ASQ13 EN

FOURTH QUARTER 2018 

ASIA-PACIFIC OUTLOOK 

METRICS & MOOD 

UPCOMING AIRCRAFT 

AIRBUS H160 

PRE-OWNED MARKET 

LEONARDO AW139 

COUNTRY PROFILE 

NEW ZEALAND 

MARKET SUMMARIES 

JETS & HELICOPTERS 

SPECIAL FEATURE 

GLOBAL HELICOPTER MARKET OVERVIEW 

INTERVIEW 

MATTHIEU GUISOLPHE 

ROTARY PROGRAM MANAGER 

ASIAN SKY GROUP

AVAILABLE MARCH 04, 2019 

YEAR END 2018 

A BREAKDOWN OF THE ASIA 

PACIFIC CIVIL HELICOPTER FLEET 

SPECIAL FEATURES: 

EMS Operations 

Helicopter Leasing 

Offshore O & G and 

Alternative Energy 

ASIANSKYMEDI

PUBLISHER’S NOTE 

The US has its “Sage of Omaha” in Warren Buffet. Here in Asia we have 

Superman – Li Ka Shing. And he’s “super” because he started work at 

the tender age of 15 in a plastics trading company and when he retired 

in 2018 was worth US$38B and held the title of the “Richest Man in 

Asia”. So when Mr. Li speaks, people listen. Recently, looking ahead at 

the economy in 2019, he said “it will probably be very complicated – 

everyone should be cautious”. You could literally hear the wallets being 

put back into pockets. Other industry giants in China have joined in. 

Baidu CEO and the Chairman of Cheung Kei Group have warned “winter 

is coming” and that this winter will be “colder and longer than expected”. 

Then on the heels of these dire proclamations, just this week the data 

showed the Chinese economy grew at its lowest rate in 10 years – a 

mere 6.6% - with expectations that it will worsen through the year. 

Not a surprise then that people are buying less mobile phones, cars … 

and aircraft and selling them too. Through 2018 ASG’s transactional 

consulting business, we saw mostly an outflow of aircraft from Greater 

China and into the US & Canada. Sellers I would categorize as a mixture 

of replacement, with a new aircraft either delivered or on order; hard to 

still justify, who only used the aircraft for 100 hrs a year anyway; and 

desperate, those with the bank knocking on the door of which there were 

quite a few. Not quite repossessions but controlled resales by the lender. 

It is with great anticipation therefore the industry waits for this year’s 

ASG Asia-Pacific Business Jet Fleet report. I’m asked quite often these 

days whether the data is ready yet and did the fleet expand or actually 

contract in 2018 – that’s how bad the perception is at the moment. We’ll 

know at ABACE 2019 in Shanghai. 

felt with operators looking for ways to utilize their once valuable assets, 

and the overall market is faced with an oversupply. But, again, we’ll see 

the real impact of all this in the upcoming Fleet Report. 

A knock on effect of this fleet turmoil is certainly hard times for the 

management companies, with making a buck becoming harder and 

harder. 2018 had everything. We saw management companies go 

bankrupt & put their AOCs up for sale; whole fleets of aircraft being put 

on the market in an effort to downsize & survive; senior management 

changes; and business model adjustments. 

We expect more of the same in 2019 with management companies 

right sizing, consolidating and seeking other sources of revenue. Every 

management company it seems is an aircraft broker now, others 

developing their MRO business or opening FBOs, all in an effort to 

generate more revenue and grow. 

This issue will give a hint at what’s to come, particularly in our special 

feature — Global Helicopter Market Overview, which is a historical 

analysis of the market. For our usual in-depth, pre-owned analysis, we’re 

looking at the AW139. We’ve also profiled the H160, which is set for entry 

onto the market later this year. 

The country profile this time around is New Zealand, giving some insight 

on its rotary market. And, we speak with one of ASG’s latest additions — 

Matthieu Guisolphe, Rotary Program Manager — who is based in Kuala 

Lumpur, Malaysia on the Southeast Asian rotary market. 

As always, we hope this information is insightful. 

All this uncertainly fills the pages this issue of Asian Sky Quarterly – 

the market is more pessimistic, with aircraft utilizations & purchase 

intentions down, with just more “I’m not sure” overall. 

The 2018 Q4 issue of Asian Sky Quarterly comes out just before the 

annual Asia-Pacific Civil Helicopter Fleet Report is released in early 

March, as such we focus a lot of our attention this issue on the helicopter 

market. Like the business jet market, the helicopter market faced turmoil 

in 2018; a major leasing company filed for bankruptcy shaking up the 

market quite a bit, the after effects of the O&G market were still being 

Sincerely, 

Jeffrey C. Lowe 

Managing Director, Asian Sky Group 

SPECIAL THANKS TO OUR CONTRIBUTORS: 

FOURTH QUARTER 2018 — ASIAN SKY QUARTERLY | 1

CONTENTS 

04 ECONOMICS 

34 

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

specific country’s GDP versus their business jet and 

helicopter fleet size. 

MARKET DYNAMICS 

An in-depth analysis of inventory levels, market trends and 

the changing price signals for the business jet and helicopter 

fleets in the Asia-Pacific region, given the continual 

fluctuations in supply and demand. 

08 

14 

22 

28 

MOOD & INTENTIONS 

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

economic status, aircraft utilization, purchase intentions and 

influencing factors. 

COUNTRY PROFILE - NEW ZEALAND 

Overview and examination of New Zealand’s growing rotary 

industry, current challenges and potential for the future. 

SPECIAL FEATURE: 

HELICOPTER MARKET OVERVIEW 

A historical look into the global helicopter market, featuring 

data on pre-owned helicopters and new deliveries. 

PRE-OWNED SPOTLIGHT 


A comprehensive market performance analysis of the preowned 

AW139 market. 

42 

45 

50 

60 

INTERVIEW: 

MATTHIEU GUISOLPHE, 

ROTARY PROGRAM MANAGER; ASG 

Discussing the growing trend of helicopters used for VIP/ 

corporate use in Southeast Asian market. 

UPCOMING SPOTLIGHT 

AIRBUS HELICOPTERS H160 

An introduction to the H160, with a complete look at the 

new helicopter’s operational uses. 

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. 

PUBLISHER 

EDITORIAL 

Litalia Yoakum 

Roderick Li 

DESIGN 

Michael Wong 

Aya Leung 

Robert Li 

MARKET RESEARCH & DATA ANALYSIS 

Bowen Zhang 

Avinava Sengupta 

Jordan Yuen 

Victor Li 

Casper Zhuang 

MEDIA SALES DIRECTOR 

Alison Pang 

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: 

Alison Pang: apang@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 

2 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2018

Chris is a Senior Airworthiness Inspector 

who’s always loved to travel. His many 

years of aviation experience and expertise 

go far when it comes to getting your 

aircraft inspected and certified. Check in 

with Chris if you need a fast turnaround, 

he can usually inspect and issue 

certificates on the same day. Go Chris! 

Find out how we can help you with 

your aircraft registration needs at 

bermudaaircraftregistry.bm 

Connect with us 

PUTTING YOU AT THE CENTRE 

OF EVERYTHING WE DO

2018Q3 ECONOMICS 

Australia 

Australia’s economy slowed in the third quarter of 2018, growing 2.8% 

year-on-year (y/y); down from Q2’s 3.1% growth (revised from 3.4%). 

Household consumption was the main contributor of the weakened 

growth, driven by low discretionary spending — durable goods, apparel, 

entertainment and leisure. 

Mainland China 

China’s economy fell to 6.5% y/y in Q3, amid a growing trade war with 

the US, marking the lowest growth rate since the first quarter of 2009 

during the global financial crisis. Still, the economy remains on track 

to meet and exceed the full-year growth expectation of 6.5%. Slowed 

growth is attributed to weakened domestic demand. 

Hong Kong 

Hong Kong’s economy grew 2.9% y/y in Q3, down from 3.5% in Q2. Still, 

the two-year low met market expectations. The growth is attributed 

to consumer spending, which has continued to slow over the year, 

impacted by a decline in the stock and property markets. Hong Kong 

continues to be vulnerable to the regional trade conflict. Forecasts 

predict Hong Kong’s economy will slow in coming quarters. 

India 

India’s economy slipped to 7.1% y/y in Q3, down from 8.2% in the 

previous quarter as consumption demand moderated and the farm 

sector slowed. Still, India remained the world’s fastest-growing major 

economy, ahead of China. 

Indonesia 

Indonesia’s economy expanded 5.2% y/y in Q3, down only slightly from 

5.27% in Q2. Domestic demand continued to be the driver of growth in 

Q3. Government consumption expanded, as well, supported by spending 

on the Asian Games held August through September. Analysts forecast 

private consumption will continue to drive the economy. 

Japan 

Japan’s economy contracted to 1.2% y/y in Q3; a three-year low. The 

contraction is largely attributed to several natural disasters hitting the 

country, including torrential rain, a typhoon and an earthquake. Nearly 

all factors considered in GDP faced decline. However, the economy is 

expected to recover in Q4. 

Malaysia 

Malaysia’s GDP slipped slightly to 4.4% y/y in Q3, down from 4.5% in Q2, 

marking the fourth quarter of decline. Growth in Q3 was supported by 

an increase in household and private spending. The sudden bottoming 

out of the liquefied natural gas and palm oil markets lowered growth 

of the economy. However, the Bank Negara Malaysia has advised that 

the decline in oil prices will not have an impact on the growth projection 

for 2019. 

Philippines 

The Philippine economy slowed down to 6.1% y/y in Q3, down from 

a revised 6.2% in Q2. Trade, construction and manufacturing were 

the main drivers of growth for the quarter, while consumer spending 

slowed. To meet the government’s growth target of 6.5% to 6.9% the 

country needs to expand by at least 7% in Q4. 

Taiwan 

Taiwan’s economy grew 2.28% y/y in Q3, down from 3.29% in Q2 and 

short of the government’s forecast of 2.36%. The slowed growth is 

attributed to weaker than expected private consumption, which fell 

short of forecasts. Still, merchandise and service exports rose, as well 

as government and private sector investments. 

Thailand 

Thailand’s economy slowed to 3.3% y/y in Q3, down from 4.6% in the 

previous quarter and below market expectations. Growth in exports 

decelerated and the tourism sector was notably impacted by a decline 

in visitors from China after a tour boat capsized ending in 50 fatalities. 

The Thai Government expects the economy will grow 4.2% in 2018 and 

between 3.5% and 4.5% in 2019. 

Singapore 

Singapore’s economy slowed significantly to 2.2% y/y in Q3, down 

from 3.9% in Q2. Growth was supported by the finance and insurance, 

manufacturing and business services sectors. Still, manufacturing — a 

key contributor to GDP growth in 2017 — grew only 3.5% in Q3, down 

from 10.7% in the previous quarter. 

South Korea 

The South Korean economy decelerated to 2% y/y in Q3, down from the 

2.8% growth in the previous quarter and marking the weakest growth 

rate since Q3 of 2009. Construction lowered 8.1% in Q3, as well as a 

contraction in gross fixed capital formation, contributing to the lower 

growth rate. 

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



ECONOMICS 

BUSINESS JET & HELICOPTER FLEET AND GDP BY COUNTRY 

Australia 

China 

Hong Kong 

India 

Indonesia 

Japan 

Malaysia 

New Zealand 

Papua New 

Guinea 

Philippines 

Singapore 

South Korea 

Taiwan 

Thailand 

GDP (BILLION USD)* 

BUSINESS JET FLEET 

CIVIL TURBINE HELICOPTER FLEET 

348 

873 

9,491 

12,544 

749 

674 

651 

4,909 

5,019 

608 

250 

2,439 

520 

1,862 

1,564 

1,306 

913 

1,484 

1,246 

980 

170 

140 

186 

153 

138 

382 

511 

420 

323 

300 

276 

272 

191 

566 

421 

339 

324 

322 

194 

114 

55 

48 

43 

39 

32 

20 

60 

55 

52 

51 

48 

37 

26 

21 

20 

274 

272 

210 

170 

136 

135 

128 

95 

288 

225 

214 

176 

158 

118 

107 

15 

20 

16 

9 

3 

6 

36 

14 

1 

22 

17 

6 

2013 2014 2015 2016 2017 2018Q3 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 

* Data Source: ASG & JETNET, the annual fleet size is adjusted using Jetnet fleet yearly increases, subject to change. 

* GDP Source: Tradingeconomics.com 

YEAR END 2018 

Asia Pacific Business Jet and Civil Helicopter Fleet Report 

Comprehensive coverage and overview of the business jet and civil helicopter 

fleet in the Asia-Pacific region, visit www.asianskymedia.com for more! 

COMING SOON 


UNDERSTAND THE DYNAMICS OF BUSINESS AND GENERAL 

AVIATION IN SELECT ASIA PACIFIC COUNTRIES. 

FEATURING COUNTRY SPECIFIC INFORMATION ON CIVIL 

HELICOPTER AND BUSINESS JET FLEETS, AS WELL AS 

DATA ON INFRASTRUCTURE AND TRAINING SCHOOLS. 

PAID ACCESS 

AVAILABLE ON 

ASIAN SKY MEDIA 

COMING SOON 

Source: JETNET & ASG 

www.asianskymedia.com 


MOOD & INTENTIONS: 

ASIA-PACIFIC REGION SURVEY 2018Q4 

RESPONDENT LOCATION 

41+29+14+9+7+G 

Rest of the World (7%) 

Oceania (9%) 

Central Asia 

(14%) 

310 + 

RESPONDENTS 

Greater China (41%) 

SE & NE Asia (29%) 

RESPONDENT AIRCRAFT TYPE 

59+23+18+G 

Turboprop (18%) Business Jet (59%) 

Civil Helicopter 

(23%) 

RESPONDENT CATEGORY 

Owner / 

Charter User (6%) 

Broker (13%) 

Others** 

(18%) 

Aircraft Operator 

/Management 

Company (25%) 

38+25+18+13+6+G 

Aircraft Service 

Providers* (38%) 

In the fourth quarter of 2018, over 310 respondents participated 

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

business aviation market. 

ECONOMY MOOD 

Tension between the US and China regarding the trade conflict has Singapore (9%) 

resulted in the Asia-Pacific region’s — particularly Greater China’s — 

* Aircraft Serice Providers include: financial services, training, FBO, ground handlers, MRO, parts, etc. 

** Others include Law Firms, research facilities and government officials. 

TOP 10 RESPONDENT’S LOCATIONS 

Taiwan (3%) 

Indonesia (5%) 

United States (6%) 

Philippines (9%) 

86 % 

OF TOTAL 

RESPONDENTS 

respondents to maintain their economic pessimism in 2018 Q4. 

29+17+10+9+9+9+6+5+3+3+G 

South Korea (3%) 

Mainland China (29%) 

Hong Kong (17%) 

Australia (9%) 

India (10%) 

WHAT IS OUR CURRENT ECONOMIC STATUS? 

(QUARTERLY COMPARISON) 

Optimistic 

(Will get better) 

25% 

30% 

Past Low Point 

22% 

At Low Point 

30% 

24% 

30% 

26% 

27% 

36% 

38% 

45% 

52% 

56% 

52% 

55% 

41% 

38% 

100% 

90% 

80% 

70% 

60% 

Pessimistic 

(Will get worse) 

45% 

Not Reached Low Point 

48% 

46% 

47% 

30% 

34% 

35% 

27% 

34% 

21% 

32% 

15% 

34% 

10% 

37% 

11% 

28% 

16% 

27% 

32% 

29% 

33% 

50% 

40% 

30% 

20% 

10% 

0% 

2015 

Q4 

2016 

Q1 

2016 

Q2 

2016 

Q3 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

Respondents Regional Breakdown: 

1. Greater China (129 valid respondents, including Mainland China, Taiwan & Hong Kong) 

2. Southeast and Northeast Asia (91 valid respondents, including Malaysia, Indonesia, 

Singapore, Brunei, Philippines, Thailand, Myanmar, Cambodia, Laos, Vietnam, Japan, and 

South Korea) 

3. Central Asia (45 valid respondents, including India, Pakistan, UAE, etc.) 

4. Oceania (28 valid respondents, including Australia and New Zealand) 

63% of the respondents from this quarter’s survey are from aircraft operators and aircraft 

services providers (FBO, MRO, etc.), as well as from aircraft brokers (13%), aircraft end 

users (6%) and other related areas. 


MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2018Q4 

OPTIMISM LEVELS SINCE 2015Q4 - REGIONAL DIFFERENCES 

Greater China SE & NE Asia Central Asia Oceania 

Overall 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

57% 

55% 

60% 

53% 

56% 

52% 

51% 

37% 

54% 

52% 

80% 

57% 

54% 

53% 

43% 

83% 

69% 

66% 

54% 

61% 

84% 

79% 

73% 

62% 

91% 

81% 

79% 

70% 

68% 

95% 

86% 

85% 

79% 

100% 

92% 

91% 

90% 

92% 

94% 

87% 88% 

78% 

89% 

89% 

84% 

75% 

92% 

76% 

88% 

88% 

83% 

68% 

41% 

95% 

86% 

80% 

67% 

48% 

30% 

2015 

Q4 

2016 

Q1 

2016 

Q2 

2016 

Q3 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

During the fourth quarter of 2018, the US pushed ahead with tariffs on 

imports from China. Though there are signs of relief between the two 

largest economies and subsequent trade talks, there are now increased 

concerns over China’s economic outlook in 2019. 

In Q4, 38% of respondents believed that the economy passed its low 

point and will improve; 18% lower than 2017 Q4, which marked the 

highest point of optimism with 56% of respondents. Optimism has 

gradually declined since then. The number of respondents who believe 

the current economy is at its low point and will get better is 29%; 2% 

higher than the previous quarter. 33% of respondents believed that the 

economy hasn’t reached its low point and will continue to worsen; the 

highest level of pessimism since 2017 Q1. 

The optimism level for Greater China (Mainland, Hong Kong, Macau and 

Taiwan) is the main contributor to the overall low optimistic levels for Q4, 

as concerns over the future economy continue to increase. 

In general, respondents who believed that the current economic 

situation has passed its low point or is at its low point can be described 

as optimistic. This quarter, 67% of respondents believed that our 

economy will improve in the future; a decreasing trend since 2017 Q4 

and the lowest point since 2016 Q1. 

HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO? 

100% 

90% 

Up by 20% and more (>20%) 

21% 

80% 

70% 

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

Increased 

60% 

The same (0%) 

28% 

50% 

40% 

20% 

Unchanged 

30% 

20% 

10% 

0% 

2016 

Q3 

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

Down by 20% or more (


GREATER CHINA 

OPTIMISTIC 

47 19 34 34 28 38 29 24 47 18 31 51 22 23 55 21 19 60 18 22 60 21 33 48 23 22 55 242433 

PESSIMISTIC 

47% 

19% 

34% 

2016 

Q3 

46 32 22 38 31 31 31 44 25 23 33 45 25 17 58 21 38 41 30 18 52 47 18 35 26 19 56 302545 

PESSIMISTIC 

34% 

28% 

38% 

OCEANIA 

OPTIMISTIC 

46% 

32% 

22% 

2016 

Q3 

2016 

Q4 

38% 

31% 

31% 

2016 

Q4 

Decreased The Same Increased Signal Line* 

29% 

24% 

47% 

2017 

Q1 

18% 

31% 

51% 

22% 

23% 

55% 

21% 

19% 

60% 

18% 

22% 


31% 

44% 

25% 

2017 

Q1 

2017 

Q2 

SOUTHEAST AND NORTHEAST ASIA 

23% 

33% 

45% 

2017 

Q2 

2017 

Q3 

25% 

27% 

58% 

2017 

Q3 

2017 

Q4 

21% 

38% 

41% 

2017 

Q4 

60% 

2018 

Q1 

30% 

18% 

52% 

2018 

Q1 

21% 

47% 

33% 

18% 

46% 

2018 

Q2 

35% 

2018 

Q2 

23% 

22% 

26% 

19% 

55% 

2018 

Q3 

56% 

2018 

Q3 

43% 

24% 

30% 

25% 

33% 

2018 

Q4 

45% 

2018 

Q4 

AIRCRAFT UTILIZATION: 

REGIONAL DIFFERENCES 

In Q4, 31% of respondents in the surveyed 

area said their expected aircraft utilization 

had decreased, which has risen for three 

consecutive quarters. 49% of respondents said 

their aircraft utilization has increased, which is 

an 11% decline compared with last quarter. 

* An Optimistic-Pessimistic Signal Line has 

been added to regional aircraft usage trend 

analyses for Greater China, Oceania and South 

and East Asia regions. An optimistic mood is 

derived from more people indicating ‘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 

33% of respondents indicated their aircraft 

utilization in 2018 Q4 increased, which is the 

lowest level recorded. 43% of respondents 

stated their aircraft utilization has decreased 

compared with 12 months ago, which is a 

similar level compared with previous quarters’ 

result. Based on survey results for Q4, an 

assumption can be made that the ongoing 

US-China trade conflict has affected the aircraft 

utilization of Greater China. 

Oceania 

45% of respondents have indicated their aircraft 

utilization increased, a 10% decline from 2018 

Q3. 30% of respondents indicated their aircraft 

utilization decreased, 4% higher than the 

previous quarter. Higher aircraft utilization may 

be reflective of respondent’s higher economic 

optimism. 

Southeast and Northeast Asia 

OPTIMISTIC 

PESSIMISTIC 

37 27 33 26 22 27 17 10 14 25 

28 35 36 37 48 19 18 56 13 65 14 59 22 61 20 70 22 64 1856 

37% 

28% 

35% 

27% 

36% 

37% 


33% 

48% 

19% 

26% 

18% 

56% 

26% 

13% 

65% 

27% 

14% 

59% 

17% 

22% 

61% 

10% 

20% 

70% 

14% 

22% 

64% 

25% 

18% 

56% 

In 2018 Q4, 56% of respondents recorded 

increased aircraft utilization, which is 8% lower 

compared with 2018 Q3. 25% of respondents 

believe that their aircraft utilization decreased, 

which is 11% higher compared with the previous 

quarter and continued increase since 2018 Q2. 

2016 

Q3 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 



SATISFACTION KEY FACTORS: 

CHARTER OPERATOR VS. CHARTER BROKER 

(OUTER IS BETTER) 

Operational 

Safety 

Charter 

Operator 

Customer Service 

Charter 

Broker 

Most Satisfied 

Operational 

Efficiency 

Just Own (39%) 

DO YOU OR YOUR CLIENT OWN OR 

CHARTER A PRIVATE AIRCRAFT? 

49+39+12+G 

Just Charter (12%) Both Own and Charter (49%) 

Quality of 

Maintenance 

Quality of 

On-board Service 

In Q4’s market survey, ASG recorded over 60 rankings from the Asia- 

Pacific region regarding the satisfaction factors of management 

companies and those of charter brokers. Over 200 respondents answered 

questions regarding end users’ travel behaviours. 

Similarly, compared to previous quarters, when asking “Do you or your 

client own or charter a private aircraft?”, 12% of respondents only charter 

an aircraft, while 39% just own a private aircraft. The remaining 49% would 

both own and charter an aircraft, implying that to charter an aircraft is 

reasonable for those who already own one. 

Value for 

Money (Price) 

WHEN CHARTERING AN AIRCRAFT, 

WHAT IS YOUR PRIMARY SOURCE? 

20+80+G 

Contact Operator (80%) Contact Broker (20%) 

On the charter operator / broker side, when asking the primary choice 

when chartering an aircraft, 80% of respondents would contact a charter 

operator first. 

PURCHASE INTENTION 

Regarding the current pre-owned market, 38% of respondents believed 

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

and high supply. 

Buyer’s Market 

WHERE ARE WE IN THE CURRENT 

PRE-OWNED MARKET? 

Balanced Market 

Seller’s Market 

I’m not sure 

Over the past five quarters of surveys, there has been an increasing trend 

of respondents believing that the market is moving away from a ‘Buyer’s 

Market’. 26% (38% last quarter) of respondents believed that we are now 

in a balanced market with equal demand and supply; a 12% decrease 

compared with last quarter. The remaining 26% believed that we have 

moved into a ‘Seller’s Market’, with higher demand on the market. 

49% 

39% 

36% 

40% 

29% 

47% 

43% 

38% 

38% 

Based on the Market Dynamic analysis from ASG’s research department, 

ASG now believes the pre-owned business jet market has entered a 

balanced market. Notably, the pre-owned market for the large and longrange 

business jet markets have improved. For details, please go to the 

Market Dynamics, and Market Summary section of this issue of ASQ. 

Regarding the purchase intentions of 2018 Q4, ASG noticed that the 

demand for both new aircraft and pre-owned aircraft together represent 

59% of the respondents who now have the intention of buying an aircraft. 

26% 

23% 

2% 

2017 

Q3 

21% 

4% 

2017 

Q4 

21% 

10% 

2018 

Q1 

28% 

17% 

8% 

2018 

Q2 

14% 

5% 

2018 

Q3 

26% 

26% 

10% 

2018 

Q4 



* 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”. 

PURCHASE INTENTION 2016Q4 - 2018Q4* 

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

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 (13- 

30%) all areas except Oceania. Additionally, the medium and small jet 

categories are wanted, but on a relatively lower level. 

PURCHASE INTENTION - REGIONAL 

DIFFERENCES (FIXED WING) 

55% 

25% 

19% 

59% 

54% 

23% 22% 

23% 

19% 

41% 41% 

40% 

38% 

33% 33% 

31% 31% 

30% 

29% 28% 

27% 

38% 

32% 

31% 

41% 

30% 

29% 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

Turboprop / 

Piston Fixed Wing 

15% 

12% 

21% 

50% 

7% 

10% 

29% 

13% 

13% 

38% 

PURCHASE INTENTION - FIXED WING 

(OUTER IS PREFERRED) 

Corporate Airliner 

(Such as ACJ, BBJ) 

Most Preferred 

Small Jet 

Medium Jet 

Large Jet 

Corporate Airliner 

21% 

30% 

50% 

37% 

25% 

Turboprop/Piston 

Fixed Wing 

(Such as King Air Series) 

Large Jet 

(Such as G650, 

Falcon 8X) 

17% 

13% 

Small Jet 

(Such as Citation Series, Hawker Series) 

Midsize Jet 

(Such as G200 & CL650) 

SE & NE Asia 

Oceania 

Greater China Central Asia 

PURCHASE DECISIONS - INFLUENCING FACTORS 

(OUTER IS LIMITING) 

Greater China Oceania Central Asia SE & NE Asia 

Government / Public Opinion 

PURCHASE INTENTION - HELICOPTER 

(OUTER IS PREFERRED) 

Twin Turbine 

(Such as Sikorsky S-76C++) 

Most Limiting 

Most Preferred 

No Need 

No Interesting Aircraft 

Piston Helicopter 

(Such as Robinson R22) 

Single Turbine Helicopter 

(Such as Bell 206) 

Price 


TRAINING REPORT AD. TBD

COUNTRY PROFILE 

NEW ZEALAND 

AUCKLAND 

1 6 

7 

8 

9 

10 

19 22 26 

HAMILTON 

12 

13 17 

14 

TE KUITI 

NAPIER 

2 

15 

21 

20 

WELLINGTON INT'L 

4 

16 

CHRISTCHURCH INT'L 

3 

18 24 

QUEENSTOWN INT'L 

5 

25 

DUNEDIN 

11 

23 

Airport FBO MRO Training School 

1 

2 

3 

4 

5 

6 

7 

8 

9 

Air Centre One 

Air Napier 

Capital Jet Services 

ExecuJet / Capital Jet Services 

Queenstown Corporate Jet Svc. 

Air New Zealand 

Airbus Helicopters 

Airwork Group 

Flightline Aviation 

10 Oceania Aviation 

19 

11 Flightline Aviation 

20 

12 Hamilton Aero 

21 

13 Hamilton Aero 

22 

14 Southair Limited 

23 

15 Helicopters (NZ) 

24 

16 ExecuJet 

25 

17 CTC Aviation Training (NZ) 26 

18 Canterbury Aero Club 

Ardmore Flying School 

Nelson Aviation College 

Massey University School of Aviation 

HNZ New Zealand 

Helicopters Otago 

Garden City Helicopters 

Wanaka Helicopters 

North Shore Helicopters 


COUNTRY PROFILE: NEW ZEALAND 

NEW ZEALAND 

by Litalia Yoakum 

New Zealand, made up of two main islands — North Island and South 

Island, is regularly recognized for its natural beauty. This small islandcountry 

is diverse and relatively untouched, with mountainous terrain, 

stunning beaches and active volcanoes. And, while its landscape is 

possibly the most often noted in reference to the country, New Zealand 

has much more to offer. 

Reliant on trade — with its neighbour Australia, along with the US, China, 

South Korea, Japan, Canada and the European Union — means New 

Zealand is one of the most globalized countries, with agriculture and 

manufacturing playing significant roles in the country’s economy. The 

growing tourism segment is also an increasing contributor to New 

Zealand’s GDP. 

Supporting the country’s economy and its population — most of which 

is situated on the North Island, has been its growing aviation industry. It 

has evolved from being used during World War I, as part of the air force, 

to being used for airmail, connectivity between islands, emergency use, 

tourism and civil flying. Today, helicopters in New Zealand have proven 

to be valuable, as they’re employed for a wide-range of uses and allow 

for accessibility to the more remote areas of the country. 

Helicopter Fleet — Mission Breakdown 

EMS 17 (3%) 

Private 18 (4%) 

SAR 20 (4%) 

Corporate 37 (7%) 

Charter 55 (11%) 

68+11+7+4+4+3+2+1+G 

TOTAL FLEET 

500 

Data Source: Asian Sky Group Fleet Report (Year-End 2018) 

Offshore 8 (2%) 

Training 3 (1%) 

Multi-Mission 342 (68%) 

Civil Helicopter Fleet by Mission and OEM 

100+71+65+65+57+52+48+43+43+33 

21 

15 

14 14 

12 

11 

10 9 9 

7 

The 

HelicopterLine 

Fox Franz 

Heliservices 

HeliOtago 

Advanced Flight 

Airwork 

GCH Aviation 

HNZ 

Heli Resources 

Search & Rescue 

Services 

Alpine Helicopters 

Total 

Airbus 

Bell 

MD 

Leonardo 

AS355 5 5 

BK117 6 1 5 5 17 

H120 1 1 

H125 21 7 1 4 3 6 1 3 5 51 

H130 7 2 9 

H135 1 1 

H145 1 1 2 

Bell 205 4 4 

Bell 206 7 4 11 

Bell 222 1 1 

Bell 429 4 4 

MD 500 7 1 2 10 

MD 520 1 1 

AW109 1 1 2 

AW139 3 3 

Total 21 15 14 14 12 11 10 9 9 7 122 



CIVIL (TURBINE) HELICOPTER FLEET 

New Zealand’s civil helicopter market is the fourth largest in the Asia- 

Pacific region, behind the much larger markets of Australia, Japan and 

Mainland China, respectively. At yearend 2017, 478 civil helicopters 

(turbine) made up the country’s fleet, increasing to 500 by yearend 2018. 

Helicopters based in New Zealand are utilized for a variety of reasons, 

with the multi-mission segment being the largest. This broad category 

means helicopters can be operated for several different mission types, 

including tourism, cargo lifting, firefighting, aerial photography, aerial 

tours, agriculture and pest control, powerline repair and media, among 

others operational uses. 

Charter is the second largest mission segment in New Zealand; 

notable as it is more so than in other countries. One reason for the high 

utilization of helicopters for charter is the increased tourism activity in 

New Zealand, offering an opportunity for adventure and sightseeing 

Business Jet Fleet Distribution by Age 

>20 Years, 5 (31%) 

11-15 Years, 5 (31%) 

19+19+31+31+G 

TOTAL FLEET 

16 

Business Jet Fleet by OEM 

0-5 Years, 3 (19%) 

6-10 Years, 3 (19%) 

in remote countryside. Emergency medical services (EMS) is also a 

growing segment in New Zealand. 

0+0+72 0+0+24 0+0+160+0+8 

9 

3 

2 

1 1 

One reason for the 

high utilization of 

helicopters for charter 

is the increased tourism 

activity in New Zealand. 

Airbus Helicopters holds the largest market share of all manufacturers, 

with over 50% of the market share. Notably, the most popular model is 

the single-engine light utility helicopter, H125. MD Helicopters follows 

with just over 21% of the market, while Bell Helicopter holds just above 

20%. 

The largest operator in New Zealand is The Helicopter Line, which has 

21 turbine helicopters operating under its name. The second largest 

operator is Fox Franz Heliservices, with 15 turbine helicopters. 

TOURISM 

According to Stats NZ — Tourism Satellite Account, continued growth 

in overseas visitor numbers and a buoyant domestic tourism market, 

drove tourism spending to NZ$39.1 billion (approximately US$26.8 

billion) in the year ending in March 2018; an increase of 7.7% from the 

previous year. The growing industry now directly contributes to 6.1% of 

the country’s GDP and an additional, indirect contribution of 4.3%. 

CESSNA 

DASSAULT 

Bombardier 2 (13%) 

Cessna 9 (56%) 

Dassault 3 (19%) 

Gulfstream 1 (6%) 

Nextant 1 (6%) 

BOMBARDIER 

NEXTANT 

GULFSTREAM 

1+1 4+2+1+1+1 1+1+1 1 1 

Learjet 60XR 

Challenger 300 

Citation Mustang 

Citation II/SP 

Citation III 

Citation CJ3+ 

Citation 500 

Falcon 2000LX 

Falcon 900EX EASy 

Falcon 7X 

Nextant 400XT/XTi 

1 

1 

1 

1 

1 

1 

1 

1 

G650 1 

2 

1 

4 

The increase in tourists and their financial contribution means the 

country is now seeking out ways to continue the growth. 

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

Tourists flocking to the country are eager to enjoy its natural wonders — 

Fiordland National Park, Bay of Islands, Lake Taupo, Tongariro National 

Park and the Franz Josef Glaciers, among others. Because of the varied 

topography, adventure and thrill seeking are common amongst visitors. 

And, the most efficient way to see and visit many of these remote 

locations is via helicopter, with most operators in New Zealand offering 

helicopter tourism and charter services. 

According to New Zealand’s Civil Aviation Authority (CAA), “While the 

boom in [visitor] numbers is undoubtedly good for business, it also has 

important ramifications for managing safety risks. More people means 

more flights, more hours worked by staff, busier airspace and landing 

sites, and more pressure to make the most of the busy season.” 


OFFSHORE OIL & GAS 

While the downturn in O&G has adversely affected helicopter operators 

0+0+8 

across the globe, 

0+0+0 

operators in New Zealand are now facing another 

challenge. In early 2018, the New Zealand Government announced its 

decision to end further offshore O&G exploration; however, all existing 

permits for exploration will continue. The ban is part of the Government’s 

plan to transition to ‘clean energy’. 

From 2016 to 2018, helicopters used for O&G exploration have seen 

no growth. In 2016, there were 12 helicopters used in this mission 

segment and only eight by yearend 2017 and 2018. HNZ is the largest 

O&G operator in New Zealand. The company’s fleet has also declined 

in recent years, although they’re diversifying the fleet’s mission type; a 

common practice among O&G operators. 

HELICOPTER EMERGENCY MEDICAL SERVICES (HEMS) 

According to New Zealand’s Ministry of Health, emergency air ambulance 

services are a vital component of the country’s emergency services. Both 

fixed-wing aircraft and helicopters are used for air ambulance service, 

which provide inter-hospital transfer (IHT) services, search and rescue 

(SAR) services and fire mission services. 

As demand for HEMS has increased over the past years, the sector has 

taken notice of the increasing aviation and clinical compliance regulations 

and the need to transition from the use of smaller, single-engine 

helicopters to larger twin-engine helicopters. Currently, New Zealand’s 

Civil Aviation requirements limit flying over urban areas (e.g. flying into 

hospital helipads) for single-engine helicopters. Also, with more space 

a twin-engine helicopter would have additional capacity for crew and 

medical equipment. 

HEMS providers in the Southern region — Helicopters Otago Limited 

and GCH Aviation Limited (Christchurch) — have come to a conclusion 

forming a new venture, Helicopter Emergency Medical Services New 

Zealand Limited. Several existing air ambulance ‘trusts’ will support this 

new Southern venture. In the Central region, five existing HEMS trusts 

formed a joint venture — Central Air Ambulance Rescue Limited — which 

will work to phase in additional twin-engine helicopters over the next 

year. In the Northern region, two existing trusts will also join forces — the 

Civil Helicopter Fleet Age Distribution Breakdown 

by Size Category 

35 

30 

25 

20 

15 

10 

5 

0 

1959 

1966 

1970 

1974 

Number of Hangars 

1982 

1986 

1990 

1994 

1998 

2002 

2006 

Light Twin 

Single 

Medium 

2010 

2014 

2018 

To overcome this issue the National Ambulance Sector Office (NASO), 

along with the Ministry of Health, the district health boards (DHBs) and 

the Accident Compensation Corporation, is in the process of modernizing 

HEMS in the country. NASO issued a Request for Proposal (RFP), calling 

for qualified suppliers to submit an RFP for the provision of New Zealand’s 

HEMS, with three successful respondents granted in each region — 

Northern, Central and Southern. 

New Zealand has long been served by 12 air ambulance providers, with 

varying operating models and cost structures. NASO’s intention when 

issuing the RFP was for a more integrated network, well-linked with other 

emergency services. 

5 5 

Business Jet Parking Civil Helicopter Parking 

Data Source: Asian Sky Group Infrastructure Report 2017 

Total number of hangars only includes FBO and MRO facilities in this report. 



Auckland Rescue Helicopter Trust and Northland Emergency Services 

Trust will work together to serve this region, with an official name for the 

joint venture not yet announced. 

The Southern region’s Helicopter Emergency Medical Services New 

Zealand Limited is already in the process of transitioning to twin-engine 

helicopters. In the first half of 2019, two Airbus H145s will be delivered 

to the region. 

SAFETY 

A few fatal helicopter accidents in New Zealand, including one in late 

2018, have left the industry and the country questioning the safety of 

commercial helicopters. 

The CAA has responded to the questioning of safety stating: “The 

risk posed by the helicopter sector is that fatal and serious helicopter 

accidents, particularly in air transport operations, have the potential to 

damage New Zealand’s reputation for safe and secure skies, as well as 

incurring unnecessary social cost.” 

Promising to focus on the area of safety, the CAA aims to address the 

helicopter sector’s poor safety performance “…to ensure safety risks 

are managed effectively by aviation participants with strong leadership, 

co-ordination and oversight by the Authority, and that accident rates are 

lowered so they align with, or are better than, international comparisons.” 

The CAA has reallocated existing resources out of its oversight of airlines 

into the oversight of helicopter operations. CAA staff have engaged in 

a number of activities relating to the safety performance of the sector. 

These range from engagement with user groups, industry bodies and 

other Government agencies, training seminars, amendment of guidance 

material such as Advisory Circulars, and the prioritization of helicopterrelated 

issues. 

An important aspect of assisting the sector to manage risks is the 

introduction of Civil Aviation Rule Part 100 Safety Management. This 

requires operators to have an effective Safety Management System 

(SMS) in place to, amongst other elements, identify hazards and mitigate 

against identified risks. 

FUTURE OF ROTARY 

New Zealand’s rotary market is and will continue to be a crucial part of the 

country. The coming years will see various mission segments continue 

to evolve. 

The Government’s plan to transform the country’s EMS sector will bring 

an increase of twin-engine helicopters, as the Government transitions 

from single-engine helicopters in its 10-year overhaul of the country’s 

helicopter emergency services. 

The recent ban on further offshore O&G exploration will additionally 

impact the O&G sector, particularly HNZ. While these new regulations may 

not immediately impact the sector as current O&G contracts will continue 

to be recognized, the future may eventually see less O&G-configured 

helicopters and more utilized for alternative energy sources. 

As inbound tourism continues to rise to record levels, the industry will 

likely see an influx of operators catering to more tourists in search of more 

exciting trips. While this will continue to be good news for the country’s 

economy and the helicopter sector, the New Zealand CAA will be diligently 

working to maintain safety of operations. 

FBO’s Facilities and Services 

1 

Fuel Arrangement Service 

FBO Name 

Airport 

Aircraft 

Hangarage 

On-Site 

CIQ 

VIP 

Lounges 

Aircraft 

Handling 

Aircraft 

Refueling 1 

Air Centre One Auckland International Airport ● ● ● ● ● 

Air Napier Hawkes Bay Airport/Napier Airport ● ● ● 

Capital Jet Services Christchurch International Airport ● ● ● ● 

ExecuJet/Capital Jet Services Wellington International Airport ● ● ● ● ● 

Queenstown Corporate Jet Services Queenstown International Airport ● ● ● ● ● 

Data Source: Asian Sky Group Infrastructure Report 2017 

1 Under Construction; 2 CIQ: Customs, Immigration and Quarantine; 3 Aircraft Refueling: Fuel Arrangement Service 


● ● ● ● ● 

● ● ● ● ● ● 

● ● ● ● ● ● 

● ● ● ● ● ● ● ● 

● ● ● ● ● ● ● ● 

● ● ● 

● ● 

● ● 

● ● 

● ● 

● 

● ● ● 

● ● ● 

● ● 

● ● ● 

● 

● ● ● 

● ● 


MRO Capabilities by Model 

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

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

● Both 

AIRBUS 

Air New Zealand 

ExecuJet 

Hamilton Aero 

TEXTRON 

Flightline (AKL) 

Flightline (DUD) 

Southair 

AIRBUS 

Airbus NZ 

Airwork Group 

HNZ 

ACJ318 

King Air 90 

H120 

ACJ319 

King Air 200/250 

H125 

ACJ320 

King Air 300/350 

H130 

ACJ321 

Cessna 172 

H135 

BOEING 

Cessna 182 

H145 

BBJ 

Cessna 205 

H155 

BBJ2 

Cessna 206 

H215 

BBJ3 

Cessna 207 

H225 

GULFSTREAM 

Cessna 400 

AS355 

G100 

Caravan 

AS365 

G150 

Grand Caravan 

BK117 

G200 

Baron 

LEONARDO 

G280 

Bonanza 

AW109 

GIV/GIV-SP/G300/G400 

AW119 

GV 

AW139 

G350/G450 

AW169 

G500/G550 

G650/G650ER 

TEXTRON 

Citation I 

Citation II/Bravo 

MD 

Flightline (AKL) 

Helicare 

Helicraft 

Heliflite 

Helispecs 

Oceania Aviation 

Rotor & Wing 

Skysales Aviation 

Southair 

Citation III/VI/VII 

MD 500 

Citation V 

MD 600 

Citation XLS/+ 

MD 900 

Citation X/+ 

ROBINSON 

Citation CJ1/+ 

R22 

Citation CJ2/+ 

R44 

Citation Sovereign/+ 

R66 

Citation Longitude 

Citation Mustang 

Hawker 400A/B 

Hawker 400XP 

Hawker 750 

Hawker 800 A/B/850XP 

Hawker 900XP 

Hawker 4000 




SPECIAL FEATURE 

GLOBAL HELICOPTER MARKET 

OVERVIEW 

Over the past several years, ASG has recorded 

data on the civil helicopter fleet worldwide. The 

following is an analysis of new deliveries, as well as 

pre-owned aircraft. This analysis provides insight 

into the market, amid an oil and gas downturn and 

the recent reshaping of several major international 

operators and leasing companies. 


SPECIAL FEATURE: GLOBAL HELICOPTER MARKET OVERVIEW 

OEM OVERVIEW 

OEM DELIVERIES 

The four major civil helicopter OEMs (Airbus Helicopters, Bell Helicopter, 

Leonardo and Sikorsky) manufacture a wide-range of turbine helicopters 

from light single-engine helicopters, such as the Bell 505, to heavy multiengine 

helicopters, such as the S92. 

Starting from 2010, ASG has witnessed a gradual decline in new 

deliveries from OEMs. During that same year, the four major OEMs had a 

combined new delivery number of 824 helicopters. In 2018, the total new 

deliveries were approximately 460; about a 44% reduction from 2010. 

OEM DELIVERIES 2010 - 2018 

506 

407 

386 

379 

2010 - 2018 

OEM MARKET SHARE 

During 2016 to 2018, Airbus and Leonardo held 88% of new deliveries 

in the medium and heavy helicopter segments. The H145 and AW139 

represent the highest number of deliveries during this time. 

OEM MARKET SHARE - MEDIUM & HEAVY SECTOR: 

TOTAL FLEET DELIVERIES DURING 2016 - 2018 

Bell 21 (5%) 

Sikorsky 42 (10%) 

Leonardo 195 (46%)39+46+10+5+G 

Airbus 163 (39%) 

210 

112 

135 

188 

187 

164 

164 

122 

114 

159 

168 

124 

122 

163 

136 

137 

322 

298 

286 

285 

90 

67 

87 

38 

36 

29 

54 

46 

31 

18 

6 

Data Source: Jetnet 

Airbus Bell Leonardo Sikorsky 


The most noticeable reduction was the decline in the medium and heavy 

sized multi-engine helicopter market segment. Notably, new delivery 

numbers for aircraft models such as the H145 (EC145), Bell 429, AW139 

and S76D are declining. 

However, during 2016 to 2018, deliveries of later helicopters, such as the 

Bell 505 and H125 saw an increase, causing total delivery numbers for 

the single-engine light category to increase. This reflects the market’s 

shifting interest in the lighter helicopter segment. 

AIRBUS HELICOPTERS 

The current production line for Airbus Helicopters includes the following: 

• Light Single-Engine Helicopters: H125 (AS350), H130, H135 

• Light Twin-Engine Helicopters: H135, H145 (EC145) 

• Medium Twin-Engine Helicopters: H155, H160, H175 

• Heavy Helicopters: H225 

The most delivered Airbus models for the past three years were singleengine 

turbine helicopters, including the H125 & H145. The H125 is 

a successful and popular light utility helicopter. New H125 deliveries 

have been high, although there have been no signs of this increasing. 

Although deliveries for the H145 have declined, this model is still 

recognized for its versatility among various mission segments. 

OEM DELIVERIES BY CATEGORY 2016 - 2018 

2016 - 2018 

257 

217 217 

AIRBUS HELICOPTERS - DELIVERY BREAKDOWN 

90 

110 

92 

2016 - 2018 

123 

109 

79 

137 

109 

96 

25 

26 

28 

55 

30 

17 

44 

34 

18 

28 

46 

37 

45 

44 

38 

4 

3 

1 

5 

11 

7 

2 

1 

0 

Single 

Turbine 

Light 

Multi-Engine 

Medium 

Multi-Engine 

Heavy and Super 

Medium* 

Single 

Turbine 

H125 

Single 

Turbine 

H130 

Light 

Multi 

EC-145 

Light 

Multi 

H135 

Med 

Multi 

H145 

Med 

Multi 

H155 

Heavy 

Multi 

H175 

Heavy 

Multi 

H225 


*Heavy multi-engine and super medium helicopter models include models such 

as AW189, H175 and H225. 




For O&G models, there were no deliveries in 2018. Airbus Helicopters’ 

H160 will start replacing the H155 in the coming years, with expectations 

of an increasing market demand. In 2016, the H225 fleet was grounded 

after a fatal accident involving the model. This has heavily affected 

market confidence; the past three years saw only five H225 deliveries, 

including one delivered in early 2019 to a Mainland China operator used 

for passenger transportation / sightseeing. A large part of this market 

demand was filled by its lighter competitor: Leonardo AW139 & AW189, 

which are relatively smaller models, as well as its own H175 model, 

which had 23 deliveries as of yearend 2018. 

BELL HELICOPTER 

The current production line for Bell Helicopter includes the following: 

• Light Single-Engine Helicopters: Bell 505 Jet Ranger X, Bell 407GXP 

• Light Twin-Engine Helicopters: Bell 429 Global Ranger 

• Medium Twin-Engine Helicopters: Bell 412EP & 412EPI 

• Heavy Helicopters: Bell 525 Relentless – Under testing and delivery 

postponed 

LEONARDO 

The current production line for Leonardo includes the following: 

• Light Single Engine Helicopters: AW119Kx 

• Light Twin-Engine Helicopters: AW109 GrandNew 

• Medium Twin-Engine Helicopters: AW169 & AW139 

• Super Medium Helicopters: AW189 

LEONARDO - DELIVERY BREAKDOWN 

11 14 10 

Single 

Turbine 

AW119Kx 

10 8 7 

52 

Light 

Multi 

AW109 

21 

Med 

Multi 

38 

AW139 

15 

24 

Med 

Multi 

14 

AW169 

2016 - 2018 

6 7 18 

Super 

Medium 

AW189 

BELL HELICOPTER - DELIVERY BREAKDOWN 

102 

60 

2016 - 2018 


Leonardo's helicopter division focuses largely on medium and super 

medium sized helicopters. It is the only OEM that recorded an increase 

of new deliveries in these categories – AW189, which is one of the first 

certified “super medium sized” models, aimed at missions such as O&G 

and search and rescue (SAR). The AW189 is mainly used by large O&G 

operators and government services. 

0 

24 

Single 

Turbine 

505 

39 

35 

27 35 17 

Single 

Turbine 

407GX/GXP 

Light 

Multi 

429 

7 10 4 

Med 

Multi 

412EPI & EP 

AW139 is a medium sized twin-engine model aimed at the multi-mission 

market. It offers a larger cabin compared to its main competitors the 

S76D, Bell 412 and H155 and its engine has more power, allowing the 

aircraft to have a wider mission capabilities than other comparable 

models. 


Bell Helicopter is the only OEM that has seen an increase in new 

deliveries for the past three years; due, in great part, to the light singleengine 

Bell 505 model, which has delivered 126 aircraft in total and 

notably 102 in 2018. The cost-efficient 407GXP had 120 new deliveries 

over the past three years. 

Bell acquired a larger market share from its competitor’s light helicopter 

market segment – such as the Airbus H125 and Robinson R66, both 

capable of performing light utility missions. However, Bell suffered from 

a decline in new deliveries with the rest of its production line. 

The AW169 is smaller compared to the AW139, and has been widely 

accepted in the EMS segment to date. 

SIKORSKY 

Sikorsky currently produces two helicopter models: 

• Medium Twin-Engine: S76D 

• Heavy Helicopters: S92 

There have been 20 S-92 delivered for the past three years, many of 

which were to government operations. However, of these deliveries, only 

two were delivered in 2018. 

SIKORSKY - DELIVERY BREAKDOWN 

Of the medium and heavy models, there have only been 21 412EPI and 

EP deliveries (three 412EP and 18 412EPI) over the past three years. Bell 

postponed the delivery of the Bell 525 Relentless, in attempt to avoid the 

competition from the pre-owned market and other OEMs. 

14 

12 

2016 - 2018 

7 

1 

6 

2 

Med Multi 

S-76D 

Heavy Multi 

S-92A 



PRE-OWNED MARKET ANALYSIS 

The pre-owned market inventory values have seen a constant increase 

since ASG began its market observation in late 2013. The most obvious 

contributing factor is the downturn of the oil and gas (O&G) industry, 

which began in 2013 and has subsequently impacted the utilization 

level of helicopter serving offshore oil and gas operations. 

From 2013 to mid-2017, ASG saw a high number of pre-owned helicopters 

(mainly O&G-configured helicopters) being place on the market for sale. 

On average, the inventory level (percentage of the helicopter fleet for sale 

vs. total fleet in operation) has risen from 3.9% in late 2013 to its highest 

point of 6.2% in late 2017, representing a market oversupply. 

To avoid recording a potential loss on the company’s book value, aircraft 

owners and leasing companies have been hesitant in lowering their official 

selling prices. Consequently, the pre-owned market’s inventory value has 

continued to remain high, while the transaction level remains low. 

PRE-OWNED MARKET VALUE & ASKING PRICE TREND 

Global Market Value 

Fleet Average Asking Price 

1,600 6 

1,400 

5 

MARKET VALUE 

(Million USD, Aircraft Asking Price x Total Aircraft for Sale) 

1,200 

1,000 

800 3 

600 

400 

200 

Market Oversupply 

Market 

Adjustment 

4 

2 

1 

AVERAGE ASKING PRICE (MILLION USD) 

0 

0 

Dec 13 

Feb 14 

Apr 14 

Jun 14 

Aug 14 

Oct 14 

Dec 14 

Feb 15 

Apr 15 

Jun 15 

Aug 15 

Oct 15 

Dec 15 

Feb 16 

Apr 16 

Jun 16 

Aug 16 

Oct 16 

Dec 16 

Feb 17 

Apr 17 

Jun 17 

Aug 17 

Oct 17 

Dec 17 

Feb 18 

Apr 18 

Jun 18 

Aug 18 

Oct 18 

Dec 18 

Data Source: ASG & Jetnet 



MARKET ADJUSTMENT 

In late 2017, ASG witnessed the market selfadjust 

with average asking prices decreasing 

and inventory levels reducing. Thus, inventory 

values began to decrease and there was an 

increase in total transactions. 

PERCENTAGE OF AIRCRAFT FOR SALE (% OF FLEET) 2016 - 2018 

7.0% 

6.5% 

6.0% 

5.5% 

5.0% 

4.5% 

4.0% 

3.5% 

3.0% 

Sep 16 

Oct 16 

Nov 16 

Dec 16 

Jan 17 

Feb 17 

Mar 17 

Apr 17 

May 17 

Jun 17 

Jul 17 

Aug 17 

Sep 17 

Oct 17 

Nov 17 

Dec 17 

Jan 18 

Feb 18 

Mar 18 

Apr 18 

May 18 

Jun 18 

Jul 18 

Aug 18 

Sep 18 

Oct 18 

Nov 18 

Dec 18 

There are multiple reasons contributing to the 

market trend reversal: the increasing helicopter 

demand from the O&G market; the reshaping 

of notable helicopter leasing companies, which 

has impacted market conditions; and operators 

diversifying their fleet, reconfiguring aircraft 

from O&G configured to operational for other 

mission types. 

PRE-OWNED HELICOPTER SOLD VS. TOTAL AIRCRAFT IN OPERATION % * 

0.50% 

0.45% 

0.40% 

0.35% 

0.30% 

0.25% 

0.20% 

0.15% 

0.10% 

0.05% 

0.00% 

Dec 13 

Feb 14 

Apr 14 

Jun 14 

Aug 14 

Oct 14 

Dec 14 

Feb 15 

Apr 15 

Jun 15 

TRANSACTION ANALYSIS 

AVERAGE DAYS ON MARKET OF THE FLEET FOR SALE 

Although the current helicopter market is 

still suffering from the previous market 

oversupply, reflecting still-high average days 

on market and a relatively low transaction 

level, there is an increased demand based on 

the current market transactions. 

700 

650 

600 

550 

500 

450 

400 

350 

300 

Transaction levels of pre-owned helicopters 

have seen a mild increasing trend starting 

from mid-2017. Meanwhile, the average 

age of the fleet sold is younger, down from 

20-30 years old in 2017 (with a relatively 

lower transaction level) to the current 10-20 

years old fleet being sold, along with a higher 

transaction level. 

TRANSACTION VS. AVERAGE SOLD FLEET AGE: 2016 - 2018 

9.0 

7.0 7.0 

13.0 

2 2 1 1 

20.0 

17.6 

11.3 

3 

7 

3 

35.0 

32.6 

18.8 

4 3 

18.5 

5 4 

37.8 

More Younger Fleet 

Transactions 

26.0 

22.4 22 

14.2 16.3 18.6 14.4 16.4 19.1 

13 

9 

10 11 12 11 14 17.1 

13 

15.4 14 

16.0 13.9 

12.5 

6 

7 

7 8 

10.7 

4 

3 

Sep 16 

Oct 16 

Nov 16 

Dec 16 

Jan 17 

Feb 17 

Mar 17 

Apr 17 

May 17 

Jun 17 

Jul 17 

Aug 17 

Sep 17 

Oct 17 

Nov 17 

Aug 15 

Oct 15 

Dec 15 

Feb 16 

Apr 16 

Jun 16 

Aug 16 

Oct 16 

Dec 16 

Aug 17 

Oct 17 

Dec 17 

Feb 17 

Apr 17 

Jun 17 

Feb 18 

Apr 18 

Jun 18 

Aug 18 

Oct 18 

Dec 18 

Dec 13 

Feb 14 

Apr 14 

Jun 14 

Aug 14 

Oct 14 

Dec 14 

Feb 15 

Apr 15 

Jun 15 

Aug 15 

Oct 15 

Dec 15 

Feb 16 

Apr 16 

Jun 16 

Aug 16 

Oct 16 

Dec 16 

Aug 17 

Oct 17 

Dec 17 

Feb 17 

Apr 17 

Jun 17 

Feb 18 

Apr 18 

Jun 18 

Aug 18 

Oct 18 

Dec 18 

Dec 17 

Jan 18 

Feb 18 

Mar 18 

Apr 18 

May 18 

Jun 18 

Jul 18 

Aug 18 

Sep 18 

Oct 18 

Nov 18 

Dec 18 

Fleet Transactions 

Average of Age 

Data Source: ASG and Jetnet. 

Note: The monitored pre-owned models include: S76C+/C++, S92, Bell 206, Bell 212, Bell 412, Bell 429, 

AW139, H225, H135, H145 & H155. 



HELICOPTER DEMAND POSITIONING & FORECASTING 

The chart below demonstrates helicopter model market momentum during different period based on analyzed market data including the percentage 

of fleet for sale, aircraft transactions and average days on market. In 2018Q4, the market had more transactions, along with absorbtion of market 

inventory, compared to 2017Q4. 

CIVIL HELICOPTERS - MARKET POSITIONING BY MODEL 

HIGHER INVENTORY VALUE 

More sellers than buyers / Fewer transactions 

Balanced 

Offer & Demand 

LOWER INVENTORY VALUE 

More buyers than sellers / More transactions 

S76C+ 

S76C++ 

Market Score 2017Q4 

Market Score 2018Q4 

S92A 

BELL 412EP 

BELL 412HP 

BELL 429 

AW109E PWR 

AW109E GN 

AW139 

AS332L1 

H225 

EC135P2 

EC135T2 

EC145 

EC155B 

H155 

MARKET SUMMARY 

The pre-owned helicopter market has been suffering from a market oversupply. This situation did not begin to recover until the end of 2017, when 

the average asking price of the pre-owned market dropped and more transactions began to take place. 

The current situation of the pre-owned market is a result of the following: 

• Low demand for the OEM firsthand market; 

• The after effect of the 2013 O&G downturn; 

• The revived demand of O&G helicopters; 

• Helicopter sellers’ pricing strategy; 

• A shift in the current market demand – from medium/heavy helicopters to light helicopters. 

With less deliveries from OEMs in the future — particularly in the medium and heavy categories, the expectation is that the pre-owned market will 

stabilize with more inventory being consumed and a higher demand to meet. 


PRE-OWNED MARKET SPOTLIGHT 


Entering service in 2003, the Leonardo AW139 is a medium twin-engine helicopter developed 

by Bell Agusta Aerospace; a now defunct joint venture between Bell Helicopter Textron and 

AgustaWestland. Originally named the AB139 to signify the venture, the helicopter was renamed 

in 2006 to the AW139 when Bell withdrew from the project in 2005 and AgustaWestland subsequently 

bought out Bell’s shares in the program. 



INTRODUCTION 

The AW139, powered by two Pratt & Whitney Canada PTC6-67C 

engines, is now known for having one of the largest passenger cabins 

in its class. It features a Honeywell Primus Epic fully integrated 

avionics system and a four-axis digital automatic flight control 

system with auto hover and full authority digital electronic engine 

control (FADEC), which enhances handling qualities. Its best-inclass 

power reserve and power-to-weight ratio provide Category A 

performance capabilities, allowing the aircraft to continue to fly safely 

in the event of engine failure. 

With the largest passenger cabin in its class and space for up to 15 

passengers and two pilots, the AW139 is suitable for a wide-range 

of operational uses. In a VIP/corporate capacity, the AW139 is an 

attractive aircraft for those looking for plenty of space, a smooth 

ride and quiet environment. In an EMS and SAR capacity, the AW139 

offers large internal volume with room for two to four stretchers and 

up to five seats. Its large sliding doors provide unobstructed access 

to a quick and easy reconfigurable, flat-floor cabin for loading and 

unloading of patients on the ground and during hoisting operations. 

For offshore operations, the AW139 offers a maximum take-off 

weight (MTOW) of 6,400 to 7,000kg (14,110 to 15,430lb). MTOW was 

increased to 7,000kg from 6,800kg in 2015; the additional weight 

capacity comes in the form of a retrofit, which enhances equipment 

and reduces weight. The increased gross weight (IGW) kit also 

increases flight radius of up to 165nm with 12 passengers. Typical 

offshore configuration includes emergency floats and rafts, cabin 

liners with sound proofing, crashworthy passenger seats and an 

adaptive anti-vibration system. 

In 2011, a military-configured variant was introduced to the market. 

The AW139M features mission ready equipment, including military 

communications, radar, electro-optic / infra-red (EO/IR) device, 

defensive aids, internal weapons, armour protection and other 

suitable equipment. 

AGE DISTRIBUTION BY AIRCRAFT DELIVERY YEAR 

120 

100 

80 

60 

FLEET DISTRIBUTION BY REGION* 

Northern Africa, 34 (4%) 

Eastern Europe, 47 (5%) 

Sub-Saharan Africa, 48 

(5%) 

Oceania, 52 (6%) 

Latin Amer. & Carib, 

79 (9%) 

Northern America, 

115 (13%) 

7.8 

92 

United States 

Italy 

22+21+15+13+8+6+5+5+4+1+G 

TOP 10 OPERATING COUNTRIES VS. 

AVERAGE FLEET AGE 

7.1 

78 

Japan 

United Arab Emirates 

Australia 

Brazil 

Qatar 

Mainland China 

Europe - Baltics, 3 (


MODEL COMPARISON 

LEONARDO 

AW139 

SIKORSKY 

S76C++ 

AIRBUS 

H155 

BELL 

412EP 

BELL 

412EPI 

ENGINE 

Engine Type 

Maximum Shaft Horsepower 

(Single Engine)* 

PWC PT6C-67C 

1,679 shp 

Turbomeca Arriel 2S2 

1,034 shp 

Turbomeca Arriel 2C2 

1,053 shp 

PWC PT6T-3D 

900 shp 

PWC PT6T-9 

1,021 shp 

PERFORMANCES 

Seats Full Range (30 min Reserve) 

Max Range (30 min Reserve) 

Long-Range Cruise Speed 

Rate of Climb 

Service Altitude 

Useful Load 

Payload w/ Full Fuel 

460 nm 

580 nm 

140 kts 

2,140 ft/min 

20,000 ft 

4,701 lb 

1,937 lb 

335 nm 

335 nm 

138 kts 

1,800 ft/min 

15,000 ft 

3,571 lb 

1,697 lb 

373 nm 

438 nm 

126 kts 

1,163 ft/min 

15,000 ft 

3,341 lb 

1,117 lb 

310 nm 

314 nm 

115 kts 

1,780 ft/min 

16,500 ft 

4,028 lb 

1,814 lb 

312 nm 

318 nm 

126 kts 

1,600 ft/min 

16,500 ft 

3,911 lb 

1,688 lb 

CABIN 

Passengers & Crew Capacity 

Cabin Volume 

Baggage Area 

15 Pax w/ 2 Crew 

282 cu ft 

120 cu ft 


208 cu ft 

68 cu ft 


225 cu ft 

88 cu ft 


208 cu ft 

68 cu ft 


205 cu ft 

38 cu ft 

OPERATING 

COST 

Annual Fixed Cost 

Hourly Variable Cost 

$716,066 

$1,830 / hr 

$471,831 

$1,816 / hr 

$531,438 

$1,593 / hr 

$506,731 

$1,615 / hr 

$494,581 

$1,651 / hr 

MARKET 

CONDITION 

Production 

List Price 

Average Asking Price 

Pre-owned Market** 

Total Fleet Delivered 

# of Aircraft for Sale 

2004 - Present 

$14.1M 

$7.7M 

898 

28 

2006-2012 

$6.8M 

$5.4M 

209 

23 

2003-Present 

$13.85M 

$7.5M 

146 

9 

1994-2013 

$9.6M 

$4.2M 

551 

32 

2014 - Present 

$11.25M 

N/A 

25 

- 

Data Source: Conklin & De Decker 2019; (*) OEM; (**) Asian Sky Group & Jetnet 

Assumptions: 45,000 nm Annual Utilization (300+ Operating Hours); Fuel Price: 4.73 USD/Gal; Labor Cost 106 USD/Hour. 



AW139 DEVELOPMENT TIME LINE 

YEAR 

1998 

2000 

2003 

2004 

2005 

2008 

2011 

2015 

EVENT 

Bell and Agusta entered into an agreement to set up a joint venture to develop a conventional helicopter - AB139. 

Bristow placed the first order for an AW139. 

AW139 received certification by European JAA. 

AW139 received certification by FAA. 

AgustaWestland bought out Bell’s 25% share in the program and all of its rights to the AW139 for US $95 million. 

AgustaWestland revealed AW139’s upgrade to enhance max gross weight to 14,991 lb (6,800 kg) to better compete in 

long-range markets served by helicopters such as the larger Sikorsky S-92 and Eurocopter EC225. 

The military-configured variant, the AW139M, was introduced to the market. 

AgustaWestland unveiled an AW139 variant with an increased gross weight of 7 tonnes, enabling a range of 305 km 

while carrying 12 passengers; existing AW139s can also be rebuilt to include the higher weight capacity the newer 

heavy-weight model. 

PRE-OWNED MARKET ANALYSIS 

Worldwide, the AW139 operating fleet stood at 898, as of January 

2019. Asia, which is base to 22% of the operating fleet, is the most 

popular region for the series, where Japan, China and Malaysia are 

home to relatively large AW139 fleets. Western Europe falls just short 

of that with 21% of the operating fleets. However, by country, the US 

is home to the largest fleet of AW139s with approximately 10% of 

the fleet. 

Age-wise, the US has the most mature fleet with an average year of 

manufacture year of 2011, while China has the youngest fleet with 

an average year of manufacture of 2015; reflective of Leonardo’s 

marketing efforts in China. Much like other helicopters utilized for 

O&G operations, delivery of the AW139 starkly declined after 2014, 

coinciding with the downturn of the O&G market. 

As of January 2019, almost 3% of the AW139 fleet were for sale. Over 

half of those for sale are configured for VIP/corporate use, attributed 

to the aircraft’s spacious interior. Over a quarter are configured for 

multi-mission use and 19% are configured for EMS use. 

Average asking prices of the AW139 are stabilizing. The average 

price in December 2018 was US$7.7M, slightly down from December 

2017 when the price was US$7.8M and much lower than the average 

asking price in December 2016 — US$8.3M. Lower average asking 

prices, and subsequently lower inventory values, have led to more 

transactions in the AW139 market. 

Average days on market (DOM) have decreased from 2016. In 

December 2018, the average DOM was 514 days; below average for 

most helicopters, including competitors — Sikorsky S76C++, Airbus 

H155 and the Bell 412EP. 

When comparing the AW139 with its main competitors, the AW139 

boasts a more powerful engine with higher horsepower. Performancewise, 

its range is farther, and its speed is faster than competitors. 

Although the AW139 has a higher annual fixed cost than the S76C++, 

H155 and Bell 412EP, the hourly variable cost — considering speed 

and range — is lower. The AW139’s cabin capacity has a significant 

amount of more space than its competitors. With 282 cubic-feet of 

cabin volume and 120 cubic feet of baggage area, the AW139 has 



CURRENT PRE-OWNED FLEET FOR SALE 

54+27+19+G 

BREAKDOWN BY MISSION CONFIGURATION* 

EMS, 5 (19%) 

Utility, 7 (27%) 

TOTAL FLEET 

26 

VIP, 14 (54%) 

PRE-OWNED FLEET FOR SALE: 

AGE DISTRIBUTION & CONFIGURATION BREAKDOWN 

Utility VIP EMS 

3 

1 

3 3 

1 3 1 

2 

1 1 1 1 

1 1 1 1 1 

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 

more space for passengers and more space to reconfigure the cabin 

to make it suitable for other mission types. The Airbus H155 follows 

in terms of space, with 225 cubic feet of cabin volume and 88 cubic 

feet of baggage area. 

PRE-OWNED FLEET FOR SALE: 

SUPPLY REGION & CONFIGURATION BREAKDOWN 

Utility VIP EMS 

The market’s demand and preference for the AW139 (manufactured 

from 2004-present) is reflected in its total operating fleet number 

of 898, compared with the S76C++’s fleet of 209 (manufactured 

from 2006-2012), the H155’s fleet of 146 (manufactured from 

2003-present), the Bell 412EP of 551 (manufactured from 1994-2013) 

and the Bell 412EPI of 25 (manufactured from 2014-present). The 

Airbus H160, expected to enter service later this year, is set to replace 

the H155. Although for now, the AW139 has clearly established itself 

as the medium twin-engine market leader. 

3 

1 

4 

Western 

Europe 

1 

4 

1 

Northern 

America 

3 

1 

Eastern 

Europe 

3 

Asia 

3 

Middle 

East 

1 

1 

Latin 

America 

PRE-OWNED AW139 INVENTORY VALUE VS. AVERAGE ASKING PRICE 

PRE-OWNED MARKET 

INVENTORY VALUE (MUSD) 

AW139 Inventory Value Avg Asking Price 

$300 $8.6 

9.0 

$8.3 $8.3 $8.3 $8.3 $8.3 

$8.5 $8.3 $8.3 

$8.0 $7.8 $7.8 

$7.8 $7.8 $7.5 $7.9 $7.9 $8.1 

$7.8 

$7.7 

$7.3 $7.4 $7.4 $7.3 $7.3 

8.0 

$250 

$238 

$223 

$217 $217 

7.0 

$205 

$213 $207 

$199 $205 

$200 

$190 $191 $191 

$195 

$188 $188 $188 

$190 $195 $198 $198 

$186 $186 6.0 

$173 $173 

$180 

5.0 

$150 

4.0 

$100 

3.0 

2.0 

$50 

1.0 

AVG. ASKING PRICE (M USD) 

$0 0 

Dec 2016 

Jan 2017 

Feb 2017 

Mar 2017 

Apr 2017 

May 2017 

Jun 2017 

Jul 2017 

Aug 2017 

Sep 2017 

Oct 2017 

Nov 2017 

Dec 2017 

Jan 2018 

Feb 2018 

Mar 2017 

Apr 2018 

May 2018 

Jun 2018 

Jul 2018 

Aug 2018 

Sep 2018 

Oct 2018 

Nov 2018 

Dec 2018 

AIRCRAFT FOR SALE & TRANSACTIONS VS. DAYS ON MARKET 

AW139 Aircraft for sale AW139 Aircraft for sold Days on market 

60 700 

648 644 

612 615 

602 595 595 

50 

600 

524 

579 587 

522 

544 

463 500 

40 

442 

482 495 

464 478 491 

481 

509 506 514 

436 438 

400 

30 

28 28 

29 28 

26 26 27 28 

26 26 

23 23 23 24 

24 25 24 23 24 25 25 

23 24 300 

21 21 

20 

200 

10 

2 

1 

1 1 2 

1 1 

2 

3 2 

100 

0 0 

Dec 2016 

Jan 2017 

Feb 2017 

Mar 2017 

Apr 2017 

May 2017 

Jun 2017 

Jul 2017 

Aug 2017 

Sep 2017 

Oct 2017 

Nov 2017 

Dec 2017 

Jan 2018 

Feb 2018 

Mar 2017 

Apr 2018 

May 2018 

Jun 2018 

Jul 2018 

Aug 2018 

Sep 2018 

Oct 2018 

Nov 2018 

Dec 2018 

Data Source: ASG & JETNET 

* Number of fleet for sale as of January 2019 



PRE-OWNED MARKET AVAILABILITY 

REF DELIVERY YEAR AFTT DOM BASE REGION CONFIGURATION Asking Price (USD) 

1 2004 2186 863 Northern America Utility 8,500,000 

2 2005 2750 771 Northern America Utility Make Offer 

3 2006 738 1317 Northern America VIP 7,950,000 


5 2006 2865 133 Asia VIP 5,000,000 

6 2006 600 133 Asia VIP 5,000,000 

7 2007 1425 657 Western Europe VIP Make Offer 

8 2007 4791 288 Latin America Utility 3,800,000 

9 2008 2438 1150 Eastern Europe Utility Make Offer 

10 2008 4900 596 Eastern Europe VIP Make Offer 


12 2008 4625 371 Western Europe EMS 7,000,000 



15 2008 967 76 Middle East VIP 6,000,000 

16 2009 418 657 Western Europe VIP 6,900,000 

17 2009 6975 43 Western Europe Utility 8,588,000 

18 2010 1902 1533 Asia VIP 7,000,000 


20 2010 604 377 Latin America VIP Make Offer 





25 2013 1584 64 Northern America EMS 9,000,000 



PRE-OWNED BUSINESS JETS FOR SALE - 2018 Q4 

INVENTORY VALUE (USD) 1 

$7,752M 

WORLDWIDE 

$5,683M 

SEP 2018 

$5,587M 

$1,300M 

ASIA PACIFIC 

$1,155M 

SEP 2018 

$970M 

Dec Jan 

2016 2017 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

2018 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

MARKET TREND 1 

WORLDWIDE 

TREND REVERSAL 

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. 

TREND 

IMPROVEMENT 


WORSENING 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 

AIRCRAFT SOLD 1 

WORLDWIDE 

32 

21 

25 25 

25 

22 

36 

30 

49 

40 41 

37 

34 35 34 

34 

33 

30 

30 

28 

24 24 

25 

22 

27 

Dec Jan 

2016 2017 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

2018 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

1 The historical inventory value and transactions are subject to change based on latest market information updates. 

2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 26 different models, multiplied by their average asking prices. 

34 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2018 

Source: JETNET & ASG


% OF FLEET SOLD 

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% 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 

AVERAGE ASKING PRICE 

MILLION USD 

31 

29 

27 

25 

ASIA PACIFIC 

23 

21 

WORLDWIDE 

19 

17 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 

% OF FLEET FOR SALE 

15% 

13% 

ASIA PACIFIC 

11% 

9% 

7% 

WORLDWIDE 

5% 

3% 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 

AVERAGE DAYS ON MARKET 

620 

570 

520 

470 

ASIA PACIFIC 

420 

370 

320 

WORLDWIDE 

270 

220 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 




SUPPLY / DEMAND INDICATORS 

BUSINESS JETS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

25.0% 

15.7% 

12.9% 

17.4% 

5.6% 

4.9% 

8.5% 

10.3% 

2.8% 

5.7% 

8.2% 

20.7% 

EMBRAER BOMBARDIER BOEING AIRBUS 

ACJ318 

ACJ319 

BBJ 

BBJ2 

CL604 

CL605 

CL850 

GL5000 

GL6000 

L600 

L650 

L1000 

AVERAGE 

3.1% 

2.6% 

5.1% 

F2000LX 

F2000LXS 

F2000S 

AVERAGE 

3.9% 

12.5% 

5.9% 

7.6% 

DASSAULT 

F7X 

F900DX 

F900EX 

F900EXe 

0.0% 

11.9% 

F900LX 

G200 

None for Sale 

2.0% 

5.6% 

5.0% 

3.6% 

GULFSTREAM 

G280 

G450 

G550 

G650 

3.7% 

G650ER 

400% 300% 200% 100% 

0 

Average AC for sale / Total sold in last 12 months 

6.2% 

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 

AIRBUS 

BOEING 

ACJ318 

ACJ319 

BBJ 1 

BBJ 2 

CL604 

BOMBARDIER 

CL605 

CL850 

GL5000 

GL6000 

EMBRAER 

L600 

L650 

L1000 

F2000LX 

F2000LXS 

F2000S 

DASSAULT 

F7X 

F900DX 

F900EX 

F900EXe 

F900LX 

G200 

GULFSTREAM 

G280 

G450 

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). 

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




PRE-OWNED CIVIL HELICOPTERS FOR SALE - 2018 Q4 

INVENTORY VALUE (USD) 1 

WORLDWIDE 

$994M 

$1,167M 

SEP 2018 

$1,128M 

ASIA PACIFIC 

$105M 

$114M 

SEP 2018 

$97.5M 

Dec Jan 

2016 2017 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

2018 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

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 


REVERSAL 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 


IMPROVEMENT 


WORSENING 

AIRCRAFT SOLD 1 

WORLDWIDE 

7 7 

10 

9 

10 

10 

7 

6 7 

4 

2 

1 

6 

18 

19 

8 

15 

13 14 

16 

8 

17 

11 

9 9 

Dec Jan 

2016 2017 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

2018 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

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 

0.50% 

0.45% 

0.40% 

0.35% 

0.30% 

0.25% 

0.20% 

0.15% 

0.10% 

0.05% 

0.00% 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 

AVERAGE ASKING PRICE 

MILLION USD 

6.5 

6 

ASIA PACIFIC 

5.5 

5 

WORLDWIDE 

4.5 

4 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 

% OF FLEET FOR SALE 

8.0% 

7.0% 

ASIA PACIFIC 

6.0% 

5.0% 

4.0% 

3.0% 

WORLDWIDE 

2.0% 

1.0% 

0.0% 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 


800 

750 

700 

650 

600 

WORLDWIDE 

550 

500 

450 

400 

ASIA PACIFIC 

350 

300 

Dec 

16 

Feb 

17 

Apr 

17 

Jun 

17 

Aug 

17 

Oct 

17 

Dec 

17 

Feb 

18 

Apr 

18 

Jun 

18 

Aug 

18 

Out 

18 

Dec 

18 




SUPPLY / DEMAND INDICATORS 

CIVIL HELICOPTERS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

14.4% 

S76C+ 

11.0% 

SIKORSKY 

S76C++ 

3.2% 

S92A 

AVERAGE 

5.8% 

9.8% 

5.3% 


BELL 412EP 

BELL 412HP 

BELL 429 

AVERAGE 

12.4% 

AW109E PWR 

3.8% 

LEONARDO 

AW109SP GN 

2.7% 

AW139 

3.0% 

AS332L1 

9.5% 

H225 

4.6% 

2.8% 

1.5% 


EC135P2 

EC135T2 

EC145 

21.4% 

EC155B 

6.2% 

H155 

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

Average AC for sale / Total sold in last 12 months 

5.2% 

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 

S76C+ 

SIKORSKY 

S76C++ 

S92A 


BELL 412EP 

BELL 412HP 

BELL 429 

AW109E PWR 

LEONARDO 

AW109SP GN 

AW139 

AS332L1 

H225 


EC135P2 

EC135T2 

EC145 

EC155B 

H155 

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). 



INTERVIEW: 

MATTHIEU GUISOLPHE, 

ASG ROTARY PROGRAM MANAGER 

SERVING VIP OPERATIONS IN 

SOUTHEAST ASIA 

Interview by Roderick Li 

Matthieu Guisolphe is the latest addition at Asian Sky Group. As Rotary Program Manager, Matthieu 

is based in Kuala Lumpur, Malaysia and now covers the Southeast Asia market. He most recently 

worked for Airbus Helicopters, offering sales support on maintenance and repair requests, retrofits 

and ensuring clients had all the necessary tools and know-how for their operations. Moving forward with 

Asian Sky Group, Matthieu sees the potential for the rotary market in Southeast Asia, particularly in the VIP/ 

Corporate segment. 

What is the outlook on the rotary market in 

Southeast Asia? 

The rotary market in this region has posted limited growth in the 

past few years, with most countries only increasing their fleet sizes 

by just a few helicopters. When compared to a market like Mainland 

China this is minimal, however there’s still a steady demand. The 

main reason for this is that the primary market driver in the past 

years has been the oil and gas (O&G) industry. With the downturn 

in O&G, several operators in the region have looked to diversify their 

fleets. The multi-mission segment is growing and, additionally, these 

markets are now utilizing helicopters for VIP and corporate use. 

Which markets have the most potential for 

the VIP/corporate segment? 

Southeast Asia is home to some of the fastest-growing economies, 

which is bringing new industries to respective countries. As some 

manufacturing moves away from Mainland China, Vietnam and other 

Southeast Asian countries have presented themselves as viable 

alternatives. While the infrastructure in most of these countries 

isn’t quite there yet, a solution for factory owners and entrepreneurs 

entering other industries could be helicopters that would transfer 

these VIPs from city centers to remote areas of the country. 

Indonesia is also an interesting market. As one of the largest 

economies in Southeast Asia, Indonesia is home to a growing number 

of wealthy individuals. Considering the country’s notorious traffic 

issues, particularly in Jakarta and Bandung in West Java, the use of 

helicopters makes sense for VIPs hoping to maximize their time and 

avoid the congestion. For now, aside from private owners, there are 

very few operators dedicated to providing this service in the city but 

there are also notable companies — Uber, Grab and Ascent, expressing 

interest in providing this service. There’s certainly a lot of potential 

there. 

Malaysia has one of the strongest economies and is home to one of 

the largest VIP/corporate fleets in the region. Successful entrepreneurs 

and royal families are accustomed to flying across the country to save 

time and reduce the hassle. Major OEMs, such as Airbus Helicopters 

and Leonardo, have clearly identified Malaysia as such and have 

established MRO Centres to support these VIP Customers. 

What drives demand for this mission 

segment in Southeast Asia? 

The driver for VIP/corporate use varies from country to country, just 

as their economies and geography varies. In places like the Philippines 

and Indonesia, which are both made up of thousands of smaller 

islands, the use of helicopters for charter makes travel to and from 

remote places easier and quicker. Growing industries in Vietnam, and 


INDUSTRY INSIDER 

even Cambodia and Laos, drive the need for quicker and more efficient 

transport in places where there is little infrastructure in place. In 

Malaysia, helicopter is the fastest alternative to very often congested 

roads and access to isolated areas. 

Overall, many countries in this region are experiencing economic 

growth, which has consequently created a need for helicopter charter 

for many reasons. 

Is there a model or manufacturer doing 

particularly well in this region? 

Airbus Helicopters is the dominant manufacturer in most countries 

of Southeast Asia. For example, in Airbus Helicopters’ Dolphin family, 

I expect the H160 to be a successful product, especially for those 

owners looking to get an upgraded and more modern helicopter. 

Leonardo has been a ferocious competitor to Airbus Helicopters in this 

segment and has been strongly marketing their brand as a very good 

alternative. 

windfarms, I don’t see Southeast Asia as a mature enough market for 

such segment just yet. 

Bell Helicopter also does notably well. A lot of manufacturers are now 

seeing the potential in this market. Traditional OEMs have positioned 

themselves to further support and grow the industries in this region. 

Russian Helicopters have recently shown increased interest in growing 

their business in Southeast Asia. 

What are your expectations for the rotary 

industry in Southeast Asia, across all 

mission segments? 

While the O&G market recovers, there may be potential for helicopters 

for further O&G exploration in the future. 2019 will be a decisive year 

for this market segment and should give more visibility to O&G players 

in the region. 

There’s also the potential for helicopters used for alternative sources 

of energy, such as wind farms — although this may be a long way 

off. As China and Northeast Asia look like a promising market for 

I expect a lot of operators in this region will focus on helicopters 

operations in multi-mission segments, which can include cargo 

lifting, forestry, firefighting, aerial photography and more. A lot of 

government entities are also focusing on emergency medical services, 

which will take time and money to get developed and implemented 

in the region. However, we can see such operations are starting to 

take place in various countries, most recently in Malaysia, as well. I 

expect these mission segments to grow over the next couple of years. 

And, of course, there will be stable opportunities in the VIP/corporate 

and charter segments, which is seemingly becoming necessary for 

operators in this region to provide. 

While there may not be growth similar to what is seen in other regions 

in Asia, I do believe there will continue to be steady growth over the 

years, boosted by these growing economies. 

www.asianskygroup.com 


ADS 

China Heli Expo 


AIRCRAFT SPOTLIGHT 

AIRBUS H160 

Airbus has always described the H160 as “the game-changer”. Its design, 

with multiple “firsts” on a helicopter and endowing Airbus with 68 patents 

alone, makes the medium-sized aircraft lighter and safer than ever, hence 

should not be deemed as “revolutionary” but “evolutionary” in the history of 

utility helicopters. 


Previously developed as X4, a successor to the Eurocopter lineage, the 

H160 was later rebranded into H160 to originate the company’s “H” 

heredity. With a capacity for up to 12 passengers, a range exceeding 460 

NM and a fast cruise speed of 155kts (285 km/h), the aircraft falls into the 

medium category joining fellow aircraft, including the Leonardo AW139, 

Sikorsky S-76 and Bell 412. To stand out from these competitors, this 

ambitious, long-awaited Airbus newcomer entails some groundbreaking 

innovations that are set to threaten AW139’s position in the market. 

The H160 is engineered to enhance both performance and passenger 

comfort. On the top is the five-bladed Blue Edge rotor with hockeystick-shaped 

tips. This double-swept shape design effectively reduces 

blade-vortex interactions (BVI), thereby mitigating 50% of the noise 

generated. These state-of-the-art blades allow an additional useful load 

of 100kg per blade, compared to a helicopter equipped with ‘’traditional” 

blades. The anti-torque tail rotor — featuring a shrouded Fenestron, 

which slants 12 degrees — is the first such design that alone grants the 

aircraft 40kg more lift capability. 

SPECS 

MAIN CHARACTERISTICS 

Capacity 

Maximum Takeoff Weight (MTOW) 

Max Cargo Sling 

Fuel Tank 

1 or 2 pilots + up to 12 passengers 

5,670 kg 12,500 lb 

1,600 kg 3,527 lb 

1,120 kg 2,470 lb 

ENGINES 

Model 

2 x Safran Helicopter ARRANO 1A Engine 

PERFORMANC 

Takeoff Power - Single Engine 

Fast cruise speed 

HOGE 

Range 

899 kW 1,205 shp 

285 km/h 155 kts 

2,743 m 9,000 ft 

850 km 460 nm 


UPCOMING AIRCRAFT 

These two features, along with the separation of the gearbox from the 

main structure, spare the H160 from installing heavy active vibration 

control systems and make the model lighter than any other. This world’s 

first full carbon composite civil helicopter further maximizes weight 

savings by adopting an electrical landing gear and braking systems 

(manufactured by Messier-Bugatti-Dowty), making it completely free 

from any hydraulic components, thus enabling up to 120NM radius of 

action with more than one ton of payload. The dual 1,300-horsepower 

Safran Arrano turboshaft engines provide sufficient power output for 

such outstanding performance, while using 10 to 15% less fuel burn. 

As per the avionics, the H160 will use Airbus Helicopters’ Helionix, 

already implemented on the latest H135, H145 and H175. The Helionix 

system was tailor-made by and for Airbus helicopters, with four 6in 

by 8in (15cm x 20cm) multi-functional displays. Covered by the highvisibility 

canopy, pilots now have unimpaired situational awareness, 

and in the event of alarming movements, they can simply double-tap 

the red button on the yoke to compel the shuddering or jerking aircraft 

to revert to a stable, straight up position, thanks to the always-on 

autopilot system. 

The H160 assures both passengers and pilots the smoothest ride. 

Equipped with the novel Biplane horizontal stabilizer under the tail 

boom, the H160 not only gains another 40kg payload capability, but also 

benefits from superb low-speed stability by diminishing the influence 

of the main rotor downwash. There is also a redundant backup for the 

gearbox lubrication system as a precaution against primary failure. 

The H160 is a multi-mission 

helicopter, configurable for 

EMS and SAR purposes, 

offshore transportation and 

VIP transport. 

The H160 is a multi-mission helicopter, configurable for EMS and 

SAR purposes, offshore transportation and VIP transport. With the 

largest cabin in its class along with wide-opening, sliding doors and 

roll-in stretcher capacity, the H160 provides ample room ideal for long 

distances, critical patient or incubator transport. Useful for SAR and 

EMS operations, the H160 offers a hovering out of ground effect that 

can be maintained at up to 5,000 feet. Its range reaches 450NM, with 

a 20-minute reserve. The H160 also makes the perfect choice to carry 

out offshore missions with the ability to ferry up to 12 oil rig crew and to 

offer performance class 1 takeoff with a hefty payload capability. 

As for VIP services, the ACH160 — the corporate version of the 

model — capitalizes on the upgraded noise and vibration reduction 

technology and promises a business jet-like passenger experience. 

Enabling comfortable seating for eight passengers, the extra-wide 

cabin features electric footstep, hinged doors, and is upholstered in 

the finest leatherwork with wood and metal accents which complete 

the exclusive, sports-car-like supreme interior. 

Originally planned to be delivered in 2018, the H160 has undergone a 

number of modifications since 2015 when the prototype was unveiled to 

the public. It is now expected to attain European certification by the end 

of 2019, and to enter into service before May 2020, with its launching 

customer UK-based operator Babcock. Orders for the H160 had been 

signed in the UK, North America and Brazil by April 2018. In December 

2018, the first serial H160 to roll off the brand-new assembly line in 

Marignane, France performed a flight demonstration in front of the H160 

team in an end-of-the-year celebration of the programme’s achievement. 

www.airbus.com/helicopters 


REGISTER FOR THE PREMIER 

BUSINESS AVIATION EVENT IN ASIA 

Join thousands of top business aviation leaders, entrepreneurs, 

and other aircraft-purchase decision makers for the Asian 

Business Aviation Conference & Exhibition (ABACE2019) 

in Shanghai. Save the date and visit the ABACE website 

to learn more. 

REGISTER NOW | www.abace.aero 


AIRCRAFT POSITIONING - BUSINESS JET 

AIRCRAFT ACQUISITION VS. MAX RANGE 

CORP. AIRLINER 

LONG RANGE 

LARGE 

MEDIUM 

LIGHT 

VERY LIGHT 

ACJ321 BBJ3 

BBJ2 

ACJ320 

ACJ319 

BBJ 

ACJ318 G650ER 

G650 

GLOBAL 6000 

G550 

LINEAGE 1000E 

F8X 

GLOBAL 5000 

G500 

F7X 

G450 

F900LX 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

13 

12 

11 

10 

9 

8 

CIT. M2 

CIT. CJ1+ 

CIT. CJ1 

PREMIER 1A 

HONDAJET 

CIT. XLS+ 

CIT. XLS 

CIT. CJ3+ 

CIT. SOVEREIGN+ 

L75 

L70 

CIT. VII 

CIT. CJ4 

CIT. EXCEL 

CIT. CJ2+ CIT. CJ3 

DIAMOND 1A 

CIT. ENCORE+ 

LEGACY 500 

LEGACY 600 

LEGACY 450 

CIT. SOVEREIGN 

H850XP 

NEXTANT 400XTI 

CIT. ENCORE CIT. ULTRA 

BEECHJET 400 

CIT. CJ2 

H400XP 

PHENOM 100E 

CL850 

CIT. LATITUDE 

LEGACY 650 

CIT. X+ 

CIT. X 

CL300 

H4000 

ASTRA SP 

CL350 

G350 

H900XP 

H800 H800XP 

PHENOM 300 

L45XR L60XR 

L40XR 

G100 

CIT. BRAVO 

CL605 

F50EX 

G200 

GLOBAL EXPRESS XRS 

F2000LXS 

CL650 

F2000S 

GLOBAL EXPRESS 

G280 

F2000LX 

G-IVSP 

F900EX EASY 

F2000DX F900EX 

G-IV 

F2000 

G300 F2000EX 

G150 

CL604 

G600 

G-V 

7 

6 

4 

3 

2 

TOTAL ANNUAL COST (MILLION USD/YEAR) 

CIT. MUSTANG 

ECLIPSE 550 

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 

1 

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 2017 


AIRBUS 

0+4+0 0+0+0 4+0 0+0+0 0+5+0 1+0+0 5+0 5+0 0+ 0+0+0 5+0 4+0 0+0+0 5+0 0+0+0 1+0+0 5+0 0+5+0 0+0+0 5+0+ 

5+0 0+0+0 0+0+0 

MARKET SUMMARY -- JETS 

ACJ318 


$30.3 

SPECS 

$29.3 

Max Range 

Max Speed 

Typ. Passengers 

$28.5 FOR SALE 

For Sale vs. Sold 

No. for Sale 

Avg Asking Price 

5 5 5 5 5 5 5 5 5 5 

Avg Days on Market 

4 4 

4 

1 

1 

SOLD 

Past 12 Months 

Dec Mar Jun Sep Dec 

2017 2018 

Past 3 Months 

For Sale Sold 

MARKET SUMMARY PER MODEL — BUSINESS JETS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

• There were five Airbus ACJ318s available for sale in Q4 2016, three on-market 

and two off-market; unchanged from Q 2018 and representing 25% of 

the 20 aircraft in operation. Q4 saw 0 transactions. Average days on market 

dropped to 806 days. Current asking prices range from US$33.5M for a 2008 

model with 3,150 hours to US$23.5M for a 2009 model with around 3,002 total 

hours. Total average asking price of Q4 2018 dropped to US$28.5M. 

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

Mach 0.82 

19 

2018 Q4 2018 Q3 

5 (25.0%) 

28.5M USD 

806 

2 

0 

5 (25.0%) 

30.3M USD 

1,097 

2018 Q4 2018 Q3 

2 

0 

ACJ319 

0+14+0 0+0+0 14+0+ 

14+0 0+0+0 14+0 2+0+0 0+14+0 18+0+0+0 20+0 0+16+0 0+0+0 20+0 0+0+0 0+18+0 0+0+0 20+0 22+0 0+0+0 0+0+0 

0+0+0 

$39.3 



7 7 7 7 7 

1 

9 

$51.4 

$50.8 

10 10 10 

9 9 

8 

$49.5 


2017 2018 

Sold 

For Sale 

11 

• There were 11 Airbus ACJ319s available for sale in Q4, seven on-market and 

four off-market; increasing from nine in Q3 2018 and representing 15.7% of 

the total 70 aircraft in service. Q4 saw no transactions. The average days on 

market in Q4 2018 was 386, after two aircraft entered the market. Current 

asking prices range from US$70M for a 2011 model which entered service 

in 2018 to US$18M for a 1999 model with 8,678 total hours. Average asking 

price dropped to US$49.5M in Q4. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



SOLD 


Past 3 Months 

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

Mach 0.82 

19 

2018 Q4 

11 (15.7%) 

49.5M USD 

386 

2018 Q4 

1 

0 

2017 Q3 

9 (12.9%) 

50.8M USD 

354 

2017 Q3 

2 

0 




BBJ 

• There were 17 BBJs for sale, representing approximately 12.9% of the 132 

aircraft in service; increasing from 15 in Q3, with three aircraft entering the 

market and one sold. There was one BBJ transaction in Q4; a 1998 model 

with an asking price of US$24.95M. Average days on market dropped from 

819 days in Q3 to 758 days in Q4. Current asking prices range from US$92.5M 

for a 2011 model with only ferry hours to US$19.5M for a 1999 model with 

10,115 total hours. 

BOEING 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.82 

19 

2018 Q4 2018 Q3 

17(12.9%) 

45.6M USD 

758 

15(11.1%) 

39.3M USD 

819 

2+0+00+0+00+0+03+0+01+0+0 0+0+0 1+0+0+0+0 1+0+00+0+0 

$37.3 


$33.8 


$39.3 

$45.6 

18 18 18 18 17 18 

16 16 16 17 

15 15 15 

0+16+0 0+15+0 0+15+0 0+16+00+18+00+17+0 

0+18+0 0+18+0 0+18+0 

0+17+0 

SOLD 

2018 Q4 2018 Q3 

2 3 

1 1 1 


Past 3 Months 

6 

1 

7 

1 


2017 2018 

Sold 

For Sale 

BBJ2 

• There were four on-market BBJ2s for sale in Q4, representing 17.4% of the 

22 BBJ2s in operation; of which over 50% are based in the Middle East and 

22% are based in Asia. There were no transactions in Q4 and only one transaction 

in the past 12 months. The average asking price remained unchanged 

from Q3, at US$58M. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.82 

19 

2018 Q4 

4 (17.4%) 

58.0M USD 

778 

2018 Q3 

4 (18.2%) 

58.0M USD 

687 

0+16+0+16+0 0+0+0 0+0+0 0+16+0 0+0+0 0+16+0 0+20+0 4+0+0 0+16+0+0+0 0+0+0 0+16+0+16+0+16+0 0+0+0 0+0+0 0+16+0+0+0 

$69.0 



$58.0 

5 

4 4 4 4 4 4 4 4 4 4 4 4 

$58.0 

SOLD 


Past 3 Months 

2018 Q4 

1 

0 

2018 Q3 

1 

0 

1 


2017 2018 

Sold 

For Sale 




CHALLENGER 604/605 

BOMBARDIER 

$12.6 

0+50+0 

7+0+0 

50 52 

49 47 

9 

$12.7 

CL605 

$5.1 

CL604 

36 

39 

34 

30 28 28 29 

23 23 

8+0+09+0+0 

5+0+08+0+0 13+0+0 7+0+02+0+08+0+0 

3+0+07+0+08+0+0 

0+34+00+23+00+23+0 

0+29+00+28+00+28+0 

0+30+00+39+00+36+0 

0+47+00+49+00+52+0 

3+0+0 

7 8 7 

13 

8 7 8 9 8 

3 5 

2 

3 

10 

10 

10 

11 12 11 11 

0+10+0 0+10+0 0+10+0 

1+0+0 1+0+0 0+8+0 9+0 0+0+0 

0+0+0 0+0+0 0+0+0 

0+0+0 0+0+0 1+0+0 

11+0 0+11+0 0+12+0 0+11+0 

2+0+0 

1+0+00+0+0 

0+6+0 0+6+0 0+6+0 0+0+0 

0+9+0 

2 


9 

$12.3 

8 

$11.3 

$4.9 

$5.2 

$11.0 

$5.1 

CHALLENGER 850 

$7.2 


• There were 20 Challenger 604s on the market in Q4 2018, increasing 5% 

from Q3 2018; representing 5.6% of the entire 360 fleet in operation. By the 

end of Q4, average days on market dropped 24% from Q3; 313 to 238, attributed 

to nine aircraft being introduced to the market. The average asking price 

has rose from US$5.2M (Q3) to US$5.4M (Q4) Of the 59 transactions executed 

over the past 12 months – 11 took place in Q4. This accounts for a smaller 

proportion compared with transactions completed in Q3 and the 12 months 

prior to Q3, 15 and 58 respectively. 

• There were 14 pre-owned Challenger 605s on the market in Q4, increasing 

40% compared with the previous quarter; representing 4.9% of the entire 

fleet of 286 Challenger 605s in operation. By the end of Q4, average days on 

market had fallen significantly; 76% from Q3 — 429 to 105. This is attributed 

to the sale of a 2007 Challenger 605, sold after being listed for over three 

years. Average asking prices fell from US$12.4M (Q3) to US$11.6M (Q4). Of 

the 45 transactions executed over the past 12 months nine took place in Q4, 

down from 14 in Q3 and 12 months prior to Q3, 14 and 45 respectively. 


SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



CL604 

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

Mach 0.82 

9 

2018 Q4 2018 Q3 

20 (5.6%) 

5.1M USD 

238 

19 (5.3%) 

5.2M USD 

313 

CL605 

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

Mach 0.82 

9 

2018 Q4 

14 (3.5%) 

11.3M USD 12.3M USD 

105 

2018 Q3 

10 (3.5%) 

429 


2017 2018 

For Sale Sold 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

59 58 

11 

15 

2018 Q4 

45 

9 

2018 Q3 

45 

14 



$8.6 $8.6 

• There were six pre-owned Challenger 850s on the market in Q4 2018, 

decreasing 25% from Q3. The number of aircraft for sale represents 8.5% of 

all 71 850s in operation. 

• There was one sold transaction in Q4 2018 (on market for 250 days); a 

decrease of 50% from the two sold transactions in Q3 2018. 

• The average days on market for a Challenger 850 has increased to 757 days 

in Q4 2018 from 599 days in Q3 2018, an increase of 26.4%. Younger models 

with lower days on market are more attractive to buyers, while aircraft with 

higher days on market experience less movement. 

• Average asking price rose from US$8.5M in Q3 2018 to US$8.6M Q4 2018. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.80 

14 

2018 Q4 

6 (8.5%) 

8.6M USD 

757 

2018 Q3 

8 (11.3 %) 

8.6M USD 

599 

6 6 6 

1 1 1 

1 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 

2018 Q4 

4 

1 

2018 Q3 

5 

2 



GLOBAL 5000 

• There were 23 pre-owned Global 5000s on the market in Q4, increasing 35% 

compared with the previous quarter; representing 10.3% of the 223 in operation. 

Between Q3 and Q4, the average days on market dropped 35%, from 286 

to 185. This is attributed to the addition of 10 Global 5000s on the market – 

accounting for just under 50% of the 23 Global 5000s for sale. Average asking 

price rose from US$15.7M (Q3) to US$17.1M (Q4). More than half the aircraft 

listed for sale indicate ‘Make Offer’, implying that sellers may find it hard to 

gauge the current market conditions. Still, of the 24 transactions over the 

past 12 months, seven took place in Q4. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.89 

13 

2018 Q4 

23 (10.3%) 

18.3M USD 

185 

2018 Q3 

17 (7.7%) 

14.3M USD 

286 

$17.8 

16 

1 

18 


3+0+0 1+0+0 3+0+0 

$13.9 


$15.4 

0+14+0 0+15+0 0+18+0 

0+14+0 0+14+0 0+13+0 

2+0+0 2+0+0 4+0+0 

0+17+0 0+14+0 0+14+0 

1+0+0 0+0+0 1+0+0 

$18.3 

BOMBARDIER 

4+0+01+0+0 

0+0+01+0+00+0+0 

0+8+00+7+00+9+0 

0+10+00+11+00+12+0 

0+0+0 

0+0+0 

0+10+0 

3+0+02+0+0 

0+23+00+20+00+15+0 

2+0+0 

1+0+0 

0+16+0 

17 

15 14 15 

13 14 14 14 14 

20 

23 

SOLD 


Past 3 Months 

2018 Q4 

24 

7 

2018 Q3 

22 

2 

3 3 

1 

3 4 

2 2 1 1 2 2 


2017 2018 

Sold 

For Sale 

GLOBAL 6000 

• There were eight pre-owned Global 6000s on the market in Q4, decreasing 

20% compared with the previous quarter; representing 2.8% of the 282 in 

operation. Between Q3 and Q4, the average days on market increased by 

24%, from 275 to 340. The average asking price rose from US$37.1M (Q3) to 

US$37.5M (Q4), with five transactions taking place in Q4. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.88 

13 

2018 Q4 2018 Q3 

8 (2.8%) 10 (3.6%) 


340 275 

$29.8 

$36.3 

0+0+0 1+0+00+0+00+0+0 

0+14+00+15+00+16+0 

0+15+0 0+15+00+10+0 

0+0+0 

SOLD 


Past 3 Months 

$38 



15 15 

16 

15 

14 

$37.0 

$38.3 

2018 Q4 

17 

5 

2018 Q3 

14 

3 

12 

10 10 11 10 9 

1 

1 1 1 

7 

4 


2017 2018 

Sold 

For Sale 

8 




FALCON 900DX/EX/EX EASy/LX 


• There were 19 Falcon 900EX/EX EASy/DX aircraft for sale in Q4 2018, decreasing 

by 17.4% from Q3. There were 12 Falcon 900EX/EX EASy/LX transactions in Q4, 

a dramatic increase in sales activity compared with Q3, which had only two sold 

transactions. The Falcon 900DX pre-owned market was stagnant in both Q4 and 

Q3 with zero transactions completed over the six-month period. Average days on 

market for a Falcon 900DX, Falcon 900EX and Falcon 900EX EASy increased by 

13.1%, 5.4% and 2.2%, respectively. The average asking price for a Falcon 900DX, 

Falcon 900EX and Falcon 900EX EASy in Q4 was around US$12.9M, US$7.2M and 

US$15.9M, respectively. 

DASSAULT 

0+24+00+25+0+26+0 0+26+0+23+0 0+24+0 0+24+0 0+24+0 0+22+0+23+0 

0+21+00+19+0 

$21.0 

$18.3 

$11.5 

$6.3 

F900LX 

F900EX EASy 

F900DX 

F900EX 


$22.2 

2+0+0 

0+0+0 1+0+0 2+0+0 

$12.9 

$18.5 $18.5 

$16.4 

$7.0 $7.2 

26 26 26 

24 25 

24 23 24 24 23 22 21 

$15.9 

$12.9 $12.9 

19 

SPECS 

Max Range 

6+0+0 2+0+00+0+00+0+0 

4+0+06+0+03+0+0 

4+0+0 

Max Speed 


FOR SALE 

No. for Sale 



F900DX 

4,100 N.M. / 4,500 N.M. / 4,500 N.M. / 4,750 N.M. / 

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

Mach 0.83 

12 

Reporting quarter vs. Previous quarter 

Q4 | Q3 

3 | 2 

12.9M USD | 

12.9M USD 

173 | 153 

F900EX 

Mach 0.83 

12 

Q4 | Q3 

7 | 10 

7.2M USD | 

7.0M USD 

354 | 336 

F900EX EASy 

Mach 0.83 

12 

Q4 | Q3 

9 | 10 

15.9M USD | 

16.4M USD 

326 | 319 

F900LX 

Mach 0.83 

12 

Q4 | Q3 

0 | 1 

18.5M USD | 

18.5M USD 

0 | 250 

6 6 

4 4 

2 2 3 

1 

2 2 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 


Q4 | Q3 

1 | 1 

0 | 0 

Q4 | Q3 

12 | 14 

3| 1 

Q4 | Q3 

12 | 5 

7 | 1 

Q4 | Q3 

5 | 5 

2 | 0 

FALCON 2000LX/LXS/S 

$27.9 

$19.0 

$13.4 



$25.0 

FALCON 2000LXS 

FALCON 2000S 

FALCON 2000LX 

$17.5 

$16.5 

$14.5 

10 11 10 

8 

9 9 

7 8 7 7 8 

5 6 

4 

1 1 1 2 1 1 1 2 

$25.0 

$16.0 

$15.3 


2017 2018 

Sold 

For Sale 

4+0+0 0+0+02+0+01+0+0 

0+0+01+0+01+0+0 

0+8+00+7+00+7+0 

0+6+00+5+00+8+0 

0+7+00+9+00+9+0 

0+0+0 

2+0+0 1+0+0 1+0+0 1+0+0 

• There were eight Falcon 2000LX/LXS/S aircraft for sale in Q4 2018, increasing by 

33.3% since Q3 2018. There were four Falcon 2000LX/LXS/S transactions in Q4, 

compared with three transactions in Q3. Average days on market for a Falcon 

2000LX, Falcon 2000LXS and Falcon 2000S decreased by 20.7%, 17.8% and 29.6%, 

respectively. The average asking price for a Falcon 2000LX, Falcon 2000LXS and 

Falcon 2000S in Q4 was around US$15.3M, US$25M and US$16M, respectively. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for sale 



SOLD 


Past 3 Months 

2000LX 

4,000 N.M. / 

Mach 0.83 

10 


Q4 | Q3 

2 | 3 

15.3M USD | 

14.5M USD 

169 | 213 


Q4 | Q3 

Q4 | Q3 

6 | 11 

1 | 1 

2000LXS 

4,000 N.M. / 

Q4 | Q3 

2 | 2 

25.0M USD | 

25.0M USD 

37 | 45 

4 | 3 

1 | 1 

2000S 

3,350 N.M. / 

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

Mach 0.83 

10 

Mach 0.83 

10 

Q4 | Q3 

2 | 2 

16.0M USD | 

16.5M USD 

117 | 243 

Q4 | Q3 

3 | 1 

2 | 1 

0+10+0 0+11+0 0+10+0 0+8+0 




FALCON 7X 

• There were 11 Falcon 7X aircraft for sale in Q4 2018, decreasing by 50% since 

Q3 2018. There were six Falcon 7X transactions in Q4. The pre-owned market 

activity has been consistent with 12 aircraft sold in both halves of the year. 

Average days on market for a Falcon 7X have increased by 6.7% — from 255 

in Q3 to Q4. The average asking price for a Falcon 7X in Q4 2018 was around 

US$23.3M, a decrease of 10% from Q3. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.90 

12 

2018 Q4 

11 (3.9%) 

23.3M USD 

272 

2018 Q3 

22 (7.9%) 

25.9M USD 

255 

$26.6 

25 24 25 



$26.9 

22 23 

21 21 21 22 

19 

$25.9 

2+0+03+0+0 

0+0+01+0+03+0+0 

2+0+0 2+0+04+0+0 

0+22+00+21+00+21+0 

0+23+00+21+00+19+0 

0+22+00+25+00+24+0 

1+0+0 

$20.9 

$23.3 

DASSAULT 

1+0+02+0+0 

0+11+00+8+00+11+0 

3+0+0 

0+25+0 1+0+0 

SOLD 


Past 3 Months 

2018 Q4 

24 

6 

2018 Q3 

25 

6 

11 11 

8 

4 

2 2 3 3 2 2 3 

1 1 

1 1 


2017 2018 

Sold 

For Sale 




LINEAGE 1000/E 

• There were six Lineage 1000/1000E aircraft on market in Q4 2018, unchanged 

from Q3 2018. The Lineage 1000/1000E market has remained stagnant over 

the last six months with zero transactions completed since Q2. The average 

age of the aircraft for sale was seven years in Q4, representing an older 

market compared with Q3, which had an average age of five years. Average 

days on market for a Lineage 1000/1000E has increased to 627 days in Q4 

from 623 days in Q3. The average asking price for a Lineage 1000 in Q4 was 

around US$22.5M, decreasing 26.7% from US$30.7M in Q3. The decrease in 

the prices can be attributed to the average age of the aircraft on the market 

gradually increasing since the end of Q3. 

8 

7 7 7 

EMBRAER 

$27.4 

7 



1 

4 

$30.7 

0+21+0 0+24+0 0+21+0 

0+15+0 0+12+0 0+21+0 

6 6 6 

5 5 

6 6 


$22.5 

2017 2018 

For Sale Sold 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



Lineage 1000 

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

Mach 0.82 

19 

2018 Q4 

6 (20.7%) 

32.5M USD 

627 

2018 Q3 

6 (20.7%) 

30.7M USD 

623 

Lineage 1000E 

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

Mach 0.82 

19 

0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+ 

0+ 15+0 0+18+0 0+18+0 0+18+0 0+18+0 

0+0+0 3+0+0 0+0+0 

0+21+0 

SOLD 


Past 3 Months 

2018 Q4 

1 

0 

2018 Q3 

1 

0 

LEGACY 600/650 

• There were 18 Legacy 600/650 aircraft for sale in Q4 2018, decreasing by 10% 

from Q3 2018. There were 11 Legacy 600 aircraft sold in Q4, an increase compared 

with Q3, which had only one Legacy 600 transaction. The Legacy 650 pre-owned 

market was stagnant in both Q4 and Q3 with zero transactions completed over the 

six-month period. Average days on market for a Legacy 600 decreased to 377 days 

in Q4 from 470 days in Q3 — around 19.8%. Average days on market for a Legacy 

650 increased to 174 days in Q4 from 136 days in Q3 — around 27.9 %. The average 

asking price for a Legacy 600 and Legacy 650 in Q4 was US$6.6M and US$13.4M, 

respectively. 

$12.0 


$7.1 

22 22 

5 

5+0+0 

24 

1 

$11.5 

Legacy 650 

$12.8 

$13.4 

0+22+0+22+0 


Legacy 600 

2+0+0 1+0+0 0+0+0 

$7.3 

$6.2 

20 20 20 19 18 

15 15 

17 17 

15 

4 

6 6 

2 1 2 

$6.6 


2017 2018 

For Sale Sold 

3 

2+0+06+0+0 

0+0+0 0+0+01+0+0 

0+0+06+0+04+0+0 

0+18+00+19+00+15+0 

0+20+0 0+20+0 0+17+00+15+00+15+0 

0+20+00+24+0 

3+0+0 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



SOLD 


Past 3 Months 

Legacy 600 

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

Mach 0.80 

13 

2018 Q4 2018 Q3 

10 (5.7%) 14 (8.0%) 


377 470 

2018 Q4 2018 Q3 

18 

11 

15 

1 

Legacy 650 

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

Mach 0.80 

13 

2018 Q4 2018 Q3 

8 (8.2%) 6 (6.3%) 


174 136 

2018 Q4 2018 Q3 

7 8 

0 0 




G200 & G280 

• There were 32 G200/G280 aircraft on market in Q4 2018, increasing by 39.1% from Q3 

2018. There were seven G200 and no G280 transactions in Q4. With a total of seven 

G200/G280 transactions, the pre-owned market saw a decrease in sales activity by 

36.4% compared with 11 G200/G280 transactions in Q3. Average days on market for 

a G200, decreased by 58.6% to 150 days in Q4 from 362 days in Q3. Average days on 

market for a G280 decreased around 8%, to 46 days in Q4 from 50 days in Q3. The 

average asking price for a G200 and G280 aircraft in Q4 was around US$4.5M and 

US$16.8M, respectively. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



SOLD 


Past 3 Months 

G200 

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

Mach 0.81 

8 

2018 Q4 2018 Q3 

29 (7.7%) 

4.5M USD 

150 

2018 Q4 2018 Q3 

36 36 

7 

21 (8.5%) 

4.5M USD 

362 

11 

G280 

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

Mach 0.84 

8 

2018 Q4 

3 (2.0%) 


46 

2018 Q4 

4 

0 

2018 Q3 

1 (0.7%) 

50 

2018 Q3 

4 

0 

$16.0 

$4.9 

34 


$12.5 


40 

33 34 

G280 

G200 

6 5 6 

1 1 2 2 

$18.3 

$17.0 

$16.8 

$4.5 $3.7 $4.5 

32 32 32 

30 

21 22 21 

20 

25 

4 

2 2 3 2 


2017 2018 

Sold 

For Sale 

5 

3+0+02+0+0 

4+0+02+0+05+0+0 

6+0+02+0+05+0+0 

2+0+01+0+06+0+0 

0+32+00+25+00+20+0 

0+21+00+22+00+21+0 

0+30+00+32+00+32+0 

0+34+00+40+00+33+0 

2+0+0 

G450 

• There were 20 G450 aircraft on market in Q4 2018, decreasing 9.1% from 

Q3 2018. There were 14 transactions in Q4, compared with eight in Q3 — 

an increase of 75% in sales activity. Average days on market for a G450 

decreased 12.9% — down to 269 days in Q4 from 309 days in Q3. The average 

asking price for a G450 in Q4 was around US$16.3M, increasing 16.4% from 

US$14M from Q3. Additionally, the average age of the aircraft on the market 

has been gradually decreasing since the end of Q3, with younger G450 models 

entering the market. 

GULFSTREAM 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.85 

13 

2018 Q4 2018 Q3 

20 (6.2%) 


269 

22 (6.2%) 

309 

$13.8 

24 

27 


$15.2 


21 21 21 21 

4+0+0 3+0+04+0+02+0+0 

0+26+00+21+0 0+21+0 0+21+00+28+0 

0+24+0 2+0+0 

23 23 22 22 

19 20 

4+0+0 4+0+0 0+20+00+22+00+19+0 

6+0+0 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

41 

14 

33 

8 

3 4 4 4 4 4 

2 3 

2 3 2 3 

26 

$15.0 

$14.0 

$16.3 


2017 2018 

Sold 

For Sale 

6 

2+0+03+0+0 

0+22+00+23+00+23+0 

3+0+0 




G550 

• There were 28 G550s on market in Q4 2018, increasing by 7.7% from Q3 2018. 

There were eight G550 transactions in Q4, decreasing 27.3% from the 11 sold 

in Q3. The average age of aircraft sold in Q4 was six years old. Average days 

on market for a G550 increased 9.7% — 181 days in Q4 from 165 days in Q3. 

The average asking price for a G550 in Q4 was around US$26.5M - a decrease 

of 9.2% from US$29.2M in Q3, attributed to the average age of aircraft for sale 

gradually increasing since the end of Q3, with younger models being sold and 

older models remaining on market. 

$23.9 

$22.8 



$29.2 

29 

27 27 28 

26 

24 24 24 

24 

22 21 

19 

17 

0+28+0 0+27+0 0+24+0 

$26.5 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



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

Mach 0.87 

18 

2018 Q4 2018 Q3 

28 (5.0%) 


181 

26 (4.7%) 

165 

1+0+0 3+0+0 4+0+0 

4 4 4 4 5 

2 3 3 3 

4 

2 

3 


2017 2018 

Sold 

For Sale 

1 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

38 

8 

44 

11 

GULFSTREAM 

0+24+0 

4+0+0 

G650 & G650 ER 

0+19+0 0+17+0 0+22+0 

4+0+0 2+0+0 2+0+0 

5+0+0 3+0+04+0+04+0+0 

0+26+00+27+00+24+0 

0+29+00+24+00+21+0 

3+0+0 

• There were 12 G650/650ER aircraft on market in Q4 2018, decreasing 20% 

from Q3 2018. Additionally, there was a 7.2% fleet increase of aircraft in operation, 

from 205 G650s and 102 G650ERs in Q3 to 220 G650s and 109 G650ERs 

in Q4. There were two G650 and three G650ER transactions in Q4. The overall 

650/650ER pre-owned market saw a decrease in sales activity by 28.6% compared 

with Q3. Average days on market for a G650 and G650ER in Q4 was 199 

and 163, respectively; a 15.7% from 236 days for a G650 and an increase of 

29.4% from 126 days for G650ER in Q3. Average asking prices for a G650 and 

G650ER were around US$52.4M and US$61.9M, respectively. 

$65.2 

$56.6 

17 


0+17+0 

1+0+0 

0+12+0 0+12+0 0+15+0 

3+0+0 2+0+0 2+0+0 

$58.2 


$55.1 

$53.4 

$51.7 

$61.9 

$55.1 

$52.4 

20 

18 

15 16 16 

15 

12 12 13 

14 

11 

12 

1+0+0 1+0+0 2+0+03+0+0 2+0+0 2+0+00+0+0 

0+12+00+14+00+18+0 

0+15+00+11+00+13+0 

0+16+00+20+00+16+0 

3+0+0 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



G650 

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

Mach 0.90 

18 

2018 Q4 2018 Q3 

8 (3.6%) 


199 

9 (4.4%) 

236 

G650ER 

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

Mach 0.90 

18 

2018 Q4 

4 (3.7%) 

52.4M USD 

163 

2018 Q3 

6 (5.9%) 

56.0M USD 

126 

2 2 3 2 2 2 3 2 

3 

1 1 1 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

14 

2 

17 

4 

2018 Q4 

9 

3 

2018 Q3 

6 

3 



AIRCRAFT POSITIONING - CIVIL HELICOPTERS 

AIRCRAFT ACQUISITION VS. MAX RANGE 

8.00 

HEAVY 

(SUPER) MEDIUM 

LIGHT TWIN 

SINGLE TURBINE 

PISTON 

AC313* 

S-92 

H225 

AS332 L1E 

4.00 

AW189 

H175 

BELL 412EPI 

AW139 

S-76C++ 

S-76D 

H155 

AC312* 

MD 520N 

MD 530F 

H145 

MD 902 

H135(T3) 

H130 

BELL 407 

BELL 206L4 

MD 500E 

BELL 430 

AW169 

BELL 429 

H135(P3) 

BELL 407GXP 

H125 

AC311* 

H120 

MD 600N 

EC145 

AW 109 GN 

AW109 POWER 

AW119KX 

2.00 

1.00 

AIRCRAFT ACQUISITION PRICE (MILLION USD) 

S-333 

0.50 

0.25 

200 

250 

300 

350 

400 

450 

500 

550 

600 

650 

700 

750 

EN480B 

R66 

R44 RAVEN II 

R22 BETA II 

MAX RANGE (N.M.) 

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



SUMMARY -- HELICOPTERS 

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

EC135T2 & P2 

$2.7 

$2.3 


$3.1 

EC135P2 

EC135T2 


$2.5 

$2.4 

$2.7 

17 18 18 18 

14 15 15 

14 14 14 

12 13 

11 

1 1 1 1 2 2 


2017 2018 

Sold 

For Sale 

$1.8 

EC135T2 

0+0+0 0+0+02+0+02+0+0 

0+0+01+0+01+0+01+0+00+0+01+0+0 

0+11+00+13+00+12+0 

0+14+0 0+14+0 0+14+0 0+18+0 0+18+0 0+18+0 

0+0+0 

• There were four EC135T2s for sale in Q4 2018, decreasing 33.3% since Q3 

2018 and accounting for 2.8% of the 144 in operation. There were no transactions 

in Q4, compared with three in the previous quarter. Average days on 

market decreased 44.2% — from 702 days in Q3 to 392 days in Q4. The lower 

days on market can be attributed to the two helicopters that were removed 

from market in Q4. Average asking price decreased to US$1.8M in Q4 from 

US$2.4M in Q3. 

EC135P2 

• There were seven EC135P2s for sale in Q4 2018, decreasing 12.5% from Q3 

2018 and accounting for 4.6% of the 153 in operation. There were no transactions 

in Q4, compared with one in Q3. Average days on market increased by 

15.3% — from 1,111 days in Q3 to 1,281 days in Q4. The average asking price 

increased to US$2.7M in Q4 from US$2.5M in Q3. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



SOLD 


Past 3 Months 

EC135T2 

332 N.M. / 614 km 

127 Knots 

6 

2018 Q4 2018 Q3 

4 (2.8%) 

2.7M USD 

392 

2018 Q4 2018 Q3 

6 

3 

6 (4.2%) 

2.4M USD 

702 

6 

3 

EC135P2 

332 N.M. / 614 km 

127 Knots 

6 

2018 Q4 

7 (4.6%) 

2.7M USD 

1281 

2018 Q4 

2 

0 

2018 Q3 

8 (5.2%) 

2.5M USD 

1111 

2018 Q3 

2 

1 

0+14+0 

AS332L1 & H225 

0+17+0 0+15+0 0+15+0 

AIRBUS 

$22.0 

$8.5 

0+18+0 


H225 

AS332L1 


0+18+0 0+19+0 0+18+0 

$8.8 $8.8 

$4.0 $4.0 

20 

18 18 19 18 18 18 18 18 18 18 

17 

18 

0+0+0 1+0+0 0+0+0 0+0+0 0+0+0 0+0+0 

1+0+02+0+0 

0+0+02+0+00+0+0 

0+18+00+17+0 0+18+0 0+18+00+20+0 

0+18+0 0+18+0 

0+0+0 

AS332L1 

• There were two AS332L1s for sale in Q4 2018, unchanged from Q3 2018; 

accounting for 3% of the overall 67 in operation. Q4 saw no transaction, compared 

with one in the previous quarter. The average days on market increased 

by 6.8% — from 1,347 days in Q3 to 1,438 days in Q4. The average asking price 

has not changed since Q3 remaining at US$4M in Q4. 

H225 

• There were 16 H225s for sale in Q4 2018, unchanged from Q3 2018; accounting 

for 9.5% of the 169 in operation. Q4 saw three transactions, compared 

with two in the previous quarter. The average days on market decreased by 

2.6% — from 569 days in Q3 to 554 days in Q4. The average asking price has 

not changed since Q3 remaining at US$8.8M in Q4. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



AS332L1 

452 N.M. / 837 km 

142 Knots 

19 

2018 Q4 2018 Q3 

2 (3.0%) 

4.0M USD 

1438 

2 (3.0%) 

4.0M USD 

1347 

H225 

452 N.M. / 837 km 

142 Knots 

19 

2018 Q4 

16 (9.5%) 

8.8M USD 

554 

2018 Q3 

16 (9.5%) 

8.8M USD 

569 

1 

2 2 


2017 2018 

Sold 

For Sale 

1 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

3 3 

0 

1 

2018 Q4 

6 

3 

2018 Q3 

3 

2 



MARKET SUMMARY -- HELICOPTERS 

EC145 

• There were 14 EC145s for sale in Q4 2018, increasing 27.3% since Q3 2018 

and accounting for 1.5% of the 962 in operation. There were four transactions 

in Q4, compared with three in Q3. Average days on market increased by 6% 

— from 251 days in Q3 to 266 days in Q4. The average asking price decreased 

to US$3.5M in Q4 from US$3.6M in Q3. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



461 N.M. / 855 km 

131 Knots 

9 

2018 Q4 2018 Q3 

14 (1.2%) 11 (1.0%) 


266 251 

SOLD 


Past 3 Months 

2018 Q4 

23 

4 

2018 Q3 

19 

3 

$5.0 

$3.9 



EC155B & H155 

0+9+0 0+0+0 

9 8 9 8 

$4.2 

10 

10 

8 

8 

$4.0 

$3.6 

0+0+0 0+0+0 3+0+02+0+02+0+0 

1+0+02+0+06+0+0 

0+11+00+8+0 0+8+00+10+00+10+0 

0+8+00+9+00+8+0 

3+0+0 

11 10 

14 

$3.5 

14 

6 

2 

1 2 2 

8 

3 3 2 2 


2017 2018 

Sold 

For Sale 

2+0+00+0+0 

0+14+0 0+14+00+10+0 

2+0+0 

EC155B 

• There were six EC155Bs for sale in Q4 2018, decreasing 14.3% from Q3 2018 

and accounting for 21.4% of the overall 28 in operation. There was one transaction 

in Q4 compared with zero in Q3. Average days on market increased by 

23% — from 1,007 days in Q3 to 1,239 days in Q4. Average asking price has 

not changed from Q3, remaining at US$2M in Q4. 

H155 

• There were nine H155s for sale in Q4 2018, decreasing 10% since Q3 2018 

and accounting for 6.2% of the 146 in operation. There were five sold transactions 

in Q4, compared with two in Q3. Average days on market increased 

by 0.3% — from 860 days in Q3 to 863 days in Q4. The average asking price 

increased to US$7.5M in Q4 2018 from US$5.6M in Q3 2018. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



EC155B 

516 N.M. / 955 km 

135 Knots 

13 

2018 Q4 2018 Q3 

6 (21.4%) 

2.0M USD 

1239 

7 (25.0%) 

2.0M USD 

1007 

H155 

516 N.M. / 955 km 

150 Knots 

13 

2018 Q4 

9 (6.2%) 

7.5M USD 

863 

2018 Q3 

10 (6.8%) 

5.6M USD 

860 

0+24+0 

1+0+0 2+0+00+0+01+0+00+0+00+0+00+0+00+0+0 

0+17+00+18+00+20+0 

0+21+00+22+00+21+0 

0+20+00+22+00+23+0 

0+0+0 

AIRBUS 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

2 1 

1 

0 

2018 Q4 

9 

5 

2018 Q3 

5 

2 

$4.8 

$3.3 

24 


23 22 

H155 

EC155B 


21 22 

20 21 20 

$5.6 

$2.0 

18 17 17 

15 15 

$7.5 

$2.0 

1 2 1 1 2 3 

1 


2017 2018 

Sold 

For Sale 

3+0+02+0+0 

0+15+0 0+15+00+17+0 

1+0+0 




BELL 412EP/412HP 

Bell 412EP 

• There were 32 Bell 412EPs for sale in Q4 2018, decreasing 5.9% since Q3 

2018 and accounting for 5.8% of 551 in operation. There was only one sold 

transaction in Q4, compared with three in Q3. Average days on market 

increased by 19.5% — from 549 days in Q3 to 656 days in Q4 2018. The average 

asking price has not changed since Q3, remaining at US$4.2M in Q4. 

Bell 412HP 

• There were six Bell 412HPs for sale in Q4 2018, increasing by 20% since 

Q3 2018 and accounting for 9.8% of the 61 in operation. There was only one 

transaction in Q4, compared with three in Q3 2018. Average days on market 

increased by 19.2% — from 239 days in Q3 to 285 days in Q4. The average 

asking price was unchanged, remaining at US$3M in Q4. 

$5.2 

$3.0 


0+33+0 

2+0+0 

BELL 412EP 

BELL 412HP 


33 33 33 32 

+0+0 6+0+0 2+0+0 

35 35 

30 

$4.0 

0+32+0 0+33+0 0+33+0 

3+0+0 3+0+00 

0+35+00+30+00+35+0 

2+0+0 

$4.2 

$2.8 $3.0 

$4.2 

$3.0 

38 39 

37 38 38 38 

1+0+0 1+0+0 1+0+04+0+0 

0+38+0 0+38+0 0+38+0 0+0+0 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



Bell 412EP 

356 N.M. / 659 km 

140 Knots 

9 

2018 Q4 2018 Q3 

32 (5.8%) 

4.2M USD 

656 

34 (6.2%) 

4.2M USD 

549 

Bell 412HP 

349 N.M. / 646 km 

133 Knots 

14 

2018 Q4 

6 (9.8%) 

3.0M USD 

285 

2018 Q3 

5 (8.2%) 

3.0M USD 

239 

0+39+0 0+37+0 0+38+0 

6 

2 2 3 3 4 

2 1 1 1 1 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

14 21 

1 

3 

2018 Q4 

10 

1 

2018 Q3 

10 

3 

BELL 429 

• There were 17 Bell 429s for sale in Q4 2018, increasing 13.3% from Q3 2018 

and accounting for 5.3% of the 323 in operation. There was only one transaction 

in Q4 compared with four in Q3. The average days on market decreased 

by 12.1% - from 439 days in Q3 to 386 days in Q4. The lower days on market 

can be attributed to the four helicopters that were added into the market 

during this quarter. The average asking price increased to US$5.7M in Q4 

from US$5.5M in Q3. 

BELL 

$5.3 

0+17+0 

0+0+0 



0+16+0 0+15+0 0+16+0 

0+0+0 3+0+0 1+0+0 

$5.5 

$5.7 

19 19 19 

17 16 15 16 

17 

18 

15 15 16 17 

1+0+0 0+0+02+0+02+0+0 

0+0+0 0+0+0 

0+17+00+18+00+16+0 

0+15+0 0+15+00+17+0 

0+19+0 0+19+0 0+19+0 

0+0+0 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



368 N.M. / 681 km 

130 Knots 

7 

2018 Q4 

17 (5.3%) 

5.7M USD 

386 

2018 Q3 

15 (4.7%) 

5.5M USD 

439 

3 

1 2 2 

1 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 

2018 Q4 

9 

1 

2018 Q3 

8 

4 




A109E POWER/A109SP GRANDNEW 

A109E Power 

• There were 46 A109E Powers for sale in Q4 2018, decreasing by 8% from 

Q3 2018 and accounting for 12.4% of the 372 in operation. There were three 

transactions in Q4, same as in Q3. Average days on market increased by 1.3% 

— from 698 days in Q3 to 707 days in Q4. The average asking price has not 

changed from Q3, remaining at US$1.7M in Q4. 

A109SP Grandnew 

• There were six A109SP Grandnews for sale in Q4 2018, decreasing by 25% 

since Q3 2018 and accounting for 3.8% of the 160 in operation. There were 

five transactions in Q4, compared with four in Q3. Average days on market 

decreased by 10.5% — from 210 days in Q3 to 188 days in Q4. The average 

asking price increased to US$4.8M in Q4 from US$4.6M in Q3. 

$4.3 


A109SP GRANDNEW 

$4.6 

$6.0 

$4.8 

SPECS 

Max Range 

A109E Power 

353 N.M. / 654 km 

A109SP Grandnew 

480 N.M. / 889 km 

$1.9 $1.7 $1.7 

A109E Power 

Max Speed 


FOR SALE 

No. for Sale 



139 Knots 

7 

2018 Q4 2018 Q3 

46 (12.4%) 50 (13.4%) 


707 698 

130 Knots 

7 

2018 Q4 

6 (3.8%) 

4.8M USD 

188 

2018 Q3 

8 (5.1%) 

4.6M USD 

210 

69 

3+0+0 


69 

65 

63 63 64 

62 62 60 58 55 53 52 

5+0+02+0+0 

4+0+01+0+0 2+0+05+0+06+0+0 

5+0+03+0+01+0+0 

0+52+00+53+00+55+0 

0+58+00+60+00+62+0 

0+64+00+63+00+62+0 

0+63+00+65+00+69+00+69+0 

1+0+0 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

13 11 

3 3 

2018 Q4 

24 

5 

2018 Q33 

22 

4 

3 1 3 5 6 5 

2 2 1 

4 2 

5 

1 


2017 2018 

For Sale Sold 

AW139 

• There were 24 AW139s for sale in Q4 2018, decreasing by 4% since Q3 2018 

and accounting for 2.7% of the 875 in operation. There were five transactions 

in Q4, compared with two in Q3. The average days on market increased by 

6.9% — from 481 days in Q3 to 514 days in Q4. The average asking price 

decreased to US$7.7M in Q4 from US$7.9M in Q3. 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



568 N.M. / 1,052 km 

140 Knots 

15 

2018 Q4 2018 Q3 

24 (2.7%) 25 (2.9%) 


514 481 

$7.8 



$7.9 

$7.7 

29 

28 27 28 

26 26 

24 23 24 25 25 

23 24 

3+0+0 0+0+0 0+0+02+0+0 

0+0+0 1+0+00+0+02+0+0 

0+24+00+23+0 0+25+00+26+00+26+0 

0+28+00+27+00+28+0 

0+29+00+24+00+23+0 

0+24+0 

2+0+0 

LEONARDO 

SOLD 


Past 3 Months 

2018 Q4 

11 

5 

2018 Q3 

7 

2 

1 

2 3 

1 1 

2 2 


2017 2018 

Sold 

For Sale 




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

$4.9 

S76C+ 

• There were 21 S-76C+ for sale in Q4 2018, decreasing by 4.5% since Q3 

2018 and accounting for 14.4% of the 146 in operation. There were four sold 

transactions in Q4, compared with only one in Q3. Average days on market 

increased by 8% — from 981 days in Q3 to 1,059 days in Q4. The average 

asking price has not changed since Q3, remaining at US$2M in Q4. 


$6.8 

S76C++ 

• There were 23 S-76C++ for sale in Q4 2018, decreasing by 4.2% since Q3 2018 

and accounting for 11% of the 209 in operation. There were three sold transactions 

this quarter, compared with only one the previous quarter. Average 

days on market increased by 9.9% — from 645 days in Q3 to 709 days in Q4. 

The average asking price has not changed since Q3, remaining at US$5.4M 

in Q4. 

$3.1 

S-76C++ 

0+56+0 

0+0+0 

S-76C+ 

$5.4 

$5.4 


56 

52 54 53 54 55 

0+0+0 0+0+02+0+05+0+0 

0+49+00+55+00+54+0 

0+53+00+54+00+52+0 

0+0+0 

49 

$2.0 

47 47 46 44 43 44 

$2.0 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



S-76C+ 

335 N.M. / 620 km 

155 Knots 

12 

2018 Q4 2018 Q3 

21 (14.4%) 

2.0M USD 

1059 

22 (15.1%) 

2.0M USD 

981 

S-76C++ 

335 N.M. / 620 km 

155 Knots 

12 

2018 Q4 

23 (11.0%) 

5.4M USD 

709 

2018 Q3 

24 (11.5%) 

5.4M USD 

645 

SOLD 


Past 3 Months 

2018 Q4 2018 Q3 

14 

4 

11 

1 

2018 Q4 

9 

3 

2018 Q3 

7 

1 

0+7+0 0+7+0 0+9+0 

1+0+0 0+0+0 0+0+0 0+0+0 0+0+0 0+0+0 

0+0+0 0+0+0 0+0+0 

0+9+0+9+0+9+0+9+0 0+8+0 0+8+0 

1+0+0 0+0+0 0+0+0 

SIKORSKY 

2+0+03+0+0 

1+0+00+0+01+0+0 

0+44+00+43+00+44+0 

0+46+00+47+00+47+0 

2+0+0 

5 

2 1 1 

3 2 2 


2017 2018 

For Sale Sold 

S-92 

0+9+0 0+9+0 0+8+0 

0+8+0 

• There were nine S-92s for sale in Q4 2018, unchanged since Q3 2018 and 

accounting for 3.2% of the 285 in operation. There was one sold transaction 

in Q4, compared with zero in Q3. Average days on market increased by 

15.2% — from 597 days in Q3 to 688 days in Q4. The average asking price has 

decreased to US$13.2M in Q4 from US$15.4M in Q3.. 

$16.9 



$15.4 

$13.2 

SPECS 

Max Range 

Max Speed 


FOR SALE 

No. for Sale 



474 N.M. / 877 km 

155 Knots 

19 

2018 Q4 2018 Q3 

9 (3.2%) 9 (3.2%) 


688 597 

8 8 9 9 9 

7 8 8 9 9 9 9 

7 

1 1 


2017 2018 

Sold 

For Sale 

SOLD 


Past 3 Months 

2018 Q4 

2 

1 

2018 Q3 

1 

0 



LEADING YOU TO SUCCESSFUL 

AVIATION DECISIONS 

SALES & ACQUISTIONS | TRANSACTIONAL ADVISORY | OPERATION OVERSIGHT | SPECIAL PROJECTS 

LUXURY TRAVEL SERVICES| MARKET RESEARCH | COMPLETION MANAGEMENT 

2013 ACJ320 

• 30 Passengers VIP Configuration 

• One Owner Since New 

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

• Equipped with Two Auxiliary Fuel Tanks 

2008 BOEING 737-800 

• ADS-B Activation System 

• Upgraded TCAS 7.0 to TCAS 7.1 

• Second FMC - Boeing SB 34-2918 

• IFE WiFi System, Skyconnect System 

1998 BOEING 737-500 

• Total 117 Passenger Seats 

• Equipped with ADS-B Out 

• Total 32,347 Hours Since New 

2012 LINEAGE 1000 

• 881 Hours Since New, One Owner Since New 

• 19 Passenger - 5 Zones Cabin Configuration 

• High Speed Data & Cabin Wi-fi 

• TCAS,EFB,ELT,EGPWS,Windshear Detection 

2012 LINEAGE 1000 

• 

• Engines Enrolled on GE On-Point Solutions Program 


• Five-Zone Executive Layout w/ 19 Passengers 

• TCAS 7.1, TAWS, LASEREF V IRS & ADS-B Out 

• 

2011 GLOBAL EXPRESS XRS 

• 15 Passengers Configuration, Forward Gally & Crew Rest Area 

• One Owner Since New, No Damage History 

• RRCC, Honeywell MSP, Smartparts & CAMP 

• Swift Broadband High Speed Internet & Cabin Wifi 

2011 GULFSTREAM G550 

• N-Reg Aircraft 

• 16 Pax Configuration, No Damage History 

• Aft Galley, Forward Crew Rest 

• RRCC, MSP Gold 



• FAA Part 135 Compliant, EU-OPS Certification 

• 16 Passenger Configuration, Fwd Galley & Aft Lavatory 

• RRCC, MSP 


• Low 900 Hours Since New, One Owner Since New 

• Executive 12 Passengers Configuration 

• Forward Galley with Crew Rest 

• RRCC, MSP 

2013 LEGACY 650 

• 13 Pax Configuration w/ Fwd Galley 

• Engines Enrolled on RRCC 

• XM Weather Capability 

• Swift Broadband High-Speed Internet 

2013 DASSAULT FALCON 7X 

• Low Hours, One Owner Since New , No Damage Record 

• EASy II Avionics System Upgrade, CPDLC, ADS-B Out 

• Stunning BMW Interior 

• Engines enrolled on ESP Gold 

1986 BELL 206 L3 

• Manufacturing Year: 1986 

• Total Hours: 5,082 Since New 

• 7 Pax Configuration 

1987 BELL 206 L3 

• Manufacturing Year: 1987 

• Total Hours: 8,621 Since New 

• 7 Pax Configuration 

2017 AIRBUS H130 

• Very Low Hours 

• Utility Configuration 

• Air Condition 

2014 CESSNA 208 

• 9 Passenger Configroution 

• Single/Dual Pilot IFR 

• Increased Gross Weight Compliant 

• GWX-68 Color Weather Radar 

CONTACT US 

EMAIL: SALES@ASIANSKYGROUP.COM TEL: +852 2235 9222 

WWW.ASIANSKYGROUP.COM/AIRCRAFT-LISTING/

ASQ13 EN

Create successful ePaper yourself

Delete template?

Save as template?