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December
No market is changing as fast as India's. Alexandra Lennane and Alasdair Whyte review the contenders.
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US Airways' merger with America West was a great accomplishment for both airlines. Doug Parker, president and CEO, is confident that it will succeed.
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Eight countries have ratified the Cape Town Convention, which will be implemented in March. Victoria Pennington speaks to some of the people who made it happen.
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UK banks remain a force in the aviation finance market in the face of growing European competition. Three of the UK's most prominent bankers shared their views in a roundtable discussion.
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Aer Lingus has transformed itself significantly over the past few years and this is set to continue under new CEO Dermot Mannion. Andrew McGuinness reports.
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The American Jobs Creation Act of 2004 created about 450 amendments to the Internal Revenue Code, but one change in particular has potentially far-reaching consequences for US aircraft lessors. Garry Burke, chief executive officer of Pembroke Capital, reports.
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Iberia has three A340-600s due for delivery in 2006 and is hoping to finance them using Spanish operating leases (SOLs). Other Spanish banks are keen emulate the success of Caja Madrid and Royal Bank of Scotland, which arranged the first SOL for Iberia in September.
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A Japanese operating lease (JOL) for one Air Europa 737-800 was one of the first transactions closed by Natexis Transport Finance (NTF), the new subsidiary bank of Natexis Banques Populaire, that focuses solely on air finance
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Air Canada has financed 18 Embraer 190s, worth about $400 million, with a 15-year secured loan.
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David Turnbull, chairman of Cathay Pacific Airways, will leave Swire Pacific Group, Cathay's parent company, in January 2006. He says he wants a more active, operational role.
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Natexis Transport Finance has been mandated to provide financing for one CRJ700 for regional airline BritAir, a subsidiary of Air France.
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"They were betting that Thatcher Stone was some ignorant [jerk] who didn't know how to get money out of Continental. They picked the wrong guy," says Thatcher Stone, who recently joined law firm Akerman Senterfitt.
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There are 11 banks bidding for THY Turkish Airlines' mandate to provide financing for 22 A330s, A321s, A320s and 737-800s. Even though the request for proposals was issued in March, THY's Boeing deliveries have been delayed because of the machinists' strike, and the airline is taking its time to make a final decision on the Airbus aircraft.
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Air New Zealand (AirNZ) has closed an export credit financing for two 777-200ERs and a spare Rolls-Royce Trent 895 engine. BNP Paribas was sole mandated lead arranger.
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Steve Thomson, editor of Concise Aerospace, the leading Russian aviation newswire, looks at the development of airlines in the central Asian states.
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There were lots of orders at the Dubai Airshow, but one letter of intent was far more intriguing than the others. On the fourth day of the show, by which time many journalists and exhibitors had left, Sukhoi, the Russian aircraft manufacturer, announced a $500 million order for 20 Russian Regional Jets (RRJ), with a further 20 options.
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British Airways (BA) has announced an innovative standby facility that allows it to use a range of aircraft types to back the deal.
PK Airfinance and Spectrum Capital jointly arranged the $420 million facility that can be drawn at any time over the next five years. Spectrum also advised the airline, with PK Airfinance the sole lender.
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Transmile Air, the Malaysian freight, air cargo and aircraft services company, has raised $115 million in five-year loans from mandated lead arranger HSBC. HSBC took $16 million.
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British Airways (BA) has closed a Yen facility to help it finance maturing Japanese leverage leases (JLLs).
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There were a few large orders announced at the Dubai Airshow this year, and while Low-Cost Aircraft Leasing's (LCAL) order for six 787s was not the biggest, it arguably was the most interesting.
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November
While manufacturer financings are never easy, Bombardier's Raspro 2005 succeeded in making more than a billion dollars of finance. Alexandra Cain examines the deal.
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Steve Thompson, editor of Concise Aerospace, the leading Russian aviation newswire, looks at how Russian airlines are paying import taxes.
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Lessors are still fighting for the return of their aircraft from Varig, as the airline's sympathetic bankruptcy judge gives it one more reprieve. Alexandra Lennane reports.
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The Caribbean governments are withdrawing all financial support for their domestic airlines, and LIAT and BWIA are hoping a low-cost model can lead to profits. Alexandra Lennane reports.
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Singapore Airlines is one of the world's most profitable carriers but the delivery of its new A380 and 777 aircraft may force it to break with tradition and tap the bank and capital markets for funding. Dominic Jones reports.
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Demand for maintenance, repair and overhaul (MRO) facilities in the Middle East is set to expand significantly over the next few years. External MRO providers are eager to win their share of the enlarged market but they will face tough local competition. Alison Tucker reports.
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October
Four years ago you would have been laughed at had you predicted that four of the seven largest US carriers would be in Chapter 11. But September's filings by Delta and Northwest have surprised no one. Victoria Pennington reports.
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India and China are both emerging markets for aircraft finance – and the two are becoming increasingly similar. Dominic Jones reports.
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The Latin American Airline Association is working hard to standardize the Latin American aviation market and has succeeded in doubling its airline membership over the past two years. Alexandra Lennane reports.
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JetBlue's order for 100 ERJ 190s endorsed Embraer's promise that the aircraft will be the highlight of the 100-seater market.
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AiRUnion is hoping to become a major competitor to Aeroflot and Sibir, but can the alliance find the funding and the management to become a viable rival? Steve Thomson, editor of Concise Aerospace (www.conciseb2b.com/aerospace), reports.
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In the first of a series of reports from Latin America, Alexandra Lennane reports on the increasingly competitive market in Peru.
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September
British Airways aimed to cut costs by outsourcing its catering requirements, but the price has been much higher. By Maria Wagland.
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Lan Chile is expanding fast, but with a great deal of precision and caution from CFO Alejandro de la Fuente. Alexandra Lennane reports from Santiago.
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Air cargo is thought to be the most stable area of aviation, particularly in Asia but growth is slowing. Dominic Jones reports.
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Air Arabia, the first low cost airline in the Middle East, is based in Sharjah, near Dubai. Jyotsna Habibullah, marketing communications manager for Air Arabia, gives some advice about what to do with a few spare hours in Dubai or Sharjah.
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A faulty breaking system led to the recent grounding of the Il-96-300, a fact that Aeroflot has highlighted. In the first of a new column, Steve Thomson, editor of Concise Aerospace (www.concise.org), reports.
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August
Home countries airlines, denied access to export credit for new aircraft, are now pushing for a regulatory review. Victoria Pennington reports.
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The battle for third place in the Airfinance Journal operating leasing league tables has intensified. Research and analysis by Victoria Pennington.
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Qantas is one of the world's oldest airlines and its willingness to change and embrace new concepts has helped it to remain one of the most profitable. Alexandra Cain reports from Sydney.
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It may not be the most well known carrier in Australia, but after four years Virgin Blue controls a third of the domestic market. Alexandra Cain reports from Brisbane.
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Indian airlines have placed orders for more than 100 new aircraft this year, and this number is set to increase – but can India's infrastructure support this level of expansion? Dominic Jones reports.
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Brazil's first low-cost is not getting complacent. Alexandra Lennane reports from Sao Paulo.
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Everyone knows the flying public never had it so good. Or do they? Adam Pilarski of Avitas looks at the real price that the airline passengers are paying.
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June
Hawaiian Airlines successfully exited Chapter 11 on June 2, less than two years after it filed for bankruptcy protection. But this was only with a little help from the FBI, reports Victoria Pennington.
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In the first of two articles, Adam Pilarski of Avitas deconstructs the idea that there is too much capacity in the market and argues that consolidation is not the answer.
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Airfinance Journal's 2004/05 Japanese operating lease survey showed a market still in confusion and waiting for the final effects of tax changes. Nevertheless, 2004 was still an excellent year, says Alexandra Cain.
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Asian start-ups are finding it difficult to find fleet financing. As more airlines are muscling in on the lucrative Asian markets, this is set to become much worse. Airfinance Journal reports.
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Latin American airlines are upbeat and looking for investment. Alexandra Lennane reports from Panama and Brazil.
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A new airline is hoping to follow Gol's success in Brazil.
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Russia is one of the fastest growing aviation markets in the world and Moscow is becoming a key place for people in aviation finance. In the first in a new series of city guides, Lev Koshliakov, deputy director general public affairs at Aeroflot, gives some tips on what to do if you have spare time in Moscow.
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May
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Although a shadow is still hanging over the US and fuel prices are steadily rising, the global aviation market rebounded strongly in 2004 – and the deals that closed reflect this.
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Rising fuel costs have forced Spirit Airlines to abandon its MD-80s for the more economical A320-family aircraft. CEO Jacob Schorr tells Michael Marray about the carrier's fleet-renewal programme and his hopes for the future.
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Qatar Airways has closed an innovative $140 million loan to help it finance pre-delivery payments for inflight entertainment systems, seats and other interior equipment not included as part of its Airbus orders.
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Airfinance Journal also presented two awards for special achievement. These are awarded to individuals who have made an outstanding contribution to the aviation industry
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April
China's first private airline in 50 years has started service. But while more are on the way, foreign low-cost carriers could be the biggest threat to existing domestic airlines. By Dominic Jones.
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One of the biggest costs for nearly every airline is labour. But this is not why airlines lose money, says Ingo Marowsky,aviation secretary, for the International Transport Workers' Federation, the global trade union federation.
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The price of oil has gone through the roof again. Why? Michael Halls reports.
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March
Sparsely populated Iceland may seem like an unlikely place for a profitable airline, but as Elizabeth Stephens finds out, this has not stopped Icelandair from growing into a major player on transcontinental routes.
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Dba's take over of Germania Express's network could be a marriage made in heaven and start the transformation of Germany's low-cost market. Michael Marray talks to the major players involved.
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A weak dollar and the possibility of Malaysia and China ending their currencies' pegs will affect many Asian airlines. Dominic Jones picks out the winners and the losers.
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The world air cargo market is growing and much of this growth will be reliant on converted aircraft. But as Alexandra Cain discovers, knowing which conversions to finance and when, can be a tricky process.
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With oil prices on the way down, what kind of hedging strategy should be used? Mike Halls reports.
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The advent of the European low-cost carrier has forced some charter airlines to re-evaluate their market position. But are low-fare models really the solution for troubled charter airlines? Victoria Pennington reports.
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February
Iberia's third European bond issue closed just before Christmas. Alasdair Whyte goes into the details.
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Swissair's collapse was a shock to everyone in aviation and soured many people's view of its replacement, Swiss. But despite this dreadful start, the airline has made a small profit in the third quarter of 2004 and it has a management team that has vowed never to repeat its predecessor's mistakes. Alasdair Whyte reports from Zurich.
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Proposed reforms may close the Japanese operating lease to airlines. Dominic Jones reports on a pessimistic group of arrangers.