netherlands.


Delta Air Lines reports operating performance for June 2013

July 2, 2013 · 14 Views

Delta Air Lines reported system traffic for the month of June 2013 increased 0.7% compared to the same period in 2012, while system capacity was up 1.4%. System load factor for the month was slightly down, by 0.6 points to 87.5%.


737 MAX will optimize aerodynamics with BAE Systems’ electronics

July 2, 2013 · 11 Views

Boeing has selected BAE Systems to provide the spoiler control electronics for the new Boeing 737 MAX. The successful outcome of this competitive procurement was largely driven by the BAE Systems team’s ability to demonstrate a system that showed technical readiness and reduced development risk when introduced on the Boeing 737 MAX.


Management appointments at Safran

July 2, 2013 · 10 Views

General William Kurtz, is named Military Advisor to Jean-Paul Herteman, Chairman and CEO of Safran. He replaces Baudouin Albanel, who is retiring. Franck Saudo is named Executive Vice President, Operator Customers at Turbomeca (Safran), replacing Bruno Even, who is now Chief Executive Officer of Sagem. David Quancard, is named director of the Space Engines division at Snecma (Safran), replacing Martin Sion, who is now Chairman and CEO of Aircelle.