pre-owned market - Asian Sky Media

AUSTRALIA

SECOND QUARTER 2018

SECON

D Q

UAR

TER 2018

ASIAN SK

Y QU

ARTER

LY

UPCOMING AIRCRAFT

COUNTRY PROFILE

CITATION LATITUDE & LONGITUDE

MARKET SUMMARIES

SPECIAL FEATURE

PRE-OWNED MARKETHAWKER 800 SERIES

JETS & HELICOPTERS

CHARTER REPORT

ASIA-PACIFIC OUTLOOK METRICS & MOOD

INTERVIEWSBEI ZHUANG

AVION PACIFIC VICE PRESIDENT

One of the main objectives of Asian Sky Quarterly is to give our readers valuable insight into current business jet and helicopter market conditions, where we see the changes occurring (market dynamics) and, in the course of doing so, hopefully pass on some enlightenment as to where the market is going. And sometimes this means to understand the market today, we need to look back.

In Q2 2017, after months of question, speculation and doubt, we saw that the market had begun to stabilize and buyers were finally being enticed back by attractive prices and plenty of supply. In a nut shell, the market was awash with great value, the knowledgeable buyers recognized this and jumped in. A great Buyer’s Market.

Fast forward one year to Q2 2018 and what started as a trickle is now a flood. The market has swung almost 180 degrees and we are now seeing the emergence of a Seller’s Market – lower inventory levels and rising prices.

But, this story isn’t as simple as that. Optimism which has been on the rise since Q2 2016, finally plateaued in Q1 2018. Now, we’re seeing a slight change in mood as pessimistic feelings toward the economy are popping up, with Mainland China being the main influencer. The cause? There is, of course, great debate, although most would point a finger at the volatile climate between the US and China.

Still, even with these pessimism tendencies towards the economy, purchase intentions are up and the pre-owned market is very active. This last quarter saw a much higher level of business jet transactions (96) than the second quarters of 2017 (83) and 2016 (70). Average asking prices have also stabilized and the percentage of fleet for sale has declined. All these changing markets dynamics may then get compounded in a twisted way and strangely serve to stimulate demand even more as there is definitely a feeling of “you better buy it now ‘cause in six months it’ll be gone or cost you more”.

On the helicopter side, the story is a little more difficult to read but could also be encouraging. The market has seen an oversupply of inventory — the result of the downturn in oil and gas — since ASG first began its surveys in 2016. But for the first time now, we are seeing inventory levels decreasing. The optimist says this could finally suggest a trend reversal and such a claim may not be totally unfounded as O&G is recovering, with growth in other multi-mission applications continuing too – especially in EMS and firefighting roles here in the Asia-Pacific region. The pessimist, though, says sellers have finally just given up on the possible sale of their aircraft and taken them off the market. And there may be some truths in this perspective too. Looking at a few of the larger helicopters on the market — the S92 and H225 — transactions are few and days on market are increasing. The S76C+, used in the O&G operations, has reached an average days on market of 866. In the end,

PUBLISHER’S NOTE

SPECIAL THANKS TO OUR CONTRIBUTORS:

any step toward a Seller’s Market, like we are seeing with business jets, for helicopters is far off and all we can do is wait and see. Average asking prices here are continuing to decrease, while the percentage of fleet for sale remains high.

As for the rest of this issue of Asian Sky Quarterly, our Summer edition features a look at the Cessna Citation Longitude and Latitude aircraft. We also examine the ever-popular Hawker 800 series in our Pre-Owned Aircraft profile. Fittingly, business aviation in Australia is profiled this quarter, including views and opinions form plenty of experts based in that continent. We also had the chance to speak with Bei Zhuang, Vice President at Avion Pacific and partner of ASG, who gave us her insights on China’s GA industry.

Sincerely,Jeffrey C. Lowe

Managing Director, Asian Sky Group

SECOND QUARTER 2018 — ASIAN SKY QUARTERLY | 1

2 | ASIAN SKY QUARTERLY — SECOND QUARTER 2018

or expenses howsoever caused, whether arising directly or indirectly from any error or omission in compiling such information. This report also uses third party information not compiled by ASG. ASG is not responsible for such information and makes no representation about the accuracy, completeness or any other aspect of information contained. The information, data, articles, or resources provided by any other parties do not in any way signify that ASG endorses the same.

ADVERTISING/AIRCRAFT SALES ENQUIRIES:[email protected]

Asian Sky GroupSuite 1401, 14 Floor, Fortis Tower 77-79 Gloucester Road, Wan Chai, Hong Kong Tel: (852) 2235 9222 | Fax: (852) 2528 [email protected] www.asianskygroup.comwww.asianskymedia.com

ECONOMICSOverview of the Asia-Pacific region’s current status and specific country’s GDP versus their business jet fleet size.

MOOD & INTENTIONSResults of the survey on the Asia-Pacific region’s outlook on current economic status, aircraft utilization, purchase intentions and influencing factors.

SPECIAL FEATURECHARTER DEMAND AND POPULAR CHARTER ROUTES IN ASIA PACIFICA summary of the growing demand for business jet charter and a look into the most popular regional routes for charter.

INTERVIEW: BEI ZHUANG, VICE PRESIDENT, AVION PACIFICDiscussing her experience in the business aviation industry and expectations in the Mainland China business jet market.

COUNTRY PROFILE - AUSTRALIAOverview and examination of Australia’s business aviation industry, its business jet operating environment and potential for the future.

PUBLISHER

EDITORIALLitalia YoakumIris Zhou

DESIGNMichael Wong Aya LeungRobert Li

MARKET RESEARCH & DATA ANALYSISBowen Zhang

DATA SUPPORTAvinava SenguptaCandice Yue Casper ZhuangDaiana IermolaievaJersey Wu Michelle Shen

The materials and information provided by Asian Sky Group Limited (“ASG”) in this report is for reference only. Any information we provide about how we may interpret the data and market, or how certain issues may be addressed is provided generally without considering your specific circumstances. Such information should not be regarded as a substitute for professional advice. Independent professional advice should be sought before taking action on any matters to which information provided in this report may be relevant.

ASG shall not be liable for any losses, damage, costs or expenses howsoever caused, arising directly or indirectly from the use of or inability to use this report or use of or reliance upon any information or material provided in this report or otherwise in connection with any representation, statement or information on or contained in this report.

ASG endeavors to ensure that the information contained in this report is accurate as at the date of publication, but does not guarantee or warrant its accuracy or completeness, or accept any liability of whatever nature for any losses, damage, costs

UPCOMING SPOTLIGHT CESSNA CITATION LONGITUDE & LATITUDE An introduction to the midsize and super mid-size jets, with a complete look at series’ range, payload capacity and evolution over the years.

MARKET DYNAMICSAn in-depth analysis of inventory levels, market trends and the changing price signals for the business jet and helicopter fleets in the Asia-Pacific region, given the continual fluctuations in supply and demand.

PRE-OWNED MARKET SPOTLIGHT HAWKER 800 SERIESA comprehensive market performance analysis of the pre-owned Hawker 800 series market.

MARKET SUMMARY - JETSA look at the market performance of featured pre-owned business jets over the last 12 months.

MARKET SUMMARY - HELICOPTERSA look at the market performance of featured pre-owned helicopters over the last 12 months.

04 26

06

12

28

16

37

43

54 18

CONTENTS

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AustraliaAustralia’s economy grew above the 2.8 percent expectation by 3.1 percent year-on-year (y/y) in Q1 of 2018. The acceleration indicates that Australia has recovered from the slowdown of Q4, which was caused by the implementation of large mining projects. The growth resurgence is attributed to a rise in exports, which contributed half of the quarterly increase. Australia’s economic outlook is predominantly positive; however, household consumption is a cause for concern.

Hong KongGrowth in Q1 of 2018 reached 4.7 percent y/y, accelerating from 3.4 percent the previous quarter. The increase, which was the fastest annual pace for any quarter in seven years, was supported by household consumption and service exports. Economic growth gained momentum as domestic spending was boosted by low unemployment and rising asset values. Simultaneously, the external sector was bolstered by a rebound in tourism and strong global demand for exports. The announcement of the 18-19 budget in February illustrated the government’s intention to focus on longer term economic development.

IndiaIndia’s economy expanded 7.7 percent y/y in the first three months of 2018, above market forecasts of 7.3 percent. Boosted by accelerated growth in manufacturing and investments, Q1 showed the strongest growth rate in seven quarters. The overall Q1 sentiment indicates that the Southeast Asian nation is finally moving past issues caused by structural reform following demonetisation and introduction of the goods and services tax.

IndonesiaIndonesia’s Q1 GDP fell slightly from the previous quarter growing at 5.06 percent y/y, down from 5.07 percent. The decline reflects still-weak consumption, which typically accounts for more than half of the country’s GDP. Government spending also contributed to the decline as it remains low after a 46.1 percent decline in Q4 2017.

JapanFor the first time in nine quarters, Japan’s economy shrank declining by 0.6 percent, over the prior quarter. The slowdown in growth is attributed to decreases in demand and a strong yen. Bad weather at the beginning of the quarter drove up food prices and dampened internal demand and consumption. External demand was adversely affected by a slowdown in global electronic products. GDP contraction in Q1 is expected to be temporary and Japan is projected to resume growth in the next quarter.

Mainland ChinaChina’s economy grew 6.8 percent y/y in Q1 of 2018. The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, according to China’s National Bureau of Statistics. The growth is attributed to strong consumer demand, continued property investment and an expansion in the services industry, which grew at 7.5 percent year on year in this quarter.

MalaysiaGrowth in Q1 2018 slowed in Malaysia to 5.4 percent, down from 5.9 percent in Q4 2017. The slowdown comes amid uncertainty of the county’s new administration, led by Mahathir Mohamad. The government continues its efforts to boost domestic demand, which expanded 6.9 percent in this quarter. However, the economy remains reliant on exports which account for 67.7 percent of GDP. Despite the initial slowdown, growth is expected to be positive throughout the year, supported by domestic demand as well as growth in manufacturing and services.

PhilippinesThe Philippine economy posted 6.8 growth in Q1 2018. This is the 10th consecutive quarter that the economy grew by 6.5 percent or better. Industry and services contributed to the country’s growth, while agriculture and net exports weakened. Accelerating inflation is attributed to the country’s inability to reach the growth rate target of 7.0 to 8.0 percent.

TaiwanTaiwan’s growth slowed to 3.02 percent in Q1 2018, down from 3.4 percent Q4 2017. Still, the GDP beat forecasts of 2.77 percent, due to strong growth in exports and private consumption. In terms of consumption the outlook for 2018 is positive as during the first quarter it expanded by 3.0 percent, accelerating at the fastest pace since Q2 of 2015. Nevertheless, risks for the Taiwanese economy include a potential peak in the tech cycle and weaker demand for semiconductors caused by lower smartphone sales globally.

SingaporeSingapore’s economy grew an impressive 4.4 percent in Q1 2018, up from 3.6 percent in the last quarter of 2017. The robust growth in Q1 was supported by the manufacturing sector, as well as the finance and insurance, and the wholesale trade sector. In addition, unemployment fell from 3.0 percent to 2.8 percent in the first quarter, creating a positive outlook for domestic consumption in the next quarter.

South KoreaSouth Korea’s economy returned to growth and expanded by 2.8 percent y/y in Q1 of 2018. This growth is attributed to a 5.8 percent increase in government spending and a rise in exports, which was likely created by the Winter Olympics, an influx of tourism from Mainland China and surging shipments of memory chips. While Q1 saw an increase in the unemployment rate, the economy is expected to grow steadily throughout the year with an expected annual growth of 3.04 percent.

ThailandThailand is undergoing a holistic economic expansion with growth in areas including tourism, exports and manufacturing. The economy grew by 4.8 percent in Q1 2018, the fastest first quarter growth in five years and up from 4.0 percent the previous quarter. Strong performance prompted Thailand’s National Planning Agency to increase its annual forecast by 0.8%.

2018Q1 ECONOMICS

* China's researching area includes Mainland China, Hong Kong, Macau & Taiwan.


GDP (BILLION USD)*

BUSINESS JET FLEET AND GDP BY COUNTRY

BUSINESS JET FLEET CIVIL TURBINE HELICOPTER FLEET

* GDP Source: Tradingeconomics.com

* 2014 - 2017 ASG data, historically adjusted using Jetnet fleet yearly increases.

Comprehensive coverage and overview of the business jet and civil helicopter fleet in the Asia-Pacific region, visit www.asianskymedia.com for more!

YEAR END 2017Asia Pacific Business Jet and Civil Helicopter Fleet Report

ECONOMICS

China

Japan

IndiaAustralia

South Korea

Indonesia

Taiwan Thailand

Malaysia

Singapore

Hong Kong

Philippines

New Zealand

Papua New Guinea

9,491

608

274272

210

382

136

170

13512895

14

36

1

250

170

140

114

9

16

3

32

20

39

48

43

55

351

184

138

504947

5854

39

242017

6

12,128

2,349

1,4661,223913

565

417

318

339330

313

192

19

1,8621,5641,306

913

511

420

323300276272

191

15

749

ASIA PACIFIC REGION CIVIL HELICOPTER FLEET REPORT – YEAR END 2016 I

ASIA PACIFIC REGIONCIVIL HELICOPTERS

YEAR END 2017

Sponsored by

ASIA PACIFIC REGIONCIVIL HELICOPTERS

YEAR END 2017

Sponsored by

6

884

609

487

287

165

111103

157

213229

1521

6515,0094,909

2013 2014 2015 2016 2017 2018Q1 2013 2014 2015 2016 2017 2018Q1 2013 2014 2015 2016 2017 2018Q1


55+21+24+G 41+27+17+9+6+GTurboprop (24%) Service Providers

(FBO,MRO,etc) (41%)Business Jet (55%)

Civil Helicopter (21%)39+31+21+5+4+G

RESPONDENT LOCATION

Rest of the World (4%)

Aircraft Owner / Charter Broker (6%)

Aircraft Sales / Charter Broker (9%)

Central Asia(21%)

Other (17%)

Oceania (5%)

Greater China (31%)

400+RESPONDENTS

Southeast & Northeast Asia (39%)

19+17+15+15+11+7+5+4+4+3+GTOP 10 RESPONDENT’S LOCATION

Malaysia (5%)

Australia (4%)

Indonesia (7%)

India (17%)

Singapore (15%)

China (19%)

Hong Kong (15%)

Philippines (11%)

Thailand (3%)Pakistan (4%)

100%

90%

30%

0%

40%

10%

50%

20%

60%

70%

80%

RESPONDENT AIRCRAFT TYPE RESPONDENT CATEGORY

Aircraft Operator (27%)

2015Q4

2016Q2

2016Q4

2016Q1

2016Q3

2017Q1

2017Q2

2018Q2

2018Q1

2017Q4

2017Q3

In the second quarter of 2018, over 400 respondents participated in ASG’s survey regarding the mood and intentions of the current business aviation market.

Regions with the most respondents include:1. Southeast and Northeast Asia (158 valid respondents, including Malaysia, Indonesia, Singapore, Brunei, Philippines, Thailand, Myanmar, Cambodia, Laos, Vietnam, Japan, and South Korea)2. Central Asia (82 valid respondents, including India, Pakistan, UAE, etc.) 3. Greater China (123 valid respondents, including Mainland China, Taiwan, Hong Kong and Macau)4. Oceania in Respondent’s Location (21 valid respondents, including Australia and New Zealand)

Pess

imist

ic(W

ill g

et w

orse

)O

ptim

istic

(Will

get

bet

ter)

MOOD & INTENTIONS:ASIA-PACIFIC REGION SURVEY 2018Q2

82%OF TOTAL

RESPONDENTS

25%

30%

45%

24%

30%

46%

36%

30%

34%

22%

30%

48%

26%

27%

47%

45%38%

34%35%

21%27%

52%

56%56%

52%

37%28%

34%

32%

11%16%

10%15%

Past Low Point

At Low Point

Not Reached Low Point

WHAT IS OUR CURRENT ECONOMIC STATUS? (QUARTERLY COMPARISON)

Over 60% of the respondents from this quarter’s survey are from aircraft operators and aircraft services providers (FBO, MRO, etc.) and we also have feedback from aircraft brokers (9%), aircraft end users (6%) and respondents from other related areas, as well.


MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2018Q2

90%

100%

100%

Incr

ease

dU

ncha

nged

Dec

reas

ed

90%

30%

30%

0%

40%

40%

10%

50%

50%

20%

60%

60%

70%

70%

80%

80%

2016Q2

2016Q2

2016Q4

2017Q2

2016Q4

2016Q3

2017Q1

2016Q3

2017Q3

2017Q1

2017Q4

2018Q2

2018Q1

2018Q2

2018Q1

2017Q4

2017Q3

2017Q2

Level of pessimistic feelings for economics have continued to increase since 2018Q1. This quarter, 55% of respondents believed that the economy passed its low point and will improve, which is 10% higher than 2017Q2. The number of respondents who believe the current economy is at its low point and will get better is 28%; 9% lower than the previous quarter and the 2nd lowest number since 2015 Q4. Alternatively, 16% of respondents believed that the economy has not yet reached its lowest point and will continue to worsen; a 5% increase compared to 2018 Q1 and the highest rate since 2017 Q3..

Among the respondents, aircraft owners and charter users show elevated levels of optimism, while aircraft sales and charter brokers show a higher level of pessimism.

In general, respondents who believed that the current economic situation has passed its low point or is at its low point can be described

OPTIMISM LEVELS SINCE 2016Q2 - REGIONAL DIFFERENCES

HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO?

24%

37%

24%

11%

4%

OverallGreater China SE & NE Asia Central Asia Oceania

Up by 20% and more (>20%)

Up but less than 20% (0 - 20%)

The same (0%)

Down but less than 20% (-20 - 0%)

Down by 20% or more (<-20%)

as optimistic. This quarter, 84% of respondents believed that our economy will improve in the future – this is a 5% decrease from 2018 Q1, which has continued to decline since 2016 Q3.

The optimistic level for Greater China (Mainland, Hong Kong, Macau and Taiwan) is lower than average this quarter, and it has endured a 12% decrease compared to 2018 Q1, which is the highest decrease since 2016 Q2. Central Asia showed the highest optimistic level of 92%, while the average for this quarter was 84%. However, compared to last quarter it is a 2% decrease. The optimistic level for Southeast and Northeast Asia has decreased by 3% to 89%, compared to last quarter. Oceania, however, continued its decline to 75% from the previous quarter, making it the least optimistic region of the surveyed area.

89%

84%

91%

80%83% 84%

79%

54%57%

43%

54%

53%54%

61%

66%

69%

79%

73%

62%

68%

70%79%

81%

86%

52%

91%

85%

78%75%

87% 88%

76%

90%92%

89%

92% 94%92%

100%

95%


27 22 31 25 45 58 41 52 3530 32 31 44 33 17 38 18 1842 46 38 31 23 25 21 30 47


PESSIMISTIC

AIRCRAFT UTILIZATION:REGIONAL DIFFERENCES

This quarter, 15% of respondents (-3% since last quarter, -18% since 2016 Q1) in the surveyed area said their expected aircraft utilization has decreased. 61% of respondents said their aircraft utilization increased, which is a 2% decrease compared to last quarter.

* An Optimistic-Pessimistic Signal Line has been added to regional aircraft usage trend analyses for Greater China, Oceania and South and East Asia regions. An optimistic mood is derived from more people indicating a ‘higher’ aircraft utilization than 12 months ago, and a pessimistic mood is derived from more people indicating ‘lower’ aircraft utilization than 12 months ago.

Greater China

46% of respondents indicated their aircraft utilization in 2018 Q1 increased, which is significantly lower compared to last quarter (60% at 2018 Q1). 21% of respondents stated their aircraft utilization was lower compared to 12 months ago, which is a similar level compared to previous quarters’ result. This quarter is the first time, since 2016 Q2, that the total expected aircraft utilization stopped increasing.

Oceania

35% of respondents have indicated their aircraft utilization increased, 17% lower than 2018 Q1. 47% of respondents stated their aircraft utilization decreased, 17% higher than 2018 Q1. The total aircraft utilization has entered the pessimistic zone again in 2018 Q2.

Southeast and Northeast Asia

In 2018 Q2, 70% of respondents recorded an increased use of aircraft, which has continued to be the highest number since 2015 Q4 and 9% higher compared to 2018 Q1. Aircraft utilization in this area has been increasing since 2017 Q2.

32 34 38 47 51 55 60 60 4632 19 28 24 31 23 19 22 3337 47 34 29 18 22 21 18 21

2016Q2

2016Q2

2016Q3

2016Q3

2016Q4

2016Q4

2017Q1

2017Q1

2017Q2

2017Q2

2017Q3

2017Q3

2018Q2

2018Q2

2018Q1

2018Q1

2017Q4

2017Q4

37% 47

%

34%

29%

18%

21%

21%

21%

18%22%32

%

19% 28

%

24% 31

%

19% 22%

23%32

%

33%

33%

34% 38

% 47%

46%

46%

51% 60

%

60%

55%

41 35 37 19 56 65 59 61 7036 28 36 48 18 13 14 22 2023 37 27 33 26 22 27 17 1023%

37%

27% 33

%

26%

27%

17%

10%

26%

36%

28% 36

%

48%

18%

14% 22

%

20%

13%

41%

35%

37%

19%

56% 59%

61% 70

%

65%

GREATER CHINA

OCEANIA

Decreased The Same Increased Signal Line*



PESSIMISTIC

OPTIMISTIC

SOUTHEAST AND NORTHEAST ASIA

Improved Aircraft Utilization

Improved Aircraft Utilization

Aircraft Utilization Worsen

OPTIMISTIC

OPTIMISTIC

PESSIMISTIC

42% 46

%

38%

31%

23%

21% 30

%

25%30

%

32%

31%

44%

33% 38

%

18%

27%27

%

22% 31

%

25%

45%

41% 52

%58%

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2018Q2

2018Q1

2017Q4


In this quarter’s market survey, ASG recorded over 100 responses from the Asia-Pacific region regarding the satisfaction factors of management companies and those of charter brokers. And over 240 respondents answered questions regarding the end users’ travel behaviours.

Similarly, compared to last quarter, when asked “Do you or your client own or charter a private aircraft?”, 9% of respondents only charter an aircraft, while 34% just own a private aircraft. The remaining 57% would both own

SATISFACTION KEY FACTORS:CHARTER OPERATOR VS. CHARTER BROKER

(OUTER IS BETTER)

Charter Operator

Charter Broker

27+73+GWHERE ARE WE IN THE CURRENT

PRE-OWNED MARKET?

Contact Operator (73%) Contact Broker (27%)


57+9+34+GDO YOU OR YOUR CLIENT OWN OR CHARTER

A PRIVATE AIRCRAFT?

WHEN CHARTERING AN AIRCRAFT, WHAT IS YOUR PRIMARY SOURCE?

Just Charter (9%)

Just Own (34%) Both Own and Charter (57%)

240+OF TOTAL

RESPONDENTS

39%

49%

23% 26

%

2%

39%

36%

21%

4%

40%

29%

21%

10%

47%

28%

17%

8%

31%

30%

22%

28%

19%

23% 22%

32%

29% 28%

33%31%30% 29%

25%

19%

27%

48%

43%

56% 54%

59%

41%38%

41%

2016Q2

2016Q3

Balanced Market in general - Demand and Supply are on

the same level

2016Q4

Seller’s Market in gen-eral - High demand,

low supply

Buyer’s Market in general - High supply,

low demand

2017Q1

I’m not sure 2017Q2

2017Q3

2018Q2

2017Q1

2017Q4

PURCHASE INTENTION 2016Q2 - 2018Q2*

Yes, a new aircraft2017Q3 Yes, a pre-owned aircraft2017Q4 No / I’m not sure2018Q1 2018Q2

and charter an aircraft, implying that to charter an aircraft is reasonable for those who already own one.

On the charter operator / broker side, when asked the primary choice when chartering an aircraft, 73% of respondents would contact a charter operator first

Quality of Maintenance

Value for Money (Price)

Quality ofOn-board Service

Operational Efficiency

Customer Service

Operational Safety

Most Satisfied


PURCHASE INTENTION - FIXED WING (OUTER IS PREFERRED)

PURCHASE INTENTION - HELICOPTER(OUTER IS PREFERRED)

PURCHASE DECISIONS - INFLUENCING FACTORS(OUTER IS LIMITING)*

Turboprop/Piston Fixed Wing(Such as King Air Series)

Midsize Jet(Such as G200 & CL650)

Single Turbine Helicopter(Such as Bell 206)

Small Jet(Such as Citation Series, Hawker Series)

Piston Helicopter(Such as Robinson R22)

Corporate Airliner(Such as ACJ, BBJ)

Twin Turbine(Such as Sikorsky S-76C+)

Large Jet(Such as G650,Falcon 8X)

Price

No Interesting Aircraft

Government / Public Opinion

No Need

Most Limiting

PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING)

Corporate Airliner Large Jet Medium Jet Small Jet Turboprop / Piston Fixed Wing

Greater China

22% 27% 19% 12%

Oceania 33% 17% 8% 8% 33%

SE & NE Asia

24% 38% 24%

Central Asia 34% 24% 20% 7%

10%

15%

19%

4%

PURCHASE INTENTION

Regarding professional aircraft sales’ opinions of the current pre-owned market, 47% of respondents believed that the current market is still in a ‘Buyer’s Market’ with low demand and high supply; notably higher compared to the past two quarters, with one reason being that the majority of such respondents were from Greater China. 28% (29% last quarter) of respondents believed that we are now in a balanced market with equal demand and supply and the remaining 17% (21% last quarter) believed that we have moved into a ‘Seller’s Market’, with higher demand on the market.

Based on the Market Dynamics analysis from ASG’s research department, ASG now believes the pre-owned business jet market has entered a balanced market. Notably, the pre-owned market for large and long-range business jets have improved. For details, please go to the Market Dynamics section of this issue of Asian Sky Quarterly.

Regarding the Purchase Intentions of 2018 Q2, the demand for both new aircraft and pre-owned aircraft has slightly risen and together represent over 60% of the respondents who now have the intention of buying an aircraft.

* Since 2017 Q3’s market survey, a new method was applied filtering out those respondents who are not relevant to this question, reflecting a percentage drop in the category “No / I’m not sure”.

Most Preferred

Most Preferred


Purchase intention by region is shown in a graph to understand regional differences for fixed-wing aircraft. Greater China has a significantly higher need for large jets, while turboprops are more suitable for Oceania. Corporate airliners are commonly needed (12-33%) in all areas. Additionally, the medium and small jets categories are wanted, but on a relatively lower level

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Asia Pacific has continued to be an important driver of the world’s economic development, accounting for over one third of the global growth in 2017, according to the World Bank. At the same time, the airline industry has also reported continued growth in the region. Traffic data from the Association of Asia Pacific Airlines reflects a 9.3% y-o-y increase in the region’s international passengers carried by airlines in April 2018, with a total of 29.8 million international travelers. The increase in demand for private air travel is also expected to expand.

Business jet charter has long been a preferred mode of transportation for business travelers hoping to travel quickly and efficiently, in a private and secure environment. Popularity has gradually expanded to include high-end leisure tourists. Today, charter users can be categorized into three types: corporate, private and government. In the Asia Pacific, the primary need for business jet charter continues to be for corporate use.

Within the region, a migration of production facilities and factories popped up in countries around the region, including Vietnam, Cambodia, Myanmar, the Philippines, Bangladesh and Indonesia, as traditional manufacturing costs in China became less economical. Infrastructure in these new manufacturing hubs was, and continues to be, scarce and unrefined; a minor inconvenience factory owners and corporations have come to accept in exchange for lower manufacturing costs. Thus, the benefit of globalization and the emergence of the Asia-Pacific consumer market encouraged firms to expand their intra-pacific business, creating air travel demand.

Faced with various travel difficulties, such as lack of infrastructure and few scheduled flights, business jet charter has presented itself as a means for corporates to reach various locations in a short amount of time, avoiding delays and other costs often associated with commercial travel.

Sports teams, event organizers, and movie production groups are also among the users in the corporate category. These clients often value security and convenience, avoiding hassle in busy terminals and less interaction from overenthusiastic fans.

The second type of charter passenger is the private user. Private users include Ultra-High-Net-Worth-Individuals (UHNWIs), celebrities traveling for private purposes, and VVIP. This group values privacy, as well as security. UHNW customers are wealthy individuals with a net

worth of US$30 million or above. When flying on a scheduled flight, they often travel as first class or business class passengers. It is likely that an UHNW either already owns a business jet or is connected to someone who owns a business jet.

The third type of jet charter user is the government. Government officials often use business jet charter for domestic travel and international diplomatic visits. On some occasions, royal families may use charter services that are operated by a trusted domestic charter operator. These users value security and privacy above all else, and, additionally, benefit from the efficient travel provided by a non-scheduled charter flight.

With an increasing pool of customers who are willing and capable to opt for charter services, in addition to the optimistic views of the operators regarding the future of business jet usage; charter demand seems to have a very promising future in the Asia-Pacific region.

Views: Future Business Jet Usage

Very Pessimistic

Very Optimistic

SlightlyOptimistic

Neutral

SlightlyPessimistic

Asian Sky Group recently conducted a survey among operators in the Asia-Pacific region in December 2017. The operators were asked their sentiments regarding the future of business jet usage in the region. More than half of the respondents replied positively, with 58% having an optimistic view. 35% of the respondents had a neutral opinion and said that they needed more time to analyze the market, whereas, only 6% had a pessimistic view.

I

SUMMER 2018 CHARTER REPORT |

ASIA-PACIFIC BUSINESS JETCHARTER REPORT 2018

SPECIAL FEATURE:CHARTER DEMAND

DOWNLOAD NOW: WWW.ASIANSKYMEDIA.COM/CHARTER-REPORT


Many private air travel industry experts have kept a close eye on the rapid growth of the HNWI and UHNWI populations; understanding that there is a direct correlation between HNWI and UHNWI growth and business jet charter demand.

Over the past four years, the Asia-Pacific region has seen a dramatic increase in the population of individuals possessing a worth of more than US$50 million in assets. As of 2017, there were around 37,000 individuals who belonged to this category. This number has grown by almost 5,000 within the past four years, representing an average annual growth of 16%.

The Asia-Pacific region has also witnessed a rise in the number of individuals worth over US$550 million in assets. By 2017, there were a total of 1,930 individuals belonging to this category.

Taking solely the Asia Pacific into consideration — the operating challenges, strict cabotage rules and restrictions on charter operators in certain countries pose some limitations on the growth of the charter market. Regardless, there have been strong signals indicating the growth of the charter industry, with more HNWI and UHNWI opting for private jet charter services. A key reason for the growing demand is the need for these individuals to save time and reduce the hassles of commercial air transport. With the means and the desire to do so, HNWI and UHNWI are propelling the demand of the charter industry to newer heights.

UHNWI Population Growth UHNWI Population Growth by Region

UHNWI Population (+50M USD)

2018

20162017

2015

2017201620152014

29,959

10%14.5%

18.5%32,35037,040

43,915

1,260

8,800

5,140

2,920

1,160

9,960

310

390

310

1,400

2,610

2,010

770

Australia

Mainland China

Hong Kong

India

Indonesia

Japan

Malaysia

New Zealand

Philippines

Singapore

South Korea

Taiwan

Thailand8,

153

6,87

05,

910

5,45

5

1,86

8

19,2

5715

,950

13,7

0012

,57714

,637

12,5

7011

,230

10,5

52

1,65

01,

510

1,37

5

East Asia Greater China Oceania South East Asia

ASIA PACIFIC UHNWI POPULATION ANALYSIS

SOURCE: Knight Frank and WealthX

DOWNLOADNOW

www.asianskymedia.com/

charter-report


Beijing

Hong Kong

Shanghai

Sorong

Bali

SingaporeMaldives

Phuket

Subang

SaipanManila

Macau

Bangkok

Tokyo

8

6

1

4

2

9

7

3

5

10

Sanya

Seoul

NOTE:• The popular charter flight routes in the above map include locations in the Asia-Pacific region only, excluding Australia, India and New Zealand.

• The Popular Charter Airport table considers popular departure and arrival airports separately. The data in this table includes locations in the Asia-Pacific region only, excluding India.

Popular Charter Airport

Top 10 popular charter routes in Asia Pacific

INCR

EASI

NG

PO

PULA

RITY

Other popular charter routes in Asia Pacific

POPULAR CHARTER ROUTESIN ASIA-PACIFIC

SPECIAL FEATURE: CHARTER REPORT 2018

Mainland China

Hong Kong

Singapore

Macau

Maldives

Mainland China

Malaysia

Philippines

Australia

Mainland China

Mainland China

Hong Kong

Singapore

Thailand

Mainland China

Malaysia

Australia

Macau

Philippines

Maldives

Beijing Capital International

Hong Kong International

Singapore Seletar

Macau International

Malé (Ibrahim Nasir)/Velana International

Shenzhen Bao’an International

Kuala Lumpur/Sultan Abdul Aziz Shah/Subang

Manila Ninoy Aquino International

Sydney Kingsford Smith

Hohhot Baita International

Beijing Capital International

Hong Kong International

Singapore Seletar

Don Mueang International

Shenzhen Bao’an International

Kuala Lumpur/Sultan Abdul Aziz Shah/Subang

Sydney Kingsford Smith

Macau International

Manila Ninoy Aquino International

Malé (Ibrahim Nasir)/Velana International

PEK

HKG

XSP

MFM

MLE

SZX

SZB

MNL

SYD

HET

PEK

HKG

XSP

DMK

SZX

SZB

SYD

MFM

MNL

MLE

Location LocationDeparture - Airport Arrival - AirportIATA IATA


NOTE: Duration of flight is calculated with the following assumptions: June wind, 0.8 Mach speed, and 500 lbs payload.

Top 10 Popular Charter Routes (Popularity from Highest to Lowest)

ROUTES DURATION/DISTANCE1: Highest 3: LowestPOPULAR MODELS

BEIJING

SHANGHAI

1: Challenger 605

2: Global Series

3: Gulfstream G450

128K - 38K

1hr 25mins

648nm

MACAU

MANILA

1: Global Series

2: Challenger 850

3: Gulfstream G450

238K - 57K

1hr 35mins

655nm

SINGAPORE

HONG KONG

1: Falcon 2000LX

2: Challenger 605

3: Gulfstream G450

358K - 77K

3hrs 37mins

1,529nm

HONG KONG

BEIJING

1: Gulfstream G450

2: Challenger 300

3: Challenger 605

435K - 60K

2hrs 42mins

1,133nm

SUBANG

MACAU

1: Challenger 605

2: Global Series

3: Challenger 850

540K - 68K

3hrs 42mins

1,446nm

HONG KONG

TOKYO

1: Global Series

2: Challenger 850

3: Challenger 605

665K - 76K

3hrs 38mins

1,766nm

SUBANG

SINGAPORE

1: Gulfstream G150

2: Gulfstream G550

3: Challenger 300

716K - 28K

45mins

252nm

BANGKOK

PHUKET

1: Hawker 850XP

2: Citation CJ3/Bravo

3: Gulfstream G200

811K - 20K

1hr 3mins

401nm

HONG KONG

MALÉ

1: Challenger 605

2: Falcon 2000

3: Global Series

985K - 95K

5hrs 37mins

2,742nm

HONG KONG

SAIPAN

1: Challenger 605

2: Global Series

3: Gulfstream G450

1075K - 82K

4hrs 40mins

1,925nm

The Asia-Pacific region is dominated by charter flights having a flight duration of less than five hours. Charter operators in the region believe that passengers who plan on flying out of the Asia Pacific, and have a flight time of over seven hours, usually opt for flying commercial first class and then utilizing local charter services at the destinations. This growing trend among the customers results in increasing popularity and demand for short range charter flights in the Asia-Pacific region. Unsurprisingly, nine out of the top ten busiest charter routes are short range flights, with an average flight time of 2 hours 23 minutes.

The busiest charter route in the Asia Pacific is from Beijing to Shanghai (PEK-PVG) followed by Macau to Manila (MFM-MNL). Charter package prices range depending on the availability, the aircraft model used, the nautical miles separating the destinations and the airport specific operating costs.

The popularity of the airports may vary from season to season, with certain airports seeing an increase in activity due to tourism spikes in certain seasons. Overall, Beijing Capital Airport (PEK) ranks as the most popular charter airport.

PRICE RANGEIndicative Price in USD


Tell me about your experience in the industry?I joined Avion in 1996 when both the company and the GA industry in China were in their infancy. Apart from professional helicopter enterprises, there were few GA service providers, let alone firms pitching into aircraft operation and trade. The industry, as well, was facing a shortage of aviation talents, either pilots, flight crew or specialists in aircraft transaction and operation. Those early batches of aviation employees in China were similar to me, plunging into the GA industry rather late in their lives.

I used to be an English teacher prior to ending up at Avion. Though it was a decent and stable job in the eyes of many people, I preferred giving a new twist to my life at that time. When Mr. Wu Zhendong, the founder of Avion, invited me to join Avion, I stumbled into this industry inspired by my curiosity towards it.

I got my first glimpse into GA through translation work, since the accessible materials regarding aviation and aircraft at that time came from markets outside of China. This has always been one of Avion’s target: We are committed to bridging the industry between China and Western countries, capitalizing on the more mature experience from the western market to facilitate the growth of general aviation in China.

I then obtained experience through coordinating with pilots, crew and clients during helicopter operations.

How has the general aviation industry in China evolved since the time you started out?China’s GA industry has undergone a lot of hardships. Since the reform and opening-up in China most industries gained fast-pace development and reached their boom, with the exception of general aviation, which is one of the last industries to take off because of national security, infrastructure and social wealth.

I’ve been working in this industry for 22 years. The first 15 or 16 years observed a quite slow expansion of China’s GA industry. Although several investors were aware of the potential, they failed to move into great success as they didn’t understand and expect that aviation, as a capital and talent intensive industry, was very unlikely to make great profits in a short period.

The industry didn’t grow rapidly until the past five or six years. The development has attracted a lot of new investors to set up GA operations.

I have reason to believe that there’s a bright future lying ahead for general aviation in China. The industry chain is much more improved compared with that of decades ago, from R&D, manufacturing, sales, training to operation, maintenance and other aspects. Investors are also now well prepared in terms of capital and the Chinese government has introduced favorable GA policy.

Known as the first ever holistic general aviation (GA) solution provider in Mainland China, Avion Pacific Limited (Avion) took the lead in adding value to the industry through its comprehensive services and its contribution to compiling CCAR 91 regulations. Avion was established in 1993 and has been

committed to offering quality solutions for GA operators throughout the world for over 20 years, focusing on aviation consultancy, aircraft transactions, maintenance and operation.

Since the company’s early years, Ms. Zhuang Bei, Vice President, has been a crucial part of the team and in the continued development of GA in mainland China.

EXPANDING GA IN CHINA

INTERVIEW:

Interview by Iris Zhou

BEI ZHUANG, AVION PACIFIC VICE PRESIDENT


What are the current market trends in China and what are your expectations for the future of the industry?We can take note of the more developed GA markets in Europe, the US and even in India and Brazil to foresee the possible development trends. In terms of operation, we can forecast further growth in terms of business aviation and general aviation operations used in public services, such as aerial forest fire protection and offshore transportation service.

The upcoming trend, as far as I’m concerned, is that GA services will be directly used by customers. The uprise of charter clubs in the US is a proof of this. In China, the government is now advocating for the use of GA for commuters in rural and mountainous areas. This sector has more room to grow than GA used in the public service sector. Taking cloud seeding as an example – if there are 100 aircraft aimed at sharing the workload which can be easily done by 50 aircraft, the market is unlikely to grow in a sound way. But it’s a different case with aircraft utilization of individual customers. This market, as we can expect, still has plenty of room to expand before reaching saturation.

What services does Avion provide? In the early years, Avion provided GA technical support and consultancy. The company has since evolved into a GA solutions provider for world-renowned firms, including Mobil and FedEx. During the past two decades, we’ve flexed our muscles by training both rotary- and fixed-wing pilots and flight crew who have grown to become a strong force for this industry. In addition, we provide training for pilots and technical support staff of the domestic Police Air Force through our training school partner. We are now most active in aircraft sales, as a broker for the likes of Sikorsky, McDonnell Douglas, King Air, Dassault and so on. We have successfully completed over 200 sales

Avion established Kings Aviation Limited in 2011, focusing on helicopter operations. We also recently entered the MRO business, as a representative of Australia-based MRO provider Heli-One. Aircraft leasing is another field that we look forward to entering into.

Through these ventures and partnership, Avion can truly provide a comprehensive set of services.

INDUSTRY INSIDER

Through these ventures and partnership, Avion can truly provide a comprehensive set of services.

How does Avion set itself apart from the growing number of general aviation companies in the country? The philosophy we hold is that we are willing to provide value-added

services to our clients in the pre- and follow-up session of each

aircraft transaction, consulting project or any support provided. In

terms of aircraft sales, we help our clients to expand their market by

leveraging our network and resources. We’ve been able to establish a

solid reputation through our clients’ recognition rather than traditional

advertisement. Most clients come back because of our excellence in

resources and service.

www.avionpacific.com/en.php


COUNTRY PROFILE

AUSTRALIA

ADELAIDE INT'L

PERTH INT'L | PERTH JANDAKOT

MELBOURNE ESSENDON

SYDNEY KINGFORD SMITH INT'L | SYDNEY BANKSTOWN

BRISBANE INT'L | REDCLIFFE

CAIRNS INT'L

MOUNT ISA

TOWNSVILLE

GOLD COAST

COFFS HARBOUR

DARWIN

5

15

18

4

14 17

2

12

3

131

11

6 8

16

7

17

9

19

33 3534

36 37 38 39 41 45

46 47 48 50 53 54

49 51 52

42 43

44

28 29 30

20 21 22 23 24

25

31

40

26

27

32

10

5

15

4

14

2

12

3

13

1

11

6

16

7

17

8

18

9

19

23

33

25

35

27

37

24

34

26

36

28

38

20

30

40

29

39

22

32

21

31

10

Airport FBO MRO Jet Operator Helicopter Operator

Airflite

Archerfield Jet Base

Ausjet Aviation

AvWest

Cobham

ExecuJet

ExecuJet

Executive Airlines

Hawker Pacific

Hawker Pacific

Hawker Pacific

Hawker Pacific

HMaxem Aviation

Melbourne Jet Base1

Pearl Flight Centre

Pearl Flight Centre

Platinum BAC

Rossair Charter

Shortstop Jet Charter

Airbus Helicopters

Airwork Group

AMSA

Heliflite

Sikorsky Helitech

Hawker Pacific

Eagle Copter MA.

Air Gold Coast

AgustaWestland

ExecuJet

Executive Airlines

Marker Aviation

Airflite

ExecuJet

Heliwest

Premiair Aviation

ExecuJet

Hawker Pacific

Heliflite

Qantas MA.

Steven Hegarty

Air Affairs Australia

Flight Options

Global Jet International

Revesco Aviation

ExecuJet

Australian Corporate Jet Centres

Luft Aviation Charter

CHC

McDermott Aviation

Babcock

Bristow

Heli West

Microflite Helicopter

Jayrow Helicopters

41

42

43

44

45

46

47

48

49

50

51

52

53

54


COUNTRY PROFILE: AUSTRALIA

AUSTRALIALocated on its own continent and situated between the Pacific and Indian oceans, Australia is famous for its abundance of natural wonders — from the Great Barrier Reef to the Australian Outback.

The country’s economy is just as impressive, boasting one of the most highly-developed markets in the world and one of the wealthiest in the Asia-Pacific region. Australia has enjoyed a record-breaking 108 consecutive quarters without recession and the outlook for 2018 indicates the country will continue this trend. While positive, Australia’s growth is unbalanced: mining remains the largest source of Australia’s economic expansion, typically contributing just under 40% of quarterly growth.

Although the country is comparable in size to the mainland United States, the population density is sparse, with pockets concentrated in urban areas along the Southeastern coastline, as well as down the western coast. Between the two coastlines is a vast region of desert and grasslands, which has made growing sustainable communities difficult. Consequently, this middle region is relatively uninhabited.

Connecting the East and West, Australia has long relied on aviation as a mode of transport for people and goods, as well as for medical and agricultural use. The longevity of Australia’s business aviation industry has led to it being one of the most developed and mature markets in the Asia-Pacific region. Still, the country’s industry faces several challenges, including the retention of aviation workforce and overregulation.

by Litalia Yoakum

Between the two coastlines is a vast region of desert and grasslands, which has made growing sustainable communities difficult.

In terms of charter, about a fourth of the business jets in Australia offer charter services. Air Affairs Australia, Global Jet International and ExecuJet are among the top operators.

“From a charter perspective, the market was somewhat flat for most of 2017 but then had a positive upswing in the last quarter of the year and pleasingly has continued in the early stages of 2018,” said ExecuJet’s Vice President, Asia Pacific Darren McGoldrick. “Our movements through ExecuJet’s Sydney and Melbourne FBOs also reflected this increased activity, while our MROs in Sydney, Melbourne and Perth have had a continual steady stream of work.”

Similarly, Melbourne Jet Base saw “a significant increase in demand for handling of international arrivals / departures in Melbourne to Asia, specifically China.”

5+16+22+18+39+GBusiness Jet Fleet Distribution by Age

6-10 Years, 29 (16%)

11-15 Years, 40 (22%) 16-20 Years, 34 (18%)

0-5 Years, 10 (5%)>20 Years, 73 (39%)

STATUS QUO

With 186 business jets, Australia is home to the second largest fleet in the Asia-Pacific region. The average age of a business jet in the country is 20 years; significantly higher than the majority of the region’s fleet, which is between five and 10 years old.

The maturity in this market continues to be reflected by its movement of pre-owned aircraft. While the business jet market posted a net increase of five aircraft in 2017 — a 2.8% growth from 2016 — 12 pre-owned aircraft were added to the fleet. The only new delivery into the market in 2017 was a Bombardier Challenger 650; the first time this model has entered the Australian market.

While historically pre-owned aircraft acquisitions have represented the core of Australia’s business aviation movements, Satcom Direct’s Business Development Manager Craig Macartney, who is based in Melbourne, explained “there is a lot of interest in new orders — the Global 7500 and G650ER — which will come through next year through early 2020.”

14 +10 +7 +7 +6 +6 G

loba

l Jet

In

tern

atio

nal

Flig

ht O

ptio

ns

Business Jets Fleet by Operators and OEM

Bombardier 14 3 1 1 5 24

Cessna 10 3 1 3 17

Dassault 1 1

Embraer 4 4

Gulfstream 1 1

Hawker 2 1 3

Total 14 10 7 7 6 6 50

Air A

ffairs

Au

stra

lia

Tota

l

Exec

uJet

Reve

sco

Avia

tion

Aust

ralia

n Co

rpor

ate

Jet

Cent

res

1014 7 7 6 6

Data Source: Asian Sky Group Fleet Report (Year-End 2017)

Total Fleet186


Civil Helicopters Fleet by Mission and OEM

Priv

ate

Offs

hore

EMS

Char

ter

Mul

ti-M

issi

on

Corp

orat

e

SAR

Law

Enf

orce

men

t

Trai

ning

Tota

l

Aérospatiale Gazelle 1 1

Airbus 193 33 30 12 15 3 6 11 7 310

Amateur-Built Aircraft 1 1

Bell 243 33 3 21 8 22 14 7 4 355

Enstrom 1 1 1 3

Leonardo 8 10 21 26 1 4 70

MD 16 7 2 1 26

Robinson 6 12 4 2 24

Sikorsky 3 1 31 7 42

Total 472 97 85 61 31 29 23 23 11 832

100+21+18+13+7+6+5+5+2472

97 85 61 31 29 23 23 11

770 +3%

+6%

+2%

+1%

174

2014 2015 2016

793

185

805

187

Business Jets

Civil Turbine Helicopters

Fleet Growth 2014 - 2016

Data Source: Asian Sky Group Infrastructure Report 2017Total number of hangars only includes FBO and MRO facilities in this report.

23 7

Number of Hangars

1


REGULATORY REFORM

“The CASA Regulatory Reform Process has been ongoing since the 1990s with many operational parts still remaining unresolved,” says Australian Business Aviation Association (ABAA) CEO, David Bell. “This has led to frustration and uncertainty within the industry. Unfortunately, CASA has had five CEOs over recent years, each with their individual approach to the reform process. The ABAA has contributed to many CASA working groups since 2004, with limited progress being achieved.”

Several sectors within the industry are said to be dealing with this red tape, from training schools and pilots to infrastructure.

For years, groups, such as the Aircraft Owners and Pilots Association (AOPA) of Australia, the Australian Federation of Air Pilots and The Australian Aviation Associations Forum (TAAAF), have advocated on behalf of highly-regulated flight schools and pilots, who face exorbitant fees and licensing requirements. The burden of overregulation on this

sector has pushed the industry to outsource pilots from overseas, with flying schools being sold to foreign investors.

While commercial airliners are at the forefront of the shortage — with pilots offered attractive packages to work for carriers in China, general and business aviation operators face a smaller pool of talent and often can’t compete with the salaries of the largest carriers. And, the issue with personnel doesn’t stop with pilots but continues toward all segments in the industry from mechanics to engineers.

Bell explained one way to aid in the personnel shortage would be the introduction of an HECS-HELP loan scheme for aviation trainees. The financial aid program is currently offered by the Australian Government to assist students in financing higher education courses.

Bell also cited regulations placed on business jets at the Sydney Airport. “The curfew (11pm to 6am) at Sydney Airport has been a challenge for the ABAA for several years. Unfortunately, business jets with an

Business Jet Parking Civil Helicopter Parking Both


57+12+10+7+4+3+3+3+1+GData Source: Asian Sky Group Fleet Report (Year-End 2017)

Helicopter Fleet — Mission Breakdown

Total Fleet832

SAR 31 (4%)

Training 29 (3%)

Charter 23 (3%)Private 23 (3%)

EMS 61 (7%)

Offshore85 (10%)

Law Enforcement 11 (1%)

Corporate 97 (12%) Multi-Mission 472 (57%)

MTOW of 34,000 kg or greater, which comply with ICAO Chapter IV noise standard, are not approved to operate during curfews at Sydney, even though business jets less than 34,000 kg MTOW, which comply with the less stringent Chapter III noise standard, are approved until December 2022.”

Most in the industry seemingly agree with Melbourne Jet Base, who says: “Government regulation is stifling small general aviation operators. Reducing regulations and removing artificial constraints on capacity, along with increasing private investment into companies like Melbourne Jet Base, will better promote Australia’s business aviation offerings globally.”

INFRASTRUCTURE

According to Tourism Australia, the country’s government agency responsible for promoting the country as a destination for travel, “international arrivals to Australia increased 8.9 percent in the 12 months to June 2017.” The increase was stimulated by the leisure segment “with holiday arrivals up 11.3% and visiting friends & relatives (VFR) arrivals up 5.4%.”

Though the increase in visitors to Australia is a welcome stimulant to the economy and the commercial aviation industry, the additional movements mean there are more aircraft and bigger aircraft. While commercial aviation generally takes precedence, facilities for business jets are “generally good,” according to Melbourne Jet Base.

“FBO capability is generally good across the country but the lack of access to major capital city airports does present problems at times, although this has improved recently due to a change in priority for business aviation aircraft, similar to that of the scheduled airlines.”

ExecuJet’s McGoldrick further explained, “…parking can be problematic especially during peak periods. Regional ports may require pavement concessions for operations. As in many places throughout Asia Pacific, hangarage is generally of short supply.”

Melbourne Jet Base, set to open at the end of 2018, is prepared to serve Australia’s business aviation industry. “Our new facility will offer a more integrated package of services such as luxurious lounges, hangarage, immigration and customs, pilot accommodation and refuelling to private jet clients, than anything currently offered in Australia,” says

FOR OTHER COUNTRIES’ AIRCRAFT FLEET AND INFRASTRUCTURE PROFILES, DOWNLOAD OUR REPORT AT: WWW.ASIANSKYMEDIA.COM


the Company. “It’s our hope that this new facility will put Melbourne on the global business aviation radar and be the first choice for business aviation operators.”

While infrastructure, itself, is “generally good,” the regulations imposed on different areas are taxing.

Satcom Direct’s Macartney explained one of the regulatory areas impacting infrastructure is border protection: “Acts of parliament, which are designed to protect our borders and keep citizens safe, have a flow-on effect on business aviation passengers and the principals of those aircraft. Historically, there has always been a liberal interpretation

of how to apply different procedures. Now, with an increased focus on security, the interpretations of those regulations are tidying up.”

Satcom Direct’s APAC Regional Director, Nathan Andrews reiterated this statement using the example of Perth Airport. “Perth Airport has no defined FBO that will allow for off-terminal clearance processing. As such, business aviation clientele must go through the normal international terminal before moving forward.”

Andrews explained, “In business aviation, part of the allure and attraction is a seamless entry. This isn’t the case here.”

Data Source: Asian Sky Group Infrastructure Report 20171 CIQ: Customs, Immigration and Quarantine; 2 Aircraft Refueling: Fuel Arrangement Service

FBO’s Facilities and Services

Airflite Perth International Airport ● ● ● ● ●

Archerfield Jet Base Archerfield Airport ● ● ● ●

Ausjet Aviation Essendon Airport ● ● ● ● ●

AvWest Perth International Airport ● ● ● ● ●

Cobham Adelaide International Airport ● ● ● ●

ExecuJetEssendon Airport ● ● ● ● ●

Sydney Kingsford Smith International/Mascot Airport ● ● ● ● ●

Executive Airlines Essendon Airport ● ● ● ● ●

Hawker Pacific

Brisbane International Airport ● ● ● ● ●

Brisbane International Airport ● ● ● ●

Cairns International Airport ● ● ● ● ●

Perth International Airport ● ● ● ●

Sydney Kingsford Smith International/Mascot Airport ● ● ● ●

Maxem Aviation Perth International Airport ● ● ● ● ●

Melbourne Jet Base1 Melbourne Airport

Pearl Flight CentreDarwin International Airport ● ● ● ● ●

Perth International Airport ● ● ● ● ●

Platinum BACEssendon Airport ● ● ● ● ●

Gold Coast Airport ● ● ● ● ●

Rossair Charter Adelaide International Airport ● ● ● ●

Shortstop Jet Charter Essendon Airport ● ● ● ● ●

FBO Name Airport Aircraft Hangarage

VIP Lounges

Aircraft Handling

On-Site CIQ

Aircraft Refueling 2

2 Fuel Arrangement Service

1 Under Construction




MRO Capabilities by Model

Airfl

ite

Exec

uJet

(MEL

)

Exec

uJet

(PER

)

Exec

uJet

(SYD

)

Haw

ker P

acifi

c

Airfl

ite

Exec

uJet

(MEL

)

Exec

uJet

(PER

)

Exec

uJet

(SYD

)

Haw

ker P

acifi

c

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Learjet 35/36

Learjet 40/45/45XR

Learjet 60/60XR

CRJ200

Challenger 300

Challenger 601

Challenger 604

Challenger 605

Challenger 850

Global Express

Global Express XRS

Global 5000

Global 6000

Falcon 7X

Falcon 8X

Falcon 10

Falcon 20

Falcon 50/EX

Falcon 200

Falcon 900

Falcon 2000

Citation I

Citation II/Bravo

Citation III/VI/VII

Citation V

Citation XLS/+

Citation X/+

Citation CJ1/+

Citation CJ2/+

Citation Sovereign/+

Citation Longitude

Citation Mustang

Hawker 400A/B

Hawker 400XP

Hawker 750

Hawker 800 A/B/850XP

Hawker 900XP

Hawker 4000

Phenom 100

Phenom 300

Legacy 500

Legacy 600

Legacy 650

ERJ135/ER/LR

Lineage 1000

BOMBARDIER

GULFSTREAM

DASSAULT

TEXTRON

EMBRAERAirw

ork

Gro

up

AMSA

(BN

E)

Qant

as

●

●

●

● ●

●

ACJ318

ACJ319

ACJ320

ACJ321

BBJ

BBJ2

BBJ3

AIRBUS

BOEING

G100

G150

G200

G280

GIV/GIV-SP/G300/G400

GV

G350/G450

G500/G550

G650/G650ER

Both

Line Maintenance (Fixed-wing)/Field Maintenance (Helicopter)

●

●

● Base Maintenance (Fixed-wing)/Overhaul (Helicopter)

CITY ABBREVIATION

BNE

BS

CNS

JD

MEL

PER

SYD

Brisbane

Bankstown

Cairns

Jandakot

Melbourne

Perth

Sydney


Airfl

ite

Air G

old

Coas

t

Exec

utiv

e Ai

rline

s

Hawk

er P

acific

(CNS

)

Hawk

er P

acific

(SYD

)

Mar

ker A

viat

ion

Prem

iair

Avia

tion

Stev

en H

egar

ty

Airb

us A

ustra

lia

Eagl

e Co

pter

s

Hawk

er P

acific

(SYD

)

Hel

iwes

t Ser

vice

Siko

rsky

Hel

itech

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King Air 90

King Air 200/250

King Air 300/350

Cessna 172

Cessna 182

Cessna 205

Cessna 206

Cessna 207

Cessna 400

Caravan

Grand Caravan

Baron

Bonanza

H120

H125

H130

H135

H145

H155

H215

H225

AS355

AS365

BK117

TBM700

TBM850

TBM900

TBM910

TBM930

204

205

206

212

214

230

407

412

427

429

430

AW109

AW119

AW139

AW169

S76

S92

TEXTRON AIRBUS

TBM

BELL

LEONARDO

SIKORSKY

R22

R44

R66

ROBINSON

Agus

taW

estla

nd

Hel

iflite

(BNE

)

Hel

iflite

(SYD

)

●

●

●

●

●

●

●

●

●

●

Airw

ays

Avia

tion

Avia

tion

Spec

ialis

ts

Clon

curr

y Ai

r

Der

by A

ir

Hel

ibiz

Hel

icop

ter R

ebui

lds

Hel

i-Eng

inee

ring

Hel

iflite

(BS)

Hel

iflite

(JD

)

Hel

i-Mus

ter N

T

Hel

i Ser

vice

s

Hel

ispi

rit

Hel

i Wes

t

Jetp

oint

Kest

rel A

viat

ion

Lleg

e

Long

reac

h

Nac

Hel

icop

ters

Nau

tilus

Avi

atio

n

Nor

ther

n H

elic

opte

r

NQ

Avia

tion

Serv

ice

Pear

l Coa

st H

elic

opte

r

Prof

. Hel

icop

ter

Pror

otor

Aus

tralia

Skyl

ine

Avia

tion

Sout

h W

est A

viat

ion

Supe

rair

Serv

ice

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Siko

rsky

Hel

itech


HELICOPTER MARKET

Helicopter operations in Australia began with the introduction of military helicopters in the 1940s, followed by use of civil helicopters in the 1950s. The helicopter market, both piston and turbine, has since grown to become one of the most mature in the Asia-Pacific region.

In 2017, the total fleet size of the civil turbine market increased from 808 to 832 aircraft. Bell Helicopter remained the market leader, with its Bell 206 model the most popular aircraft of the Australian fleet.

Bell’s present popularity in Australia is a contrast to the rest of the Asia Pacific, where Airbus dominates most markets in terms of fleet size. This popularity is expected to be temporary, however. Not only is Australia’s Bell fleet much older than Airbus’s, but the company is currently taking initiative to further penetrate the Australian market.

Multi-mission, corporate and offshore are the most popular mission segments of the fleet. Helicopters used for offshore oil and gas have, in recent years, been on the decline. During this time, operators of offshore helicopters looked to diversify their fleets, leading to an increase in helicopters used in the multi-mission category. Still, with the recovery of global oil prices, drilling is likely to become more active.

FUTURE

Industry members in Australia have strong opinions on the future of business aviation in the country. All agree that CASA needs to take immediate action.

“Overregulating will always impede growth and although the Australian aviation regulator has move to the US-model [of regulating] in certain areas, the industry has a long way to go to make aircraft purchasing and operating a more pleasant and efficient process,” says Universal Weather & Aviation’s Senior Account Manager of Australia/New Zealand/Indonesia.

Bell and the ABAA are continuing to make appeals to the governing body, asking for standardized regulations and less red tape. One of the organization’s aims is to “simulate economic activity” and promote the importance of business aviation. In the meantime, expectations are high for growth and activity.



SPECS

Maximum Cruise Speed4 Passenger RangeTakeoff Field LengthLanding DistanceMaximum Operating AltitudeMaximum Limit Speed

446 ktas (826 km/h)2,700 nm (5,000 km)3,580 ft (1,091 m)2,480 ft (756 m)45,000 ft (13,716 m)0.80 Mach

476 ktas (882 km/h)3,500 nm (6,482 km)4,900 ft (1,494 m)3,400 ft (1,036 m)45,000 ft (13,716 m)0.84 Mach

ManufacturerModelThrust

Pratt & Whitney PW306D1 5,907 lb (26.28 kN)

ENGINES

HoneywellHTF7700L 7,600 lb (33.81 kN)

STANDARD FEATURES

• Fully integrated autothrottles• Garmin SVT• Touch-screen control panels• Flight Management systems (FMS)• Transponders with ADS-B Out capability

First Delivery: Aug 2015

First Delivery: Second Quarter 2018

• Fully integrated autothrottles• Three large 14-inch glass displays• Four touch-screen controllers• Garmin synthetic vision system (SVT™)• Synoptics for key systems• Industry-leading diagnostics• In-flight diagnostics reporting• ACARS – VHF

PERFORMANCES LONGITUDE

LONGITUDE

LATITUDE

LATITUDE

Citation Latitude

AIRCRAFT SPOTLIGHT CITATION LATITUDE & LONGITUDE

American general aviation aircraft manufacturer Cessna Aircraft Company, known for its piston-powered aircraft, began producing business jets in the early 1970s. Since then, the Citation family has flourished and developed a dedicated following of owners and operators along the way. In January 2017, Cessna — now a subsidiary of US

conglomerate Textron — celebrated its 45th anniversary of the first Citation delivery. The family of business jets is now visible across the globe with a growing market in the Asia-Pacific region, bringing together a mix of high performance, maximum comfort and cost-efficient operation that owners worldwide can rely on.

Over the course of the now 45 plus years of Citation production, Cessna has built variant after variant since the original Citation I model. Improving and perfecting design, size, avionics and performance has earned Cessna several accolades, while meeting customer’s evolving expectations.

CITATION LATITUDE

In 2015, Cessna’s midsize Citation Latitude entered the market; advertised as a more spacious and comfortable aircraft than its predecessors. By October 2017, Cessna had delivered 100 Latitudes. The midsize jet boasts a larger cross section than most other aircraft in the Citation series, complete with a flat floor and six-foot stand-up cabin. Its additional 30 inches of legroom amid the standard nine passenger configuration makes for a more relaxed flight experience.

Powered by Pratt & Whitney Canada PW306D1 engines, the Latitude can fly a high-speed cruising range of 2,700 nautical-miles, taking passengers nonstop from Los Angeles to New York or Geneva to Dubai. The aircraft’s take-off field length is an impressive 3,580 feet, allowing the Latitude to reach more general aviation airports.

With a cabin altitude of 5,950 feet while cru is ing at an operat ing a l t i tude of 45,000 feet, the Latitude’s pressurization system allows passengers to feel fresh and comfortable. Staying connected is another factor in passenger satisfaction, with the Latitude featuring a wireless cabin management system providing connectivity and entertainment to each passenger through personal electronic devices.


UPCOMING AIRCRAFT

Citation Longitude

RANGE MAP

Citation Longitude range map from Hong Kong

Citation Latitude range map from Hong Kong

SydneyPerth

Singapore

FromHong Kong

Lagos

Istanbul

Moscow

BeijingTokyo

Up front, pilots will enjoy the Citation line’s largest cockpit, which utilizes Garmin G5000 avionics. The flight deck includes three 14-inch displays, designed to provide pilots with the information they need for a reliable and efficient flight. Displays are customizable via touch screen control panels, allowing flight crews to organize and prioritize flight data as needed.

Following the Latitude’s Civil Aviation Administration of China (CAAC) and Civil Aviation Safety Authority of Australia (CASA) certification earlier this year, the aircraft made its first deliveries into the China market. And, the midsize jet continues to be one of the best-selling of its size category, now reaching a global fleet of more than 110.

CITATION LONGITUDE

After being announced in 2012, Cessna’s super-midsize business jet, the Citation Longitude, is expected to enter service later this year. With more range and greater payload capacity than the Citation Latitude, the Longitude’s cross section parallels that of the Latitude, with a flat floor and six-foot stand-up cabin. The Longitude’s maximum number of passengers is 12, an increase from nine in its predecessor.

With an extended range of 3,500NM and a full fuel payload of 1,600 pounds, the aircraft can take four passengers nonstop from Singapore to Beijing or Hong Kong to Mumbai. Cessna selected the Honeywell HTF7000 engines to power the Longitude, which come equipped with fully-integrated autothrottles with envelope protection. Additionally, the full-efficient engines deliver low-cost maintenance.

Cabin pressure is similar to that of the Latitude with an altitude of 5,950ft, delivering the quietest cabin in the super midsize class, complemented by a soundproof fuselage including 15 acoustic windows and isolated interior panels. Onboard, passengers can also enjoy what has become the standard connectivity and cabin management systems found in the Citation series. Easily accessible during flight is the walk-in baggage compartment.

The Garmin 5000 flight deck proved to be dependable in the Citation Latitude, consequently the Longitude has adopted the same avionics system. New to the deck is Garmin’s Head-up Display (GHD 2100) and enhanced vision capability.

In March 2018, the upcoming Longitude demonstrated its capabilities in a successful circumnavigation of the globe. The aircraft’s world tour took the Longitude more than 31,000 nautical miles, flying 27 legs and visiting 12 countries. The new super-midsize business jet has been designed to be among the most cost effective of the Citation series, featuring the longest maintenance intervals in its class — 800 hours or 18 months.

www.cessna.txtav.com

AIRCRAFT SOLD1

WORLDWIDE

PRE-OWNED BUSINESS JETS FOR SALE

INVENTORY VALUE (USD)1

Source: JETNET & ASG

$7,911M

$5,951M

$1,054M

MOVING TOWARDS BUYER’S MARKET

MOVING TOWARDS SELLER’S MARKET

MARKET TREND1

WORLDWIDE

WORLDWIDE

ASIA PACIFIC

1 The historical inventory value and transactions are subject to change based on latest market information updates. 2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 26 different models, multiplied by their average asking prices.

The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms.2

The Trend Line represents the market’s direction in terms of the balance between sellers and buyers (supply and

demand) at today’s price levels. A rising Trend Line indicates that pre-owned activity is stabilizing, with sellers of

aircraft increasingly likely to find buyers.

The Signal Line represents an indication of where the market’s direction may be heading in the future. A Signal

Line consistently falling below the Trend Line indicates that any improvement in the market’s direction may not be

entirely sustainable.

Jun2016

Mar MarApr AprMay MayJun JunJulAug AugSep SepJul OctNov NovDec DecJan2017

Oct Jan2018

Feb Feb

$1,040MMAR 2018

$5,752MMAR 2018

TREND REVERSAL

$1,510M

TREND IMPROVEMENT

Jun2016


Oct Jan2018

Feb Feb

20

3734

3035

32

2328

3228

2125

3025

2225

22

30

40

31

25

36

30

24

30


MARKET DYNAMICS

AVERAGE DAYS ON MARKET

520

470

420

370

320

270

220

14%

12%

8%

9%

6%

7%

13%

11%

% OF FLEET FOR SALE

AVERAGE ASKING PRICE

MIL

LIO

N U

SD

25

22

23

20

21

24

17

18

19

10%


MARKET DYNAMICS

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18

WORLDWIDE

ASIA PACIFIC

WORLDWIDE

ASIA PACIFIC

WORLDWIDE

ASIA PACIFIC

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18


SUPPLY / DEMAND INDICATORS

SUPPLY VS. DEMAND RATIO AVERAGE DAYS ON MARKET

BUSINESS JETS2018 Q2

% OF FLEET FOR SALE MODEL

ACJ31825.0%

ACJ31914.1%

BBJ11.9%

BBJ217.4%

CL6045.3%

CL6053.8%

CL85015.5%

GL50006.3%

GL60005.3%

L6008.0%

L6503.1%

L100020.0%

F2000LX2.3%

F2000LXS2.9%

F2000S5.3%

F7X8.4%

F900DX

F900EXe

8.3%

9.2%

F900EX

F900LX

6.8%

3.2%

G20011.9%

G2800.7%

G4507.3%

G5505.3%

G6504.0%

G650ER8.2%

AVERAGE

AIR

BUS

BOEI

NG

BOM

BARD

IER

EMBR

AER

DASS

AU

LTG

ULF

STRE

AM

The above chart reflects where certain aircraft models are positionedin terms of supply and demand (based on a ratio of completed transactions compared to the number of sellers and the average number of days on the market for a transaction to take place).

For some model types, given the market indicators shown on the previous page, the stabilization in pre-owned asking prices and decline in inventory level appear to have stimulated increased demand, leading to an increase in transactions and a more balanced state of supply and demand.

These indications do not necessarily mean that prices will be higher in the future, but it does indicate that sellers of these particular models are more likely to find willing buyers in a shorter period of time than the overall average.

This can be seen most with certain Gulfstream (G200, G450, G550, G650) and Bombardier models (Challenger 604/605 & Global 6000) where more transactions are occurring relative to the number for sale, and transactions are requiring less time on the market for sellers to complete.

AVER

AGE


DAYS ON MARKET

0 200 400 600 800 10000

Average AC for sale / Total sold in last 12 months

6.7% Average

100%200%300%400%

DEMANDSUPPLY >

MARKET DYNAMICS

NO TRANSACTIONS


AIR

BUS

BOEI

NG

BOM

BARD

IER

EMBR

AER

DASS

AU

LTG

ULF

STRE

AM

BalancedSupply & Demand

MARKET POSITIONING

The above chart provides a visual representation of the Supply /Demand Ratio of each aircraft model relative to the overall market, and is based on a ‘Marketability’ calculation for each particular model including the following four market indicators:

1. The percentage of aircraft for sale relative to its fleet size.2. The number of aircraft sold relative to the average number for sale.3. The average days for sale relative to the overall market average.4. The momentum of the marketplace (represented by the trend towards supply and demand market equilibrium portrayed earlier).

When taking into account these four factors, the large and medium sized jet, such as Challenger 600, Falcon 2000 & 900 Series, as well as the various Gulfstream models, appear well positioned to find buyers available.

* ASG chose 26 popular aircraft models as described in this report

MOVING TOWARDSBUYER’S MARKET


ACJ318

ACJ319

BBJ 1

BBJ 2

CL604

CL605

CL850

GL5000

GL6000

L600

L650

L1000

F2000LX

F2000LXS

F2000S

F7X

F900DX

F900EX

F900EXe

F900LX

G200

G280

G450

G550

G650

G650ER


BUSINESS JETS

MARKET DYNAMICS


AIRCRAFT SOLD1

WORLDWIDE

MARKET DYNAMICS

PRE-OWNED CIVIL HELICOPTERS FOR SALE

$1,124M

$128M

$1,354M

$113M

7 6

10108 7 7 7

10 10

69 10 9 99

7

24

7

13 12

7

1

6

WORLDWIDE

ASIA PACIFIC

$1,410MMAR 2018


MOVING TOWARDS BUYER’S MARKET


INVENTORY VALUE (USD)1

MARKET TREND1

WORLDWIDE

1 The historical inventory value and transactions are subject to change based on latest market information updates. 2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 16 different models, multiplied by their average asking prices.

The Inventory Value Line represents the number of aircraft actively being marketed for sale in USD terms.2

The Trend Line represents the market’s direction in terms of the balance between sellers and buyers (supply and

demand) at today’s price levels. A rising Trend Line indicates that pre-owned activity is stabilizing, with sellers of

aircraft increasingly likely to find buyers.

The Signal Line represents an indication of where the market’s direction may be heading in the future. A Signal

Line consistently falling below the Trend Line indicates that any improvement in the market’s direction may not be

entirely sustainable.

$176MMAR 2018

TREND WORSENING

TREND IMPROVEMENT

Jun2016


Oct Jan2018

Feb Feb

Jun2016


Oct Jan2018

Feb Feb

TREND IMPROVEMENT

TREND REVERSAL


MARKET DYNAMICS

7

MIL

LIO

N U

SD

6.5

5.5

4.5

6

5.0

4

8.0%

5.0%

6.0%

7.0%

2.0%

3.0%

4.0%

0.0%

1.0%

% OF FLEET FOR SALE

700

650

500

400

450

550

600

350

AVERAGE DAYS ON MARKET


AVERAGE ASKING PRICE

WORLDWIDE

WORLDWIDE

ASIA PACIFIC

ASIA PACIFIC

WORLDWIDE

ASIA PACIFIC

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18

Jun 16

Jun17

Aug 16

Oct17

Aug17

Apr17

Feb17

Dec16

Oct16

Dec17

Feb18

Apr18

Jun18


MARKET DYNAMICS

CIVIL HELICOPTERS2018 Q2

SIKO

RSKY

BELL

HEL

ICO

PTER

LEO

NA

RDO

AIR

BUS

HEL

ICO

PTER

S

050%100%150%200%250%300%350%

S76C+15.8%

S76C++12.4%

S92A2.5%

BELL 412EP5.6%

BELL 412HP6.6%

BELL 4296.1%

AW1393.3%

AS332L14.5%

H2258.9%

EC135P27.8%

EC135T24.2%

EC1451.0%

EC155B28.6%

H1558.4%

AW109E PWR15.0%

AW109SP GN5.1%

AVER

AGE

0 100 200 300 400 500 600 700 800

AVERAGE

Average AC for sale / Total sold in last 12 months

6.0%Average

The above chart reflects where certain aircraft models are positioned in terms of supply and demand (based on a ration of completed transactions compared to the number of sellers, and average number of days on the market for a transaction to take place).

SUPPLY / DEMAND INDICATORS


SUPPLY VS. DEMAND RATIO AVERAGE DAYS ON MARKET

% OF FLEET FOR SALE MODEL

DAYS ON MARKET

NO TRANSACTIONS

NO TRANSACTIONS

NO TRANSACTIONS


DEMANDSUPPLY >

MARKET DYNAMICS

The above chart provides a visual representation of the Supply / Demand Ratio of each aircraft model relative to the overall market, resulting in a ‘Marketability’ calculation of each particular model based on the following four market indicators:

1. The percentage of aircraft for sale relative to its fleet size.2. The number of aircraft sold relative to the average number for sale.3. The average days for sale relative to the overall market average.4. The momentum of the marketplace (represented by the trend towards supply and demand market equilibrium portrayed earlier).

SIKO

RSKY

BELL

HEL

ICO

PTER

LEO

NA

RDO

AIR

BUS

HEL

ICO

PTER

S

S76C+

S76C++

S92A

BELL 412EP

BELL 412HP

BELL 429

AW139

AS332L1

H225

EC135P2

EC135T2

EC145

EC155B

H155

AW109E PWR

AW109SP GN

MARKET POSITIONING


BalancedSupply & Demand

CIVIL HELICOPTERS

MOVING TOWARDSBUYER’S MARKET




PRE-OWNED MARKET SPOTLIGHTHAWKER 800 SERIESA development of the British Aerospace BAe 125 twinjet, the Hawker 800 was the final variant of the BAe 125 series and began delivery in 1984. Already ahead of its time, the aircraft was the first corporate jet to feature an electronic flight instrument system cockpit. The 800 was manufactured between 1984 and 1995, producing over 400 deliveries.


PRE-OWNED SPOTLIGHT

In 1993, US defense contractor Raytheon Company purchased the corporate aircraft division and rebranded the 125 with the Hawker 800 moniker. Just one year later, Raytheon merged its Beech Aircraft Corporation and Raytheon Corporate Jets units becoming Raytheon Aircraft Corporation. The company has since been renamed to Hawker Beechcraft Corporation and, most recently, Beechcraft – a subsidiary of Textron Aviation..

Since then, the 800 series has emerged as somewhat of a workhorse, offering reliability and high standards in a midsize jet. The cabin of the 800, which has remained the same throughout the series, is 5.75-feet in height, six-feet in width and 21.3-feet in length. The typical configuration of the 800 allows for eight passengers, plus two crew members. The maximum take-off weight (MTOW) is 27,400-pounds

and the maximum payload capacity is 2,000lbs. While the 800 can just about reach New York from Los Angeles, with a 2,390-nautical mile range, in Asia it reaches most of Indochina from Shanghai.

The more well-known, and more successful, of the series is the 800XP (Extended Performance). It entered service in 1995. As the third-generation of the series, the cabin size of the aircraft remained the same but the variant offers improved payload capabilities, enhanced performance and updated systems. Powered by Honeywell TFE 731-5BR turbofan engines, the XP flies an increased range of 2,470nm and has increased payload capacity of 2,050lbs with a MTOW of 28,000lbs. Updated systems on the XP include Rockwell Collins Pro Line 21 avionics suite.

MODEL

REGION

850XP800XP

800XP 900XP850XP800XPI

900XP

GRAND TOTAL

800XPI

Entry into ServiceTotal Aircraft In OperationEngine ModelAvionicsWinglets“Maximum RangeTyp. PassengersPassenger Cabin Volume

Northern AmericaLatin America and the Caribbean Western EuropeAsiaMiddle EastSub-Saharan AfricaEurope - BalticsOceaniaEastern EuropeEurope - Common Wealth of Independent StatesNorthern Africa

US BasedAsia Pacific BasedGrand Total

1995417

Honeywell TFE 731-5BRCollins Pro Line 21

No2,120 N.M.

8 Pax551 Cu. Ft.

300421922101442121

72%8%417

200551


No2,120 N.M.

8 Pax551 Cu. Ft.

3156222111

61%10%51

200699


Yes2,615 N.M.

8 Pax551 Cu. Ft.

6186

114223

11

62%18%99

2007182

Honeywell TFE 731-50RCollins Pro Line 21

No2,825 N.M.

8 Pax551 Cu. Ft.

1201416111141

212

66%12%182

512694746272286444

68%11%749

800XPI800XP

AGE AND MODEL DISTRIBUTION - CURRENT IN OPERATION

MODEL COMPARISON

OPERATING REGION - BREAKDOWN BY MODEL

850XP 900XP

10

20

0

30

40

60

80

70

90

50

2012

2010

2006

2000

2009

2005

1999

2008

2002

2004

1998

1996

2007

2001

2011

2003

1997

1995

Data Source: JETNET

Data Source: Conklin & de Decker & JETNET

Data Source: JETNET

No.

of A

ircra

ft in

Ope

ratio

n


PRE-OWNED SPOTLIGHT

In 2005, the Hawker 800XPI entered service, manufactured for only one year. This was around the same time the Hawker 850XP entered service in 2006. While the XPI features a redesigned interior and upgraded avionics — the Collins Pro Line 21, it doesn’t include the Hawker winglets which were introduced with the 850XP model. The 850XP also features an extended range of 2,615nm, as well as increased payload capacity of 2,120lbs.

One year later the Hawker 900XP entered service, maintaining many features of the Hawker 850XP, including the winglets, avionics and cabin design, while upgrading to the more powerful Honeywell TFE 731-50R engines. The improved engines make way for an increased range of 2,825nm and allow for enhanced climbing capability.

Worldwide, the 800 series — including the 800XP, 800XPI, 850XP and 900XP — stood at 749, as of June 2018. The US, which is base to

68% of the operating fleet, is the most popular market for the series, largely due to the country’s vast number of smaller airports and domestic travel. The Asia Pacific is base to only 11%, a reflection of the country’s need for longer-range aircraft and lack of regional airports.

The majority (96%) of the series is wholly-owned, while 2% is part of a fractional ownership program and the other 2% is under shared-ownership. In the US, fractional ownership was made popular by NetJets, the American subsidiary of Berkshire Hathaway. During the late 1990s, NetJets purchased a large fleet of the Hawker 800 series, which were mostly sold almost a decade later to make room for newer models, like the Phenom 300.

The 800XP, manufactured from 1995 to 2005, has the highest number of aircraft in service; 417. As of June 2018, around 11% of

VALUE DEPRECIATION: HAWKER 850XP, 900XP (2008 MODEL) & HAWKER 800XP (2003 MODEL)

ASKING PRICES & INDICATED TRANSACTION PRICES TREND ALL MODEL COMBINED

2008

Q1

2009

Q1

2010

Q1

2011

Q1

2012

Q1

2015

Q1

2013

Q1

2016

Q1

2014

Q1

2017

Q1

2018

Q1

2008

Q3

2009

Q3

2010

Q3

2011

Q3

2012

Q3

2015

Q3

2013

Q3

2016

Q3

2014

Q3

2017

Q3

2008

Q2

2009

Q2

2010

Q2

2011

Q2

2012

Q2

2015

Q2

2013

Q2

2016

Q2

2014

Q2

2017

Q2

2008

Q4

2009

Q4

2010

Q4

2011

Q4

2012

Q4

2015

Q4

2013

Q4

2016

Q4

2014

Q4

2017

Q4

2016

-08

2017

-08

2017

-02

2018

-02

2016

-10

2017

-10

2017

-04

2018

-04

2016

-11

2017

-11

2017

-05

2018

-05

2016

-12

2017

-12

2017

-06

2018

-06

2016

-07

2017

-07

2017

-01

2018

-01

2016

-09

2017

-09

2017

-03

2018

-03

2008 Hawker 850XP

Average Asking Price

2008 Hawker 900XP

High Asking Price

2003 Hawker 800XP

Low Asking Price

Average Selling Price

16.015.014.013.012.011.010.09.08.07.06.05.04.03.02.01.0

$7

$6

$5

$4

$3

$2

$1

$0

* Source: Vref.

RESI

DU

AL

VALU

E (M

USD

)A

SKIN

G /

SO

LD P

RIC

E (M

USD

)

POSITIONING:HAWKER 800/900 SERIES VS. OTHER POPULAR MODELS

2,20

0

1.5

2.5

3.5

2

3

4

4.5

5

2,50

0

2,80

0

2,30

0

2,60

0

2,90

0

2,40

0

2,70

0

3,00

0

3,10

0 TOTA

L AN

NU

AL C

OST

(M U

SD /

YEAR

)*

MAX RANGE (N.M.)

Legacy 500

Legacy 450 G150

H850XP H800XP H900XP

L60XRAstra SP

H800

Cit. Latitude

Cit. Sovereign

Cit. X

* The estimated total annual cost is based on aircraft ownership cost for 10 years including financing, plus yearly operating costs and regional adjustments.

Source: Conklin & de Decker 2017

800XPI 900XP800XP 850XP

* Data source: JETNET & ASG

NO

. OF

AIR

CRA

FT F

OR

SALE

TRANSACTION SUMMARY - BREAKDOWN BY MODEL

2017

/09

2017

/05

2018

/01

2017

/01

2017

/03

2017

/11

2017

/07

2018

/03

2017

/02

2017

/10

2017

/06

2018

/04

2018

/02

2017

/04

2017

/12

2017

/08

2

35

1

1

2

2

2

111 8

3

5

2

2

2

3

2

4

4

4

5

11

6

1

7

11

3

4

11

2

8

1

1

5

1

4

2

7

1

7

1

4

4

1

2018

/05


PRE-OWNED SPOTLIGHT

the fleet was available for sale. The 800XPI variant had the lowest number of aircraft in operation, with 51, and about 8% on the market; down from the past couple of years. The 850XP operating fleet stood at 99, with around 13% of the fleet on the market; an increase from the previous year. With 182 operating worldwide, the 900XP had around 7% on the market; a decline from previous years. Overall inventory levels of the Hawker series have dropped between June 2016 and June 2018, from 12.7% to 10.6%; its total inventory value was also reduced from US$292M to US$189M, affected by both reduced average asking price and inventory level.

The average price for the 800XP sits at around US$1.6M. From there, prices gradually increase depending on year and model. The 800XPI has an average asking price of US$2.55M, while the 850XP is at US$3.28M. The newer 900XP models have an average asking price of US$4.75M.

Asking prices are in line with the series’ depreciation value. A 2003 800XP has a depreciation value of US$2.2M, while a 2008 850XP has a value of US$3.2M. A 2008 900XP has a value of approximately US$4M.

The Hawker 800 series is the only offering available for those looking for an aircraft with a range of around 2,500nm, at a price point of around US$2M to $2.5M. Now a product of Textron Aviation, the 800 and its variants continue to be reliable and attractive aircraft, particularly for buyers in the US.

AVERAGE ASKING PRICE TREND - MAJOR MODELS

Ave

rage

Ask

ing

Pric

e (M

USD

)

3.3

4.2

2.9

4.75.1

4.1

5.1

2.4

Hawker 850XP Hawker 900XPHawker 800XP Hawker 800XPI

1.71.82.2 2.2

1.6

2.6

3.2

2.3

2017

/05

2018

/01

2016

/09

2017

/09

2018

/05

2017

/01

2016

/07

2017

/07

2018

/03

2016

/11

2017

/11

2018

/06

2017

/03

2017

/06

2018

/02

2016

/10

2017

/10

2017

/02

2016

/08

2017

/08

2018

/04

2016

/12

2017

/12

2017

/04

225

369

359

394

DAYS ON MARKET - MAJOR MODELS

100

300

200

400

550

600

150

350

500

250

450


335

543

412

233187

420 412

250

273

339

221

2017

/05

2018

/01

2016

/09

2017

/09

2018

/05

2017

/01

2016

/07

2017

/07

2018

/03

2016

/11

2017

/11

2018

/06

2017

/03

2017

/06

2018

/02

2016

/10

2017

/10

2017

/02

2016

/08

2017

/08

2018

/04

2016

/12

2017

/12

2017

/04

PERCENTAGE FOR SALE - MAJOR MODELS

8.0%

4.0%

12.0%

18.0%

10.0%

16.0%

6.0%

14.0%


2017

/05

2018

/01

2016

/09

2017

/09

2018

/05

2017

/01

2016

/07

2017

/07

2018

/03

2016

/11

2017

/11

2018

/06

2017

/03

2017

/06

2018

/02

2016

/10

2017

/10

2017

/02

2016

/08

2017

/08

2018

/04

2016

/12

2017

/12

2017

/04

* Data source: JETNET

INV

ENTO

RY L

EVEL

(M

USD

) $292

12.7%

$229

12.1%

$235

11.3%

$254

12.0%

$206

11.3%

$173

10.1%$270

12.6%

$218

11.6%

$215

9.9%

$223

11.2%

$197

10.8%

$221

11.2%

$286

12.7%

$221

11.6%

$223

10.4%

$242

11.8%

$206

11.5%

$208

10.8%

$262

12.5%

$216

11.6%

$180

10.3%

$234

11.6%

$206

10.8%

$189

10.6%

2017

/05

2018

/01

2016

/09

2017

/09

2018

/05

2017

/01

2016

/07

2017

/07

2018

/03

2016

/11

2017

/11

2018

/06

2017

/03

2017

/06

2018

/02

2016

/10

2017

/10

2017

/02

2016

/08

2017

/08

2018

/04

2016

/12

2017

/12

2017

/04

INVENTORY LEVEL, ASKING PRICES & PERCENTAGE FOR SALEInventory Level % In Operation for Sale


PRE-OWNED SPOTLIGHT

AIRCRAFTMODEL YEAR ASKING PRICE AFTT

800XP 1996 $1,195,000 12,706

800XP 1996 $1,250,000 4,585

800XP 1996 Make Offer 6,716

800XP 1998 $1,000,000 12,042


800XP 1997 $1,149,000 8,170

800XP 1997 $1,195,000 7,964

800XP 1997 $1,550,000 8,846


800XP 1998 $1,950,000 10,700

800XP 1998 $1,975,000 10,700


800XP 1999 $1,500,000 4,478

800XP 1999 $1,700,000 7,043

800XP 1999 $1,395,000 7,365


800XP 1999 $1,750,000 6,322


800XP 1999 $1,495,000 4,586

800XP 1999 $1,500,000 4,609



800XP 1999 $1,595,000 4735

800XP 1999 Make Offer 8076



800XP 2000 $1,550,000 4179

800XP 2000 $2,450,000 6087


800XP 2000 $1,050,000 12494

800XP 2000 $1,050,000 11920



800XP 2000 $1,050,000 12730

800XP 2000 $1,000,000 12455

800XP 2000 $1,050,000 12412

800XP 2001 $1,050,000 11169




* Data Source: Asian Sky Group & JETNET

AIRCRAFTMODEL YEAR ASKING PRICE AFTT



800XP 2002 $2,495,000 3603

800XP 2002 $2,095,000 7604

800XP 2002 $2,375,000 8319



800XP 2004 $1,495,000 6323

800XP 2004 Lease Only 3480

800XP 2004 $2,500,000 6928




800XP 2005 $3,000,000 7241

800XPI 2005 $2,100,000 7154

800XPI 2006 Make Offer 6494

800XPI 2006 $3,000,000 7600

800XPI 2006 Make Offer 6981

850XP 2006 $2,595,000 7195

850XP 2006 $4,100,000 2842


850XP 2006 $3,750,000 2162


850XP 2006 $3,000,000 3442

850XP 2007 $3,395,000 2463


850XP 2007 Lease Only 1400

850XP 2008 $3,500,000 2057



900XP 2009 $3,649,000 3000


900XP 2008 $3,750,000 3317


900XP 2009 $3,850,000 4008


900XP 2010 $4,400,000 2967


900XP 2011 $6,000,000 1675


900XP 2012 $6,200,000 723

MARKET CHARACTERISTICS - BREAKDOWN BY MODEL

MARKET AVAILABILITY

EQUIPMENT / PROGRAM 800XP 800XPI 850XP 900XP

FM Immunity8.33 Channel SpacingFDRRVSMSATCOMEngine Maintenance ProgramCVRHigh-Speed DataTCASTWAS

45%61%

--

51%96%

-43%94%

-

--

75%-

75%100%100%

-100%100%

38%46%69%85%85%92%

----

---

100%79%

100%100%

-100%100%


AIRCRAFT POSITIONING

1,00

0

2,00

0

3,00

0

2,50

0

3,50

0

4,50

0

4,00

0

5,50

0

5,00

0

6,00

0

6,50

0

7,50

0

7,00

0

8,00

0

500

1

2

3

4

6

7

8

9

10

11

12

13

14

15

16

ACJ318

G550

F8X

F7XG500

CL650

G650ER

LINEAGE 1000EGLOBAL 6000

GLOBAL 5000

LEGACY 650

LEGACY 600

G350

CIT. X+

LEGACY 500

CL300

LEGACY 450

CIT. SOVEREIGN+

CIT. SOVEREIGN

F900EX EASY

F50EXG200H4000CIT. XLS+

H850XP

L40XR

L45XR

CIT. ENCORE+

CIT. ENCORECIT. M2 CIT. ULTRA

CIT. EXCEL

H800

G100

CIT. CJ3+

H900XP

L75

L70

CIT. CJ4

CIT. CJ1CIT. CJ1+

HONDAJETPREMIER 1A PHENOM 100E

ECLIPSE 550

CIT. MUSTANG

CIT. XLS

CIT. VII

L60XR

CIT. CJ2+

NEXTANT 400XTI

ASTRA SP

CL605G-IVSP

CL350

F2000

CL850

GLOBAL EXPRESS XRS

GLOBAL EXPRESS

G-V

G600

G280

F2000LXS

F2000S

F900EXG-IV

CL604

F2000LX

F2000EX

F2000DX

H800XPPHENOM 300

G300CIT. X

G150

CIT. LATITUDE

G650

G450F900LX

17

18192021222324

1,50

0

BUSINESS JETS

* The estimated total yearly cost is based on aircraft ownership cost for 10 years including financing, plus annual operating costs and regional adjustments.

TOTA

L AN

NU

AL C

OST

(MIL

LIO

N U

SD/Y

EAR

)

MAX RANGE (N.M.)

Source: Conklin & de Decker 2017

CORP. AIRLINERLONG RANGELARGEMEDIUMLIGHTVERY LIGHT

BBJ3ACJ321

ACJ320BBJ2

BBJACJ319

CIT. CJ3

DIAMOND 1A

CIT. BRAVO

H400XPBEECHJET 400

CIT. CJ2

MARKET SUMMARY -- JETSA

IRBU

S


0+0+0 0+0+0 4+0+0 0+0+0 0+0+0 2+0+0 0+0+0 0+0+0 2+0+0 0+0+0 0+0+0 0+0+0 0+0+00+14+0 0+14+0 0+14+0 0+10+0 0+12+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+14+0 0+18+0 0+20+00+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 1+0+0 0+0+0 0+0+0 1+0+0 0+0+00+4+0 0+4+0 0+4+0 0+4+0 0+4+0 0+4+0 0+4+0 0+4+0 0+5+0 0+5+0 0+5+0 0+5+0 0+5+0 4 4 4 4 44 44

5 5 5 5

1 1

5

7 7 7 77 7 77 75

6

109

112

MARKET SUMMARY PER MODEL — BUSINESS JETS

ACJ318

$29.4$29.3

$30.0

SPECS

FOR SALE

No. for Sale Avg Asking Price Avg Days on Market

SOLD21

11

Past 12 Months Past 3 Months

2018 Q2 2018 Q1

Max Range

Max Speed

Typ. Passengers

4,253 N.M. / 7,877 km (with ACTs)

Mach 0.82

19

5 (25.0%) 30.0M USD1,237

5 (25.0%) 29.3M USD1,072

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS

ACJ319

$35.7

$39.3 $39.3

SPECS

FOR SALE


SOLD40


2018 Q2

Max Range

Max Speed

Typ. Passengers

6,000 N.M. /11,112 km

Mach 0.82

19

10 (14.1%)39.3M USD 322

• There are currently 10 Airbus ACJ319s available for sale, 5 on-market and 5 off-market. This represents 14% of the total 70 aircraft in service. The inventory level saw a significant increase in the Q2 2018.

• Current asking prices range from US$81M for a 2011 model with around 1500 hours to US$18M for a 1999 model with 8678 total hours. Average asking price of Q2 2018 risen to US$54.8M.

• In Q2 2018, the average days on market for sale decrease significantly to 322 days from 508 days in Q1 2017 with 3 aircraft newly entered market.

• There was no transaction completed in Q2 2018.

• There are currently 5 Airbus ACJ318s available for sale, 3 on-market and 2 off-market. The inventory level stayed at 5 in Q2 2018, which represents 25% of the total 20 aircraft in service.

• Current asking prices range from US$30M for a 2008 model with 2,627 hours to US$29.95M for a 2009 model with around 3,000 total hours. Average ask-ing price of Q2 2018 went up to US$30.0M.

• In Q2 2018, the average days on market for sale risen to 1,237 days.• There was one transaction completed in Q2 2018 and another under sales

pending.

2017 Q1

2017 Q1

7 (9.9%)39.3M USD 508

41

2018 Q2



For Sale vs. Sold

For Sale vs. Sold

2018 Q2 2018 Q1

Jun Sep Dec Mar Jun2017 2018

SoldFor Sale


SoldFor Sale


BOEIN

GMARKET SUMMARY -- JETS


40

0+8+0 0+8+0 0+8+0 0+12+0 0+16+0 0+16+0 0+16+0 0+16+0 0+16+0 0+20+0 0+16+0 0+16+0 0+16+00+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 4+0+0 0+0+0 0+0+0 2+0+0 1+0+0 0+0+0 1+0+0 0+0+0 0+0+0 2+0+0 0+0+0 0+0+0 3+0+0 1+0+0 0+0+0 0+0+0 0+ 16+ 0 0+ 18+ 0 0+ 17+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 17+ 0 0+ 14+ 0 0+ 16+ 0 0+ 16+ 0 0+ 16+ 0 0+ 16+ 0

BBJ

SPECS

FOR SALE


SOLD

8 1

10 3


2018 Q2 2018 Q1

Max Range

Max Speed

Typ. Passengers

6,235 N.M. / 11,547 km (with 9 ACTs)

Mach 0.82

19

16 (11.9%) 40.9M USD775

18 (13.4%) 37.3M USD712 16 16 1616

1417 18 18 18 17 18

1618

21 1132

$39.2

$37.3

$33.8

$35.9

$40.9

• There are currently 16 Boeing BBJs available for sale. This represents approximately 13% of the total 135 aircraft in service. The inventory level fluc-tuates in Q2 2018 with 1 new aircraft entered into the market and 4 aircraft was sold from the market.

• The BBJ pre-owned market is segmented into two main categories: 2008 YOM & up, typically asking US$49 million and above; and 2002 YOM & down, typically asking low USD 20s million and down. Current asking prices range from US$92.5M for a 2011 model with only ferry hours to US$19.5M for a 1999 model with 10,115 total hours. Currently, the average days on market for sale in Q2 2018 is going up to 775 days from 712 days in Q1 2018.


For Sale vs. Sold

2018 Q2 2018 Q1


SoldFor Sale


SoldFor Sale

BBJ2

• The BBJ2 market is a very limited one with only 23 aircraft in service world-

wide and it is very much concentrated in the Middle East, where more than 50% of the aircraft are in service. Asia only represents 22% of the market - a mere 5 aircraft.

• Currently there are only 4 BBJ2 for sale, 2 on-market and 2 off-market, decrease from 5 in Q1 2018. This represents approximately 18% of the total 22 aircraft in service.

• There was one transaction completed in April, which was also the only trans-action in the past 12 months.

SPECS

FOR SALE


SOLD11

00


2018 Q2

2018 Q2

2018 Q1

2018 Q1

Max Range

Max Speed

Typ. Passengers

5,620 N.M. / 10,408 km (with 7 ACTs)

Mach 0.82

19

4 (17.4%) 59.0M USD811

5 (22.7%) 69.0M USD713

$62.0

$69.0$69.6

2 23

4 4

12

4 44 45

44

$59.0


For Sale vs. Sold


BOM

BARD

IER

MARKET SUMMARY -- JETS


1+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 2+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 11+ 0 0+ 12+ 0 0+ 11+ 0 0+ 10+ 0 0+ 10+ 0 0+ 10+ 0 0+ 9+ 0 0+ 6+ 0 0+ 6+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 7+ 0+ 0 2+ 0+ 0 8+ 0+ 0 3+ 0+ 0 7+ 0+ 0 8+ 0+ 0 7+ 0+ 0 6+ 0+ 0 6+ 0+ 0 7+ 0+ 0 3+ 0+ 0 8+ 0+ 0 8+ 0+ 0 0+ 30+ 0 0+ 39+ 0 0+ 36+ 0 0+ 47+ 0 0+ 49+ 0 0+ 52+ 0 0+ 50+ 0 0+ 49+ 0 0+ 51+ 0 0+ 52+ 0 0+ 52+ 0 0+ 53+ 0 0+ 62+ 0 62

53 52 52 5251 5049 49 47

8 8 8

36

866 7 73 2

39

37 7

30

7 7 7 7 69 10 11 1112

10 10

6

21 1 1

CHALLENGER 604/605

$5.3 CL604

$10.1CL605

$11.7$12.7 $12.4

$5.0$5.3

CHALLENGER 850

$8.5

$7.2

$8.3

• There were 32 CL604 and 19 CL605 on the market for sale, representing 5.3% and 3.8% of the total fleet, respectively.

• The average asking price of CL604 in Q1 2018 was US$5.3M, a 6% increase from Q1 2018. The average asking price of CL605 was US$12.4M, increasing by 3% from Q1 2018.

• The average days on market of CL604 and CL605 were, respectively, 326 and 332 days.

• Q2 2018 recorded 9 CL604 transactions. In addition, 8 CL605 transactions were completed, same as Q1 2018.

• There were 71 CL850 operating worldwide and 11 were on market for sale, accounting for 15.5% of the total active fleet.

• The average asking price in Q2 2018 was US$8.3M.• The average days on market of CL850 in Q2 2018 reduced to 221 days, from

677 days in Q1 2018.• In Q2 2018, 2 CL850 transaction was recorded, which is the same as the

previous quarter.

SPECS

FOR SALE


SOLDPast 12 Months Past 3 Months

Max Range

Max Speed

Typ. Passengers

2,811 N.M. / 5,206 km

Mach 0.80

14

SPECS

FOR SALE


SOLD318

338


Max Range

Max Speed

Typ. Passengers

CL605

4,000 N.M. / 7,408 km

Mach 0.82

9

CL604

4,027 N.M. / 7,458 km

Mach 0.82

9

11 (3.8%) 12.4M USD332

15 (5.2%) 11.7M USD269

419

4210

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

19 (5.3%) 5.3M USD326

32 (8.8%) 5.0M USD300

52

40

2018 Q2

2018 Q2

2018 Q1

2018 Q1

11 (15.5%) 8.3M USD221

10 (14.5%) 7.2M USD677


For Sale vs. Sold


For Sale vs. Sold


SoldFor Sale


SoldFor Sale


BOM

BARD

IERMARKET SUMMARY -- JETS


0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 4+ 0+ 0 1+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 14+ 0 0+ 15+ 0 0+ 16+ 0 0+ 15+ 0 0+ 15+ 0 0+ 10+ 0 0+ 10+ 0 0+ 10+ 0 0+ 9+ 0 0+ 9+ 0 0+ 10+ 0 0+ 10+ 0 0+ 14+ 01+ 0+ 0 2+ 0+ 0 4+ 0+ 0 2+ 0+ 0 1+ 0+ 0 2+ 0+ 0 1+ 0+ 0 1+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 14+ 0 0+ 17+ 0 0+ 13+ 0 0+ 14+ 0 0+ 15+ 0 0+ 18+ 0 0+ 16+ 0 0+ 16+ 0 0+ 17+ 0 0+ 18+ 0 0+ 19+ 0 0+ 20+ 0 0+ 18+ 0

GLOBAL 5000

$20.5

$17.8

$13.9

$15.4

1820 19

1518

14 13 141817 171616

13

13 4

1 1 12 2 21

• There were 14 Global 5000 for sale in Q2 2018, remaining constant as the previous quarter. With 221 operating worldwide, the for-sale fleet represented 6.3% of the total active fleet.

• The average asking price in Q2 2018 was US$15.4M, a 13% decrease from Q1 2018.

• The asking prices ranged from US$ 8.5M to US$ 25.9M, which was slightly lower than the last quarter’s.

• The average days on market was 269 days, down from 274 days in Q1 2018. • There were 7 Global 5000 transactions in Q2 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

5,200 N.M. / 9,630 km

Mach 0.89

13

217

165

2018 Q2

2018 Q2

2018 Q1

2018 Q1

14 (6.3%) 15.4M USD269

14 (6.4%) 17.8M USD274

$40.2SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

GLOBAL 6000

6,000 N.M. / 11,112 km

Mach 0.88

13

$41.8

$28.5

$36.3 $36.3

14 1415 15 16 15

10 10 9 9 10 1010

13

1 11 114

• There were 14 Global 6000 on the market and 264 in-operation aircraft. It represented 5.3% of the total active fleet.

• The average asking price of Global 6000 in Q2 2018 was US$36.3M, which increased by 5% from US$34.7M in Q1 2018.

• The asking prices ranged from US$28.5M to US$48M.• The average days on market for sale of Global 6000 was 280 days, up from

208 days in Q1 2018. • In Q2 2018, there was 1 transaction, same as that of Q1 2018.

121

141

2018 Q21

2018 Q2

2018 Q1

2018 Q1

14 (5.3%) 36.3M USD280

15 (5.8%) 36.3M USD208



For Sale vs. Sold

For Sale vs. Sold


SoldFor Sale


SoldFor Sale


DASS

AULT


48 | ASIAN SKY QUARTERLY —SECOND QUARTER 2018

0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 2+ 0+ 0 1+ 0+ 0 1+ 0+ 0 1+ 0+ 0 2+ 0+ 0 3+ 0+ 0 4+ 0+ 0 2+ 0+ 0 1+ 0+ 0 2+ 0+ 0 0+ 7+ 0 0+ 9+ 0 0+ 9+ 0 0+ 10+ 0 0+ 11+ 0 0+ 10+ 0 0+ 8+ 0 0+ 8+ 0 0+ 10+ 0 0+ 11+ 0 0+ 13+ 0 0+ 14+ 0 0+ 16+ 0

FALCON 900DX/EX/EX EASy/LX

FALCON 2000LX/LXS/S

1614 13

11 1110 10 9 97

1088

1 1 1231 1 122 2

4

FALCON 2000LX

FALCON 2000S

$27.9

$16.5$19.0

MAKEOFFER

MAKE OFFER$25.0

$16.0

$27.9

FALCON 2000LXS

$13.2$12.4

$16.5 $16.7

$12.8

4+ 0+ 0 6+ 0+ 0 3+ 0+ 0 0+ 0+ 0 1+ 0+ 0 2+ 0+ 0 2+ 0+ 0 4+ 0+ 0 1+ 0+ 0 4+ 0+ 0 2+ 0+ 0 0+ 0+ 0 2+ 0+ 0 0+ 23+ 0 0+ 24+ 0 0+ 26+ 0 0+ 26+ 0 0+ 26+ 0 0+ 25+ 0 0+ 24+ 0 0+ 25+ 0 0+ 23+ 0 0+ 26+ 0 0+ 28+ 0 0+ 29+ 0 0+ 30+ 030 29 28 26 26 262623 2324 2425 25

2 4 41 12 2

632 4

F900DX

$8.4F900EX $6.4 $6.7

$15.7

$14.7 $18.3$17.4

F900EX EASy

$18.5

$20.8F900LX

$21.8$22.7

$11.5

$13.0 $12.9

$11.5

• There are 23 Falcon 900 series aircraft available on market for sale, including 2 Falcon 900DXs, 19 Falcon 900EXs/EASys and 2 Falcon 900LXs. The inventory level goes down, comparing to that in Q1 2018.

• The average asking prices for Falcon 900EX and 900EX EASy are US$ 6.7M and US$ 15.7M; the average asking prices for Falcon 900LX is US$ 18.5M, decreasing from US$ 20.8M in Q1 2018.

• Currently, the average days on market for Falcon 900 series is 338 days, growing from 266 days in Q1 2018, and this is mainly resulted from the transaction that many long-listed Falcon 900EXs/EASys aircraft are either off market or finally sold.

• In Q2 2018, there are 10 Falcon 900 series aircraft transactions, a significant increase compare to Q1 2018.

SPECS

FOR SALE


SOLD1 | 10 | 1

17 | 18 1 | 3


Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Q2 | Q1

Reporting quarter vs. Previous quarter




Max Range

Max Speed

Typ. Passengers

F900DX

4,100 N.M. /

Mach 0.83

12

16 | 12 7 | 1

2 | 11 | 1

6 | 42 | 0

0 | 00 | 0

6 | 62 | 1

F900EX

4,500 N.M. /

Mach 0.83

12

F900EX EASy

4,500 N.M. /

Mach 0.83

12

F900LX

4,750 N.M. /

Mach 0.83

12

2 | 112.9M USD | 11.5M USD 51 | 877

3 | 312.8M USD | 13.2M USD 155 | 127

8 | 22 6.7M USD |6.4M USD324 | 272

2 | 1 25.0M USD |27.9M USD143 | 51

11 | 10 15.7M USD |17.4M USD204 | 191

2 | 5 16.0M USD |16.5M USD153 | 79

2 | 4 18.5M USD | 20.8M USD218 | 432

7,593 km 8,334 km 8,334 km 8,800 km

2000S

3,350 N.M. /

Mach 0.83

10

SPECS

FOR SALE

No. for sale Avg Asking Price

Avg Days on Market


Max Range

Max Speed

Typ. Passengers

2000LX

4,000 N.M. /

Mach 0.83

10

2000LXS

4,000 N.M. /

Mach 0.83

10

7,408 km 7,408 km 6,208 km

• There are 7 Falcon 2000 series aircraft on market for sale, including 3 Falcon 2000LX, 2 Falcon 2000LXS and 2 Falcon 2000S. The inventory level goes down from 10 in Q1 2018.

• The average asking prices for Falcon 2000LX is US$ 12.8M; the average asking prices for Falcon 2000LXS is US$ 25M; the average asking prices for Falcon 2000S is US$ 16M.

• The average days on market for Falcon 2000 series aircraft is 151 days in Q2 2018, increasing from 102 days in Q1 2018.

• wq32In Q2 2018, there are 4 transactions of Falcon 2000 series aircraft, remaining stable with that in the last quarter.



For Sale vs. Sold

For Sale vs. Sold


SoldFor Sale


SoldFor Sale


DASSAU

LTMARKET SUMMARY -- JETS


0+ 0+ 0 1+ 0+ 0 3+ 0+ 0 2+ 0+ 0 2+ 0+ 0 4+ 0+ 0 1+ 0+ 0 4+ 0+ 0 2+ 0+ 0 0+ 0+ 0 2+ 0+ 0 2+ 0+ 0 3+ 0+ 0 0+ 23+ 0 0+ 21+ 0 0+ 19+ 0 0+ 22+ 0 0+ 25+ 0 0+ 24+ 0 0+ 25+ 0 0+ 25+ 0 0+ 24+ 0 0+ 24+ 0 0+ 26+ 0 0+ 28+ 0 0+ 31+ 03128

2624 24 2425 25

2219

2123

25

3 324 4

2 2 21 12

$26.7

$24.9

$25.8

FALCON 7X

$26.9

• There are 23 Falcon 7X aircraft on market for sale. The inventory level has been fluctuating since 2018. Most Falcon 7Xs available for sale were manu-factured in 2013 and 2012, which account for 41% and 23%, respectively.

• The average asking price for 7X in Q2 2018 is around US$ 26.2M, almost the same with that in Q1 2018.

• Currently, the average days on market for sale in Q2 2018 is around 306 days, a slightly higher than 298 days in the last quarter, and that’s partially resulted from the transactions of long-listed aircraft and some new-to-market aircraft decreasing the number of average days on market.

• In Q2 2018, there are 6 Falcon 7X transactions, indicating a continuously active market trend from Q1 2018.

5,950 N.M. / 11,018 km

Mach 0.90

12

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

234

228

2018 Q2

2018 Q2

2018 Q1

2018 Q1

23 (8.4%) 26.9M USD306

22 (8.0%) 25.8M USD257

2013 FALCON 7X SN199397 HOURS SINCE NEW173 CYCLES SINCE NEW

AIRCRAFT HIGHLIGHT• One Owner Since New

• Low Hours

• No Damage Record & Charter History

• EASA Compliance

• Triple FMS, CVR, QAR, FDR, RAAS & Weather Radar

• Inmarsat Aero H+ Satcom

• Swift Broadband

• Stunning BMW Interior

AVIONICS • VHF communication dual Honeywell• Dual Honeywell HF Radio• Emergency Locator Transmitter with Nav Interface• VOR/ ILS/ MKR and GPS modules• Triple FMS module• Lightning sensor• Dual ATC transponder Mode S• RAAS• Cockpit Voice Recorder• Quick Access Recorder• Additional Wi-Fi handset Aircell• Electronic Jeppesen Charts• Third VHF Radio• Honeywell Secal• Inmarsat Aero H+ (Satellite Communication System)• ADF [email protected] +852 2235 9222

OUR INVENTORY

INTERIOR • 14 Passenger Configuration• Forward Double Club• Dining Group• Credenza (Multi-Purpose Storage Cabinets)• Two (2), Three Place Divans• One Tracking Magazine Rack• The aircraft interior shall meet regulation.

ASKING PRICE:

CALL FOR PRICING


For Sale vs. Sold


SoldFor Sale


DASS

AULT


50 | ASIAN SKY QUARTERLY —SECOND QUARTER 2018


2010 FALCON 7XOFF MARKET FOR SALE

AIRCRAFT HIGHLIGHT• Engine Enrolled on Honeywell ESP Gold

• APU Enrolled on Honeywell MSP Gold

• 12 Passengers Configuration, Fwd / Aft Lavatory

• Part 135, CPDLC, FANS 1A Compliance

• ADSB-Out

• EASy II Avionic Suite

• HUD & EVS

• Honeywell LSS-860 Lightning Sensor System

AVIONICS • Standard FLY-BY-WIRE (FBW) 2.3.1• HUD, CVR ,EVS & EVAS• Honeywell LSS-860 Lightning Sensor System• PWC Monitoring Data Collection Transmission Unit• Three (3) Honeywell VHF COMM• Two (2) Honeywell VHF NAV• Two (2) Honeywell DF-855 ADF• Two (2) Honeywell DM-855 DME• Two (2) Honeywell KHF-1050 HF COMM• Two (2) Honeywell GPS-90X GPS• Two (2) Honeywell XS-857A Transponder• Honeywell WU-880 Weather Radar• Two (2) Honeywell KRA-405B Radio Altimeter• Single (1) ACSS TCAS 3000• Single (1) Honeywell RESCU 406AF ELT• Single (1) Honeywell MK V EGPW [email protected] +852 2235 9222

OUR INVENTORY

INTERIOR • 12 Passenger Configuration• 17 inches Fwd LCD Monitor• 17 inches Aft Bulkhead LCD Monitor• Galley Pocket / Sliding Door• Aft Cabin Tracking CurtainTwo (2)• 30 inches Fwd RH Lavatory• LH 43 inches & 71 inches RH Galley / Bar Area• Four (4) 20 inches Individual Seats w/ Electrical

Lumbar• Retractable Dining / Conference Table

ASKING PRICE:

CALL FOR PRICING

File Photo

EMBRA

ERMARKET SUMMARY -- JETS


LINEAGE 1000/E• There were 4 Lineage 1000 on market for sale, out of the 20 in-service air-

craft. It represented a 20.0% inventory.• The average asking price of Lineage 1000 in Q2 2018 was US$ 30.7M, which

was higher than Q1 2018’s. • The asking price ranged from US$ 24.0M to US$ 38.0M. • The average days on market for sale of Lineage 1000 was 794 days, compared

to 808 days in Q1 2018.• In Q2 2018, there was no transaction, marking a relatively quiet market com-

pared to the one transaction in the previous quarter.

FOR SALE

SPECS



Max Range

Max Speed

Typ. Passengers

Lineage 1000

4,400 N.M. / 8,149 km

Mach 0.82

19

Lineage 1000E

4,600 N.M. / 8,520 km

Mach 0.82

19

10

11

2018 Q2

2018 Q2

2018 Q1

2018 Q1

4 (20.0%) 30.7M USD794

7 (24.1%) 27.4M USD808


0+ 4+ 0 0+ 4+ 0 0+ 7+ 0 0+ 7+ 0 0+ 8+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 77 7 7 7 7 74

1

7 74

7

$28.0$27.4

$25.1

$30.7


For Sale vs. Sold

8


SoldFor Sale

LEGACY 600/650

• There were 3 Legacy 650 and 14 Legacy 600 on market for sale. With respectively 96 and 174 aircraft operating worldwide, the for-sale fleet represented 3.1% and 8.0% respectively of the total active fleet.

• The average asking prices of Legacy 650 in Q2 2018 was US$12.3M, decreasing by 3% from US$ 12M in Q1 2018. The average asking price of Legacy 600 in Q2 2018 was US$ 7.3M, a 7% increase from Q1 2018.

• The asking price of Legacy 650 ranged from US$9.5M to US$15.0M; while the asking price of Legacy 600 ranged from US$ 5.2M to US$ 9.5M.

• The average days on market for sale of Legacy 650 were 380 days, increasing by 31% from 551 in Q1 2018. Legacy 600’s average days on market for sale was 173 days; falling by 4% from 312 in Q1 2018

• In Q1 2018, there were five Legacy 650 transactions, up from two transactions in Q1 2018; there were five transactions of Legacy 600, rising from one transactions in Q1 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

Legacy 600

3,400 N.M. / 6,297 km

Mach 0.80

13

Legacy 650

3,640 N.M. / 7,112 km

Mach 0.80

13

55

72

3 (3.1%) 12.3M USD173

7 (7.3%) 11.5M USD312

175

151

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

14 (8.0%) 7.3M USD380

13 (7.5%) 6.8M USD551 0+ 0+ 0 6+ 0+ 0 4+ 0+ 0 1+ 0+ 0 3+ 0+ 0 1+ 0+ 0 5+ 0+ 0 3+ 0+ 0 1+ 0+ 0 1+ 0+ 0 1+ 0+ 0 1+ 0+ 0 3+ 0+ 0 0+ 17+ 0 0+ 15+ 0 0+ 15+ 0 0+ 20+ 0 0+ 24+ 0 0+ 22+ 0 0+ 22+ 0 0+ 23+ 0 0+ 24+ 0 0+ 30+ 0 0+ 29+ 0 0+ 33+ 0 0+ 36+ 0 36

3329 30

24 2422 22 2020 20 20

23

3 31553 1 1

4 61 1

$11.5

$8.1

$13.4Legacy 650

Legacy 600

$12.3

$6.8 $7.3


For Sale vs. Sold


SoldFor Sale

GU

LFST

REA

MMARKET SUMMARY -- JETS


G200 & G280

G450

• There were 29 G200 on market in Q2 2018, accounting for 11.9% of the total fleet. The inventory level is 9% lower than 2018 Q1.

• The average asking price for a G200 in Q2 2018 was US$4.4M, no change compared to Q1 2018.

• The average days on market of the G200 in Q2 2018 was 338 days. • There were two G280s on market, accounting for 1.9% of the total fleet. The

inventory level has remained the same compared to Q1 2018.

G200

3,050 N.M. / 5,651km

Mach 0.81

8

G280

3,600 N.M. / 6,667 km

Mach 0.84

8

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

52

42

1 (0.7%) 16.8M USD216

2 (1.9%) 14.0M USD301

4011

4211

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

29 (11.9%) 4.3M USD338

32 (13.0%) 4.6M USD253

• There were 26 G450s on market for sale in 2018 Q2, representing 7.3% of the total fleet. The inventory level has increased since Q1 2018.

• The average asking price of a G450 in Q2 2018 was US$14.2M, 3.4% lower than that of Q1 2018.

• The average days on market in Q2 2018 was 328 days.• In Q2 2018 there were nine G450s sold, with transaction levels slightly higher

than that of Q1, showing steady growth.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

4,350 N.M. / 8,056 km

Mach 0.85

13

359

368

2018 Q2 2018 Q1

2018 Q2 2018 Q1

26 (7.3%) 14.0M USD328

21 (5.9%) 15.2M USD355

6+ 0+ 0 3+ 0+ 0 4+ 0+ 0 3+ 0+ 0 1+ 0+ 0 6+ 0+ 0 1+ 0+ 0 2+ 0+ 0 4+ 0+ 0 3+ 0+ 0 5+ 0+ 0 4+ 0+ 0 6+ 0+ 0 0+ 30+ 0 0+ 32+ 0 0+ 32+ 0 0+ 34+ 0 0+ 40+ 0 0+ 33+ 0 0+ 34+ 0 0+ 38+ 0 0+ 30+ 0 0+ 29+ 0 0+ 34+ 0 0+ 33+ 0 0+ 37+ 0 $16.8

$5.0 G200

$14.0G280$15.1

$4.6 $4.3

3733 32 323334 34

29 30 3034

3840

64

24 4

1 1

6 653 3 3


For Sale vs. Sold


SoldFor Sale

2+ 0+ 0 3+ 0+ 0 4+ 0+ 0 2+ 0+ 0 2+ 0+ 0 2+ 0+ 0 3+ 0+ 0 1+ 0+ 0 2+ 0+ 0 6+ 0+ 0 2+ 0+ 0 4+ 0+ 0 1+ 0+ 0 0+ 26+ 0 0+ 21+ 0 0+ 21+ 0 0+ 21+ 0 0+ 21+ 0 0+ 28+ 0 0+ 24+ 0 0+ 27+ 0 0+ 29+ 0 0+ 32+ 0 0+ 34+ 0 0+ 36+ 0 0+ 33+ 0 21 2121 21

3336

3432

29

2427 27

26

14 4

12 2 22 23 326

$14.9$15.2

$13.8

$14.0


For Sale vs. Sold


SoldFor Sale


GU

LFSTREAM



2+ 0+ 0 4+ 0+ 0 3+ 0+ 0 4+ 0+ 0 2+ 0+ 0 2+ 0+ 0 4+ 0+ 0 5+ 0+ 0 5+ 0+ 0 5+ 0+ 0 3+ 0+ 0 2+ 0+ 0 7+ 0+ 0 0+ 29+ 0 0+ 24+ 0 0+ 21+ 0 0+ 19+ 0 0+ 17+ 0 0+ 22+ 0 0+ 24+ 0 0+ 24+ 0 0+ 28+ 0 0+ 31+ 0 0+ 34+ 0 0+ 35+ 0 0+ 35+ 0 G650 & G650 ER

G550• There were 29 G550s on market in Q2 2018. The inventory level has been

increasing since the beginning of the year and has increased by 53% since Q1 2018.

• There has been an increase of 1% in the total number of aircraft in operation, from 545 in Q1 2018 to 552 in Q2 2018.

• The average asking price for a G550 in Q2 2018 was around US$ 25.0M, an increase of 7%, from US$ 23.3M since Q1 2018.

• The average days on market for a G550 has decreased to 178 days in Q2 2018 from 257 days in Q1 2018, a decrease of around 31%.

• In Q2 2018, there were nine G550 transactions, reflecting a slower pre-owned market than the previous quarter. Transaction activity decreased by 25% compared to Q1 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

6,750 N.M. / 12,501 km

Mach 0.87

18

419

438

2018 Q2 2018 Q1

2018 Q2 2018 Q1

29 (5.3%) 25.0M USD178

19 (3.5%) 23.3M USD257

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

G650

7,000 N.M. / 12,964 km

Mach 0.90

18

G650ER

7,500 N.M. / 13,890 km

Mach 0.90

18

• There were 16 G650/650ER aircraft available on market in Q2 2018, an increase of 48% since Q1 2018.

• The average asking prices for G650/650ER models were US$56.2 and US$ 62.4 respectively.

• The average days on market for the G650/650ER series in Q2 2018 was 354 and 97 days, respectively. This marks an increase of 12% for the G650 series and a decrease of 74% for the G650ER series since Q1 2018.

• In Q2 2018, there were four G650 series aircraft transactions, which remains the same compare to Q1 2018.

• In Q2 2018, no G650ER aircraft were sold. This has been a decrease compare to Q1 2018, which was 3 transactions.

30

33

8 (8.2%) 62.4M USD97

5 (5.8%) 62.8M USD369

154

134

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

8 (4.0%) 56.2M USD354

7 (3.5%) 56.9M USD315

$23.5

$22.8

$23.3

$25.0

35 35 3431

28 29

24 2422 21

1719

24

7

24

2 255 4 43 32

5


For Sale vs. Sold


SoldFor Sale

2+ 0+ 0 2+ 0+ 0 0+ 0+ 0 3+ 0+ 0 2+ 0+ 0 2+ 0+ 0 1+ 0+ 0 4+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 16+ 0 0+ 20+ 0 0+ 16+ 0 0+ 12+ 0 0+ 12+ 0 0+ 15+ 0 0+ 17+ 0 0+ 18+ 0 0+ 16+ 0 0+ 16+ 0 0+ 18+ 0 0+ 19+ 0 0+ 17+ 0 12 1215

1719 20

1816 16 16 161718

1 2 2 3 2 24

1 1

$55.4

$61.8$58.3

$56.9

$62.8

$58.5

$65.8

$56.2

$62.4


For Sale vs. Sold


SoldFor Sale



* The estimated total yearly cost is based on aircraft ownership cost for 10 years including financing, plus yearly operating cost and regional adjustments.

MAX RANGE (N.M.)

CIVIL HELICOPTERSAircraft Acquisition Price vs Maximum Range

750

700

650

600

550

500

450

350

250

400

300

200

0.50

1.00

2.00

4.00

8.00

0.25

AIR

CR

AFT

ACQ

UIS

TIO

N P

RIC

E (M

ILLI

ON

USD

)

HEAVY(SUPER) MEDIUMLIGHT TWINSINGLE TURBINEPISTON

R22 BETA II

EN480BS-333

MD 500E

MD 530FMD 520N

MD 600N

AW119KX

H225

H175

H155

S-76C++

AC312*

EC145AW 109 GN

H145

BELL 412EPI

AW139 S-76D

H125

H135(P3)H135(T3)

BELL 430

BELL 407GXPBELL 206L4

BELL 429

AW189

AS332 L1E

AC313*

S-92

MD 902

AW169

AW109 POWER

H120

R44 RAVEN II

BELL 407

H130

R66

AC311*

AIRCRAFT POSITIONING


MARKET SUMMARY -- HELICOPTERS


EC135T2 & P2

EC135T2

332 N.M. / 614 km

127 Knots

6

EC135P2

332 N.M. / 614 km

127 Knots

6

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

• For the EC135 T2 model, the overall inventory level of the market remained at six in Q2 2018, accounting for 4.2% of the overall fleet in operation.

• For the EC135 P2 model, inventory level of the market increased from 11 in Q1 2018 to 12 in Q2 2018, accounting for 7.8% of the overall fleet in operation.

• Average asking price decreased from US$2.6M in Q1 2018 to $US2.4M for T2, awhile the SP model’s asking price decreased from US$2.6M in Q1 2018 to US$2.5M in Q2 2018.

• There was one EC135 T2 transaction and no EC135 P2 transactions in Q2 2018.

00

00

12 (7.2%) 2.5M USD907

11 (7.2%) 2.6M USD899

21

11

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

6 (4.2%) 2.4M USD610

6 (4.2%) 2.4M USD533

AIRBU

S

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERSINVENTORY LEVEL, PRICE TREND & TRANSACTIONS

0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 17+ 0 0+ 15+ 0 0+ 15+ 0 0+ 14+ 0 0+ 14+ 0 0+ 14+ 0 0+ 11+ 0 0+ 11+ 0 0+ 12+ 0 0+ 11+ 0 $1.8

$2.7EC135P2

EC135T2

$2.6 $2.5

$2.4$2.4

$3.1

1 1


SoldFor Sale

11 12 11 1114 1514

17 18 18 1814 15


For Sale vs. Sold

AS332L1 & H225

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

H225

452 N.M. / 837 km

142 Knots

19

AS332L1

452 N.M. / 837 km

142 Knots

19

10

11

15 (8.9%) 19.0M USD520

15 (9.0%) 19.0M USD436

00

00

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

3 (4.5%) 4.0M USD1103

3 (4.5%) 4.0M USD1020

AS332L1• The overall inventory level of the market had remained at three, accounting

for 4.5% of the overall fleet in operation. Average days on market increased from 1020 in Q1 2018 to 1103 in Q2 2018. Average asking price remained at $US4.0 in Q2 2018. There were no transactions in Q1 2018.

H225• The overall inventory level of the market remained at 15, accounting for 8.9%

of the overall fleet in operation. Average days on market increased from 436 in Q1 2018 to 520 in Q2 2018. Average asking price remained at $US19.0M There were no transactions in Q2 2018.

0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 19+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 18+ 0 0+ 16+ 0 0+ 16+ 0 0+ 14+ 0 0+ 15+ 0 $8.5$4.0 $4.0

AS332L1

H225

$22.4$19.0 $19.0

15 1416 16

18 1818 1818 1819

1

18 18


For Sale vs. Sold


SoldFor Sale




AIR

BUS

EC145

EC155B & H155

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

461 N.M. / 855 km

131 Knots

9

• The overall inventory level of the market remained at eight in Q2 2018, accounting for 1.0% of the overall fleet in operation.

• Average days on market decreased from 430 in Q1 2018 to 249 in Q2 2018. • Average asking price decreased slightly US$3.8M in Q1 2018 to US$3.7M in

Q2 2018.• There were four transactions in Q1 2018.

84

61

2018 Q2

2018 Q2

2018 Q1

2018 Q1

8 (1.0%) 3.7M USD249

8 (1.0%) 3.8M USD430

EC155B• The overall inventory level of the market remained at 8 in Q2 2018, account-

ing for 28.6% of the overall fleet in operation. Average days on market increased from 992 in Q1 2018 to 1062 in Q2 2018. Average asking price remained at US$2.0M in Q2 of 2018. There was one transaction in Q2 2018.

H155• The overall inventory level of the market increased from 12 in Q1 2018 to 13

in Q2 2018, accounting for 8.9% of the overall fleet in operation. Average days on market increased from 730 in Q1 2018 to 756 in Q2 2018. Average asking price decreased from US$5.6M in Q1 2018 to $US5.2M in Q2 2018. There were three transactions in Q1 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

EC155B

516 N.M. / 955 km

135 Knots

13

H155

516 N.M. / 955 km

150 Knots

13

43

10

12 (8.4%) 5.6M USD730

11

00

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

8 (28.6%) 2.0M USD1062

8 (28.6%) 2.0M USD992

13 (8.9%) 5.2M USD756


For Sale vs. Sold 2+ 0+ 0 0+ 0+ 0 2+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 2+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 8+ 0 0+ 10+ 0 0+ 10+ 0 0+ 8+ 0 0+ 9+ 0 0+ 8+ 0 0+ 9+ 0 0+ 9+ 0 0+ 9+ 0 0+ 9+ 0 0+ 9+ 0 0+ 8+ 0 0+ 9+ 0 $4.8

$5.4

$3.8$3.7

9 8 8 8 89 9 10 109 9 99

1 12 2 2


SoldFor Sale

2+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 21+ 0 0+ 22+ 0 0+ 21+ 0 0+ 20+ 0 0+ 22+ 0 0+ 23+ 0 0+ 24+ 0 0+ 19+ 0 0+ 20+ 0 0+ 22+ 0 0+ 22+ 0 0+ 21+ 0 0+ 22+ 022 21 21 2122 222322 2220 20

24

19

1 1 1 2

$4.6H155

EC155B

$5.6

$2.0$3.3

$5.2

$2.0


For Sale vs. Sold


SoldFor Sale


BELLMARKET SUMMARY -- HELICOPTERS


BELL 4292008 EC155B1 SN6825FEATURED AIRCRAFT

BELL 412EP/412HP

Bell 412EP

356 N.M. / 659 km

140 Knots

9

Bell 412HP

349 N.M. / 646 km

133 Knots

14

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

Bell 412EP• Inventory level increased from 29 in Q1 2018 to 31 in Q2 2018, accounting

for 5.6% of the overall fleet in operation. Average days on market decreased from 547 in Q1 2018 to 509 in Q2 2018. Average asking price decreased from US$4.9M in Q1 2018 to USD$4.0M in Q2 2018. There were six transactions during Q2 2018.

Bell 412HP• The overall inventory level of the market increased from three in Q1 2018 to

four in Q2 2018, accounting for 6.5% of the overall fleet in operation. Average days on market decreased from 282 in Q1 2018 to 206 in Q2 2018. Average asking price decreased from US$3M in Q1 2018 to US$2.8M in Q2 2018. There were no transactions in Q2 2018.

30

51

4 (6.6%) 2.8M USD206

3 (4.9%) 3.0M USD282

206

184

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

31 (5.6%) 4.0M USD509

29 (5.3%) 4.9M USD547

• The overall inventory level of the market increased from 16 in Q1 2018 to 19 in Q2 2018, accounting for 6.1% of the overall fleet in operation.

• Average days on market increased from 343 in Q1 2018 to 370 in Q2 2018.• Average asking price increased from US$5.4M in Q1 2018 to $5.7M in Q2

2018.• There were no transactions in Q2 2018.

368 N.M. / 681 km

130 Knots

7

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

60

74

2018 Q2

2018 Q2

2018 Q1

2018 Q1

19 (6.1%) 5.7M USD370

16 (5.1%) 5.4M USD343 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 19+ 0 0+ 19+ 0 0+ 19+ 0 0+ 16+ 0 0+ 15+ 0 0+ 16+ 0 0+ 17+ 0 0+ 17+ 0 0+ 17+ 0 0+ 15+ 0 0+ 15+ 0 0+ 16+ 0 0+ 16+ 0 16 16

19 19 1916 1615 1515

17 1717

1 1 13

$5.5

$5.3

$5.4

$5.7


For Sale vs. Sold


SoldFor Sale

1+ 0+ 0 3+ 0+ 0 2+ 0+ 0 0+ 0+ 0 4+ 0+ 0 1+ 0+ 0 2+ 0+ 0 6+ 0+ 0 1+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 35+ 0 0+ 30+ 0 0+ 35+ 0 0+ 32+ 0 0+ 33+ 0 0+ 33+ 0 0+ 33+ 0 0+ 35+ 0 0+ 37+ 0 0+ 36+ 0 0+ 36+ 0 0+ 29+ 0 0+ 33+ 0 2 2

3329

36 36 3733 33 33 32

35 35 3530

146

1 1 113 3

$5.2

$3.0BELL 412HP

BELL 412EP

$3.0 $2.8

$4.9$5.3

$4.0


For Sale vs. Sold


SoldFor Sale




LEO

NA

RDO


A109E POWER/A109SP GRANDNEW

AW139

• For the AW109E POWER model, the overall inventory level of the increased slightly from 55 in Q1 2018 to 56 in Q2 2018, accounting for 15% of the overall fleet in operation.

• For the AW109E SP model, inventory level of the market remained at 8 in Q2 2018, accounting for 5.1% of the overall fleet in operation.

• For the POWER Model, the average asking price increased from US$1.7M in Q1 2018 to US$1.8M in Q2 2018. For the SP model, the average asking price decreased from US$4.3M in Q1 2018 to $3.8M in Q2 2018.

• There were eight AW109E POWER transactions and six AW109E SP transac-tions in Q2 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

A109SP Grandnew

480 N.M. / 889 km

130 Knots

7

A109E Power

353 N.M. / 654 km

139 Knots

7

246

219

8 (5.1%) 3.8M USD183

8 (5.2%) 4.3M USD562

108

21

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

56 (16.0%) 1.8M USD619

55 (14.7%) 1.7M USD600

568 N.M. / 1,052 km

140 Knots

15

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

• The overall inventory level of the market decreased from 29 in Q1 2018 to 28 in Q2 2018, accounting for 3.3% of the overall fleet in operation.

• Average days on market increased from 436 in Q1 2018 to 478 in Q2 2018.• Average asking price remained at $US7.3M in Q2 2018.• There were no transaction in Q1 2018.

20

31

2018 Q2

2018 Q2

2018 Q1

2018 Q1

28 (3.3%) 7.3M USD478

29 (3.5%) 7.3M USD436

FIRST QUARTER 2018 — ASIAN SKY QUARTERLY | 58

0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 28+ 0 0+ 27+ 0 0+ 28+ 0 0+ 29+ 0 0+ 24+ 0 0+ 23+ 0 0+ 24+ 0 0+ 25+ 0 0+ 24+ 0 0+ 26+ 0 0+ 26+ 0 0+ 28+ 0 0+ 28+ 0$8.0

$8.5

$7.3

$7.3

23

28 2824

28 282729

26 2624 2425

11


For Sale vs. Sold


SoldFor Sale

3+ 0+ 0 5+ 0+ 0 6+ 0+ 0 5+ 0+ 0 3+ 0+ 0 1+ 0+ 0 3+ 0+ 0 1+ 0+ 0 0+ 0+ 0 2+ 0+ 0 3+ 0+ 0 2+ 0+ 0 0+ 0+ 0 0+ 64+ 0 0+ 63+ 0 0+ 62+ 0 0+ 63+ 0 0+ 65+ 0 0+ 69+ 0 0+ 69+ 0 0+ 71+ 0 0+ 70+ 0 0+ 67+ 0 0+ 67+ 0 0+ 66+ 0 0+ 66+ 0 6963 63 6462

66 66 6567 67 70 6971

12 3 31 3 5 6 53 2

$1.8 $1.7 $1.8A109E Power

A109SP GRANDNEW$4.5 $4.3$3.8


For Sale vs. Sold


SoldFor Sale


SIKORSKY



0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 2+ 0+ 0 5+ 0+ 0 0+ 0+ 0 2+ 0+ 0 0+ 0+ 0 1+ 0+ 0 1+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 49+ 0 0+ 55+ 0 0+ 54+ 0 0+ 53+ 0 0+ 54+ 0 0+ 52+ 0 0+ 56+ 0 0+ 55+ 0 0+ 56+ 0 0+ 53+ 0 0+ 53+ 0 0+ 51+ 0 0+ 52+ 0$7.1 $7.3

$3.9S-76C+

S-76C++

$2.3 $2.0

$6.4

$4.9

$6.2

52 5251 54 5453 5349

5356 5655 55

22 51 1


For Sale vs. Sold


SoldFor Sale

S-76C+ / S-76C++

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

S-76C+

335 N.M. / 620 km

155 Knots

12

S-76C++

335 N.M. / 620 km

155 Knots

12

S76C+• The overall inventory level of the market dropped from 27 in Q1 2018 to 23 in

Q2 2018, with the for sale fleet representing 15.8% of the overall fleet. The average days on market increased from 802 in Q1 2018 to 866 in Q2 2018. The average asking price decreased from US$2.3M in Q1 2018 to $2.0M in Q2 2018. There were one transaction during Q2 2018.

S76C++• The overall inventory level of the market remained at 26, accounting for 12%

of the overall fleet in operation. Average days on market increased from 537 days in Q1 2018 to 555 in Q2 2018. Average asking price decreased from US$6.4M in Q1 2018 to US$6.2M in Q2 2018. There were no transactions during Q2 2018.

40

62

26 (12.4%) 6.4M USD537

91

106

2018 Q2

2018 Q2

2018 Q1

2018 Q1

2018 Q2 2018 Q1

2018 Q2 2018 Q1

23 (15.8%) 2.0M USD866

27 (18.6%) 2.3M USD802

9,593 HOURS SINCE NEW20,686 CYCLES SINCE NEW

2003 S76C+ SN760554

ASKING PRICE:

CALL FOR PRICING

[email protected] +852 2235 9222

OUR INVENTORY

26 (12.4%) 6.2M USD555

AIRCRAFT HIGHLIGHT• Utility / Offshore Configuration

• Brand New Paint

• Engines Enrolled on PBH

• Dual Controls

• HUMS

• FMS / TCAS / GPS / ELT

• Weather Radar

• Emergerey Floatation Gear

AVIONICS • Caledonian CPT-900 ADELT• Collins ADF-462 ADF• ADS-B• Meggitt Control System Air Conditioning• Two (2) Honeywell SPZ7600 AUTOPILOT or AFCS• L3 Communications FA2100 CVDR CVR and/or FDR• Collins DMW-42 DME• Honeywell MK XXII EGPWS 里• ARTEX INC C406-NHM ELT• Garmin GPS400 GPS / FMS• Honeywell VXP HUMS• Instantaneous Vertical Speed Indicator• Two (2) Collins VHF-22A VHF COMM• Standard Horizon GX Series VHF MARINE• Two (2) Collins VIR-32 VHF NAV• Public Address / Intercom (PA) System

INTERIOR • 12 Passenger Configuration• Utility / Offshore Configuration.


SIKO

RSKY



S-92 • The overall inventory level of the market decreased from nine in Q1 2018 to

seven in Q2 2018, accounting for 3.2% of the overall fleet in operation.• Average days on market increased from 557 in Q1 2018 to 664 in Q2 2018.• Average asking price decreased from US$16.7M in Q1 2018 to US$16.1M in

Q2 2018.• There were no transactions during Q2 2018.

SPECS

FOR SALE



Max Range

Max Speed

Typ. Passengers

474 N.M. / 877 km

155 Knots

19

00

20

2018 Q2

2018 Q2

2018 Q1

2018 Q1

7 (2.5%) 16.7M USD664

9 (3.2%) 16.7M USD557

10,357 HOURS SINCE NEW2005 S76C+ SN760592

AIRCRAFT HIGHLIGHT• OGP Compliant

• Enrolled on SBH & PAP

INTERIOR • Twelve (12) passenger interior with tan leather seat-

ing complete with space for two (2) stretchers.

• Additional accessories include passenger ear protectors & HEEL system.

AVIONICS • Primus 440 Weather Radar

• Penny & Giles Flight Data Recorder (FDR)

• Penny & Giles Cockpit Voice Recorder (CVR)

• Penny & Giles Air Data

• Collins TDR 90 Trasponder Mode A/C

• BC Goodrich AD1355D w/ JET Standby Power Supply

• Collins Radio Altimeter

• Caledonian Airborne Systems CPT-900 Emergency Locator Transmitter (ADELT)

• Dual Life LCR92S AHRS

• Dukane Underwater Locator Beacon

• Trimble Free Flight 2101 GPS

ASKING PRICE:

CALL FOR PRICING

[email protected] +852 2235 9222

OUR INVENTORY

0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 0+ 0+ 0 1+ 0+ 0 0+ 7+ 0 0+ 7+ 0 0+ 9+ 0 0+ 9+ 0 0+ 9+ 0 0+ 8+ 0 0+ 8+ 0 0+ 8+ 0 0+ 8+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 0+ 7+ 0 $16.1$16.7

$23.3

7 7 7 7 8 88 97

98 97

1


For Sale vs. Sold


SoldFor Sale

The new generation H160 boasts a range

of unparalleled safety features. Maximized

pilot visibility, intuitive information display,

unrivalled pilot assistance with Helionix®,

and unmatched � ight envelope protection.

What’s more, it carries up to 12 passengers

with a radius of action of 120 NM, while

burning 15% less fuel. With so many

impressive features, the H160 is a huge

step forward not just for its category, but

for the environment, too.

Safety. We make it � y.

FLYWE MAKE IT

RELY ON.

14043_AIR_H160_Helicopter_297x210_AsianSky_1.1.indd 1 12/09/2017 10:05

WWW.DASSAULTFALCON.COM

BEIJING: +86 10 5696 5200 I HONG KONG: +852 3621 0522 I SHANGHAI: +86 189 1157 7115

Get ready to experience the largest, tallest and widest cabin in business aviation. The Falcon 6X has a 5,500 nm (10,186 km) range and a top speed of Mach .90. In setting a higher, wider standard, it truly stands alone. Falcon 6X.The roomiest, most productive 5,500 nm you’ll ever experience.

IT RAISESTHE BAR

WIDER.

6X_210x297_AS_uk.indd 1 12/03/2018 16:49

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