2012 Edition INSIDE: Sponsored by DVB Bank SE AVITAS: MARKET OVERVIEW DVB: ON T

2012 Edition INSIDE: Sponsored by DVB Bank SE AVITAS: MARKET OVERVIEW DVB: ON THE HISTORY AND FINANCING OF THE 777 AND A330 VEDDER PRICE: LOWERING RISK ON PRE-DELIVERY PAYMENTS IBA: EXAMINING THE TRENDS IN ENGINE LEASE RATES Finance guide 2012 cover rough 6b_Layout 1 17/08/2011 12:35 Page 1 AFG Yearbook 2012.indd 1 07/09/2011 13:52 The leading specialist in international transport finance www.dvbbank.com Frankfurt/Main · Hamburg · London · Cardiff · Rotterdam · Bergen Oslo · Piraeus · Zurich · Singapore · Tokyo · New York · Curaçao DVB resized_DVB resize 26/07/2011 11:58 Page 1 AFG Yearbook 2012.indd 2 07/09/2011 13:52 2 GENERAL MARKET OVERVIEW: THE RECOVERY TAKES HOLD The aviation industry is recovering from the downturn but recent woes have reminded us of the need to take stock, forecast and evaluate. Introducing this year’s expert analysis, Adam Pilarski, SVP at Avitas gives his overview of the market. 8 STATE OF THE NATION: LESSORS ASSESS THE MARKET Paris orders, the sale of RBS, market saturation and the introduction of Basel III — aircraft lessors have much to contend with. Mary-Anne Baldwin spoke to lessors on these and other subjects. 16 LESSOR RANKING DATA Aircraft lessors’ managed portfolios ranked by estimated value. 22 PARTNERING FOR SUSTAINABLE GROWTH: HOW LESSORS, AIRLINES AND OEMS CAN WORK TOGETHER Today’s airlines understand the benefi ts that leasing can deliver yet lessors must adapt to meet airlines’ growing needs for fl exible fi nancing tools and customised solutions. Ray Sisson, president and CEO, AWAS provides his views. 28 FINANCING THE 777 FAMILY Few large aircraft programmes have enjoyed the fairytale success of the 777. Airlines commented that the 747 was “too big” or that the 767-300ER was “too small”. The 777 was welcomed as ‘just right’. Simon Finn, SVP, aviation fi nance at DVB Bank gives his detailed fi nancial analysis of the aircraft type. 36 FINANCING THE A330 Next year will be the 20th anniversary of the A330’s fi rst fl ight. With a competitor and successor taking shape, now seems a good time to review the fortunes of this popular aircraft and to ask what its future holds. Simon Finn, SVP of aviation at DVB Bank investigates. 42 LOWERING RISK IN PRE-DELIVERY TRANSACTIONS The claw-back risk is of importance to everyone involved in pre-delivery (PDP) transactions yet few understand its risk or how it might affect a transaction. Cameron Gee, shareholder at Vedder Price, de-mystifi es the claw-back risk in the US. 46 HOW THE PRICE OF OIL IS FUELLING ATM EFFICIENCY Paolo Carmassi, president of Honeywell EMEAI, explains how the price of jet fuel is making it important for airlines to adopt new ATM technologies to improve their operating effi ciency. 50 THE FUTURE OF ANCILLARY REVENUES The US Department of Transportation (DOT) recently called for airlines to provide in-depth reports on ancillary fees. Raphael Bejar, CEO of Airsavings gives his views on the matter. 54 ECAS: A MAJOR ASSET FOR THE SALE OF ATRS ABROAD Few doubt the magnitude of Export Credit Agencies (ECAs) role in fi nancing commercial aircraft throughout the last downturn, yet few mention their impact with regard to small aircraft. ATR speaks out. 58 IRELAND’S TAX ADVANTAGES It is estimated that about €83bn ($117) worth of aircraft are managed from Ireland. Why? Because of Ireland’s extensive tax treaty network. Ailish Finnerty and Caroline Devlin, both partners at Arthur Cox, explain the reasons for Ireland’s allure. 63 DOING BUSINESS WITH CHINA: THE RISKS AND REWARDS China is a crucial aviation partner yet it is also notoriously secretive and a potential threat to the West’s aerospace sector. Are we playing with the enemy, or allowing caution to hold us back? Scott Hamilton reports. 68 ENGINE LEASING UPDATE More engine leasing companies have entered the market and many airlines were either unwilling or unable to offl oad spare engines in the last recession. Alex Derber looks at the consequences. 74 TRENDS IN ENGINE LEASE RATES As the market rises from the ashes of another recession it is time for the analysts to assess the damage. Dr. Stuart Hatcher, head of valuations and modelling at IBA Group plays his part in the assessment as he evaluates engine lease rates. 80 CURRENT TRENDS IN THE USED AIRCRAFT MARKET Over the years, there have been several signifi cant trends in the evolution of used aircraft dispositions. Pete Seidlitz, president of Bristol Associates, examines the changes. 86 CARGO CONVERSION: CHOOSING THE RIGHT TIME Deciding to convert passenger aircraft to freighters is an important economic move that involves several key variables. These can make ‘yes’ compelling — or ‘no’ the only option. Chris Kjelgaard reports. 92 ANATOMY OF A SUCCESSFUL NARROWBODY FREIGHTER FLEET START-UP Building a new freighter fleet is a complicated process. At its heart is selecting the right aircraft for the job. Kevin Casey, president of Pemco looks at some of the things cargo operators may consider when expanding their fl eet. 96 FINANCING AIRCRAFT SPARES Component OEMs encouraged airlines to fi nance spares through costly initial provisioning (IP) programmes. That was until two things changed it. John Avery, director of supply chain services and Ian Malin, treasurer and chief investment offi ce at AJ Walter explain. 100 THE UK BRIBERY ACT: DON’T GET CAUGHT OUT In certain circumstances, payments help things happen. But the UK’s new Bribery Act will make what seems a normal course of action, an illegal one. Richard Mumford, partner and head of the dispute division at ASB Law, a specialist in aviation law, explains. 106 AIRCRAFT TRANSACTIONS Full listing of transactions for Boeing and Airbus passenger aircraft, 1H 2011 EDITOR Mary-Anne Baldwin mary-anne.baldwin@ubmaviation.com STAFF WRITERS Alex Derber aderber@ubmaviation.com PRODUCTION & DESIGN The Magazine Production Company Dean Cook deancook@magazineproduction.com FRONT COVER DESIGN Kalven Davis kalven.davis@ubmaviation.com CIRCULATION MANAGER & E-EDITOR Paul Canessa paul.canessa@ubmaviation.com INTERNATIONAL MEDIA SALES MANAGER Alan Samuel alan.samuel@ubmaviation.com PUBLISHER & SALES DIRECTOR Simon Barker simon.barker@ubmaviation.com GROUP PUBLISHER Anthony Smith anthony.smith@ubmaviation.com AIRCRAFT FINANCE GUIDE 2012 The Aircraft Finance Guide (Print) ISSN 2044-8015 (Online) ISSN 2044-8023 is published annually in September by UBM Aviation Publications Ltd. Airline Fleet Management (Print) ISSN 1757-8833 (Online) ISSN 1757-8841. (USPS 022-324) is published bi-monthly, in January, March, May, July, September and November by UBM Aviation Publications Ltd. Distributed in the USA by SPP c/o 95, Aberdeen Road, Emigsville, PA 17318-0437, USA. Periodicals postage paid at Emigsville, PA, USA. POSTMASTER: send address changes to: Airline Fleet Management (AFM) c/o SPP P.O. Box 437 Emigsville, PA 17318, USA. AFM UK annual subscription cost is £150.00 GBP. AFM Overseas annual subscription cost is £170.00 GBP or $300 USD. AFM single copy cost is £25.00 GBP (UK) or $50.00 USD (Overseas). Aircraft Finance Guide single copy cost is £55.00 GBP (UK) or $110.00 USD (Overseas) All subscription records are maintained at: UBM Aviation Publications Ltd. 7th Floor, Ludgate House, 245 Blackfriars Road, London, SE1 9UY, UK. All subscriptions enquiries to: Paul Canessa: paul.canessa@ubmaviation.com Tel: +44 (0) 207 579 4873 Fax: +44 (0) 207 579 4848 Website: www.ubmaviationnews.com Front cover sponsored by: DVB Bank Printed in England by: Pensord Distribution/Mailing: Flostream UK The Aircraft Finance Guides and AFM magazine, part of UBM Aviation Publications Ltd, have used its best efforts in collecting and preparing material for inclusion in these publications but cannot and does not warrant that the information contained within these publications are complete or accurate, and does not assume and hereby disclaims, liability to any person for any loss or damage caused by errors or omissions in either the Aircraft Finance Guide or in AFM, whether such errors or omissions result from negligence, accident or any other cause. This publication may not be reproduced or copied in whole or in part by any means without the express permission of UBM Aviation Publications Ltd. Airline Fleet Management™ is a licensed trademark of UBM Aviation Publications Ltd. All trademarks used under license from UBM Aviation Publications Ltd. © 1999 – 2011, UBM Aviation Publications Ltd. All rights reserved. 1 AIRCRAFT FINANCE GUIDE 2012 AFG Yearbook 2012.indd 1 07/09/2011 13:52 2 AIRCRAFT FINANCE GUIDE 2012 AIRCRAFT FINANCE GUIDE AIRCRAFT FINANCE GUIDE T HE ECONOMIC DOWNTURN THAT BEGAN in late 2007 was, from a global perspective, the most severe downturn since World War II. The recession was largely triggered by a fi nancial crisis in the US that spread quickly to other advanced economies, particularly in Europe. World passenger traffic dropped 1.5 per cent in 2009 yet moving into 2010, passenger traffic growth was positive across all world regions with particularly strong results in Asia-Pacifi c. The Middle East, Latin America and Africa had much lower bases but year-on-year growth was good. Moving into 2011, world revenue per kilometer (RPK) traffi c growth is forecast at 5.2 per cent, largely due to the diffi cult year-on- year comparisons but also due to the slightly lower forecasts of economic growth and higher oil prices. In order to stabilise the fi nancial industry and stave off further economic damage, the US, UK, and several other European countries approved bank bailout plans. Figure 2 displays historic uploads/Finance/ aircraft-finance-guide-2012.pdf

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• Publié le Fev 03, 2021
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