Asian Sky Quarterly 2019Q3

THIRD QUARTER 2019 

FOREWORD 

ZHENDONG WU 

CHAIRMAN, ASBAA 

ASIA-PACIFIC OUTLOOK 

METRICS & MOOD 

MARKET SUMMARIES 

JETS & HELICOPTERS 

PRE-OWNED MARKET 

KING AIR 350 SERIES 

COMMENTARY 

PREVENTING ILLEGAL CHARTER 

GORDON GARDINER | HFW 

SPECIAL FEATURE 

ASIA-PACIFIC FLIGHT ACTIVITY 

OPERATIONAL TIPS : 

2020 TOKYO OLYMPIC GAMES 

INTERVIEWS 

FREDERICK LEFEBVRE 

PRATT & WHITNEY CANADA 

JEAN KAYANAKIS 

DASSAULT AVIATION

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CONTENTS 

05 

ECONOMICS 

Overview of the Asia-Pacific region’s current status and 

specific country’s GDP versus their business jet and 

helicopter fleet size. 

37 

COMMENTARY 

HOLMAN FENWICK WILLAN 

Commentary by law firm HFW on the topic of illegal charter 

within business aviation. 

11 

MOOD & INTENTIONS 

Results of our survey on the Asia-Pacific region’s outlook on 

economic status, aircraft utilization, purchase intentions and 

influencing factors. 

40 

MARKET DYNAMICS 

An analysis of inventory levels, market trends and the 

changing price signals for the business jet and helicopter 

fleets in the Asia-Pacific region. 

17 

20 

24 

28 

INTERVIEW 

FREDERICK LEFEBVRE OF 


Discussing the company’s latest addition to the turbofan 

family, ongoing popularity of the PT6A family and its 

maintenance programs. 


ASIA-PACIFIC FLIGHT ACTIVITY BY WINGX 

A look at the flight activity in Q2, including most popular 

flight routes and activities by OEM. 

INTERVIEW 

JEAN KAYANAKIS OF DASSAULT AVIATION 

Sharing the company’s latest customer support expansion 

strategy, increased need for MROs and recent acquisitions. 

PRE-OWNED SPOTLIGHT 

KING AIR 350 SERIES 

A comprehensive market performance analysis of the preowned 

King Air 350 series. 

48 

51 

55 

73 


BUSINESS JET OPERATIONAL TIPS 

Information from Universal Weather & Aviation on operating 

a business jet at the 2020 Tokyo Olympic Games 

CONFERENCE RECAP 

CORPORATE JET INVESTOR SINGAPORE 

Key takeaways and highlights from the only Corporate Jet 

Investor event in Asia. 

MARKET SUMMARY - JETS 

A look at market position and average days on market of 

featured pre-owned business jets. 

MARKET SUMMARY – HELICOPTERS 

A look at market position and average days on market of 

featured pre-owned helicopters. 

35 

COMMENTARY 

ASBAA CHAIRMAN, ZHENDONG WU 

Chairman of AsBAA discusses the evolving business 

aviation industry in Asia and the work the organization does 

to move it forward. 

PUBLISHER 

EDITORIAL & MARKET RESEARCH 

Litalia Yoakum 

Bowen Zhang 

Maggie Gu 

DESIGN 

Aya Leung 

Michael Wong 

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 

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: 

sales@asianskygroup.com 

Asian Sky Group 

Suite 1401, 14 Floor, Fortis Tower 

77-79 Gloucester Road, Wan Chai, Hong Kong 

Tel: (852) 2235 9222 | Fax: (852) 2528 2766 

sales@asianskygroup.com 

www.asianskygroup.com | www.asianskymedia.com 

THIRD QUARTER 2019 — ASIAN SKY QUARTERLY | 1

PUBLISHER’S NOTE 

2018 was a challenging year for the PRC with the business jet fleet in 

Mainland China contracting 2%. Which - when you think about it - was an 

astonishing result then. Mainland China led all the Asia-Pacific countries 

in 2017, adding a net 31 aircraft, making it the highest growth in the 

region at 10%. But 2018 saw Mainland China lose a net 6 aircraft – so 

2017 thru 2018 the China market swung a net 37 aircraft. 

Well what about 2019 so far? Worries about the US/China trade dispute 

persist, with growth in China subsequently the weakest in 27 years. 

Exports from China fell in 3Q of this year to their lowest level for 2019, 

which then had a knock-on effect of severely impacting manufacturing 

in Japan, South Korea and Taiwan. As they say, when China sneezes, 

the rest of the Asia-Pacific region catches a cold. And just to pile on the 

misery, the Yuan has lost over 7% of its value since April. 

And this all comes when globally the market for business jet has cooled 

too, particularly in the US. The business jet market has normalized in the 

US after a buying spree at YE 2018 due to tax savings, plus year-on-year 

US flight operations have increased just 0.3% to date. There’s even talk 

of a recession while inventory levels of pre-owned aircraft are increasing 

quarter-to-quarter. So, demand and need are down, while the risks and 

supply are up – not a great mix for our industry. Consequently, in 2019 

so far, we are seeing fewer transactions globally. 

In the Asia-Pacific region specifically, business confidence is down 

and pessimism is on the rise: +5% since the same time last year. This 

has consequently translated into a higher percentage of sellers and a 

significantly higher percentage of the “I’m not sure” when it comes to 

purchase intentions – increasing a whopping 10% so far through 2019. 

Not too surprisingly then, the outflow of aircraft is higher than the inflow 

at the moment; like last year in China but only worse this year. So, 2019 

will instead see the total business jet fleet in the Asia-Pacific impacted 

and shrink 1-2%. 

As other years, this is being primarily driven by net deductions to the 

Mainland China and Hong Kong fleets where Greater China optimism 

has literally fallen off a cliff – from a high of 88% in 1Q2018 to a measly, 

dark and gloomy 32% in 3Q2019. Hanging over these numbers though 

are also a growing number of aircraft currently “out of action” i.e., tied up 

in legal proceedings, sitting idle due to financially distress, stored while 

their SOE owners figure out how to deal with underwater assets. These 

cases account for around 10% of the fleet. We could see results go from 

bad to worse before better. 

overheated growth of a few years back. The market is maturing, 

evolving and adapting which has seen some players fade away, but 

the key players remain strong. And at this time a number of evolving 

and innovative business models are popping up too. Disruption is also 

beginning to impact the industry and technology will play a key role in 

Asia markets as it matures. 

So, suck it up. All this that we are currently experiencing is healthy. 

Asia is entrepreneurial and adaptive by nature which bodes well for the 

business aviation’s future in the region. 

And now for a further understanding of what’s going on in the market, 

head to the ‘Moods & Intentions’ section in this issue of Asian Sky 

Quarterly. This issue includes more data than previous issues, as 

we’re now incorporating information on smaller and medium-sized 

jets. As such, the pre-owned market analysis this quarter is on the 

King Air 350 series. We also have information on Asia-Pacific flight 

activity, with data from WingX. There’s a lot of insightful information 

from the industry: AsBAA Chairman, Zhendong Wu provides his take 

on business aviation in Asia; Holman Fenwick Willan Partner, Gordon 

Gardiner shares information on illegal charter, particularly in Asia; Pratt 

& Whitney Canada Vice President, Marketing, Frederic Lefebvre speaks 

on the PW800 engine and the ever-popular PT6A. Senior Vice President 

of Worldwide Falcon Customer Service & Service Center Network, Jean 

Kayanakis talks about the increased need for maintenance facilities, 

the company’s recent acquisitions and its commitment to customer 

support. Universal Weather & Aviation also shares operating tips for 

those heading to the 2020 Tokyo Olympics. We’ve also included a recap 

of the Corporate Jet Investor Asia conference, held in Singapore, noting 

the key takeaways of the event. 

But we will see things get better. Yes, procurement of new jets has 

slowed but the region is now just experiencing an adjustment – and 

some would say a welcomed market correction which reflects the 

Sincerely, 

Jeffrey C. Lowe 

Managing Director, Asian Sky Group 

SPECIAL THANKS TO OUR CONTRIBUTORS: 

2 | ASIAN SKY QUARTERLY — THIRD QUARTER 2019

FOREWORD 

Dear Colleagues and Friends, 

As we lead into quarter three and four, AsBAA is busy with a variety of 

projects on behalf of our members. In November, we will once again 

welcome the community to the Icons of Aviation Awards, themed To 

the Moon and Back. The IOA has been recognising talent in our industry 

since the first event in 2015. In 2019, along with our title sponsor, 

Satcom Direct, we will celebrate the five-year anniversary of the IOA. 

Whilst the evening’s event is always special, the anniversary marks the 

fifth year that AsBAA and its members have generously raised funds for 

corporate social responsibility programmes in Asia. 

As our industry matured and evolves, such activity remains at 

the core of the AsBAA mission and vision under our three pillars, 

Advocacy, Representation, Community. At the IOA we can unite with 

a collective “collaboration over competition” spirit. This sentiment 

enables much more than a sense of industry community. It also 

helps to drive forward our industry by creating a space in which we 

can network, promote best practices, evidence the value of business 

aviation, and of course, give-back. In the spirit of these objectives, we 

very much look forward to welcoming the community to the Icons of 

Aviation Awards in at the beautiful Ocean Park Marriott resort, on 2 

November in Hong Kong. 

ABOUT ASBAA: 

AsBAA’s mission is to represent the needs of its members 

and the wider industry through its three core pillars: 

Advocacy, Representation and Community. The association 

actively advocates the benefits of business aviation to key 

stakeholders such as government, transport ministries and 

the media. It represents the interests of all sectors of the 

business and general aviation industry across the region, and 

creates a community in which members can network, access 

B2B opportunities, and tackle common issues with greater 

collective influence. 

In the wider region, AsBAA has also been active with regional chapter 

meetings in mainland China, Hong Kong, Singapore, Philippines, and 

Malaysia. The chapter meetings are complimentary to all members 

and provide an opportunity for obtaining support and for getting 

more involved in the association. Our popular programme of AsBAA 

Safety Days continues in autumn and winter, with the third annual 

AsBAA Philippine Safety Day taking place on 5 November, followed 

by the inaugural Malaysia Safety Day in quarter one of 2020. 

As always, we are grateful for the support of our colleagues 

and friends around the world. We look forward to our continued 

cooperation and collaboration. 

Best Wishes, 

Zhendong Wu 

Chairman, AsBAA 


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QATAR EXECUTIVE | ROSS AVIATION 

2019 INFRASTRUCTURE REPORT | 

I 

ECONOMICS 

GREATER CHINA 

MAINLAND CHINA, HONG KONG, MACAU & TAIWAN 

COMING SOON 

STAY TUNED WITH ASIANSKYMEDIA.COM 

ASIA PACIFIC REGION 2019 

BEST NEW FACILITY 


TAG AVIATION 

MERGERS & ACQUISITIONS 

MACAU FBO 

DIRECTORY 

REGIONAL SERVICE 

PROVIDERS 

CONTENT PARTNERS 

Mainland China 

China’s 6.2% GDP growth was in line with Credit Suisse 

expectations. Further escalation of the US-China trade war 

has decreased the probability of reaching a timely resolution. 

Domestically, China still faces the challenge of effectively 

allocating credit to non-state-owned SMEs. Consequently, 

manufacturing investment and employment will remain under 

pressure. 

Hong Kong 

The GDP in Hong Kong contracted 0.5% in Q2 of 2019 over the 

previous quarter, attributed to weak performances in investment 

expenditure and external demand. The slowdown comes amid the 

US-China trade dispute and mass protests. Government forecasts 

2 to 3% growth for the full year, down from 3% in 2018. 

GDP GROWTH (BILLION USD) 

Mainland China Taiwan 

$11,008 $11,138 $12,134 

$525 

$531 

$579 

$309 

$321 

$342 

$45 

$45 

$51 

2015 

2016 

2017 

Hong Kong 

$13,608 

$589 

$363 

$55 

2018 

Macau 

$13,826 

$593 

$368 

$53 

2019Q2 

Taiwan 

Taiwan has been a beneficiary of the ongoing US-China trade 

war. Q2 GDP growth expanded to 2.4% yoy. On the demand side, 

GDP growth and recent economic activity indicators have all 

surprised on the upside as companies benefited from increased 

US orders and rush orders from smartphones, 5G construction 

and cryptocurrency mining. The disruption from recent trade war 

re-escalation to the regional supply chain and global demand are 

offset by the return of Taiwanese manufacturing factories to the 

island and the improvement in private investment. 

PURCHASING MANAGER’S INDEX 

Mainland China Taiwan Hong Kong 

54.0% 

52.0% 

50.0% 

48.0% 

46.0% 

44.0% 

42.0% 

Expansion Contraction 

Source: Credit Suisse and Trading Economics 

40.0% 

Aug18 

Sep18 

Oct18 

Nov18 

Dec18 

Jan19 

Feb19 

Mar19 

Apr19 

May19 

Jun19 

Jul19 

Aug19 

* Data Source: Trading Economics 

FLEET SIZE GROWTH: 

BUSINESS JET 


TURBINE HELICOPTER 


TUROPROPS 

Mainland China Taiwan Mainland China Taiwan Mainland China Taiwan 

Hong Kong 

Macau 

Hong Kong 

Hong Kong 

313 

344 338 329 

667 

692 

157 

164 

495 

581 

133 

171 

129 

135 

135 

130 

24 

25 

27 

27 

27 

21 

25 

22 

10 

5 

5 

5 

4 

11 

9 

10 

9 

15 

15 

18 

17 

4 

3 

4 

2016 2017 2018 2019Q3 2016 2017 2018 2019Q3 2016 2017 2018 2019Q3 

* Data Source: Amstat & Asian Sky Group 


ECONOMICS 

AUSTRALASIA 

AUSTRALIA, NEW ZEALAND & PAPUA NEW GUINEA 

Australia 

The Australian economy advanced a seasonally adjusted 0.5% 

in Q2 2019, the same pace as an upwardly revised figure in the 

previous period and in line with market expectations. Positive 

contribution from net exports and a faster rise in government 

spending on the back of a subdued household consumption 

offset a slump in dwelling investment. Through the year to Q2, 

the economy expanded 1.4%, the weakest growth rate since the 

Global Financial Crisis, after a downwardly revised 1.7% expansion 

in Q1. 


Australia New Zealand Papua New Guinea 

$1,352 

$1,210 

$1,331 $1,432 $1,438 

$177 

$188 

$203 

$205 

$206 

New Zealand 

New Zealand’s economy rose 2.1% in Q2 yoy, marking the lowest 

reading in over five years. The softer qoq expansion in Q2 came 

on the back of a notable downturn in fixed investment and much 

softer government spending growth. Fixed investment contracted 

1.0%, contrasting the 2.7% rise in Q1, dragged down by a sizable 

fall in investment in non-residential building. 

$22 

$21 

$22 

$23 

$23 

2015 2016 2017 2018 2019Q2 


Australia New Zealand 

Source: Focus Economics and Trading Economics 

58.0% 

56.0% 

54.0% 

52.0% 

50.0% 

48.0% 

46.0% 


44.0% 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 

Nov18 

Oct18 

Sep18 

Aug18 



BUSINESS JET 




TUROPROPS 




Papua New Guinea Papua New Guinea Papua New Guinea 

181 

186 

185 

204 

808 

832 

853 410 

428 

433 

828 

438 

462 

478 

511 

475 

15 

16 

19 

17 

49 

51 

54 

51 

4 

4 

4 4 

107 

104 

116 

111 

23 

22 

23 

22 




ECONOMICS 

EAST ASIA & CENTRAL ASIA 

JAPAN, SOUTH KOREA & INDIA 

Japan 

Temporary GDP contraction expected but recession is unlikely, 

according to Credit Suisse. Despite the ongoing downturn in 

industrial production, which started around the beginning of the 

year, domestic final demand remains resilient. In addition to an 

increase in durable goods consumption ahead of the scheduled 

2pp VAT rate hike in October, construction investment has been 

recovering and service consumption remains robust. 


Japan 

South Korea 

$4,927 $4,860 

$4,389 

$4,971 

India 

$5,001 

South Korea 

South Korea’s GDP forecast for 2019 has been revised from 2.2% 

to 1.8%, by Credit Suisse. The Q2 growth rebound was supported 

by government spending while private investment remained 

sluggish. Credit Suisse expects that government spending boost 

will be smaller in the second half of the year and further expects 

a slowdown in private consumption and fixed investment, as 

uncertainties increase from both the US-China trade war and the 

Japan-Korea trade dispute. 

$2,597 

$2,769 $2,797 

$2,095 

$2,274 

$1,378 

$1,415 

$1,531 

$1,619 

$1,613 

2015 2016 2017 2018 2019Q2 


Japan 

South Korea 

India 

India 

India’s economy grew at its lowest pace in over six years in Q2 

2019, slowing to 5% yoy. A slowdown in private consumption 

contributed to the decreased growth, as consumers faced 

tougher lending conditions. Government consumption, although 

decelerated, remained strong. 

Source: Credit Suisse 

55.0% 

53.0% 

51.0% 

49.0% 

47.0% 


45.0% 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 

Nov18 

Oct18 

Sep18 

Aug18 



BUSINESS JET 




TUROPROPS 

Japan South Korea India Japan South Korea India Japan 

South Korea India 

138 

140 

140 

136 

646 

647 

649 

660 

134 

155 

155 

146 

97 

94 

92 

89 

54 

54 

55 

56 

21 

21 

19 

18 

286 

222 

291 

227 

289 

229 

277 

244 

16 

16 

19 

18 


* Data Source: Amstat & Asian Sky Group

ECONOMICS 

SOUTHEAST ASIA 

THAILAND, MALAYSIA, SINGAPORE, INDONESIA & PHILIPPINES 

Thailand 

Economic growth decelerated to 2.3% in annual terms in the second 

quarter as US-China trade tensions and a strong baht hindered 

tourism, agricultural output and exports. The Q2 print, which 

matched market analysts’ expectations, was down from the 2.8% 

expansion recorded in the first quarter of 2019 and marked the 

weakest outturn since Q3 2014. On a quarter-on-quarter seasonallyadjusted 

basis, economic growth slowed to 0.6% in Q2 from 1.0% 

in Q1. 

Malaysia 

The economy expanded 4.9% y/y in Q2, up from the Q1’s 4.5% y/y 

acceleration and above market expectations of a 4.8% expansion. 

Meanwhile, on a quarterly basis, the economy expanded 1% in 

Q2, down slightly from the 1.1% increase recorded in Q1. Q2’s y/y 

acceleration was chiefly driven by a stronger external sector, with net 

exports contributing 1.4% points to growth in Q2, up from the 0.9 % 

contribution in Q1. Imports of goods and services fell 2.1% (Q1: -1.4% 

year-on-year), while exports expanded 0.1% as in the first quarter. 

Singapore 

Singapore’s economy faced a slowdown. According to an advance 

estimate released by the Ministry of Trade and Industry, GDP 

mustered a marginal 0.1% annual growth rate in Q2, down from the 

revised 1.1% expansion registered in Q1. This marks the weakest 

outturn since Q2 2009. Q2’s dismal performance was primarily the 

result of a sharp 3.8% contraction in manufacturing output, which 

was hampered by falling production in the electronics and precision 

engineering segments. 


Singapore Thailand Malaysia 

$474 

$479 

$455 

$395 

$412 

$364 

$358 

$338 

$318 

$354 

$352 

$308 

$314 

$296 

$297 

2015 2016 

2017 2018 2019Q2 


55.0% 

53.0% 

51.0% 

49.0% 

47.0% 

45.0% 

Singapore Thailand Malaysia 


Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 

Nov18 

Oct18 

Sep18 

Aug18 

Source: Focus Economics 



BUSINESS JET 




TUROPROPS 

Singapore Thailand Malaysia Singapore Thailand Malaysia Singapore Thailand 

Malaysia 

64 

60 

54 

56 

48 

57 56 

55 

154 

106 

157 

111 

159 

111 

150 

94 

40 

33 

42 

34 

44 

28 

45 

28 

38 

37 

40 

32 

4 

6 

6 

6 

6 

5 

9 

10 




ECONOMICS 

Philippines 


The country’s Gross Domestic Product (GDP) grew 5.5% y/y in Q2, 

the weakest acceleration since Q1 2015. Second quarter growth 

also slightly underwhelmed market expectations of another 5.6% 

expansion. Main drivers of growth for the quarter were trade and 

repair of motor vehicles, motorcycles, personal and household 

goods; manufacturing; and other Services. Among the major 

economic sectors, services had the fastest growth with 7.1%. 

Industry registered a growth of 3.7%. Agriculture, hunting, forestry 

and fishing had a growth of 0.6 percent. 

$862 

Indonesia 

$932 

Philippines 

$1,016 

$1,042 

$1,037 

Indonesia 

The economy expanded 5.0% in Q2, according to recent data 

released by Statistics Indonesia. This was down a notch from 

Q1’s 5.1% reading but matched market expectations. Domestic 

demand had a strong showing. Private consumption expanded 

5.2% (Q1: +5.0% y/y), likely supported by a solid labor market 

and mild inflation. Public consumption growth picked up amid 

election-related spending. However, fixed investment was sluggish 

by recent standards, likely due to the government’s restrictions on 

capital imports holding back infrastructure development. 

Source: Focus Economics & Philippine Statistics Authority 

$292 

$305 

$314 

$331 

$336 

2015 2016 

2017 2018 2019Q2 


Indonesia Philippines 

55.0% 

53.0% 

51.0% 

49.0% 

47.0% 


45.0% 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 

Nov18 

Oct18 

Sep18 

Aug18 



BUSINESS JET 




TUROPROPS 

Indonesia Philippines Indonesia Philippines Indonesia Philippines 

50 

51 

48 

46 

48 

47 

54 

49 

203 

156 

208 

162 

208 

169 

225 

171 

104 

52 

117 

57 

116 

59 

121 

63 





MOOD & INTENTIONS: 

ASIA-PACIFIC REGION SURVEY 2019Q3 

RESPONDENT LOCATION 

37+26+26+6+5+G 

Rest of the World (5%) 

Oceania (6%) 

Central Asia 

(26%) 

410 + 

RESPONDENTS 

SE & NE Asia (37%) 

Greater China (26%) 

RESPONDENT AIRCRAFT TYPE 

59+21+20+G 

Civil Helicopter (20%) Business Jet (59%) 

Turboprop 

(21%) 

RESPONDENT CATEGORY 

Owner / 

Charter User (6%) 

Broker (9%) 

Others** 

(21%) 

Aircraft Operator 

/Management 

Company (27%) 

37+27+21+9+6+G 

Aircraft Service 

Providers* (37%) 

In the third quarter of 2019, over 410 respondents participated in 

ASG’s survey regarding the mood and intentions of the current 

business aviation market. 

* Aircraft Serice Providers include: financial services, training, FBO, ground 

handlers, MRO, parts, etc. 

** Others include law firms, research facilities and government official 

Respondents Regional Breakdown: 

TOP 10 RESPONDENT’S LOCATIONS 

1. Greater China (106 valid respondents, including Mainland China, 

Sri Lanka (3%) 

Hong Kong, Macau, and Taiwan) 

20+15+14+14+10+8+7+6+3+3+G 

Qatar (3%) 

2. Southeast and Northeast Asia (156 valid respondents, including Australia (6%) 

Malaysia, Indonesia, Singapore, Brunei, Philippines, Thailand, 

Singapore (7%) 

Myanmar, Cambodia, Laos, Vietnam, Japan, and South Korea) 

3. Central Asia (109 valid respondents, including India, Pakistan, UAE, 

etc.) 

Indonesia (8%) 

84 % 

4. Oceania (24 valid respondents, including Australia and New 

OF TOTAL 

Zealand) 

RESPONDENTS 

5. 64% of the respondents from this quarter’s survey are from aircraft 

services providers (FBO, MRO, etc.) and aircraft operators, as well Malaysia (10%) 

as from aircraft brokers (9%), aircraft end users (6%) and other 

related areas. 

Philippines (14%) 

WHAT IS OUR CURRENT ECONOMIC STATUS? 

(QUARTERLY COMPARISON) 

India (20%) 

Hong Kong (15%) 

China (14%) 

Past Low Point 

100% 

Optimistic 

(Will get better) 

Pessimistic 

(Will get worse) 

26% 

27% 

47% 

36% 

At Low Point 

30% 

Not Reached 

Low Point 

34% 

38% 

35% 

27% 

45% 

34% 

21% 

52% 

32% 

15% 

56% 

34% 

10% 

52% 

37% 

11% 

55% 

28% 

16% 

41% 

27% 

32% 

38% 

29% 

33% 

29% 

35% 

36% 

32% 

28% 

40% 

32% 

31% 

37% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

2016 

Q3 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

2019 

Q1 

2019 

Q2 

2019 

Q3 


MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2019Q3 

ECONOMIC MOOD 

Overall pessimism stabilized in Asia Pacific in Q3 2019, with Greater 

China measuring the lowest optimistic level of all time — 32%. 

as optimistic. This quarter, 63% of respondents believed that the 

economy will improve in the future; a 3% increase from 2019 Q2. 

In Q3 2019, 37% of the respondents believed that the economy had not 

hit the bottom and will worsen. This is slightly better compared with 

the previous quarter (40%). Region-wise, respondents from Greater 

China formed the majority of the pessimistic group with a historically 

low optimism level of 32%. Excluding Greater China, all other regions 

experienced a slightly improved optimism level, showing signs of relief 

over the current economic status. 

The ongoing US-China trade dispute continued to impact the optimism 

level in the Asia-Pacific region particularly in Greater China, with its 

respondents’ optimism level dropping every quarter since the start 

of 2019. This reflects the growing concern from Chinese aviation 

shareholders as the dispute intensifies and clouds consumer confidence 

in the market. Although there is an ongoing truce talk between China 

and the US, there is still a long way to go before any solution. 

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 2016Q3 - REGIONAL DIFFERENCES 

100% 

Greater China SE & NE Asia Central Asia Oceania 

100% 

Overall 

90% 

80% 

70% 

60% 

80% 

57% 

95% 

91% 

86% 

84% 

83% 

85% 

81% 

79% 

79% 79% 

73% 

70% 

69% 

68% 

66% 

62% 

61% 

91% 

90% 

87% 

94% 

92% 

92% 

89% 

89% 

88% 

84% 

78% 

76% 

75% 

88% 

83% 

68% 

95% 

86% 

80% 

67% 

82% 

75% 

72% 

64% 

86% 

73% 

65% 

60% 

89% 

74% 

67% 

63% 

50% 

54% 

53% 

54% 

48% 

50% 

40% 

43% 

41% 

43% 

30% 

2016 

Q3 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

2019 

Q1 

2019 

Q2 

2019 

Q3 

32% 



AIRCRAFT UTILIZATION: 

REGIONAL DIFFERENCES 

In Q3, 38% of respondents in the surveyed 

area said their expected aircraft utilization 

had decreased, which is higher than the 29% 

recorded in Q2 and currently it is the highest 

decrease since 2017. Additionally, 43% of 

respondents said their aircraft utilization had 

increased, which is a 6% decrease compared 

with the previous 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 respondents 

indicating ‘higher’ aircraft utilization 

compared with 12 months ago, while a 

pessimistic mood is derived from more 

people indicating ‘lower’ aircraft utilization 

compared with 12 months ago. 

Greater China 

In this quarter, only 21% of the respondents 

claim their fleet utilization had increased, 

which is currently hitting the lowest level of 

all time – a year ago it was over 50%. In the 

meantime, a surge of 62% of respondents 

indicated their aircraft utilization in Q3 

2019 had decreased, reaching the highest 

level since the beginning of the survey. 

The US-China trade wars are hitting local 

operators and adding uncertainty to 

the country’s general aviation industry 

development. 

Oceania 

In this quarter, 25% of respondents reported 

the same level of aircraft utilization. 50% of 

respondents have indicated their aircraft 

utilization increased, a 21% increase from 

2019 Q2. 25% of respondents indicated their 

aircraft utilization decreased. 

Southeast and Northeast Asia 

In Q3 2019, 44% of respondents recorded 

increased aircraft utilization, which is 24% lower 

compared with 2019 Q2. 34% of respondents 

believe that their aircraft utilization decreased, 

which is 19% higher compared with the 

previous quarter. 

GREATER CHINA 

OPTIMISTIC 

22 23 55 21 19 60 18 22 60 21 33 46 23 22 55 43 24 33 41 33 26 43 21 36 6218 

21 

PESSIMISTIC 

22% 

23% 

55% 

2017 

Q3 

OCEANIA 

OPTIMISTIC 

25 17 58 21 38 41 30 18 52 47 18 35 26 19 56 30 25 45 26 32 42 24 48 29 252550 

PESSIMISTIC 

25% 

27% 

OPTIMISTIC 

PESSIMISTIC 

21% 

19% 

60% 

18% 

22% 

60% 

21% 

47% 

33% 

18% 

46% 

35% 

23% 

22% 

26% 

19% 

55% 

56% 

43% 

24% 

30% 

25% 

33% 

45% 

41% 

33% 

26% 

22 27 17 10 14 25 17 15 34 

26% 

13 14 22 20 22 18 23 17 22 

13% 

58% 

2017 

Q3 

43% 

24% 

21% 

48% 

36% 

62% 

18% 

21% 

65 59 61 70 64 56 60 68 44 

65% 

2017 

Q4 

21% 

27% 

14% 

Decreased The Same Increased Signal Line* 


38% 

41% 

2017 

Q4 

SOUTHEAST AND NORTHEAST ASIA 


59% 

2018 

Q1 

30% 

18% 

17% 

22% 

52% 

2018 

Q1 

61% 

2018 

Q2 

2018 

Q2 

10% 

20% 

70% 

2018 

Q3 

2018 

Q3 

14% 

22% 

64% 

2018 

Q4 

2018 

Q4 

25% 

18% 

56% 

2019 

Q1 

26% 

32% 

17% 

23% 

42% 

2019 

Q1 

60% 

2019 

Q2 

15% 

17% 

29% 

2019 

Q2 

68% 

2019 

Q3 

25% 

25% 

34% 

22% 

50% 

2019 

Q3 

44% 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

2019 

Q1 

2019 

Q2 

2019 

Q3 



HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO? 

100% 

Up by 20% and more (>20%) 

90% 

23% 

80% 

70% 

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

20% 

Increased 

60% 

50% 

40% 

The same (0%) 

19% 

Unchanged 

30% 

20% 

10% 

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

20% 

Decreased 

0% 

2017 

Q4 

Down by 20% or more (


PURCHASE INTENTION 

Regarding the current pre-owned market, 50% of respondents believed 

that the current market is in a ‘Buyer’s Market’ with low demand and 

increased supply. This is 8% lower compared with the previous quarter 

but still at a high level. In the meantime, the respondents who believed 

we are in a ‘Seller’s Market’ have reached a new low of 6%; the number 

has been decreasing since 2017Q3 which is in line with the current 

market trend. 

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 and small jets are more 

suitable for Oceania. Corporate airliners are commonly needed all areas 

except Oceania. Additionally, the medium and small jet categories are 

wanted, but on a relatively lower level. 

For details of the pre-owned market trend, please check the “Market 

Dynamics” section of the report on page 40. 

WHERE ARE WE IN THE CURRENT PRE-OWNED MARKET? 

49% 

26% 

23% 

2% 

Buyer’s Market 

39% 

36% 

21% 

4% 

40% 

29% 

21% 

10% 

Balanced Market 

47% 

28% 

17% 

8% 

43% 

38% 

14% 

PURCHASE INTENTION 2017Q3 - 2019Q3* 

Yes, a new aircraft Yes, a pre-owned aircraft No / I’m not sure 

38% 

26% 

10% 

Seller’s Market 

41% 

38% 

16% 

58% 

20% 

15% 

I’m not sure 

50% 

28% 

17% 

5% 5% 

8% 

6% 

2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 

53% 

Regarding the purchase intentions of Q3 2019, in total 52.9% of the 

respondents currently don’t want to buy an aircraft or are not sure of 

buying an aircraft. This has reached a new high since its previous high 

point in Q2 2017. 

ASG noticed that the demand for both new aircraft and pre-owned 

aircraft together represent 47.1% of the respondents who now have the 

intention of buying an aircraft. This is the fourth consecutive quarter 

with decreased aircraft purchase intention. 

* Since 2017 Q3’s market survey, a new method was applied filtering out those respondents 

who are not relevant to this question, hence reflecting a percentage drop in the category “No 

/ I’m not sure”. 

46% 

43% 

41% 

41% 

40% 

38% 

41% 

38% 

33% 33% 

32% 

31% 31% 

30% 

28% 

31% 

27% 

30% 

29% 

27% 

29% 28% 

27% 

20% 

2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 

PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING) 

SE & NE Asia 

Oceania 

Greater China 

Central Asia 

Corporate Airliner 

Large Jet Medium Jet Small Jet Turboprop / 

Piston Fixed Wing 

30% 20% 18% 14% 18% 

10% 30% 

10% 50% 

20% 53% 

9% 9% 9% 

27% 

27% 20% 9% 16% 

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 and small jets are more suitable 

for Oceania. Corporate airliners are commonly 

needed all areas except Oceania. Additionally, 

the medium and small jet categories are 

wanted, but on a relatively lower level. 


- FIXED WING 

(OUTER IS PREFERRED) 

Corporate Airliner 

(Such as ACJ, BBJ) 


- HELICOPTER 

(OUTER IS PREFERRED) 

Twin Turbine 

(Such as Sikorsky S-76C++) 

PURCHASE DECISIONS 

- INFLUENCING FACTORS 

(OUTER IS LIMITING) 

Government / Public Opinion 

Most Preferred 

Most Limiting 

Most Preferred 

Turboprop/Piston 

Fixed Wing 

(Such as King Air Series) 

Large Jet 

(Such as G650, 

Falcon 8X) 

No Need 

No Interesting 

Aircraft 

Small Jet 

(Such as Citation Series, 

Hawker Series) 

Midsize Jet 

(Such as G200 & 

CL650) 

Piston Helicopter 

(Such as Robinson R22) 

Single Turbine Helicopter 

(Such as Bell 206) 

Price 

Greater China 

Central Asia 

Oceania 

SE & NE Asia 


INTERVIEW: BRIAN PROCTOR 

When you reach the top, 

there’s only one thing left to do ... 

Keep rising 

the art of excellence TM 

We’ve long had aviation down to a science. You inspire us to 

reach higher. Every day, we spark innovation, apply passion 

and perfect details. We advance aviation to an art form. 


POWERING AIRCRAFT 

FREDERIC LEFEBVRE; VICE PRESIDENT, MARKETING; 


Pratt & Whitney engines have been powering aircraft for military and civil aviation 

for almost a century. Throughout the years, Pratt & Whitney has maintained its 

commitment to bringing forth the most innovative solutions in its engine models 

and support services. Frederick Lefebvre, Pratt & Whitney Canada’s Vice President, 

Marketing spoke with Asian Sky Group on the latest addition to the turbofan 

engine family, the ongoing popularity of the PT6A engine and the necessity of 

PWC’s engine maintenance programs. 

The PW800 is one of the latest additions to 

the Pratt & Whitney turbofan engine family. 

What are some of its features? 

The PW800 engine has been in service for almost a year on the 

Gulfstream G500, and it recently entered service on the Gulfstream 

G600. The engine has also been selected to power the Dassault 

Falcon 6X. After a few months in service, the PW800 won an 

Aviation Week Laureate Award for Propulsion in Business Aviation. 

PW800 sets new standards in aircraft performance, fuel efficiency 

and dependability. We designed the engine for low noise and low 

vibration, which yield an exceptionally quiet cabin and superior 

passenger experience. With 40% less scheduled on-wing 

maintenance, the engine is also one of the easiest in its class to 

access and maintain. 

With our Eagle Service Plan (ESP) hourly maintenance program, 

customers can protect the value of their engine and aircraft, 

benefit from our most comprehensive coverage and enjoy our 

most personal and proactive levels of service. 

While the PW800 is new, we have a long pedigree in turbofan 

engines, including the PW300, PW500 and PW600 engine families. 

These engines power a variety of business jets including the 

Dassault Falcon 7X and 8X, the Cessna Citation and the Embraer 

Phenom. 


INTERVIEW: FREDERIC LEFEBVRE 

What makes the PT6A engine so popular and 

in-demand? 

Our PT6A engine is popular in large part due to its reliability and 

leading-edge technology, which we improve with every new model. 

With more than 400 million hours of flight time across nearly 

50,000 engines delivered, the PT6A engine is the proven choice for 

demanding high-cycle, high-power applications in single- and twinengine 

aircraft. For example, China’s Harbin Y-12 is one of some 129 

aircraft applications powered by the PT6A engine. 

The PT6A is the foundation upon which we have built a highly 

successful line of helicopter engines, including the PT6T, PT6B and 

PT6C engine families. The PT6 legacy also drove us to develop the 

PW100/PW150 turboprop engine family to power commercial aircraft 

like China’s XCAC MA60, MA600 and soon MA700. Our newest 

generation of helicopter engines, the PW200/PW210 turboshaft 

family, benefits from the decades of reliable experience of the PT6A. 

How does Pratt & Whitney incorporate data 

and analytics to better serve its customers? 

Engine data and analytics are playing a growing role in the 

operation and maintenance of our engines. Our FAST solution, 

for example, allows us to analyze full-flight engine data and 

compare it to fleet-wide trends. This means customers get alerts 

and trends that allow them to better plan their maintenance. We 

recently installed FAST on two AW139 helicopters in China. The 

system is also available on Cessna Caravan aircraft, a number of 

which operate in the country. 

our team of experts is able to deliver proactive recommendations 

to keep our customers’ PW300 and PW800 engines at peak 

performance, reliability and durability. 

With our industry-leading oil analysis technology, which is up 

to 100x more sensitive than traditional methods, our proactive 

recommendations get even more powerful. This technology allows 

us to monitor the condition of oil-wetted parts, giving us the ability 

to detect potential issues up to hundreds of hours in advance – 

saving our customers from unexpected and costly downtime. 

Why should an operator enroll in the Eagle 

Service Plan (ESP) over a third-party 

provider? 

We know our engines better than anyone else. No one has as much 

data on our engines as we do – from individual engines’ performance 

to that of the entire fleet – over decades. This allows us to develop 

the most effective maintenance programs for our engines. 

When customers combine our FAST solution with an hourly 

maintenance program like ESP, we’re able to offer powerful new 

levels of service. We call this our Proactive Help Desk, in which 

Our Eagle Service Plan (ESP) is one of three programs from which 

customers can choose to protect the value of their investment and to 

serve their ongoing maintenance needs. All three programs are based 


INTERVIEW: FREDERIC LEFEBVRE 

“OUR HOURLY MAINTENANCE PROGRAMS, AS WELL AS OUR 

DIGITAL ENGINE SERVICES LIKE FAST AND OIL ANALYSIS 

ARE POWERFUL TOOLS TO HELP MAKE MAINTENANCE MORE 

PREDICTIVE AND PREVENTIVE. THESE SOLUTIONS HELP OUR 

CUSTOMERS MOVE TOWARD A MAINTENANCE ENVIRONMENT 

THAT IS MUCH MORE PLANNED AND ON-CONDITION – MEANING 

MORE TIME IN THE AIR AND LESS TIME ON THE GROUND. “ 

on the pay-per-hour concept and provide comprehensive coverage 

for engine maintenance, repair and overhaul. These plans let our 

customers better plan their operations and budgets by minimizing 

unplanned maintenance and the expenses that can come with it. 

ESP is designed for single aircraft and is transferrable upon aircraft 

sale. For fleets of six or more aircraft, our Fleet Management 

Program (FMP) gives our customers the ultimate flexibility to 

personalize maintenance to optimize the operation of their fleet. With 

FMP, payment terms are flexible: customers can either pay as they 

go with a Term Cost Plan (TCP) or at the time of maintenance with 

an Event Cost Plan (ECP). 

Our newest offering is a Fleet Service Plan (FSP) for growing fleets 

of up to five helicopters. FSP combines the simplicity of ESP with the 

flexibility of FMP, helping our customers to bridge the gap between 

single aircraft and a larger fleet. 

How do you continue to support owners and 

operators throughout an engine’s lifecycle? 

We also offer a Certified Pre-Owned (CPO) engine program for PT6A 

and helicopter engines. If the engine passes inspection, then we grant 

it a warranty of 500 hours or two years, whichever comes first. For 

sellers, CPO can help make used aircraft more attractive. For buyers, 

not only does CPO give them peace of mind in their purchase, but it also 

gives them a credit towards enrollment in an ESP hourly maintenance 

program. 

What can business and general aviation 

operators look forward to from Pratt & 

Whitney? 

We continue to invest across our product lines, including the PT6 

engine family, to bring ever-better capabilities and cost savings to our 

customers. We don’t rest on the service side, either, and are always 

working on new and improved offerings, both globally and locally in 

China. 

www.pw.utc.com 

We offer a number of services intended to keep more mature aircraft 

flying economically. Our portfolio of maintenance solutions allows 

customers approaching hot section inspection (HSI) or engine overhaul 

to choose from a variety of engine exchanges, flat-rate overhauls, 

capped-cost parts packages and more. 



ASIA-PACIFIC FLIGHT ACTIVITY 

- 2019Q2 

WINGX is a data research and consulting company, which provides 

actionable market intelligence to the global business aviation 

industry. Our interactive web-hosted dashboards provide our 

customers with the data-visualization they need to stay alert to 

market trends, keep tabs on market share, identify competitive 

threats and spot new sales opportunities. WINGX customers 

include aircraft operators, airframe, engine and avionics OEMs, 

airlines, maintenance providers, airports, fixed-based operators, 

satcom providers, fuel providers, legal advisors, leasing companies, 

banks, regulators, investors and private jet users. 

For further information and a free demo of our dashboards, please 

contact: Richard or Christoph at office@wingx-advance.com 

WINGX Data Source: ADSB and ATC 

DATA BY 


SPECIAL FEATURE: ASIA-PACIFIC FLIGHT ACTIVITY 2019Q2 

2019Q2 ASIA PACIFIC BUSINESS JET FLIGHT ACTIVITIES 

OVERVIEW 

INTERNATIONAL VS DOMESTIC FLIGHTS 

16.0% 

6,035, (42%) 

8,387, (58%) 

5.0% 5.5% 

1.4% 

— 5.1% 

12,828 

11,934 

—10.5% 

—11.5% 

11,711 

6.0% 

13,164 

—2.1% 0.2% 

—4.1% —4.9% 

11,117 

10,247 

58+42+G 

14,422 

FLIGHTS 

International Flight 

Domestic Flight 

In 2019 Q2, the Asia Pacific experienced a total of 14,422 business 

5,226 5,269 

4,833 

5,548 

4,764 

4,110 

jet flights — an increase of 4.9% compared with 2018 Q2. Total flight 

activities declined from the previous quarter though by 6%. 

2019-01 2019-02 2019-03 2019-04 2019-05 2019-06 

Flight Hours Flights YoY%: Flights YoY%: Flight Hours 

Q2 witnessed significant growth in the short-range flight category, 

while flights in the medium and long-range categories declined. 

Domestic flights represented a larger portion of the market in Q2, 

accounting for 58% of all business jet activity . 

FLIGHT DURATIONS 

2018 Q2 Flights 

2019 Q2 Flights 

5,667 

5,097 

4,245 

4,151 

2,110 

2,010 

1,324 

1,042 

1,255 1,270 

Max. 30 Min 

30 min to 

1.5 Hours 

1.5 to 2.0 

Hours 

2.0 to 4.0 

Hours 

More Than 

4 Hours 

DEPARTURE COUNTRIES 

ARRIVAL COUNTRIES 

Australia, Greater China, India, Japan were the top 4 regions for business jet activities respectively, in 2019 Q2. 

* Data Source: WINGX 




TOP 4 REGION PERFORMANCES 

INCREASED 

48.9% 

Compared with last year, 2019 Q2 saw 

18.1% 

significant growth in India and Japan, while 

-10.8% 

DECREASED 

3,495 

-11.4% 

3,198 

2019Q2 Flights 2019Q2 YoY% Growth Rate 

Australia and Greater China saw a decline in 

business jet activity. Flights departing from 

Australia dropped by 11.4%, attributed to 

the decreased flight activity from mid-sized 

1,826 

1,167 

and ultra-long-range jets. Greater China also 

witnessed decline in activity, falling 10.8%. 

Greater China Australia 

India Japan 

AUSTRALIA 

INDIA 

2019Q2 Flights 

2019Q2 YoY% Growth Rate 

INCREASED 

DECREASED 

-22.4% 

14.8% 

-13.5% 

25.9% 

-32.8% 

46.6% 

-37.4% 

-21.3% 

INCREASED 

96.9% 

73.5% 

81.2% 31.9% 

2.7% 

DECREASED 

84.4% 

-72.4% 

0% 

746 

1000 

Light 

472 469 

Entry Level 

Large 

Cabin 

437 

Very Light 

375 

Ultra Long 

Range 

324 279 

Super Light 

Midsize 

96 

Super 

Midsize 

Large 

Cabin 

420 

Ultra Long 

Range 

126 

Super 

Midsize 

118 

Very Light 

95 

Light 

59 

Midsize 

8 0 

Super Light Entry Level 

JAPAN 

GREATER CHINA 

INCREASED 

34.0% 

DECREASED 

35.7% 

3.4% 

-14.8% 

109.1% 

-86.2% 

-90.5% 

0% 

INCREASED 

-5.2% 

DECREASED 

-29.2% 

40.5% 

23.8% 

4.0% 9.1% 

-66.7% 

0% 

575 

2,405 

Ultra Long 

Range 

300 

Light 

154 

Super 

Midsize 

109 

Midsize 

23 

Large 

Cabin 

4 2 0 

Very Light Entry Level Super Light 

Ultra Long 

Range 

802 

Large 

Cabin 

130 118 26 12 2 0 

Super Light Midsize Super Light Very Light Entry Level 

Midsize 

Flights departing from Mainland China dropped 19.5%, greatly attributed 

to the US-China trade conflict. China-based departures to Southeast 

Asia and East Asia were up, however, domestic flights within China 

decreased by 31%. Arrivals into Europe and North America dropped by 

13.3% and 5.0%, respectively. 

Flights departing from Hong Kong to neighboring countries increased, 

particularly to South China, Japan, South Korea and Southeast Asia. 

However, departing from Hong Kong, flights to Europe and North 

America fell by 3.7% and 2.6%, respectively. As for Taiwan, its total 

activity was up by 23.7%, with significant emergency medical service 

flights surrounding the island of Kinmen. 

1 

Unless otherwise noted, all numbers are compared on a year-on-year basis. 

2019 Q2 GREATER CHINA FLIGHT ACTIVITIES 

+2.5%, 166 

+23.7%, 367 

+5.1%, 740 

Mainland China 

Taiwan, China 

Macau, China 

Hong Kong, China 

-19.5%, 2,222 

Large Cabin 

Midsize 

Super Light 

Super Midsize 

Light 

Ultra Long Range 

-37.0%, 518 

-23.5%, 13 

+150.0%, 10 

+3.5%, 88 

+650.0%, 15 

-13.5%, 1,578 





Ultra-long-range business jet was the most used business jet in the 

Asia Pacific during Q2, with 5,576 flights. Some of the dominant aircraft 

models in this range are the Bombardier Global Express, Gulfstream G-V, 

and Gulfstream’s G550 and G650. Flight activity by Gulfstream’s 650 in 

APAC grew by 16%. 

The activities of super light jets and super midsize jets grew by 27%; a 

total of 1,577 flights. Southeast Asia, Australia, Japan and the Middle 

East have increased demand for shorter range aircraft, often used for 

domestic flights. 

Greater China is the leader as far as the region for ultra-long-range flights. 

TOP 10 ULTRA LONG RANGE 

DEPARTURE REGIONS 

0% 

1,578 575 516 420 378 375 231 229 228203 

10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

Mainland China Japan Hong Kong, China India Singapore 

Australia Malaysia Indonesia South Korea Taiwan, China 

TOP OEM PERFORMANCE COMPARISON YOY% 

26% 26% 

3,817 3,780 

TOTAL FLIGHT ACTIVITIES BY SIZE CATEGORY 

+12.3%, 731 

+4.3%, 5576 

21% 

3,025 

11% 

1,642 

2019Q2 Flights 

+10.4%, 490 

+1.2%, 3407 

-4.4%, 1693 

+1.8%, 952 

+27%, 983 +27.5%, 594 

1,055 

Entry Level 

Large Cabin 

Light 

604 

Bombardier Gulfstream Cessna Dassault Embraer Learjet 

7% 

4% 

2019Q2 YoY% Growth Rate 

Midsize 

Super Light 

Super Midsize 

Ultra Long Range 

Very Light 

2% 

327 

Hawker 

Beechcraft 

TOP 10 CITY PAIRINGS 

The most popular regional flight pairing in 2019 Q2 was Singapore’s 

160 

Seletar Airport and Jakarta’s Halim Perdanakusuma International Airport. 

140 

136 133 

This is contributed by the regional flights provided by local operators . 

120 

100 

80 

98 

91 91 89 

78 78 

73 72 

HONG KONG FLIGHT ACTIVITIES 

Hong Kong was the top destination for business jet activity in Q2, with 

60 

8-- arriving flights (10.8%) and had aircraft departing to the most unique 

40 

20 

destinations totally 115. 

0 

Hong Kong International Airport saw a slight increase in activity in July, 

Dept. - Arrival 

Seletar - Jakarta 

Jakarta - Seletar 

Beijing - Hong Kong 

Seoul - Seoul 

Hong Kong - Beijing 

Mumbal - New Delhi 

Sydney - Melboume 

New Delhi - Mumbal 

Seletar - Seletar 

Hong Kong - Hong Kong 

with 10% growth. Flights within Asia were up by 7.5%: Hong Kong to East 

Asia witnessed 22% growth; Hong Kong to Southeast Asia witnessed 

32% growth. The largest decline in activity came from Hong Kong to 

Mainland China flights. 

TOP 10 DESTINATIONS 

BUSINESS JET ACTIVITIES AT 

HONG KONG AIRPORT 

800 740 737 

563 

700 

600 

500 

400 

300 

532 509 501 

436 

391 

341 329 

400 

350 

300 

250 

200 

-7% 0.8% -17% 29% -3% -7% 10% 

242 

224 

248 

250 

248 

206 

210 

271 

248 

240 

246 

229 

212 

233 

200 

150 

100 

100 

0 

Hong Kong 

Seletar 

Beijing 

Sydney 

Tokyo 

Melbourne 

Shanghai 

Mumbal 

New Delhi 

Jakarta 

50 

0 

Jan Feb Mar Apr May Jun Jul 

2018 Flights 2019 Flights 



EXPANDING SUPPORT 

INTERVIEW WITH JEAN KAYANAKIS; 

SENIOR VICE PRESIDENT, 

WORLDWIDE FALCON CUSTOMER SERVICE & 

SERVICE CENTER NETWORK; 

DASSAULT AVIATION 

Support from Dassault Aviation has amplified throughout the Asia-Pacific region and 

globally. The extended network of service centers and heightened customer service 

options reflects the company’s dedication to making each client part of ‘The Falcon 

Family’. The latest in Dassault Aviation’s expanding footprint is the acquisition of two 

major maintenance, repair and overhaul (MRO) businesses. 

Jean Kayanakis, Senior Vice President in charge of the manufacturer’s customer service and service center network, 

talks about the increased need for MROs, the company’s recent acquisitions and its commitment to customer support. 

WHAT IS DRIVING THE DEMAND FOR 

BUSINESS AVIATION MROS IN THE ASIA 

PACIFIC? 

The business aviation MRO sector in Asia Pacific has continued to 

grow steadily in the last decade, thanks to an increasing number of 

business jets based in the region and transient aircraft. Also, some 

business jet owners from Asia Pacific previously sent their aircraft to 

Europe or North America for heavy maintenance but we are seeing 

that many of these aircraft owners are now more willing to have the 

work done closer. 

example, we invested in a worldwide spares distribution network and 

we have introduced FalconResponse, a unique portfolio of AOG support 

services, praised in the industry, to ensure fast return to service of 

grounded aircraft. Business aviation has also become a truly global 

business. Therefore, our MRO network has also become truly global 

with 59 service centers now strategically positioned in the world. Overall, 

Falcon Customer Service differentiates us from the competition. 

SINCE YOU JOINED DASSAULT AVIATION IN 

THE EARLY 1990S, HOW HAS THE INDUSTRY 

CHANGED? 

The industry has changed dramatically. Our customers’ businesses are 

accelerating and we have had to become even more responsive over 

the years. Most Falcon operators now use their aircraft as a critical 

business tool - their ‘flying office in the sky’ that remains connected 

and on-line in the air. We have to evolve with our customers. As an 


INTERVIEW: JEAN KAYANAKIS 

DASSAULT HAS BEEN ACQUIRING MRO 

COMPANIES WORLDWIDE. WHAT’S THE 

RATIONALE BEHIND THIS? 

We wanted to be closer to some remote customers and further 

strengthen the relationship with them by providing a complete 

customer experience from purchase throughout the lifecycle of the 

aircraft. Dassault Customer Service is a people-oriented organization 

with attention to detail second to none. Owning a Falcon is a special 

experience and we want our customers to always feel part of “The 

Falcon Family”. Our recent investments are supporting a long-term 

strategic involvement with our Dassault Aviation customers. 

HOW DOES THE ACQUISITION OF MRO 

BUSINESSES POSITION DASSAULT AVIATION 

TO CATER TO FUTURE MARKET GROWTH? 

The Dassault fleet has been growing significantly and as we look 

forward, we see further growth on the horizon. Emerging markets in 

South East Asia such as Malaysia, Thailand, Indonesia are recording 

strong growth. New aircraft types such as the Falcon 6X and the 8X are 

also stimulating the market, so now is the right time to put the Falcon 

MRO capacity in place. 

WHY DID DASSAULT AVIATION CHOOSE TO 

ACQUIRE EXECUJET AND TAG AVIATION’S 

MRO BUSINESSES? 

ExecuJet and TAG Aviation are high quality organizations that have been 

partners of Dassault Aviation for decades. Their MRO organizations 

have earned an excellent reputation on the market and have established 

strong relationships with business jet operators. Both companies will 

continue servicing all aircraft types they supported previously, both 

Falcon and otherwise, while we will further develop Falcon capacity. 

Customers will have access to the same outstanding teams and 

professionals as before. 

ExecuJet MRO Services has, in particular, a very strong footprint in 

Asia Pacific with facilities in four Australian cities – Melbourne, Sydney 

Perth, Brisbane. And a facility in Wellington, New Zealand. In Malaysia, 

ExecuJet MRO Services Malaysia is the largest business aviation MRO 

in the country. As for the Chinese market, there is a partnership with 

ExecuJet Haite, which is based in Tianjin but also provides maintenance 

services at Beijing airport. 

“WE STILL NEED TO RAISE PUBLIC AWARENESS FOR 

THE BENEFITS OF BUSINESS AVIATION. REGIONAL 

ORGANIZATIONS, SUCH AS THE ASIAN BUSINESS 

AVIATION ASSOCIATION, HAVE A CRITICAL 

ROLE TO PLAY TO MAKE BUSINESS AVIATION 

BETTER UNDERSTOOD BY GOVERNMENT POLICY 

DECISION-MAKERS.“ 


“ONE OF THE MAIN CHALLENGES IS ATTRACTING 

HIGHLY SKILLED AND QUALIFIED MAINTENANCE 

ENGINEERS AND TECHNICIANS. BUT THAT SAID, I 

THINK THE ASSOCIATION BETWEEN EXECUJET AND 

DASSAULT AVIATION IS WELL PLACED TO ATTRACT 

TALENT THAT WILL THEN BE TRAINED TO OUR 

DASSAULT AVIATION QUALITY STANDARDS.” 

HOW IS DASSAULT AVIATION PERCEIVED IN 

TERMS OF CUSTOMER SUPPORT? 

Leading industry publications Aviation International News (AIN) and 

ProPilot ranked us number one this year in terms of customer support. 

Dassault was voted number one overall in the AIN survey and led the 

field in parts availability, cost of parts, AOG response, and overall aircraft 

reliability. In the ProPilot survey, Dassault took the number one spot overall 

and was also ranked first in spares availability and service satisfaction. 

These survey results reflect the concrete steps we have taken to 

improve our global service center network, spare parts availability and 

AOG support and training services. 

It is also a reflection of our employees’ commitment to excellence. That 

said, we realize that retaining industry leadership in product support 

is an ongoing effort. We will refrain from ‘resting on our laurels.’ We 

will continue to invest in our customer support network so we remain 

number one. This year alone, we have added 17 factory-owned service 

centers employing more than 1,000 people. 

WHAT ARE THE EXPANSION PLANS FOR 

EXECUJET MRO SERVICES IN ASIA PACIFIC? 

We will continue to invest in ExecuJet MRO Services for the benefit of 

Falcon and non-Falcon operators. For now, the news that I can share with 

you is the upcoming investment plan in ExecuJet MRO Services Malaysia. 

It is already the biggest business aviation MRO in Malaysia and has a 

64,000 square foot maintenance facility a Subang Airport. But it plans 

to build and relocate to a new facility at Subang Airport that will be 

100,000-150,000 square feet. 

www.dassaultfalcon.com 


Based in our Shanghai office, Jason is an 

Operations Manager and Airworthiness 

Inspector who enjoys the art of drinking 

Chinese tea. The same appreciation and 

care for quality, details and service are 

applied when getting your aircraft efficiently 

inspected and certified. 

If you want to hear about the benefits 

of registering your aircraft in Bermuda, 

arrange to meet up for a cup today! 

Find out how we can help you with 

your aircraft registration needs at 

bermudaaircraftregistry.bm 

Connect with us 

Bermuda Aircraft Registry is owned and managed by the Bermuda Civil Aviation Authority. 


PRE-OWNED MARKET SPOTLIGHT 

BEECHCRAFT KING AIR 350 


PRE-OWNED MARKET SPOTLIGHT: BEECHCRAFT KING AIR 350 SERIES 

INTRODUCTION 

The twin-turboprop King Air was first produced in the early 1960s, 

by American manufacturer Beechcraft — now part of Textron 

Aviation. After some major and some minor developments (the 

Model 90 and 100 series) and variations — by way of the T-tail model 200 

and 300 series, the King Air has become synonymous with reliability and 

relatively low operating costs. Over 7,000 King Airs have been sold since 

the first one came off the production line in Wichita, Kansas. The aircraft 

are now used throughout the world for various mission segments. 

After gaining popularity with its 90 and 100 series’ models, the 200 

series was introduced; first marketed as the ‘Super King Air’. The series 

saw changes to the rear fuselage — a new T-tail, as well as the addition 

of the Pratt & Whitney Canada PT6A-41 engines and higher maximum 

pressurization. In 2010, the King Air 250 joined the family. The new 

model came equipped with a PT6A-52 engine, similar to that of the 

200GT model, giving the aircraft more speed, more power and better 

climb rates. 

The 300 model was later introduced as an update to the 200 about a 

decade after the original variation. The newest member of the family 

is powered by PT6A-60A engines and features an increased maximum 

take-off weight (MTOW) of 14,000 pounds (6,300 kg). The 350, a variant 

of the 300, was later produced as a replacement to the original. With a 

longer fuselage and another increase to MTOW (15,000 lbs / 6,750 kg), 

along with considerable updates including better avionics, the 350 has 

evolved into one of the most popular and dependable aircraft of its size. 

There have been three major production periods for the 350 series. 

Those were in 1999, 2006 and 2013. In 2013, membership-based private 

aviation company Wheels Up, located in the US, made a record order for 

100 plus King Air 350i models. 

The total King Air 350 fleet, in operation, stands at 653 aircraft worldwide. 

The US has, by far, the largest fleet in operation, followed by Canada and 

Brazil. China, likewise, has a notably-sized KA350i fleet. 

UNITED STATES’ KING AIR 350 FLEET IN OPERATION* 

KA350C, 25 (4%) 

KA350ER, 45 (6%) 

KA350i, 248 (37%) 

KING AIR 350 IN OPERATION 

TOP COUNTRIES EXCL. UNITED STATES* 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Canada 

53+37+6+4+G 

Brazil 

China 

673 IN TOTAL 

65% OF WORLD- 

WIDE ACTIVE FLEET 

Australia 

Philippines 

Mexico 

Colombia 

350iER 1 

350i 11 8 19 7 9 9 4 

350ER 

3 

1 1 

350C 

8 

2 7 

350 28 3 

23 4 5 10 4 6 1 

KA350, 355 (53%) 

Saudi Arabia 

Germany 

3 

7 

*Fleet operated by government not included. Data Source: Amstat 

KING AIR 350 AGE DISTRIBUTION BY MODEL TYPE 

70 

60 

50 

40 

30 

20 

10 

0 

1990 

1991 

1992 

1993 

1994 

1995 

1996 

1997 

1998 

1999 

2000 

2001 

2002 

2003 

2004 

2005 

2006 

2007 

2008 

2009 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

2017 

2018 

2019 

King Air 350 

King Air 350C 

King Air 350ER 

King Air 350i 

King Air 350iER 

King Air 350CER 

Data Source: Amstat 



KA350 SERIES IN CHINA 

In Mainland China, the King Air 350 has proven successful, Textron 

Aviation has continued to expand its service center in Singapore to better 

support its China and other APAC-based fleets. Currently, there are no 

competitors in the same market segment. The KA350 does particularly 

well supporting mapping, offshore surveillance, commuter services and 

weather applications. There’s also much potential for air medical services, 

charter and corporate use. 

MAINLAND CHINA’S KING AIR 350 FLEET 

IN OPERATION BY YOD 

8 

7 

6 

However, one of the main challenges with the KA350 and for GA in general 

is the Government’s prioritization of commercial and military aircraft. 

While the industry is working toward changing regulations regarding 

lower-speed and lower-altitude aircraft, many believe there is still a long 

way to go. 

Fleet Size 

5 

4 

3 

2 

Still, the KA350 market in China will likely continue to expand as operating 

experience is gained with this aircraft. As more KA350s enter the preowned 

market, the price will decrease, which will affect the depreciation 

rate, but will benefit the market via its low pricing, and consequently, 

supporting facilities and spare parts availability. 

PRE-OWNED MARKET ANALYSIS 

PRE-OWNED KA350 MARKET 

Since 2015, the monthly pre-owned market supply for the KA350 has 

been around 30 to 50 listed for sale. As of September 2019, the available 

fleet for sale was approximately 6.9% of the total fleet in operation. The 

listed fleet had an average age of 20 years old, with a flying time of 5,600 

hours, and an asking price ranging from US$1.3M to US$3.3M. 

1 

0 

1995 2001 2011 2012 2013 2014 2015 2016 2017 2018 

KA 350i KA 350ER KA 350 

Since 2015, the monthly pre-owned market supply for the KA350i has 

increased — from around 10 listed for sale to its current level of 20 listed 

for sale. As of September 2019, 5.2% of the total KA350i models were 

listed for sale. The listed fleet for sale had an average total hours of 1,200 

and an average age of 4 to 5 years old, with an average asking price 

ranging from US$3.2M to US$5.3M — as of September 2019. 

The 350 model has enjoyed a very low depreciation rate, reflected in the 

stable asking prices. For the past five years, asking prices have remained 

around the US$2 to US$3 million point, with lower price points reflecting 

an aging fleet. 

On average, there have been about 4 to 5 transactions every month 

since 2015. The average days on market (DOM) have increased, with the 

highest point reaching 400 days in 2018 Q3. However, with more KA350s 

entering the market, the DOM has significantly lowered. 

PRE-OWNED KA350I MARKET 

The KA350i fleet, which was available to the market in 2009, stands at 

a total of 457. The updated variant offers more payload capability and 

range, as well as a more ‘business jet’ interior. 

Average asking prices for the KA350i have decreased at a faster rate than 

the 350 model. The KA350i price point is around US$4M to US$4.5M, 

which is significantly less than the US$5.5M to US$6M price point of the 

‘for sale’ 350i models in 2015. The depreciation curve is much steeper 

compared with the 350 model and even competitor models, such as the 

Piaggio Avanti. 

On average, there has been 1-2 KA350i transactions monthly, which is 

proportional compared with the KA350 based on the market supply. In 

July 2019, the inventory value for the KA350i surpassed the KA350; this is 

attributed to an increased level of aircraft for sale since late 2018. 

KA350 % FOR SALE 6.9% KA350I % FOR SALE 5.2% 

METRIC 

DATA PTS 

FOR SALE MARKET 

MIN., AVG. / MED., MAX 

METRIC 

DATA PTS 

FOR SALE MARKET 

MIN., AVG. / MED., MAX 

ASKING PRICE 

DOM 

YEAR 

TTAF 

LANDINGS 

$1.3M $2.1M 

$3.2M 

$4.2M 

26 ASKING PRICE 13 

$2.2M 

$3.3M 

$4.2M 

$5.3M 

2 204 1 135 

46 DOM 

21 

81 1,524 97 

1,524 

1990 1999 2010 

2014 

46 YEAR 

21 

1998 2008 2015 

2018 

2,274 5,689 93 

1,208 

43 TTAF 

19 

5,654 14,850 1,089 

2,578 

1,364 4,868 72 966 

34 LANDINGS 17 

4,883 12,495 910 

2,305 

30 | ASIAN SKY QUARTERLY — THIRD QUARTER 2019 

Data Source: Amstat


MARKET SNAPSHOT 

PRE-OWNED KING AIR 350 ON MARKET FOR SALE 

KA350i, 19 (33%) 

KA350, 38 (67%) 

67+33+G 

AGE DISTRIBUTION FOR LISTINGS CURRENTLY ON 

MARKET FOR SALE 

# of aircraft for sale 

KA 350 

KA 350i 

6 

5 

3 3 3 3 3 

3 3 

2 2 2 2 2 2 2 2 2 2 

1 1 1 1 1 

KA350 HISTORICAL NUMBER OF AIRCRAFT FOR SALE 

AVERAGE DAYS ON MARKET (FOR SALE) 

60 

KA 350i for Sale 

KA 350 for Sale 

450 

KA 350i DOM 

KA 350 DOM 

# of Aircraft for Sale 

50 

40 

30 

20 

10 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

May 2016 

Sep 2016 

Jan 2017 

May 2017 

Sep 2017 

Jan 2018 

May 2018 

Sep 2018 

Jan 2019 

May 2019 

Sep 2019 

0 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

May 2016 

Sep 2016 

Jan 2017 

1990 

1991 

1992 

1993 

1994 

1995 

1996 

1997 

1998 

1999 

2000 

2004 

2005 

2006 

2007 

2008 

2010 

2011 

2012 

2014 

2015 

2016 

2017 

2018 

May 2017 

Sep 2017 

Jan 2018 

May 2018 

Sep 2018 

Jan 2019 

May 2019 

Sep 2019 

HISTORICAL TRANSACTIONS 

16 

KA 350 Transactions 

KA 350i Transactions 

KA350 HISTORICAL AVERAGE ASKING PRICE 

KA 350 Asking Price KA 350i Asking Price 

7 

14 

6 

# of Aircraft Sold 

12 

10 

8 

6 

4 

2 

0 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

May 2016 

Sep 2016 

Jan 2017 

May 2017 

Sep 2017 

Jan 2018 

May 2018 

Sep 2018 

Jan 2019 

May 2019 

Sep 2019 

Average Asking Price (M USD) 

5 

4 

3 

2 

1 

0 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

May 2016 

Sep 2016 

Jan 2017 

May 2017 

Sep 2017 

Jan 2018 

May 2018 

Sep 2018 

Jan 2019 

May 2019 

Sep 2019 

Data Source: Amstat 



MARKET INVENTORY VALUE & DEPRECIATION 

KING AIR 350 & KING AIR 350I PRE-OWNED MARKET INVENTORY VALUE 

200 

KA 350 KA 350i 

Total 

180 

160 

INVENTORY VALUE 

(# OF AC FOR SALE X AVG ASKING PRICE) 

140 

120 

100 

80 

60 

40 

20 

0 

Jan 

2015 

Apr 

2015 

Data Source: Amstat & Asian Sky Group 

Jul 

2015 

Oct 

2015 

Jan 

2016 

Apr 

2016 

Jul 

2016 

Oct 

2016 

Jan 

2017 

RESIDUAL VALUE ANALYSIS: 1998 KA350 & 2015 KA350I 

8,000 

1998 KA350 YoY Depreciation 

80% 

2010 KA350i YoY Depreciation 

2015 KA350i YoY Depreciation 

7,000 1998 Beechcraft 350 Residual Value 

60% 

2010 Beechcraft 350i Residual Value 

2015 Beechcraft 350i Residual Value 

6,000 40% 

Apr 

2017 

Jul 

2017 

Oct 

2017 

Jan 

2018 

Apr 

2018 

Jul 

2018 

Oct 

2018 

Jan 

2019 

Apr 

2019 

Jul 

2019 

Residual Value (,000 USD) 

5,000 20% 

4,000 0% 

3,000 -20% 

YoY Deprecaition Rate 

2,000 -40% 

0 -60% 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 

Data Source: Vref 

CABIN SIZE VS. MAX RANGE 

2500 3200 

CABIN SIZE VS. MAX RANGE 

MAX RANGE (N.M) 

2000 

CESSNA CITATION CJ4 

EMBRAER PHENOM 300 

2800 

PILATUS PC-24 

BEECHCRAFT KING AIR B200 BEECHCRAFT KING AIR 350 

1500 2400 

PIAGGIO AVANTI P180II 

1000 2000 

BEECHCRAFT KING AIR C90B 

500 1600 

HOURLY COST (USD) 

PIAGGIO AVANTI P180II CESSNA CITATION CJ4 

EMBRAER PHENOM 300 

PILATUS PC-24 

BEECHCRAFT KING AIR B200 BEECHCRAFT KING AIR 350 

BEECHCRAFT KING AIR C90B 

0 1,200 

100 150 200 250 300 350 400 450 500 550 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 9 9.5 10 

CABIN SIZE (CU.FT) 

PRICE NEW (M USD) 



MODEL COMPARISON 

In terms of size and range, the King Air 350 is typically outshined by 

aircraft in the light jet category. The PC24 has a cabin size of 501 cubic 

feet, compared with the KA350’s 344 cubic feet cabin size. However, when 

compared with other turboprops its cabin size and range are typically 

better. The KA350 has a range of 1,550 nautical miles, while the Avanti 

P180 has a range of 1,364NM. Cost-wise, the price of a new KA350 is 

less than light jets, which are typically priced around US$9M. It is also less 

than the Avanti P180, which is priced over US$7M. 

Comparatively, the KA350 series is a reliable aircraft with no solid 

competitors in its size category and relatively low operating costs. 

Market supply and demand is high, which means the pre-owned market 

is very active. 

EMBRAER 

PHENOM 300 

CESSNA 

CITATION CJ4 

PILATUS PC-24 

PIAGGIO 

AVANTI P180 

BEECHCRAFT 

KING AIR B200 

BEECHCRAFT 

KING AIR C90 

BEECHCRAFT 

KING AIR 350 

INTRODUCTION 

YEAR 

2009 

2010 

2018 

1990 

1981 

1971 

1990 

KING AIR C90: 

1971 - 1982 

MARKET AVAILABILITY 

YEAR PRODUCED 

300: 

2009 - 2017 

300E: 

2017 - PRESENT 



AVANTI P180: 

1990 - 2005 

AVANTI P180 

EVO: 


AVANTI P180 II: 

2005 - 2014 

KING AIR B200: 

1981 - 2008 

KING AIR B200 

RAISBECK: 

1981 - 2007 

KING AIR 

B200GT: 

2008 - 2012 

KING AIR 

B200SE: 

1995 - 2001 

KING AIR C90A: 

1984 - 1992 

KING AIR C90B: 

1992 - 2005 

KING AIR 

C90SE: 

1995 - 2000 

KING AIR 

C90G T: 

2006 - 2007 

KING AIR 

C90G TI: 

2008 - 2010 

KING AIR 

C90G TX: 


KING AIR 350: 

1990 - 2009 

KING AIR 

350ER: 

2008 - 2009 

KING AIR 350I: 


KING AIR 

350IER: 


FLEET IN 

OPERATION 

512 

301 

37 

222 

1335 

1490 

1211 

FLEET FOR SALE 

18 

9 

1 

30 

97 

124 

57 

POWERPLANT & 

PERFORMANCES* 

ENGINE 

MANUFACTURER 

MAXIMUM RANGE 

MAXIMUM TAKEOFF 

WEIGHT 

P&WC PW535E 

2077 N.M 

17,968 LBS 

WMS INTL 

FJ44-4A 

1991 N.M 

17,110 LBS 

WMS INTL 

FJ44-4A 

1950 N.M 

18,300 LBS 

P&WC PT6A-66 

1364 N.M 

12,100 LBS 

P&WC PT6A-42 P&WC PT6A-135AP&WC PT6A-60A 

1580 N.M 940 N.M 1550 N.M 

12,500 LBS 10,100 LBS 15,000 LBS 

CABIN DIMENSIONS 

PASSENGERS 

CAPACITY & CREW 

CABIN LENGTH 

CABIN WIDTH 

CABIN HEIGHT 

CABIN VOLUME 

CABIN ALTITUDE 

@ SEA LEVEL 

7 PAX / 2 CREW 7 PAX / 2 CREW 6 PAX / 2 CREW 6 PAX / 2 CREW 6 PAX / 2 CREW 5 PAX / 2 CREW 8 PAX / 2 CREW 

17.2 FT 

5.1 FT 

4.9 FT 

17.3 FT 

4.8 FT 

4.8 FT 

23.0 FT 

5.6 FT 

5.1 FT 

14.9 FT 

6.1 FT 

5.8 FT 

16.7 FT 

4.5 FT 

4.8 FT 

12.4 FT 

4.5 FT 

4.8 FT 

19.2 FT 

4.5 FT 

4.8 FT 

324 CU FT 293 CU FT 501 CU FT 393 CU FT 303 CU FT 218 CU FT 344 CU FT 

25,560 FT 23,984 FT 23,500 FT 24,000 FT 15,293 FT 11,065 FT 15,293 FT 

COST 

HOURLY COST (USD) 

PRICE NEW (USD) 

$2728/HR 

$9.0 M 

$2771/HR 

$9.2 M 

$2562/HR 

$9.0 M 

$2794/HR 

$7.2 M 

$2220/HR 

$5.3 M 

$1533/HR 

$2.8 M 

$2374/HR 

$6.4 M 

* Model stats based on the highest delivered model of the following: Phenom 300, Cit. CJ4, PC-24, P180II, KA B200, KA C90B, KA350 

Data Source: OEM, Amstat & Conklin & de Decker 

Avion Pacific is the exclusive authorized distributor of Textron aircraft in China, focusing on the development of 

China’s King Air market. The company has introduced nearly 30 King Air aircraft to the Chinese market, engaged 

in various mission segments including: weather modification, flight training, aerial photography, maritime patrol, 

short-haul transportation, medical rescue as well as business aviation. 

Avion Pacific is a general aviation services provider, founded in 1993. It has offices and operating bases located 

throughout mainland China, including Shenzhen, Beijing, Shanghai, Xian, Chengdu, Penglai and Zhuhai. 

For inquiries: 

marketing@avionpacific.com 

86-755-2667 0729 

www.avionpacific.com 


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INTRODUCING THE NEW 


A MATURING AND EVOLVING MARKET 

BY ZHENDONG WU, CHAIRMAN OF ASBAA 

For over 30 years, China has enjoyed being the economic engine of Asia and beyond. We are now in a period 

of adjustment that has had a ripple effect on our industry. At AsBAA, we are often asked to comment on the 

market, and our message is that the overall state-of-play is highly nuanced in our region. The Asian market 

is one that is young when compared with the US and Europe, however we are becoming more sophisticated and 

experienced. Whilst our young market initially grew quickly, Asia’s long-term growth will stem from stability. As with 

other industries experiencing business evolution, maturing leads to a change of pace and a healthy, foundationally 

strong business aviation ecosystem. 

We know from other global markets that aviation evolves and adapts to 

the changing needs of its users. Several years back in Asia, there was an 

initial rush to obtain aircraft. This trend has slowed; however, we see a 

lot of investment into new business models and supporting services. For 

example, AsBAA anticipates a greater number of maintenance facilities 

to open across the region in China, Singapore, Philippines, Malaysia, and 

perhaps newer markets including Vietnam. 

“ASIAN GOVERNMENTS NOW DEMONSTRATE 

A GREATER AWARENESS OF THE POSITIVE 

ECONOMIC OF OUR INDUSTRY, WHICH IN TURN 

LEADS TO GREATER INCENTIVES, SUPPORT, AND 

MORE “FRIENDLY” REGULATIONS.” 

Substantial growth a few years ago when financial markets were 

shooting to historic peaks led to a rush of entrepreneurs “dashing” 

into the industry. As overheating cooled, we saw natural adjustments 

along with an element of Darwinism. During this process, we observed 

the market become more diverse with support services emerging and 

adding value, creating a broader, deeper industry in Asia. As an example, 

AsBAA has seen the medical services (EMS) market continue to grow in 

China with several new members in this sector joining the association 

to obtain support in Asia. In addition, shorter commuter flights are rising 

in popularity, indicating that China is “bedding in” and making business 

aviation work for its own needs. 

AsBAA sees a healthier and more steady foundation for our industry for 

the future. We have seen some players fade away and the key players 

remain strong. Likewise, we have seen several evolving and innovative 

business models emerging, indicating that long-term investment 

sentiment is strong, especially considering previous years short-term, 

gold-rush mentality. 

Much of AsBAA’s work, while remaining appropriately unseen, has led 

to significant improvements for members in Asia. Asian governments 

now demonstrate a greater awareness of the positive economic impact 

of our industry, which in turn leads to greater incentives, support, and 

more “friendly” regulations. The community is becoming sharper in Asia 

– more experienced, professional, with talented teams. Some may have 

moved on as a symptom of the region’s growing pains; from AsBAA’s 

perspective, this is healthy. 

Asia is entrepreneurial and adaptive by nature. Whilst outright purchase 

may not be prevalent in 2019, operators are finding innovative ways to 

make business aviation work for them with operating leases now very 

commonplace, mid-term leases growing in popularity (3-5 years), and 

new business models popping up. Charter flights should continue to 

remain strong and people will be looking at more options on owning 

aircraft as we close 2019. In summary AsBAA is positive about the 

opportunities of 2020 and beyond. 

FOR MORE INFORMATION ON HOW TO 

BECOME AN ASBAA MEMBER: 

www.asbaa.org/about-us/join-asbaa 


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Passion for excellence is our trademark. In everything we do, our goal is to meet and surpass 

your expectations. Our highly trained staff are always on hand to ensure your complete satisfaction, 

both on the ground and in the air. Our unrivalled facilities located at Dubai World Central 

guarantee your utmost discretion, comfort and convenience every time you fly. 

AIRCRAFT 

HANGARISATION 

AIRCRAFT 

MAINTENANCE 

AIRCRAFT 

MANAGEMENT 

CONSULTING 

SERVICES 

EXECUTIVE 

CHARTER 

FBO & HANDLING 

SERVICES 


T: +971 (0)4 870 1800 | www.dc-aviation.ae | An Al-Futtaim Joint Venture 

Al Maktoum International Airport | DWC | Aviation District | Dubai, UAE

PREVENTING ILLEGAL CHARTER 

- TIME FOR ASIAN ACTION? 

BY GORDON GARDINER, HOLMAN FENWICK WILLAN 

GORDON GARDINER IS A PARTNER IN 

HFW’S AEROSPACE TEAM IN HONG KONG. 

HE MODERATED A PANEL DISCUSSION ON 

ILLEGAL CHARTER FOR ASBAA’S HONG 

KONG SAFETY DAY ON 12 SEPTEMBER 2019. 

Illegal charter of aircraft continues to present a significant challenge to business aviation, with the number of regulatory 

abuses reportedly on the increase. It is perhaps not surprising, therefore, that in a recent survey conducted by the US 

National Air Transportation Association (NATA), over 90% of respondents said that their business had been negatively 

impacted by illegal charter operations. 

In our article on illegal charter in the last edition of Asian Sky Quarterly, 

we focused on illegal charter resulting from deliberate breaches of the 

regulations, as illustrated by two recent examples in the UK. 

In this, the second of two articles on the subject of illegal charter, we 

look at three further issues: the scope for inadvertent breaches of the 

regulations; why combating illegal charter matters; and whether the 

authorities are taking enough action to investigate and sanction illegal 

charter. 

Although the detail of the regulations relating to public and private 

flights is complicated and varies according to jurisdiction, in general 

terms the basic rule is straightforward. If an aircraft is operated 

privately, it should not be used for commercial (public transport) 

flights, unless an exemption applies. Accordingly, subject to any 

relevant exemptions, if a passenger provides valuable consideration 

(whether by paying money or providing some other benefit) to fly on 

an aircraft, that constitutes public transport and the operator needs an 

air operator’s certificate (AOC), or a Part 135 certificate under the US 

Federal Aviation Regulations. 

INADVERTENT ILLEGAL CHARTER 

The examples of illegal charter activities cited in the recent NATA survey 

focus predominantly on deliberate breaches of the regulations – such 

as illegal wet leases disguised as dry leases; flights advertised at very 

low cost; and charter flights sold under the guise of “sales demos” or 

“flight training”. In addition, many jurisdictions allow flight “cost sharing” 

between pilots and passengers, which can also be the subject of abuse. 

Illegal charter may however happen inadvertently, either due to 

ignorance, or owing to the complexity of the regulatory exemptions. 

The practical application of the various regulations can be difficult. Also, 

rather unhelpfully, there have been instances where different regulators 

have adopted different interpretations of the same regulation. 

The key to avoiding inadvertent illegal operations is to ensure that the 

structures put in place to manage and operate the aircraft comply 

with the relevant regulations. This may involve engaging professional 

advisers to put in place appropriate structures at the outset, or 

conducting audits to identify the legal operator of the aircraft, or the 

nature of payments made for use of the aircraft. 


INTERVIEW: GORDON GARDINER 

THE CONSEQUENCES OF ILLEGAL CHARTER 

As illustrated by the results of the NATA survey mentioned above, the 

clear loser as a result of illegal charter operations are those legitimate 

operators who have invested significant time and resources in obtaining 

an AOC or Part 135 certificate. Illegal charter distorts the market, as 

it evades the high regulatory compliance costs of legal air operations, 

including proper training and insurance. It also exposes legitimate 

charter operators to reputational risks, being tarred by the same brush 

when it comes to negative coverage of accidents or enforcement action 

incurred by illegal operators. 

Unsurprisingly, illegal operators face a number of substantial exposures. 

These include regulatory penalties, damage to reputation, and possible 

repossession of the aircraft by a finance lessor for breach of covenant. 

In addition, in the event of an incident or serious accident, insurance 

cover will very likely be invalidated by the illegal activity (owing to breach 

of the policy conditions), and the operator will be directly exposed to 

significant damages for death, personal injury or ground damage. 

From a passenger perspective, public flights conducted by the holder of 

an AOC or Part 135 certificate provide an additional level of operational 

safety, such as more stringent training requirements for pilots, and 

stricter maintenance standards. Illegal charter operators may not meet 

those standards, and will likely have far less safety oversight. This 

emphasizes the need for passengers to undertake proper due diligence 

on the operator, or to use a professional air charter broker. 

COMBATTING ILLEGAL CHARTER REQUIRES: 

• A sustained campaign of education to increase 

awareness of the issue amongst all stakeholders; 

• Sufficient resources devoted by regulatory 

authorities to investigate potential breaches of the 

regulations; 

• Vigorous enforcement of breaches with significant 

penalties to act as a deterrent; and 

• If necessary, changes to legislation in relevant 

jurisdictions to close any loopholes and/or to make 

the regulations clearer and more easily applied. 

“THE KEY TO AVOIDING INADVERTENT 

ILLEGAL OPERATIONS IS TO ENSURE THAT 

THE STRUCTURES PUT IN PLACE TO MANAGE 

AND OPERATE THE AIRCRAFT COMPLY WITH 

THE RELEVANT REGULATIONS.” 

INSUFFICIENT REGULATORY ATTENTION IN 

ASIA 

Anecdotally, illegal flights routinely happen. Any economic downturn 

may also prompt unscrupulous brokers or passengers to pursue 

cheaper illegal flights with private operators looking to make a profit. 

However, owing to the general lack of data on illegal flights, it is very 

difficult to understand the extent of the problem. The recent NATA 

survey helps to shed some light on this as far as the US is concerned, 

although the position in Asia remains opaque. 

Various awareness campaigns have been launched, for example in the 

US by NBAA and NATA*, and in Europe by EBAA. MEBAA and AsBAA 

are also taking steps to raise the profile of illegal charter operations in 

the Middle East and Asia respectively. Much though depends on those 

involved in day to day operations reporting illegal charter, whether by 

using dedicated hotlines, or otherwise. In the short term, however, 

widespread reporting seems unlikely: in the NATA survey, half of the 

respondents said that they did not report their encounters with illegal 

activities, citing factors such as the potential for repercussions due 

to the small business aviation community, and the potential loss of 

customers. 

While some regulators are now actively involved in combating illegal 

operations, more could certainly be done by others, particularly in Asia. 

This requires resources and effort. Conducting only a handful of ramp 

checks each year, as has been the case in Hong Kong, is plainly not 

going to address the issue. 

Finally, the penalties need to be genuinely punitive if they are to act as 

a deterrent. One or two recent cases have demonstrated that tough 

financial penalties or prison sentences can be imposed. Other measures 

may also need to be taken, such as revoking the licenses of pilots 

involved in illegal charter, or reporting illegal operations to tax authorities 

for prosecution of non-payment of taxes and possible seizure and sale 

of the aircraft. 

It should not be necessary to await high profile accidents to focus 

attention on illegal charter. More should be done now to combat the 

issue, particularly in Asia. 

www.hfw.com 

* For Information on illegal charter from NATA: www.avoidillegalcharter.com 


INAEC was the first Filipino-owned private airline in the Philippines. 

INAEC is the country's leader in the air transport and air charter industry, 

working with the biggest offshore oil and gas producers, medical service 

providers, high value cargo movers, news and events broadcasters, local 

and foreign companies, and VVIPs. 

INAEC also provides aircraft management, maintenance, fixed base 

operations, and aviation training services. 

INAEC is the first Philippine Air Operator Certificate holder to earn the 

International Standard for Business Aircraft Operations (IS-BAO) 

Certification. 

Charter an Aircraft Today! 

w w w . i n a e c . c o m . p h 

Our Bases: 

Manila. Clark. Sangley. Puerto Princesa. El Nido. Cebu, Davao 

W e a r e a p r o u d m e m b e r :


PRE-OWNED BUSINESS JETS MARKET - 2019 Q3 

INVENTORY VALUE (USD) 1 

$10,561M 

WORLDWIDE 

$7,213M 

ASIA PACIFIC 

$1,688M 

$1,262M 

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 

2016 

2017 

2018 

2019 

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. 

MARKET TREND 1 

WORLDWIDE 

TREND 

WORSENING 

TREND REVERSAL 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 

TREND REVERSAL 

AIRCRAFT SOLD 1 

WORLDWIDE 

29 

49 

43 

58 

58 54 

50 51 52 

47 45 

42 

39 

35 

54 

47 

73 

38 

50 

56 

70 

57 60 54 

47 46 

65 

49 

92 

32 

38 

41 

33 

52 

37 

44 

56 


2016 

2017 

2018 

2019 

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 39 different models, multiplied by their average asking prices. 


Source: AMSTAT & ASG


% OF FLEET SOLD 

1.30% 

1.25% 

1.20% 

1.15% 

1.10% 

1.05% 

1.00% 

0.95% 

0.90% 

0.85% 

0.80% 

0.75% 

0.70% 

0.65% 

0.60% 

0.55% 

0.50% 

0.45% 

0.40% 

0.35% 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

AVERAGE ASKING PRICE 

MILLION USD 

28 

26 

24 

ASIA PACIFIC 

22 

20 

18 

16 

WORLDWIDE 

14 

12 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

% OF FLEET FOR SALE 

15% 

13% 

ASIA PACIFIC 

11% 

9% 

7% 

5% 

WORLDWIDE 

3% 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

AVERAGE DAYS ON MARKET 

550 

500 

450 

ASIA PACIFIC 

400 

350 

300 

WORLDWIDE 

250 

200 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

Source: AMSTAT & ASG 



SUPPLY / DEMAND INDICATORS 

BUSINESS JETS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

AVERAGE 

AVERAGE 

NO TRANSACTIONS 

15.8% 

6.8% 

11.1% 

AIRBUS 

ACJ318 

ACJ319 

ACJ320 

5.2% 

8.7% 

6.8% 

BOEING 

BBJ 

BBJ2 

CL300 

2.0% 

CL350 

5.0% 

CL604 

8.0% 

6.0% 

9.3% 

11.0% 

BOMBARDIER 

CL605 

CL650 

CL850 

GL Express 

9.3% 

GL XRS 

12.0% 

GL5000 

3.3% 

GL6000 

7.8% 

CIT. CJ3 

3.7% 

2.5% 

CESSNA 

CIT. CJ4 

CIT. Latitude 

4.9% 

CIT. Sovereign 


4.5% 

F2000LX 

6.7% 

F2000LXS 

0.0% 

F2000S 

6.6% 

6.4% 

8.3% 

5.1% 

4.2% 

2.7% 

35.3% 

7.8% 

6.6% 

4.7% 

EMBRAER DASSAULT 

F7X 

F8X 

F900DX 

F900EX 

F900EXe 

F900LX 

L1000 

L600 

L650 

Phenom 300 

11.6% 

G200 


5.2% 

6.5% 

4.3% 

5.6% 

3.3% 

GULFSTREAM 

G280 

G450 

G500 

G550 

G650 

5.3% 

G650ER 

450% 400% 350% 400% 250% 200% 150% 100% 50% 0 

Average AC for sale / Total sold in last 12 months 

6.1% 

Average 

0 200 400 600 800 1000 

The above chart reflects where certain aircraft models are positioned 

in 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). 

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. 

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. 


This can be seen most with certain Gulfstream (G200, G450, G550, 

G650), Bombardier models (Challenger 604/605 & Global 5000) 

and Dassault Falcon models (2000 Series and 7X), where more 

transactions are occurring relative to the number for sale, and 

transactions are requiring less time on the market for sellers to 

complete. 



MARKET POSITIONING 

BUSINESS JETS 

MOVING TOWARDS 

BUYER’S MARKET 

Balanced 

Supply & Demand 


SELLER’S MARKET 

BOEING AIRBUS 

BOMBARDIER 

EMBRAER DASSAULT 

CESSNA 

GULFSTREAM 

ACJ318 

ACJ319 

ACJ320 

BBJ 1 

BBJ 2 

CL300 

CL350 

CL604 

CL605 

CL650 

CL850 

GL Express 

GL XRS 

GL5000 

GL6000 

CIT. CJ3 

CIT. CJ4 

CIT. Latitude 

CIT. Sovereign 

F2000LX 

F2000LXS 

F2000S 

F7X 

F8X 

F900DX 

F900EX 

F900EXe 

F900LX 

L1000 

L600 

L650 

Phenom 300 

G200 

G280 

G450 

G500 

G550 

G650 

G650ER 

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: 

When taking into account these four factors, most of the the large and 

medium sized jets, such as Challenger 600, Falcon 2000 & 900 Series, 

as well as the various Gulfstream models, appear better positioned to 

find buyers available, compare to corporate airliner models. 

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). 

* Since 2019 Q3, ASG expanded its market research scope to include 39 business jet models 

including light jet models as described in the report. 




PRE-OWNED CIVIL HELICOPTERS MARKET - 2019 Q3 

INVENTORY VALUE (USD) 1 

WORLDWIDE 

$1,165M 

$1,199M 

ASIA PACIFIC 

$218M 

$217M 


2016 

2017 

2018 

2019 

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. 

MARKET TREND 1 

WORLDWIDE 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 

TREND 

WORSENING 

TREND 

IMPROVEMENT 

AIRCRAFT SOLD 1 

WORLDWIDE 

24 

35 

28 

25 

36 

TREND 

IMPROVEMENT 

41 45 44 47 46 45 

38 

31 

28 30 

26 30 34 

22 

33 

45 

40 

34 38 

46 

39 37 

35 

28 27 26 27 28 27 

24 22 

26 


2016 

2017 

2018 

2019 

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. 




% OF FLEET SOLD 

0.60% 

0.50% 

0.40% 

0.30% 

0.20% 

0.10% 

0.00% 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

AVERAGE ASKING PRICE 

MILLION USD 

4.0 

3.5 

ASIA PACIFIC 

3.0 

2.5 

WORLDWIDE 

2.0 

1.5 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 

% OF FLEET FOR SALE 

5.5% 

5.0% 

WORLDWIDE 

4.5% 

4.0% 

3.5% 

3.0% 

2.5% 

ASIA PACIFIC 

2.0% 

1.5% 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 


700 

650 

WORLDWIDE 

600 

550 

500 

450 

ASIA PACIFIC 

400 

350 

300 

Sep 

16 

Nov 

16 

Jan 

17 

Mar 

17 

May 

17 

Jul 

17 

Sep 

17 

Nov 

17 

Jan 

18 

Mar 

18 

May 

18 

Jul 

18 

Sep 

18 

Nov 

18 

Jan 

19 

Mar 

19 

May 

19 

Jul 

19 

Sep 

19 




SUPPLY / DEMAND INDICATORS 

CIVIL HELICOPTERS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

AVERAGE 

AVERAGE 

1.4% 

EC145 

3.2% 

H125 

3.8% 

H130 

2.7% 

1.9% 

12.3% 

AIRBUS HELICOPTERS 

H135 

H145 

H155 

7.4% 

EC135P2 

5.7% 

EC135T2 

1.4% 

EC155B 

5.4% 

BELL 206 JetRanger 

5.2% 

BELL 206 LongRanger 

6.3% 

2.8% 

6.5% 

6.1% 

4.5% 

2.4% 

20.3% 

SIKORSKY LEONARDO 

BELL HELICOPTER 

BELL 407 

BELL 412EP 

BELL 412HP 

BELL 429 

AW109SP GN 

AW139 

S76C+ 

350% 300% 250% 200% 150% 100% 50% 0 

Average AC for sale / Total sold in last 12 months 

4.5% 

Average 

0 100 200 300 400 500 600 700 800 

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). 




MARKET POSITIONING 

CIVIL HELICOPTERS 


BUYER’S MARKET 

Balanced 

Supply & Demand 


SELLER’S MARKET 

EC145 

H125 

SIKORSKY LEONARDO BELL HELICOPTER 

AIRBUS HELICOPTERS 

H130 

H145 

H155 

EC135P2 

EC135T2 

EC155B 

BELL 206 JetRanger 

BELL 206 LongRanger 

BELL 407 

BELL412EP 

BELL412HP 

BELL 429 

AW109SP GN 

AW139 

S76C+ 

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). 



OPERATIONAL TIPS 2020 TOKYO SUMMER GAMES AND PARALYMPICS 

OPERATIONAL TIPS: 

2020 TOKYO SUMMER GAMES AND PARALYMPICS 

UNIVERSAL WEATHER & AVIATION, INC. 

The time to start planning for the 2020 Tokyo Summer Games and Paralympics is now. Japan Civil Aviation 

Bureau (JCAB) has released guidelines for non-scheduled aircraft operating to Japan for the Games. Slot 

applications started being accepted as early as Aug. 1, 2019 for Chubu Centrair International Airport (RJGG/ 

NGO) and Sendai Airport (RJSS/SDJ), with “tentative” slots being issued as early as Sept. 30, 2019. 

Based on the volume of inquiries we’ve already seen come into Universal Aviation Japan, early indicators show 

this is going to be a high-traffic, high-demand event. It’s critical that operators planning to attend, understand 

the guidelines for non-scheduled aircraft operating to Japan for the Games. We’re available to formulate a 

customized Games strategy that will reduce the usual risks and challenges that come with operating such a hightraffic 

period. 

HERE’S WHAT YOU NEED TO KNOW: 

OVERVIEW 

The 2020 Summer Games will be held in Tokyo from July. 24 – Aug. 

9, 2020. The Paralympics will be held from Aug. 25 – Sept. 6, 2020. 

In advance of the Games, JCAB has published guidelines for slot 

coordination at the six airports that will handle general aviation 

traffic to the Games. 

• New Chitose Airport (RJCC/CTS) 

• Sendai Airport (RJSS/SDJ) 

• Chubu Centrair International Airport (RJGG/NGO) 

The six primary airports that will be used for general/business 

aviation are broken down into three Tokyo Metro Airports and 

three Specially-Designated Airports. JCAB has also developed slot 

coordination periods and rules for non-scheduled flights to those 

airports, including a classification of who is allowed to operate to 

which airports during certain periods. 

TOKYO METRO AIRPORTS 

The three Tokyo metro airports are: 

• Narita International Airport (RJAA/NRT) 

• Haneda International Airport (RJTT/NHD) 

• Ibaraki Airport (RJAH/IBR) 

Due to parking spacing limitations at all three Tokyo Metro airports, 

aircraft will be allowed a maximum of three hours on the ground. If more 

time on the ground is needed, aircraft will be repositioned to another 

airport based on assignment by the Special Coordination Office. 

SPECIALLY-DESIGNATED AIRPORTS 

These are the airports being elevated to Level 3 (slot coordinated) 

for this event: 


OPERATIONAL TIPS 2020 TOKYO SUMMER GAMES AND PARALYMPICS 

CLASSIFICATION OF PEAK PERIODS 

FOR THIS EVENT 

JCAB controls the slots of the six airports from July to September, 

dividing the period into following three categories. The three months 

will be classified in accordance with the demand predicted. 

• Demand Concentrated Period: July. 17 through Sept. 13 

• Demand Peak Period: 

• Opening Ceremony Periods (Olympic and Paralympic Games): 

July. 21 – 25 and Aug. 22- 26 

• Closing Ceremony Periods (Olympic and Paralympic Games): Aug. 

8-10 and Sept. 14-30 

• Others: Basically, everything else during this three-month window: 

July. 1 – 16 and Sept. 14 – 30. 

CLASSIFICATION OF NON-SCHEDULED 

FLIGHTS 

Non-Scheduled Flights will be classified into the following 

categories. The International Olympic Committee (IOC) defines 

games stakeholders in four levels, V1-3 (i.e., VIP) and everyone else 

(ordinary non-scheduled flights). Priority is given to V1-3 first, with 

everyone else being assigned on first-come, first-served basis. 

SLOT COORDINATION PERIODS 

• Special Coordination Period (Dec 1, 2019 – Feb 10, 2020): 

This period starts after IATA SC144 from Dec. 1, 2019 to Feb. 

10, 2020. The submission of Non-Scheduled Flights for both 

Tokyo Metropolitan Airports (RJTT/RJAA/RJAH) and Specially 

Designated Airports (RJGG/RJSS/RJCC) can be made during this 

period. Answers to these slot requests are expected to arrive Feb. 

28, 2020. Non VIP (V1-3) flights will be limited to slot request for 

RJGG/RJSS/RJCC only during this period. See Section 6 below for 

more details. 

• After Special Coordination (after Feb 10, 2020): Non-scheduled 

flight requests for the six airports will be coordinated at the 

JCAB Special Coordination Office if the relevant airport slot is 

still available. The three Tokyo Metro airports are expected to be 

in very high-demand. Slot requests submitted before the 20th of 

each month are expected to be replied to by the end of the same 

month. During July through September 2020, ad-hoc coordination 

may take place. 

• Scheduled Flights and Non-Scheduled Flights coordination in the 

other periods in 2020: Requests for Scheduled Flights and Non- 

Scheduled Flights coordination in the other periods in 2020 should 

be submitted as usual. 

SPECIAL SLOT COORDINATION 

PERIODS FOR EACH AIRPORT 

The Pre-Special (Aug. 1 – Sept. 20, 2019) and Special (Dec. 1, 2019 

– Feb. 10, 2020) Coordination Periods are restricted by your Flight 

Classification Types, Airport Requested, AND Peak Period requested. 

For the full breakdown, visit: (universalweather.com/japan2020). 

OPERATIONAL TIPS 

It’s imperative that once an operator knows their schedule, they 

should start making arrangements for slots, parking, and ground 

services like catering and ground transportation to secure their 

best options. Keep in mind that the biggest surge in traffic is going 

to be just before the Opening Ceremony and right after the closing 

ceremony. If you can, consider delaying your departure a day after 

the closing ceremony to avoid delays. Be patient and remain flexible. 

Chances are your first option may not be available. But our team is 

going to do our best to find a solution for you. 

FURTHER READING 

To assist operators in identifying the requirements for this event, 

Universal has developed a comprehensive 2020 Tokyo Summer 

Games Trip Planning Resource Center (universalweather.com/ 

japan2020) which it will keep updated with the latest info on 

operating to Japan during this busy period. 


ASBAA SAFETY DAY 

Philippines | 5 November 

- SPONSORS - 

https://www.eventbank.com/event/asbaa-philippine-safety-day-11609/ 

Contact us at: info@asbaa.org 

#AsBAASafetyDays #AsBAACommunity 


www.asbaa.org

CORPORATE JET INVESTOR ASIA 

JUNE 12 & 13, 2019 

No-one attending Corporate Jet Investor Asia would claim that the Asian business jet market is going 

through a boom at the moment. That’s despite the record numbers attending and the fact that the 

majority of delegates were fairly optimistic (68%) or very optimistic (19%) about the industry’s prospects. 

The conference started the day after hundreds of thousands of 

protesting people took to the street in Hong Kong; as tensions were 

high between India and Pakistan; and as the US and China started 

tariff wars. 

David Dixon, president of Jetcraft Asia, said that he can still see Asia 

becoming the second biggest region for corporate jets after North 

America, and his comments were repeated on several panels. The 

region has massive potential and pent-up demand for aircraft. 

There was a lot of discussion about tariffs, reduced demand in China 

and infrastructure issues (something that has been a key theme of 

every conference for the past nine years). But there is also rising 

interest from customers in Southeast Asia (some of whom are 

benefitting greatly from the China/US tariff battles as companies 

change suppliers). 

The lack of slots at airports and the high quality of many Asian 

airlines means that airlines are often a serious competitor to private 

operators. “I have customers who typically fly from Malaysia to China 

by airline, even though they would rather use their own jet,” said 

one speaker. But in something of a contrast, Nils Uellendahl, design 

director of the Shanghai studio of BMW Designworks (which has 

designed the interiors of many business jets as well as the first-class 

suites of Singapore Airlines) gave an inspiring presentation looking 

at raising passenger experiences. 

HOW OPTIMISTIC ARE YOU ABOUT YOUR COMPANY IN 

THE NEXT 12 MONTHS ? 

WILL BUSINESS JETS ALWAYS BE CROWDED OUT AT 

AIRPORTS BY AIRLINES ? 

Fairly pessimistic (8%) 

Very optimistic (19%) 

68+19+8+5 

Very pessimistic (6%) 

Fairly optimistic 

(68%) 

62% 

YES 

38% 

NO 


CORPORATE JET INVESTOR ASIA 2019 

Volatility can also create opportunities. China should soon see a big 

fall in the number of business jet operators – one operator estimates 

that there are more than 20 aircraft operators’ certificates for sale – 

which should help make the market less competitive. 

And as Steve Wilford, senior partner from Control Risks, said: “The 

need to be on the ground quickly in more-obscure locations for faceto-face 

meetings is actually becoming more necessary.” 

That helped cheer up the 6% of delegates who were very pessimistic 

on the first morning. 

WILL THE REGION BE A NET-BUYER OR NET-SELLER OF 

BUSINESS JETS IN THE NEXT 12 MONTHS ? 

83+17 

Net buyer (17%) 

Net seller (83%) 

UPCOMING EVENTS 

CORPORATE JET INVESTOR MIAMI 

NOVEMBER 12 & 13 

FONTAINEBLEAU MIAMI BEACH 

AIRCRAFT TRANSACTION MASTERCLASS US 

NOVEMBER 14 & 15 

MIAMI, FLORIDA 

CORPORATE JET INVESTOR LONDON 

FEBRUARY 3 & 4 

THE LANDMARK LONDON 

FOR MORE INFORMATION ON CORPORATE JET 

INVESTOR’S UPCOMING EVENTS: 

www.corporatejetinvestor.com/upcoming-events 

WHO HAS THE HARDEST JOB IN AVIATION ? 

Lawyers (16%) 

67+16+11+6 

MROs (11%) 

FBOs (7%) 

Operators (67%) 

SESSION HIGHLIGHTS: 

09.30 THE VIEW FROM THE 

HANGAR 

What are the biggest headaches for operators? 

Will Asia see operator consolidation or failure? 

11.00 AIRLINES VERSUS 

BUSINESS AVIATION 

Nils Uelledahl, BMW Designworks looking at 

passenger experience 

17.00 WHOSE DEAL IS IT 

ANYWAY? 

An interactive quiz for financiers looking at what 

deals they want – and what does not work for them. 

09.45 POLITICAL RISK – WHAT 

TO WORRY ABOUT IN ASIA? 

Where are the flashpoints to worry about now? 

Where will the big problems come from in the future? 

- STEVE WILFORD, CONTROL RISKS 


APR IL 21-23, 2020 

SAVE THE DATE FOR THE PREMIER 

BUSINESS AVIATION EVENT IN ASIA 

Business aviation is an important emerging market in Asia, driving economic 

output and providing organizations opportunities for growth. Over the course 

of three days, from April 21 to 23, the Asian Business Aviation Conference & 

Exhibition (ABACE2020) will provide the perfect venue for those considering 

purchasing an aircraft as investment opportunity; companies thinking of using 

an aircraft for business; and flight departments who have long used aircraft as a 

critical business tool. There is no better place in Asia to discover every facet of 

this dynamic industry than at ABACE2020. 

SAVE THE DATE | abace.aero 



AIRCRAFT POSITIONING - BUSINESS JET 

AIRCRAFT ACQUISITION VS. MAX RANGE 

CORP. AIRLINER 

LONG RANGE 

LARGE 

MEDIUM 

LIGHT 

VERY LIGHT 

ACJ321 

ACJ320 

BBJ3 

BBJ2 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

ACJ319 BBJ 

G650ER 

ACJ318 

G650 

GLOBAL 6000 

G550 

LINEAGE 1000E 

F8X 

GLOBAL 5000 

F7X 

G500 

F900LX 

13 

12 

11 

10 

9 

8 

CIT. XLS+ 

LEGACY 500 

LEGACY 650 

LEGACY 600 

CIT. X+ 

CIT. SOVEREIGN+ F2000DX 

CIT. LATITUDE 

L75 

CL850 

LEGACY 450 

CIT. SOVEREIGN 

H850XP 

CIT. X 

H4000 

CL350 

CL650 

G350 

CL300 G300 

F2000 

G150 

H900XP 

CL605 

F50EX 

G200 

GLOBAL EXPRESS XRS 

F2000LXS 

G450 

F2000S 

GLOBAL EXPRESS 

G280 

F900EX EASY 

F2000LX 

G-IVSP 

G-IV F900EX 

F2000EX 

CL604 

G-V 

7 

6 

5 

4 

3 

CIT. CJ4 L70 

H800XP 

CIT. VII 

PHENOM 300 

L45XR 

L60XR 

CIT. CJ3+ CIT. XLS 

CIT. EXCEL 

L40XR 

G100 

CIT. CJ2+ CIT. CJ3 

CIT. ENCORE+ 

ASTRA SP 

CIT. M2 DIAMOND 1A 

CIT. ENCORE 

H800 CIT. ULTRA 

CIT. BRAVO 

CIT. CJ2 

NEXTANT 400XTI 

H400XP 

CIT. CJ1 

CIT. CJ1+ 

BEECHJET 400 

PREMIER 1A 

HONDAJET 

PHENOM 100E 

CIT. MUSTANG 

2 

ECLIPSE 550 

1 

500 

1,000 

1,500 

2,000 

2,500 

3,000 

3,500 

4,000 

4,500 

5,000 

5,500 

6,000 

6,500 

7,000 

7,500 

8,000 

TOTAL ANNUAL COST (MILLION USD/YEAR) 

MAX RANGE (N.M.) 

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

Source: Conklin & de Decker 2019 


AIRBUS 

SUMMARY -- JETS 

MARKET SUMMARY PER MODEL — BUSINESS JETS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

ACJ318, ACJ319 & ACJ320 

PERFORMANCE 

Max Range 

Max Speed 

Typ. Passengers 

ACJ318 

4,253 N.M. /7,877 km 

Mach 0.82 

19 

ACJ319 

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

Mach 0.82 

19 

ACJ320 

5,250 N.M. /9,723 km 

Mach 0.82 

19 

SUPPLY 

No. for Sale 

Avg Asking Price 

Avg Days on Market 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 2019 Sep 2019 Jun 

3 (15.8%) 3 (15.8%) 5 (6.8%) 5 (6.8%) 2 (11.1%) 2 (11.1%) 

26.0M USD 23.2M USD 46.9M USD 46.9M USD 39.5M USD 39.5M USD 

753 1424 700 608 

397 305 

TRANSACTION 

Past 12 Months 

Past 3 Months 


1 

0 

3 

2 

0 

0 

1 

0 

1 

1 

0 

0 

Average Asking Price 

ACJ318 

Market Indicators (vs. Last Quarter) 

$39.0 

$39.3 

$43.3 

$50.8 

ACJ319 

ACJ320 

Average 

$49.5 $49.7 

$46.9 

ACJ318 

Transaction Level (Past 12 Months) 

Inventory Level 


Average Days on Market 

$35.2 

For Sale vs. Sold 

$37.0 $29.3 

$25.0 $25.0 $25.0 

$39.5 $39.5 $39.5 $39.5 

$30.3 

$23.7 $23.7 

$26.0 

ACJ319 





Sold 

1 

For Sale 

2 

1 

1 

1 

1 

ACJ320 



9 11 10 9 9 7 7 9 7 8 7 10 11 11 12 12 11 11 11 10 10 10 11 11 



Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep 

2017 2018 2019 


FEATURED AIRCRAFT 

ACJ320 SN4388 

TOTAL HOURS: 596 SINCE NEW 

TOTAL CYCLES: 181 SINCE NEW 

• 596 Hours Since New 

• 30 Passengers VIP Configuration 

• FAA Compliant 

• ADS-B Out, TCAS 7.1 & 8.33 khz Channel Spacing 

• RVSM & RNP 

• Equipped with Two Auxiliary Fuel Tanks - Capable of Flying 

• Mission within 3,775 NM 

• Swfit Broadband High Speed Data and Cabin Wifi 


MARKET SUMMARY -- JETS 

BBJ & BBJ2 

PERFORMANCE 

Max Range 

Max Speed 


BBJ 

6,235 N.M. / 11,547 km 

Mach 0.82 

19 

BBJ2 

5,620 N.M. / 10,408 km 

Mach 0.82 

19 

BOEING 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 2019 Sep 2019 Jun 

7 (5.2%) 11 (8.1%) 2 (8.7%) 2 (8.7%) 

52.5M USD 43.2M USD 90.0M USD 90.0M USD 

439 460 

222 381 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 

9 

7 

2 

2 

2 

3 

0 

0 


$69.0 

BBJ2 

BBJ 

Average 

$90.0 $90.0 $90.0 


BBJ 





$59.0 $58.0 

$62.0 

$37.9 

$37.3 $40.9 

$39.3 


$45.6 

$50.6 

$52.5 

BBJ2 





Sold 

For Sale 

1 

1 

1 

1 

5 

1 

3 

1 2 2 1 

1 

3 

1 

1 

15 17 15 14 15 16 13 10 12 13 13 13 12 12 12 13 12 11 11 12 12 13 11 10 9 


2017 2018 2019 



BBJ2 SN42510 

TOTAL HOURS: DELIVERY HOURS 

TOTAL CYCLES: DELIVERY CYCLES 

• FAA FAR Part 91 Compliance 

• Delivered in June 2018 

• Total 4 Cockpit Seats + 2 Cabin Crew Seats + 27 TTOL Passenger Seats 

• Six Zone Cabin Configuration 

• Low Cabin Altitude System (6,500 ft cabin altitude at 41,000 cruising 

altitude) 

• Thermal and Acoustic Insulation Upgrade 

• Satcom & Internet Access 

• Additional Potable Water Tank 

• 5 Auxiliary Fuel Tanks (0 Fwd / 5 Aft) 



CHALLENGER 300 & 350 

PERFORMANCE 

Max Range 

Max Speed 


CL300 

3,340 N.M. /6,185 km 

Mach 0.82 

19 

CL350 

3,421 N.M. /6,335 km 

Mach 0.82 

19 

BOMBARDIER 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 

31 (6.8%) 26 (5.7%) 6 (2.0%) 7 (3.9%) 


123 107 

127 202 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 

41 

9 

32 

8 

10 

4 

6 

1 


CL350 


$16.5 

$17.5 $17.6 

$17.4 

$16.4 

CL300 

Average 

$16.5 

$16.2 

CL300 





$10.9 

$9.6 

$10.0 

CL350 


$8.7 

$7.5 $7.8 

$8.1 





Sold 

For Sale 

2 2 

3 4 3 

5 

8 

1 4 4 7 

4 6 2 5 

4 7 

2 

4 

2 

3 

5 

3 

5 

29 30 27 27 26 27 26 25 21 23 25 27 25 26 23 22 17 24 23 28 36 37 36 35 37 


2017 2018 2019 Source: AMSTAT & ASG 


BBJ 787-8 

TOTAL HOURS: DELIVERY HOURS 

TOTAL CYCLES: DELIVERY CYCLES 

• Interior Completed 2019 

• Brand New Aircraft with Delivery Hours & Cycles Only 

• One of the Longest Ranged Business Jet - Capable of Flying 16 Hours 

Non-stop 

• 39 Passenger VVIP Configuration, with 2,415 square feet (224 square 

meters) Living Space including: a Master Suite, VIP Lounge, Dining 

Lounge, Business Class, Fwd & Aft Galley, Crew Rest Area and a gym. 

• Aero H+ Satcom w/ Ku-Band High Speed Internet 

• State-of-the-art avionics, including: New, Latest Generation FMC; 

SELCAL, ADS, FANS-1 & CPDLC; Dual Head-Up Displays; Weather 

Radar, TCAS & TAWS; Approved For GLS II Approaches 



CHALLENGER 604, 605 & 650 

PERFORMANCE 

Max Range 

Max Speed 


CL604 

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

Mach 0.82 

9 

CL605 

4,123 N.M. / 7,635 km 

Mach 0.82 

9 

CL650 

4,123 N.M. / 7,635 km 

Mach 0.82 

10 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


18 (5.0%) 21 (5.8%) 23 (8.0%) 22 (7.6%) 5 (6.0%) 6 (7.2%) 

5.0M USD 4.8M USD 11.8M USD 12.0M USD 18.2M USD 18.2M USD 

350 335 

186 115 

156 105 


38 

10 

28 

8 

29 

5 

24 

7 

2 

0 

2 

1 

BOMBARDIER 


CL650 

CL605 

CL604 

Average 

$18.7 $18.7 $18.7 $18.7 $18.2 


CL604 





$10.0 

$10.8 $10.7 

$12.2 $13.1 

$11.7 $11.8 

CL605 


$5.1 


$4.8 $5.5 $5.3 $5.0 $5.5 $5.0 




Sold 

For Sale 

5 

4 5 

6 

11 

4 

6 8 

10 

4 

10 

7 

7 9 

8 

4 

11 

1 

5 

6 1 

9 

6 

3 

6 

CL650 




49 45 48 48 50 49 41 40 35 35 28 33 28 25 32 34 35 34 34 37 43 49 50 49 46 





CHALLENGER 605 

TOTAL HOURS: 2,077 SINCE NEW 

TOTAL CYCLES: 1,330 SINCE NEW 

• Engines Enrolled on GE OnPoint Program 

• APU Enrolled on JSSI APU Program 

• Airframe Enrolled on Smart Parts Plus Program 

• No Damage History 

• 12 PAX Configuration 



CHALLENGER 850 




$10.2 

$8.6 

$9.3 



$7.2 $7.2 

$7.2 


BOMBARDIER 

$5.0 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.87 



18 

Sold For Sale 

1 1 1 

1 

1 

1 

2 

3 

2 

1 

1 

15 15 15 16 17 17 16 16 15 12 10 8 8 8 8 8 7 8 8 8 9 9 9 9 8 

Sep Nov Jan Mar May Jul Sep Nov JanMar 

May Jul Sep 

2017 2018 2019 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

8 (9.3%) 9 (10.5%) 

7.2M USD 7.0M USD 

458 434 

2019 Sep 2019 Jun 

7 4 

3 0 





GLOBAL EXPRESS, 5000, XRS & 6000 

PERFORMANCE 

Max Range 

Max Speed 


GLOBAL 5000 

5,350 N.M. / 9,908 km 

Mach 0.82 

13 


6,125 N.M. / 11,343 km 

Mach 0.82 

13 

GLOBAL XRS 

6,226 N.M. / 11,520 km 

Mach 0.82 

13 

GLOBAL 6000 

6,080 N.M. / 11,260 km 

Mach 0.82 

13 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


2019 Sep 2019 Jun 

27 (12.0%) 25 (11.1%) 16 (11.0%) 17 (11.7%) 15 9.3%) 12 (7.4%) 10 (3.3%) 9 (3.0%) 

16.8M USD 16.3M USD 9.3M USD 9.3M USD 32.2M USD 29.3M USD 32.0M USD 32.0M USD 

220 222 

307 246 

391 279 

139 209 


2019 Sep 2019 Jun 

13 

4 

9 

2 

15 

5 

10 

2 

11 

3 

8 

4 

11 

3 

8 

5 

BOMBARDIER 

$38.6 

$31.9 

$18.1 

$10.1 

Sold 

6 6 



8 

For Sale 

3 

$38.9 

$29.2 

$13.6 

4 

7 

5 

3 

$38.0 

$14.8 

9 

3 

8 

5 

$36.3 

$18.7 

11 

7 

8 

59 56 55 56 53 53 50 51 50 49 47 47 45 48 53 48 51 52 56 55 59 60 69 74 68 63 65 64 68 

4 

$37.0 

$19.4 

$17.2 $12.6 

$7.8 $7.7 $8.0 $8.3 

5 

GL EXPRESS 

GL XRS 

3 

3 

3 

$30.9 

$22.7 

$18.4 

7 

1 

5 

GL6000 

GL5000 

Average 

$19.3 

3 

$33.0 

$32.9 

5 

5 

4 

3 

$32.2 

$32.0 

$16.8 

$9.2 $8.7 $9.3 

8 


GLOBAL 5000 










GLOBAL XRS 





GLOBAL 6000 




May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul 

2017 2018 2019 

Sep 




LEGACY 500 SN55000072 




• Very Low Hours & One Owner Since New 

• Airframe Enrolled on EECE 

• Engine & APU Enrolled on MSP Gold 

• Aircraft Enrolled on CAMP 

• 10 Passenger Executive Configuration with Fwd Galley 

• SATCOM, Swift Broadband High Speed Data and Cabin Wi-fi 

• RNP-1,2,4,5,10 Certification 

• SVS, EVS & HUD 

• ADS-B Out, FANS 1/A+, ATN-B1 CPDLC 

• Weather Radar, TCAS 7.1, CVR, ELT, FDR 



CITATION CJ3 & CJ4 

PERFORMANCE 

Max Range 

Max Speed 


Cit. CJ3 

1,891 N.M. / 3,502 km 

Mach 0.73 

6 

Cit. CJ4 

1,991 N.M. / 3,687 km 

Mach 0.77 

7 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 2019 Sep 2019 Jun 

32 (7.8%) 38 (7.0%) 11 (3.7%) 12 (4.1%) 


171 112 

115 111 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 

54 39 

33 26 

15 11 

7 

5 

CESSNA 

$6.7 


$6.6 $6.6 

$6.3 

CJ4 

CJ3 

Average 

$6.4 

$6.1 


Cit. CJ3 




$5.9 


Cit. CJ4 


$4.4 

$4.4 


$3.7 

$4.2 $4.1 

$4.5 

$3.7 




Sold 

For Sale 

7 

4 12 

8 

18 

2 4 

8 

6 

3 

4 

5 

4 

5 

10 

11 

14 

3 

6 

3 9 6 

4 6 

10 

45 42 35 31 27 24 23 29 29 29 32 34 38 40 46 44 36 37 45 46 54 50 51 44 43 




LINEAGE 1000 SN19000453 



• Capable Of Connecting London - Cape Town Or Paris - New York Non-Stop. 

• Flexible Operations At London City, Aspen And Teterboro Airport 

• Wide Body Cabin With 5 Zones And Up To 19 Seats 

• Baggage Compartment For Up To 30 Large Suitcases 

• Fly-By-Wire Controls, Dual FMS/VHF/MCDU/CCD 

• CPDLC/ADSB-OUT/QAR/EFB 

• Printer / Fax Machine / Four Cabin Cordless Telephone Handsets 

• Universal Power Outlet / Reading Light And Proximity Light On Each Seat 

• Seat Personal Control Unit /Adjustable Headrest & Legrest 

• 1000 Hours Only Since New, No Damage History 



CITATION LATITUDE 




$13.6 

$13.4 



$12.7 

$13.1 



$12.3 $12.3 $12.3 

PERFORMANCE 

Max Range 

Max Speed 


2,870N.M. / 5,315 km 

Mach 0.80 

9 

Sold 

For Sale 

2 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

5 (2.5%) 5 (2.6%) 


252 209 

CESSNA 

1 1 

1 

1 

1 

2 2 2 2 1 3 4 4 4 4 2 2 2 2 2 1 2 3 4 4 5 5 5 5 5 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

4 2 

2 0 

CITATION SOVEREIGN 



$8.3 


$7.0 

$7.4 

$7.8 

$6.6 




$5.9 

$6.5 


PERFORMANCE 

Max Range 

Max Speed 


3,010N.M. / 5,574 km 

Mach 0.80 

9 

Sold For Sale 

2 

41 

3 3 

5 1 

3 

38 39 33 33 37 

5 

5 

7 

9 

5 

5 4 

36 31 26 21 19 12 14 

5 

2 4 

2 

3 4 

2 3 

2 

14 19 18 18 23 22 24 22 22 22 

4 3 

15 17 


2017 2018 2019 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

17 (4.9%) 22 (5.1%) 


117 151 

2019 Sep 2019 Jun 

34 24 

10 8 




FALCON 900DX/EX/EX EASy/LX 

PERFORMANCE 

Max Range 

Max Speed 


F900DX 

4,100 N.M. /7,593 km 

Mach 0.83 

12 

F900EX 

4,500 N.M. /8,334 km 

Mach 0.83 

12 

F900EX EASy 

4,500 N.M. /8,334 km 

Mach 0.83 

12 

F900LX 

4,750 N.M. /8,800 km 

Mach 0.83 

12 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 2019 Sep 2019 Jun 2019 Sep 2019 Jun 2019 Sep 2019 Jun 

2 (8.3%) 3 (12.5%) 6 (5.1%) 5 (4.2%) 5 (4.2%) 6 (5.0%) 2 (2.7%) 3 (4.2%) 

12.4M USD 12.9M USD 7.5M USD 6.9M USD 15.9M USD 15.9M USD 23.9M USD 24.5M USD 

336 244 

217 151 

259 495 

259 131 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 2019 Sep 2019 Jun 2019 Sep 2019 Jun 2019 Sep 2019 Jun 

2 

0 

8 

7 

18 16 

5 

5 

2 

0 

1 

2 

2 

5 

0 

2 


F900EX EASy 

F900EX 


F900LX 

F900DX 

Average 

F900DX 


DASSAULT 

$21.0 

$15.9 

$20.8 

$19.1 

$22.2 

$17.0 

$18.5 

$16.6 

$27.9 

$14.3 

$24.5 $23.9 

$15.9 $15.9 




F900EX 



$11.5 

$12.9 $12.5 $12.5 $12.5 $12.9 $12.4 

$8.8 $6.3 $6.7 $7.4 $6.9 $6.9 

$7.5 


Sold For Sale 



F900EX EASy 




4 3 2 

5 

1 4 

1 3 2 

2 

5 

3 

6 

1 

2 

6 

1 2 1 2 2 


F900LX 



24 28 25 26 24 23 24 23 22 24 17 18 19 18 19 18 16 17 17 16 15 


2017 2018 2019 





G450 SN4202 



• 14 Passenger Configuration with Forward Galley 

• Engines Enrolled on RRCC 

• APU Enrolled on MSP 

• Airframe Enrolled on Gulfstream Planeparts 

• FAA Compliant, EASA Validation 

• ADSB-Out, High Speed Data, FM Immunity 

• FANS-1A, CPDLC, TCAS7.1 

• Honeywell Head Up Display / Visual Guidance System 

• Fresh Annual Inspection 

• 96 Month Inspection Completed 



FALCON 2000LX/LXS/S 

PERFORMANCE 

Max Range 

Max Speed 


F2000LX 

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

Mach 0.83 

10 

F2000LXS 

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

Mach 0.83 

10 

F2000S 

3,350 N.M. /6,208 km 

Mach 0.83 

10 

SUPPLY 

No. for Sale 




6 (4.5%) 6 (4.5%) 6 (6.7%) 4 (4.7%) 0 (0.0%) 1 (2.4%) 

14.2M USD 19.7M USD 22.6M USD 23.5M USD N/A. 16.0M USD 

141 190 

170 170 

0 

256 

TRANSACTION 


Past 3 Months 


8 

7 

6 

6 

3 

2 

1 

3 

0 

1 

1 

0 


F2000S 

F2000LXS 

F2000LX 

Average 


F2000LX 



$27.9 $27.9 

$19.0 $19.0 

$25.0 $25.0 $25.0 

$25.0 

$16.5 $16.5 

$16.0 

$24.1 

$23.1 

$16.0 

$22.6 



F2000LXS 



DASSAULT 

$15.8 

$13.6 

$14.1 

$15.4 

$14.2 



F2000S 




Sold 

For Sale 


4 

2 

2 

2 

3 2 

2 

1 

4 

2 

2 

1 3 

2 

1 

2 

1 

1 

1 

2 

1 

1 


12 11 9 10 11 9 10 10 7 7 7 7 8 9 8 9 7 7 8 11 11 11 11 13 12 


2017 2018 2019 



G450 



• 14 Passenger Configuration with Fwd Galley 

• One elite owner since new with impeccable interior 

• Engines Enrolled on RRCC 

• APU Enrolled on MSP 

• Aircraft Enrolled in Gulfstream CMP Maintenance Record Program 

• Equipped with EVS, HUD and SVS 

• All 2020 Mandate Equipped : ADS-B OUT, CPDLC, FAN 1/A 

• Fresh out of PPI and ready for delivery 

• Available for visit in Singapore 



FALCON 7X 



$26.4 


$24.4 

$23.6 

$24.7 

$23.3 




$22.2 

$21.7 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.90 



12 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 2019 Jun 

19 (6.6%) 16 (5.6%) 

DASSAULT 

5 

1 3 

2 

24 24 23 21 

2 

22 

1 

24 

4 

20 

2 

18 

4 

19 

2 

17 

6 

18 

2 

16 

4 

14 

4 

11 

2 

9 

4 

12 

2 

15 

1 

15 

2 

18 

5 

17 

3 

17 

2 

16 

1 

16 

1 

17 

2 

19 



TRANSACTION 


Past 3 Months 


197 180 

2019 Sep 2019 Jun 

29 

4 

25 

10 


2017 2018 2019 




PHENOM 300 



$8.0 


$7.5 



$6.9 

$6.8 


$6.6 

$6.7 


$6.8 

$6.9 

PERFORMANCE 

Max Range 

Max Speed 


1,242 N.M. / 2,300 km 

Mach 0.78 

5 

3 

Sold 

3 

For Sale 

6 

4 2 

2 

1 

2 

4 

2 

3 

6 

1 

2 

2 

8 

1 

2 

3 

2 

2 

4 

5 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

21 (4.7%) 19 (3.8%) 


213 215 

15 14 13 15 

14 

13 

16 

16 

18 19 16 17 10 13 15 

16 

16 

18 

18 

19 18 

19 

19 

20 

20 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

32 21 

11 5 


2017 2018 2019 

LEGACY 600/650 

$13.4 


$12.3 

L650 

L600 

Average 

$15.1 

$15.1 


L600 




L650 

EMBRAER 

$11.9 

$12.5 $12.3 

$11.7 


$7.6 

$6.8 $6.6 


Sold For Sale 

$7.3 $7.3 $7.3 

$7.0 

$4.7 

PERFORMANCE 

Max Range 

Max Speed 


L600 L650 

3,400 N.M. 3,640 N.M. 

6,297 km 7,112 km 

Mach 0.80 Mach 0.80 

13 13 

1 

2 

4 

1 

5 

1 

3 

7 

3 

3 

2 

3 

1 

7 

2 

1 

3 

1 

4 

3 

3 

2 

SUPPLY 

No. for Sale 



Sep | Jun 

15 | 17 

4.7M USD 

6.7M USD 

307 | 342 

Sep | Jun 

6 | 5 

15.1M USD 

15.1M USD 

203 | 170 

33 35 32 28 27 25 24 23 20 21 20 

24 24 21 22 22 21 21 25 23 21 22 24 21 21 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

25 | 18 

7 | 5 

Sep | Jun 

7 | 6 

1 | 3 




LINEAGE 1000/E 





$19.4 


$17.6 

$16.8 

$20.6 


$16.8 

$16.8 

$15.7 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.82 



19 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 2019 Jun 

6 (35.3%) 9 (31.0%) 

1 

1 



20.6M USD 

561 

16.8M USD 

502 

7 8 7 7 7 6 6 5 4 5 5 6 6 7 7 7 8 9 9 9 9 9 9 6 6 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

1 1 

0 0 


2017 2018 2019 


EMBRAER 



G200 



$5.0 



$4.6 

$4.0 

$4.1 

$4.2 

$4.0 



$3.8 

PERFORMANCE 

Max Range 

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


$3.0 

Max Speed 


Mach 0.81 

8 

4 

Sold 

1 

2 

For Sale 

4 

2 

3 

3 

1 

3 

3 

3 

6 

2 

2 

2 

4 

4 

1 

1 

4 

2 

2 

4 

1 

SUPPLY 

No. for Sale 



2019 Sep 

28 (11.6%) 

4.0M USD 

226 

2019 Jun 

27 (11.2%) 

4.3M USD 

192 

31 

32 

33 

32 

31 

33 

31 

27 

25 

24 

20 

17 

17 

21 

26 

27 

23 

20 

21 

25 

27 

27 

27 

28 

28 

TRANSACTION 


2019 Sep 

29 

2019 Jun 

22 

Past 3 Months 

7 

7 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

2017 

2018 

2019 

G280 




$14.0 

$16.8 

$17.5 

$17.5 

$15.3 

$16.0 




GULFSTREAM 

$14.0 

PERFORMANCE 

Max Range 

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

$12.5 

Max Speed 

Mach 0.84 



8 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 

9 (5.2%) 

2019 Jun 

7 (4.3%) 

3 


16.0M USD 

14.7M USD 


110 

82 

2 

1 

1 

2 

1 

TRANSACTION 


2019 Sep 

4 

2019 Jun 

4 

15 

14 

13 

15 

14 

13 

16 

16 

18 

19 

16 

17 

10 

13 

15 

16 

16 

18 

18 

19 

18 

19 

19 

20 

20 

Past 3 Months 

0 

0 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

2017 

2018 

2019 




G450 



$17.5 



$14.3 

$14.7 

$15.1 

$15.4 

$16.5 

$15.8 



PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.85 



13 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 

23 (6.5%) 

2019 Jun 

21 (5.9%) 

6 

5 

1 

3 

1 

3 

1 

3 

4 

3 

2 

4 

4 

5 

5 

4 

1 

4 

3 

1 

2 

2 

4 

2 



15.8M USD 

281 

16.4M USD 

253 

26 

26 

24 

22 

22 

20 

20 

19 

18 

20 

20 

23 

24 

20 

20 

18 

18 

17 

22 

25 

22 

21 

23 

23 

23 

TRANSACTION 


2019 Sep 

37 

2019 Jun 

29 

Past 3 Months 

8 

6 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

2017 

2018 

2019 

G550 



$29.2 


GULFSTREAM 

$23.6 

$26.5 

$23.4 

$22.9 




$22.8 

$23.3 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.87 



18 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 

32 (5.6%) 

2019 Jun 

19 (3.3%) 


22.9M USD 

22.0M USD 

5 

5 

5 

4 

2 

2 

4 

4 

4 

3 

3 

5 

3 

4 

3 

1 

5 

3 

3 

4 

2 

3 

3 

5 


TRANSACTION 


162 

2019 Sep 

34 

170 

2019 Jun 

28 

31 

28 

24 

24 

22 

17 

19 

21 

24 

29 

24 

27 

26 

24 

27 

28 

27 

26 

27 

28 

18 

19 

24 

31 

32 

Past 3 Months 

6 

9 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

Nov 

Jan 

Mar 

May 

Jul 

Sep 

2017 

2018 

2019 




G650 & G650 ER 


G650ER 


$63.5 

$58.5 

$57.5 $57.5 


Sold For Sale 

$61.0 

$56.0 

$54.9 $55.1 

$61.9 

$52.4 

G650 

Average 

$55.3 

$50.9 

$46.7 

$45.5 





PERFORMANCE 

Max Range 

Max Speed 


G650 

7,000 N.M. 7,500 N.M. 

12,964 km 

Mach 0.90 

18 

G650 

G650ER 

13,890 km 

Mach 0.90 

18 

G650ER 

4 

1 

2 

2 

3 

2 

2 

2 

3 

2 

1 

1 

3 

3 

4 

2 

1 

1 

1 

1 

SUPPLY 

No. for Sale 



Sep | Jun 

6 | 7 

45.5M USD 

50.6M USD 

134 | 104 

Sep | Jun 

10 | 8 

46.7M USD 

48.0M USD 

133 | 96 

16 16 18 17 15 12 12 16 20 16 13 11 15 18 14 12 12 

9 

10 

15 16 

15 

16 

16 

16 

TRANSACTION 


Past 3 Months 1 | 2 1 | 0 



Sep | Jun 

10 | 9 

Sep | Jun 

8 | 7 


MIAMI 2019 

12 & 13 NOVEMBER 

FONTAINEBLEAU, MIAMI BEACH 

WWW.CORPORATEJETINVESTOR.COM/MIAMI-2019 

“THE AVIATION EQUIVALENT OF VANITY FAIR 

-WITH A MIXTURE OF INSIGHT, FLAIR, AND 

FUN CONDUCTED IN THE MOST DELIGHTFUL 

WAY” 

ADS 

SHELLEY SVOREN, 1ST REPUBLIC BANK 

“THIS HAS BECOME THE ONE CONFERENCE I 

MAKE SURE TO CLEAR MY SCHEDULE FOR.” 

MIKE MCCRACKEN, HAWKEYE AIRCRAFT 

“A TWO-DAY INVESTMENT THAT RETURNS 

MONTHS OF VALUE” 

ANTHONY KIOUSSIS, ASSET INSIGHT 

“THIS REALLY HAS BECOME THE BEST 

CONFERENCE IN THE WORLD FOR PRIVATE 

AVIATION” 

KENNY DICHTER, WHEELS UP

AIRCRAFT POSITIONING - CIVIL HELICOPTERS 

ACQUISITION COST VS. MAX RANGE 

6 

AIRCRAFT ACQUISITION PRICE (MILLION USD) 

5 

4 

3 

2 

1 

0 

100 

S-76D 

BELL 412EPI 

H135(T3) 

BELL 430 

MD902 

BELL 429 

MD530F BELL 206L4 

MD502N 

MD600N 

MD550E R66 

R22 BETA II 

R44 RAVEN II 

H225 

BELL 407GXP 

H215(C1) 

S-76C++ 

H145 

S-92 

HEAVY 

(SUPER) MEDIUM 

LIGHT TWIN 

SINGLE TURBINE 

PISTON 

200 300 400 

500 

600 700 

MAXIMUM RANGE (N.M) 

H155 

BELL 505 

EN480B BELL 407 

AW169 

AW109 GRANDNEW 

AW109 POWER 

H125 

H130 AW119KX 

H120 

H175 

AW139 

AW189 

ACQUISITION COST VS. MAX TAKEOFF WEIGHT 

8 

H225 

S-92 


4 

2 

1 

0.5 

MD500E 

EN480B 

R66 

R44 RAVEN II 

R22 BETA II 

MD520N 

MD530F 

H120 

MD 902 

H135(T3) 

AW109 POWER 

BELL 407GXP 

MD 600N 

BELL 505 

H155 

H215(C1) 

H145 

S-76D 

AW189 

AW169 

H175 

AW139 

BELL 429 

BELL 412EPI 

S-76C++ 

BELL 430 

AW109 GRANDNEW 

AW119KX 

H130 

H125 BELL 407 BELL 206L4 

HEAVY 


LIGHT TWIN 


PISTON 

0.25 

1000 

2000 

4000 

8000 

16000 

32000 

MAX TAKE-OFF WEIGHT (LBS) 

ACQUISITION COST VS. CABIN VOLUMN 

8 

H225 


4 

2 

1 

0.5 

MD 520N 

MD 530F 

EN480B 

MD 500E 

R66 

R44 RAVEN II 

R22 BETA II 

H125 

H130 

H120 

BELL 505 

MD 902 

H135(T3) 

BELL 407GXP 

MD 600N 

BELL 407 

BELL 206L4 

H215(C1) S-92 

H175 

BELL430 

H145 

S-76D H155 

AW169 

AW139 

AW189 

BELL412EPI S-76C++ 

BELL429 AW109 GRANDNEW 

AW109 POWER 

AW119KX 

HEAVY 


LIGHT TWIN 


PISTON 

0.25 

20 

40 

80 

160 

320 640 800 

CABIN VOLUMN (CU.FT) 

Source: Conklin & de Decker 2019 


SUMMARY -- HELICOPTERS 

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

H125 




$2.6 


$2.5 

$2.5 


$2.4 

$2.3 


$2.3 

$2.4 

$2.5 


PERFORMANCE 

Max Range 

Max Speed 


340 N.M. / 630 km 

140 Knots 

6 

Sold 

2 

19 20 

For Sale 

6 8 

1 

20 19 17 

3 

18 

5 

21 

3 

19 

3 

18 

4 

18 

1 

17 

3 

18 

21 

23 

2 

23 

23 

1 

25 

1 

26 

31 

4 

32 

4 

33 

8 

29 

2 

27 

29 

1 

25 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Sep 

25 (3.2%) 

2.5M USD 

462 

2019 Sep 

23 

3 

2019 Jun 

29 (3.9%) 

2.4M USD 

440 

2019 Jun 

20 

16 


2017 2018 2019 

H130 



AIRBUS 

$2.8 

$2.8 

$2.9 

$2.9 

$2.9 

$3.1 

$3.1 






PERFORMANCE 

Max Range 

Max Speed 


333 N.M. / 606km 

128 Knots 

7 

Sold 

1 

For Sale 

1 

2 

4 

2 

2 

1 

2 

1 

1 

1 

1 

1 

2 

SUPPLY 

No. for Sale 



2019 Sep 

10 (3.8%) 

3.1M USD 

558 

2019 Jun 

10 (4.0%) 

3.1M USD 

500 

9 

9 

9 

9 

9 

7 

7 

6 

6 

6 

5 

5 

5 

5 

5 

4 

4 

9 

10 

10 

9 

10 

11 

10 

10 

TRANSACTION 


Past 3 Months 

2019 Sep 

9 

3 

2019 Jun 

6 

1 


2017 2018 2019 



MARKET SUMMARY -- HELICOPTERS 

EC135P2 & T2 


$3.1 

EC135T2 

EC135P2 

Average 




EC135P2 EC135T2 

$2.5 

$2.7 

$2.8 

$2.5 

$2.5 

$2.4 



$1.7 

$1.7 


Sold For Sale 

$1.6 

$1.8 

$1.7 

$1.7 

$1.7 

PERFORMANCE 

Max Range 

Max Speed 


EC135P2 

332 N.M. 

614 km 

127 Knots 

6 

EC135T2 

332 N.M. 

614 km 

127 Knots 

6 

1 

1 

1 

1 1 1 

1 

2 

5 

1 

1 

1 

SUPPLY 

No. for Sale 



Sep | Jun 

9| 9 

2.4M USD 

2.5M USD 

541 | 449 

Sep | Jun 

2 | 3 

1.7M USD 

1.7M USD 

945 | 608 

9 9 9 9 10 11 10 11 11 11 11 12 12 12 11 9 9 10 10 11 12 12 11 11 11 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

7 | 7 

0 | 0 

Sep | Jun 

3 | 2 

1 | 0 

H145 



$5.1 


$4.3 $4.3 

$4.0 

$4.8 




AIRBUS 


$3.6 

$3.4 $3.8 

PERFORMANCE 

Max Range 

Max Speed 


461 N.M. / 855 km 

131 Knots 

9 

Sold 

For Sale 

4 

3 

1 

3 

2 

1 

1 

2 

2 

1 

3 

2 

2 

1 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

10 (1.4%) 9 (1.3%) 


319 306 

10 11 10 11 11 9 9 9 7 9 11 13 15 14 14 12 13 13 

13 13 

12 

9 

9 

8 

10 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

15 10 

5 4 


2017 2018 2019 




H155 & EC155B 


EC155B 


$5.1 

$4.9 

$4.9 

$5.5 

H155 

Average 

$4.5 

$5.1 

$3.7 





H155 

EC155B 

$3.7 

$2.9 $2.9 


Sold For Sale 

$2.0 

$2.0 

$2.0 $2.0 

PERFORMANCE 

Max Range 

Max Speed 


H155 

516 N.M. 

955 km 

150 Knots 

13 

EC155B 

516 N.M. 

955 km 

135 Knots 

13 

2 

1 

3 

1 

1 

1 

1 

2 

1 

1 

2 

SUPPLY 

No. for Sale 



Sep | Jun 

17| 7 

5.1M USD 

4.5M USD 

352 | 714 

Sep | Jun 

6 | 4 

3.7M USD 

2.0M USD 

263 | 293 

15 13 13 14 13 14 16 16 15 15 15 15 15 13 13 13 12 12 12 11 10 11 11 15 23 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

5 | 5 

0 | 1 

Sep | Jun 

2 | 2 

0 | 1 

H225 




AIRBUS 

$5.8 

$7.0 

$6.0 




$4.5 

$4.5 


$4.0 

$6.0 

PERFORMANCE 

Max Range 

Max Speed 


452 N.M. / 837 km 

142 Knots 

19 

Sold 

For Sale 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

13 (7.4%) 13 (7.5%) 


814 776 

12 12 12 12 12 13 13 13 13 13 13 14 13 13 17 17 16 13 13 13 13 13 13 13 13 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

0 0 

0 0 


2017 2018 2019 




BELL 206 JETRANGER / LONGRANGER 


Bell 206 LongRanger 

Bell 206 JetRanger 

Average 


Bell 206JBell 206L 


$1.0 

$0.9 

$0.8 

$0.8 

$0.9 

$0.8 




$0.6 

$0.5 


Sold For Sale 

$0.6 

$0.6 

$0.6 

$0.6 

$0.6 

$0.6 

PERFORMANCE 

Max Range 

Max Speed 


Bell 206J 

374 N.M. 

693 km 

121 Knots 

4 

Bell 206L 

270 N.M. 

500 km 

105 Knots 

6 

16 

20 

17 

15 

19 

21 

18 

13 

25 

23 

18 

23 

20 

17 

14 

23 

10 

11 

12 

11 

12 

19 

12 

10 

16 

SUPPLY 

No. for Sale 



Sep | Jun 

113| 138 

0.59M USD 

0.55M USD 

662 | 642 

Sep | Jun 

74 | 75 

0.6M USD 

0.8M USD 

869 | 440 

208 202 204 206 211 209 200 297 206 206 205 195 201 201 211 215 205 209 201 208 215 213 211 187 187 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

122 | 99 

23 | 32 

Sep | Jun 

45 | 30 

15 | 10 

BELL 407 



$2.2 



$2.1 

$2.0 



$2.0 


$1.9 $1.9 

$2.0 

$1.9 

PERFORMANCE 

Max Range 

Max Speed 


323 N.M. / 598 km 

132 Knots 

7 

BELL 

5 

Sold 

3 

For Sale 

3 6 9 

8 

6 

5 

6 

6 

8 

5 

4 

5 

5 

6 

10 

3 

1 

5 

5 

5 

4 

7 

3 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

43 (2.8%) 43 (2.8%) 


624 648 

62 

57 

58 

55 

53 

45 

50 

48 

44 

42 

42 

42 

44 

46 

47 

48 

48 

48 

41 

38 

41 

43 

44 

39 

43 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

59 45 

14 15 


2017 2018 2019 




BELL 412EP/412HP 


Bell 412 HP 


$5.2 

$5.0 

$4.3 

$4.6 

$4.6 

Bell 412 EP 

Average 

$4.3 

Bell 412EPBell 412HP 




$3.7 


$2.9 $2.9 


Sold For Sale 

$2.9 

$2.8 

$3.0 

$2.0 

$2.0 

PERFORMANCE 

Max Range 

Max Speed 


Bell 412EP 

356 N.M. / 

659 km 

140 Knots 

9 

Bell 412HP 

349 N.M. / 

646 km 

133 Knots 

14 

3 

2 

1 

2 

3 

2 

3 

2 

1 

1 

3 

2 

2 

1 

1 

2 

3 

6 

1 

1 

SUPPLY 

No. for Sale 



Sep | Jun 

24 | 26 

3.7M USD 

4.3M USD 

658 | 702 

Sep | Jun 

3 | 5 

2.0M USD 

2.0M USD 

873 | 356 

32 32 34 32 32 33 30 35 32 32 34 

37 37 38 38 36 38 35 36 34 33 31 28 27 27 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

20 | 13 

7 | 5 

Sep | Jun 

2 | 1 

1 | 1 

BELL 429 




$5.6 

$5.6 

$5.5 

$5.6 



$5.2 

$5.2 


BELL 

$5.0 


$4.9 

PERFORMANCE 

Max Range 

Max Speed 


368 N.M. / 681 km 

130 Knots 

7 

1 

Sold 

1 

For Sale 

2 

2 

3 

1 

1 

1 

2 

1 

1 

1 

1 

2 

1 

1 

1 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

21 (6.1%) 21 (6.2%) 


389 308 

15 

16 

16 18 17 15 16 16 15 14 13 14 14 14 15 16 15 16 15 17 20 21 20 21 21 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

9 6 

3 4 


2017 2018 2019 




A109SP GRANDNEW 



$6.2 




$4.4 

$4.3 

$5.1 

$4.7 

$4.2 

$4.8 

$4.5 


PERFORMANCE 

Max Range 

480 N.M. / 889 km 

Max Speed 

130 Knots 



7 

Sold 

For Sale 

1 

2 

1 

1 

2 

2 

2 

2 

1 

2 

SUPPLY 

No. for Sale 



2019 Sep 2019 Jun 

8 (4.5%) 8 (4.6%) 


354 269 

1 

8 9 10 10 10 9 8 9 6 6 8 8 9 10 9 8 8 9 7 7 8 8 8 9 8 

TRANSACTION 


Past 3 Months 

2019 Sep 2019 Jun 

11 11 

0 3 


2017 2018 2019 

AW139 



$8.3 



$7.8 

$7.8 

$7.8 



$7.5 

$7.4 

$7.5 

$7.1 

PERFORMANCE 

Max Range 

568 N.M. / 1,052 km 

Max Speed 

140 Knots 



15 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2019 Sep 2019 Jun 

22 (2.4%) 23 (2.5%) 

1 

2 

3 

2 

2 

1 

2 

1 

1 

3 

1 

1 

2 

3 

5 

1 



7.1M USD 

480 

7.5 M USD 

496 

LEONARDO 

23 

26 

27 26 26 29 30 28 28 28 28 27 28 28 25 24 26 26 27 26 23 23 26 23 22 

TRANSACTION 


2019 Sep 2019 Jun 

18 12 

Past 3 Months 

6 

6 


2017 2018 2019 




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


S76C+ 


$7.8 

$6.5 

$7.0 

$5.8 

$6.6 

S76C++ 

Average 

$4.9 

$4.7 

S76C+ 





S76C++ 

$3.5 

$2.6 


Sold For Sale 

$2.4 

$1.9 

$2.0 

$1.8 

$1.7 

PERFORMANCE 

Max Range 

Max Speed 


S-76C+ 

335 N.M. / 

620 km 

155 Knots 

12 

S-76C++ 

335 N.M. / 

620 km 

155 Knots 

12 

1 

1 

2 

1 

1 1 

1 

1 

3 

SUPPLY 

No. for Sale 



Sep | Jun 

24 | 17 

1.7M USD 

1.9M USD 

560 | 734 

Sep | Jun 

21 | 24 

4.7M USD 

4.7M USD 

740 | 7496 

48 48 47 48 48 46 46 44 49 54 51 49 47 48 46 46 42 46 47 42 45 41 41 45 45 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Sep | Jun 

6 | 6 

0 | 3 

Sep | Jun 

0 | 0 

0 | 0 


H120 SN1680 




• Very Low Hours, Mint Condition 

• Fresh 12 Month Inspection 

• One Owner Since New, Always Hangared 

• Meticulously Maintained 

• Air Conditioning System 

• Dual Controls 

• Reinforced Sound Proofing 

• Emergency Floatation Gear (Fixed Parts) 

S76C+ SN760554 


TOTAL CYCLES: 20,804 SINCE NEW 

• Utility / Offshore Configuration 

• Dual Controls 

• FMS / TCAS / GPS / ELT 

• HUMS 

• Weather Radar 

• Emergency Floatation Gear 

SIKORSKY 


Where high-flying deals await your arrival 

SINGAPORE AIRSHOW 2020 

Asia’s largest aerospace and defence event 

This is the single most influential platform for you to leave an indelible mark on potential business partners. 

Amidst an audience of the best minds and leaders in the global aviation industry, Singapore Airshow 2020 

offers you the opportunity to showcase your latest technologies and innovations. Sign on the dotted line 

and reserve your space today! 

1,062 

participating 

companies from 

50 countries 

HIGHLIGHTS FROM SINGAPORE AIRSHOW 2018 

287 

VIP delegations 

from 91 countries 

and regions 

54,151 

trade attendees 

from 147 countries 

and regions 

1,464 

meetings 

conducted during 

the exhibition 

SECURE A CHOICE SPOT NOW AT SALES@SINGAPOREAIRSHOW.COM 

SINGAPOREAIRSHOW.COM 

Organised by: 

Official Media Partner: 

Supporting Media Partners: 

Held in: 


Asian Sky Media offers aviation companies online and offline opportunities 

to enhance brand awareness, develop a more strategic marketing plan and 

connect with target audiences in the Asia-Pacific region and worldwide. 

CONNECTING YOU WITH 

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PUBLICATIONS 

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www.asianskymedia.com 

Telephone: +852 2235 9222 | Fax: +852 2528 2766 

E-mail: media@asianskygroup.com

Asian Sky Quarterly 2019Q3

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