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Thursday, August 01, 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.


GE Aviation’s adaptive cycle engine test exceeds expectations

July 30, 2013 · 31 Views

GE Aviation’s adaptive cycle engine core test exceeded target temperatures by more than 130 degrees Fahrenheit, demonstrating the highest combination of compressor and turbine temperatures ever recorded in aviation history. Based on the successful core test’s proof of the durability of the hardware, the first full adaptive cycle engine test is scheduled for the fourth quarter of 2013 in cooperation with the U.S. Air Force Research Laboratory (AFRL). GE’s adaptive cycle engine integrates proven commercial engine technologies: the next-generation LEAP* high-pressure compressor; heat-resistant ceramic matrix composites (CMCs) in the combustor and high-pressure turbine; and additive manufactured components that result in a 25% improvement in fuel efficiency, a 30% increase in aircraft operating range and a five-to-10% improvement in thrust compared to today’s most advanced military combat engines. Following completion of full engine testing in the Adaptive Versatile Engine Technology (ADVENT) program, GE will continue to mature its adaptive cycle technology through the Air Force’s Adaptive Engine Technology Development (AETD) program, which is scheduled to conclude in 2016 following fan rig testing and a core engine test.


Sibylle Pähler joins Doric Senior Management

July 30, 2013 · 46 Views

Sibylle Pähler has joined Dr. Peter E. Hein and Bernd Reber as managing director of Doric GmbH. She is responsible for the acquisition and structuring of investments. Ms. Pähler has been with Doric since its founding. She has held a number of senior positions and played a major role in growing Doric‘s product portfolio. Prior to Doric, Ms. Pähler worked at Citigroup in Asset Finance for over 15 years. Doric‘s two other managing directors and founding shareholders, Dr. Peter E. Hein and Bernd Reber, remain in charge of Doric‘s strategic and technical Asset Management, and Fund Management respectively. In June 2013 the shareholders of Doric GmbH launched Doric Lease Corp (DLC) as an operating lessor company. DLC is not a member of the Doric group of companies.


400th milestone for Vector Aerospace

July 30, 2013 · 26 Views

Vector Aerospace UK, a leading provider of aviation maintenance, repair and overhaul (MRO) services for fixed and rotary wing aircraft operators around the globe, announced that its facilities in Gosport, UK has just completed its 400th major aircraft refinish project. The facility, which has four large paint and strip bays capable of taking aircraft as large as the Chinook, has carried out major surface refinish on a number of different rotary wing platforms since 2008 when it acquired the DARA site from the Ministry of Defence. Aircraft such as the Chinook, Sea King, Lynx, Merlin, Puma and Gazelle have all benefited from Vector Aerospace’s commitment and MRO capabilities. Together with its airframe work, the team at Fleetlands also works on an extensive range of engine accessories and Quick Exchange Nacelles.


WestJet reports second quarter net earnings of $44.7m

July 30, 2013 · 19 Views

WestJet announced its 33rd consecutive quarter of profitability, with record second quarter net earnings of $44.7m. This compares with the net earnings of $42.5m reported in the second quarter of 2012. These results include $8.4m of one-time pre-tax transition costs associated with WestJet’s business transformation initiative. Based on the trailing twelve months, the airline achieved a return on invested capital of 14.4%, up from the 14.3% reported in the previous quarter.


EirTrade Aviation completes purchase of 737-500 airframe for teardown at new Irish facility

July 30, 2013 · 23 Views

EirTrade Aviation Ireland has completed the acquisition of a 737-500 aircraft which will be dismantled in their hangar at Ireland West Airport, Knock, Co. Mayo. This is the first 737CL aircraft to be purchased by EirTrade for teardown and will be the third aircraft to be disassembled at their facility, this year. EirTrade Aviation Ireland was founded by a team of aviation professionals in 2010 and has its headquarters in Dublin, Ireland. EirTrade provides aircraft and engine teardown management, sales and consignment of aircraft and engine components and back to birth traceability on aircraft engine records to maximise their value.


Rolls-Royce receives $195.5m contract for Liftsystem production, support for F-35B Lightning II

July 30, 2013 · 18 Views

Rolls-Royce has been awarded a $195.5m contract to produce and support LiftSystems for the F-35 Lightning II program, the unique technology that provides vertical-lift for 5th-generation combat aircraft. The Rolls-Royce LiftSystem enables F-35B aircraft to perform short takeoffs and vertical landings (STOVL) and is currently in service with the US Marine Corps in Yuma, Arizona. The final agreement with Pratt & Whitney for the fifth production lot includes three complete LiftSystems, spares, sustainment, program management, engineering and field support. Rolls-Royce has delivered 35 LiftSystems and has expanded field support to include five bases which are flying F-35B aircraft.


AJW Group appoints Deepak Sharma Technical Director

July 30, 2013 · 81 Views

The AJW Board of Directors has promoted Deepak Sharma to overall Company Technical Director of the AJW Group and a position on the Board. AJW is currently embarking on a significant restructuring programme to unify divisions and Sharma will manage the streamlining and expansion of the Company’s MRO and Technical capabilities. With overall responsibility for AJW Aviation’s technical and inventory departments, the existing repair management division, vendor management, and warranties across the entire organisation; Sharma will now additionally supervise AJW Technique’s fast-growing global Customer Service activities.


Republic Airways’ flight attendants approve new contract

July 30, 2013 · 18 Views

Republic Airways released that flight attendants for its three regional carriers have approved a new five-year labor contract. The ratification vote concluded this afternoon with flight attendants from Chautauqua Airlines, Republic Airlines and Shuttle America voting in favor of the agreement. The new contract includes increases in pay, improvements in quality of life and more flexibility in scheduling. The new agreement became amendable on July 29, 2018.


Cirrus Aircraft Vision SF50 jet program reports significant progress toward certification

July 30, 2013 · 25 Views

Cirrus Aircraft announced the Vision SF50 personal jet program has made significant progress toward certification, including acquisition of manufacturing equipment to build the new airplane. The company confirms that first delivery is still scheduled for late 2015. The next steps in the Vision SF50 jet program involve building conforming aircraft for further certification testing and preparing the Cirrus headquarters in Duluth and its manufacturing facility in Grand Forks, N.D., for production.


Sukhoi Superjet 100 expands to Japan

July 30, 2013 · 10 Views

On July 30th 2013 Yakutia Airlines has operated the first flight from Niigata at Japan Honshu Island to Vladivostok in the Russian Far East by Sukhoi Superjet 100. Earlier in the day, the aircraft performed a ferry flight from Osaka to Niigata, where, following an old aviation tradition, the aircraft was welcomed with a water bridge courtesy of the Niigata Airport Fire Department. Yakutia Airlines will also operate flights with the Sukhoi Superjet 100 from Niigata to Khabarovsk — the capital of the Far East Federal District of Russia.


ExpressJet selects AAR to provide landing gear overhaul services

July 30, 2013 · 19 Views

AAR announced a five-year contract with ExpressJet Airlines to provide landing gear overhaul services on its fleet of 104 Embraer ERJ-145XR aircraft. AAR will perform gear overhauls in a dedicated regional aircraft product area at its 180,000-ft² Landing Gear Services MRO facility in Miami. ExpressJet, a wholly owned subsidiary of SkyWest, is the world’s largest regional airline.


SAS accomplished unsecured private placement of €35m

July 31, 2013 · 28 Views

SAS (Scandinavian Airlines System Denmark -Norway- Sweden) has on 30 July 2013 managed to accomplish a private placement of €35m. The private placement is unsecured and has a 5 years term. The funds will be used to support SAS’ longer term liquidity level and be used to pay off upcoming unsecured maturing debt. The private placement has been completed in accordance with current market conditions with private investors. Deutsche Bank has acted as a sole advisor for the transaction.


GE Aviation and CAIGA sign agreement for H80 Family Authorized Service Center in China

July 31, 2013 · 16 Views

China Aviation Industry General Aircraft (CAIGA) signed an agreement with GE Aviation to become the first Authorized Service Center for the H80 turboprop engine family in China. With this agreement, CAIGA Customer Service Center can perform line maintenance inspections and routine engine maintenance, including removal and replacement of H75, H80 and H85 engines and engine components. Last year, CAIGA selected GE’s H85 turboprop engine to power CAIGA’s five-seat, light single-engine pressurized turboprop business aircraft with a carbon fiber composite airframe. It is one of the fastest pressurized single-engine turboprop aircraft in its class.


ANAC Brazil approves PEMCO 737 Freighter STC’s

July 31, 2013 · 12 Views

PEMCO World Air Services announced the approval of its Boeing 737 300/400 passenger to freighter modifications by ANAC (Agência Nacional de Aviação Civil), Brazil. Expansion into Brazil adds to PEMCO’s global reach and represents the 30th major national aviation authority certification of its industry-leading 737-300/400 Freighter, Combi and Quick Change products. Approval by ANAC was accomplished in cooperation with the U.S. FAA who provided guidance based on familiarity with PEMCO’s conversion products and multiple worldwide bilateral approvals and certifications. Company executives noted the significance of this approval as a gateway to serve the enviable Brazilian economy and its increasing demand for more modern regional freighters. Over the past few weeks PEMCO has already delivered two 737-400 11-position high-yield freighters to two different Brazilian air carriers with a third scheduled for next month.


Reliance Aircraft International disassembles ex-Gulf Air 767-300ER

July 31, 2013 · 72 Views

Reliance Aircraft International, Austin, TX is disassembling an ex-Gulf Air 767-300ER, -80C2 power (24485). Terry Hix, President states “This will be the 10th aircraft disassembled by RAI since its company launch in 2011. RAI’s diverse inventory along with the extensive knowledge of both Boeing and Airbus aircraft by our team allows us to support a wide spectrum of the commercial aftermarket all while providing immediate hands on customer service”. RAI is located in the heart of Central Texas and welcomes the opportunity to support customer needs worldwide.


Boeing Goldcare selects AerData’s STREAM records management solution

July 31, 2013 · 33 Views

AerData, a provider of software and services for the aviation industry announced that Boeing will use STREAM records management solution in support of its GoldCare program for airline fleet maintenance. STREAM (Secure Technical Records for Electronic Asset Management) is the industry’s foremost web-based solution used by the world’s leading airlines, lessors and MROs to manage scanned aircraft and engine records. AerData will scan the aircraft technical records and make these available to Boeing personnel supporting GoldCare. GoldCare is a flexible lifecycle solution that offers a tailored combination of maintenance engineering and planning, material management and maintenance execution as a multiyear service managed by Boeing.


Germania chooses IFE Services for passenger entertainment

July 31, 2013 · 16 Views

IFE Services released that it is Germania’s new passenger entertainment provider. IFE Services will provide the Berlin-based carrier with a regularly updated package of Hollywood movies, popular TV programmes and great music for the enjoyment of passengers across the airline’s entire fleet. All content will be available in German and English.


FLY Leasing acquires one new B777-300ER, agrees to acquire a B787-8

July 31, 2013 · 28 Views

FLY Leasing has taken delivery of a new Boeing 777-300ER aircraft on a purchase and leaseback transaction with LATAM Airlines Group (“LATAM”). Additionally, FLY has entered into a purchase and leaseback agreement with LATAM for a new Boeing 787-8 aircraft scheduled for delivery in September 2013.


Avcorp and IAMAW sign six year collective agreement

July 31, 2013 · 23 Views

Avcorp Industries released that International Association of Machinists and Aerospace Workers Local Lodge 11 have ratified a new 6 year collective agreement contract with the Company on July 30th, by a two-thirds majority. This six year agreement provides improvements to base wage rates each year and improvements to benefits, as well as incentives for early and normal retirees during the first two years of the contract.


SAS Group finalizes sale and leaseback of six aircraft

July 31, 2013 · 25 Views

As part of the recently launched plan to improve the financial position of SAS Group, 4 Excellence Next Generation, SAS has now finalized the sale and leaseback of six Boeing 737-600´s to Deucalion Capital X Limited (advised by the German Bank DVB Bank SE) and the Irish based engine leasing company ELFC (Engine Lease Finance Cooperation) acting jointly. “This sale and leaseback transaction represents an important step in the improvement of SAS’ financial position. In February, we succeeded with a sale and leaseback agreement on spare engines and we now further increase our liquidity from asset sales with this agreement,” said Göran Jansson, SAS Group CFO. The sale and leaseback is completed by the end of July. The lease periods are four to five and a half years. Net cash effect for SAS Group is estimated at MSEK 500.


Boeing expands 787 flight training support in Europe

July 31, 2013 · 9 Views

Boeing is enhancing its flight training support for customers of the 787 Dreamliner with an additional 787 full-flight simulator at the Boeing Flight Services campus in London. The new device, ready for training in the first quarter of 2014, will join two other 787 flight simulators currently used for training airline pilots at the London Gatwick campus and expand Boeing’s capabilities in support of the growing needs of customers in Europe, Africa and the Middle East taking deliveries of the 787 Dreamliner.


EADS reports solid half-year results, changes name to Airbus

July 31, 2013 · 17 Views

EADS reported increased revenues and profitability for the first half of 2013, driven mainly by its commercial aircraft business. Order intake increased sharply to €96.6bn with the order book value reaching €634.8bn at the end of June. The reported EBIT amounted to €1.5bn with a half-year Net Cash position of € 5.9bn. In the first half of 2013, EADS’ revenues increased 6% to €26.3bn (H1 2012: €24.9bn), reflecting the aircraft delivery pattern at Airbus Commercial and broadly stable revenues at Eurocopter, Astrium and Cassidian combined. The Group’s defence revenues were stable at €5.0bn. EADS’ reported EBIT increased to €1.5bn (H1 2012: €1.1bn) and included €136m in one-off charges at Airbus. This comprised €28m in expected charges related to the A380 wing rib feet repair based on H1 deliveries with the remaining €108m for the pre-delivery payment (PDP) dollar mismatch and balance sheet revaluation. EADS conducted a strategy review, which paved the way for two important Board decisions. Firstly, the Group plans to integrate Airbus Military, Astrium and Cassidian into one Defence and Space Division. Secondly, the Group will enhance integration and cohesion by renaming the Group and its Divisions using the globally recognised Airbus brand.

The Airbus Group will consist of three Divisions:

• Airbus, responsible for all commercial aircraft activities;
• Airbus Defence & Space, home to the Group’s defence and space activities including Military Transport Aircraft;
• Airbus Helicopters, comprising all commercial and military helicopter activities.

Based on the H1 2013 results, EADS reaffirms its full year guidance for all Key Performance Indicators (KPIs) except the order intake at Airbus Commercial which has been increased further.