Asian Sky Quarterly - Q4 2019

FOURTH QUARTER 2019 

FOREWORD 

WU ZHENDONG 

CHAIRMAN, ASBAA 

AIRCRAFT SPOTLIGHT 

GULFSTREAM G700 

PRE-OWNED MARKET 


COMMENTARY 

SUSTAINABILITY IN BUSINESS AVIATION 

GORDON GARDINER, HFW 

OPERATING LEASE MYTHS 

GLOBAL JET CAPITAL 

ASIA-PACIFIC OUTLOOK 

METRICS & MOOD 

ASIA-PACIFIC FLIGHT ACTIVITY 

MARKET SUMMARIES 

JETS & HELICOPTERS

It’s time to consider 

CorporateCare® Enhanced 

考虑采用增强版 CorporateCare® 

的最佳时机到了 

That’s why Rolls-Royce now offers expanded line maintenance coverage on all 

engines and nacelle coverage on all later engine models. 

罗尔斯 - 罗伊斯对其全系发动机提供覆盖更全面的航线维护 , 并且对未来新型发动 

机提供涵盖短舱部件服务。 

The future. Rolls-Royce. 

未来在这里 , 罗尔斯 - 罗伊斯

CONTENTS 

05 

ECONOMICS 

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

specific country’s GDP versus their business jet and 

helicopter fleet size. 

30 

PRE-OWNED MARKET ANALYSIS 


A comprehensive market performance analysis of the preowned 

Gulfstream G450 market. 

11 

MOOD & INTENTIONS 

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

economic status, aircraft utilization, purchase intentions and 

influencing factors. 

36 

MARKET DYNAMICS 

An analysis of inventory levels, market trends and the 

changing price signals for the business jet and helicopter 

fleets in the Asia-Pacific region. 

16 

19 

24 

AIRCRAFT SPOTLIGHT 


A look at the all-new G700 TM 

— the largest aircraft in the 

Gulfstream family, optimized to deliver an unparalleled 

experience. 

SPECIAL FEATURE 

ASIA-PACIFIC FLIGHT ACTIVITY BY WINGX 

A look at the flight activity in Q4, including most popular 

flight routes and activities by OEM. 

COMMENTARY 

TOP FIVE MYTHS ABOUT OPERATING LEASES 

BY GLOBAL JET CAPITAL 

An explanation of the most common myths about operating 

leases and advantages of this financing option. 

44 

48 

65 


BUSINESS JET OPERATIONAL TIPS 

Information from Universal Weather & Aviation on operating 

a business jet in Japan. 

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. 

26 

COMMENTARY 

GOING GREEN BY HFW 

An overview of the current industry initiatives relating to 

sustainability and the developing regulatory environment. 

PUBLISHER 

EDITORIAL & MARKET RESEARCH 

Litalia Yoakum 

Bowen Zhang 

Maggie Gu 

Apple Cheung 

DESIGN 

Aya Leung 

Michael Wong 

The materials and information provided by Asian 

Sky Group Limited (“ASG”) in this report is for 

reference only. Any information we provide about 

how we may interpret the data and market, or 

how certain issues may be addressed is provided 

generally without considering your specific 

circumstances. Such information should not be 

regarded as a substitute for professional advice. 

Independent professional advice should be sought 

before taking action on any matters to which 

information provided in this report may be relevant. 

ASG shall not be liable for any losses, damage, costs 

or expenses howsoever caused, arising directly or 

indirectly from the use of or inability to use this report 

or use of or reliance upon any information or material 

provided in this report or otherwise in connection with 

any representation, statement or information on or 

contained in this report. 

ASG endeavors to ensure that the information 

contained in this report is accurate as at the date 

of publication, but does not guarantee or warrant 

its accuracy or completeness, or accept any liability 

of whatever nature for any losses, damage, costs 

or expenses howsoever caused, whether arising 

directly or indirectly from any error or omission in 

compiling such information. This report also uses 

third party information not compiled by ASG. ASG 

is not responsible for such information and makes 

no representation about the accuracy, completeness 

or any other aspect of information contained. The 

information, data, articles, or resources provided by 

any other parties do not in any way signify that ASG 

endorses the same. 

ADVERTISING/AIRCRAFT SALES ENQUIRIES: 

sales@asianskygroup.com 

Asian Sky Group 

Suite 1401, 14 Floor, Fortis Tower 

77-79 Gloucester Road, Wan Chai, Hong Kong 

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

sales@asianskygroup.com 

www.asianskygroup.com | www.asianskymedia.com 

FOURTH QUARTER 2019 — ASIAN SKY QUARTERLY | 1

PUBLISHER’S NOTE 

As we enter into 2020, this edition of Asian Sky Quarterly gives us the 

full picture of 2019, which was unquestionably quite gloomy. 2019 was 

a challenging year for Greater China, considering the economy, the 

US/China trade dispute and most recently the outbreak of a virus – 

impacting travel and businesses across the board. 

Each quarter of 2019 saw business confidence down and a great deal of 

economic pessimism, translating to more ‘I’m not sure’ when it comes 

to purchase intentions and a shift to a ‘Buyer’s Market’. Although, preowned 

aircraft purchase intentions are slightly up, which makes this 

a good time for models like the G450 – which we’ve analysed in this 

edition of the Report. Still, the G450 isn’t exactly the benchmark for the 

rest of the market as inventory values continue to go up and we see 

fewer and fewer transactions compared to 2018. This, of course, leads 

to major differences in buyer and seller pricing expectations. 

In Q4, almost all regions – with the exception of Central Asia – reported 

increased economic optimism levels; albeit still low. And, of course, we 

may not see this sentiment remain as we move into Q1 due to recent 

events in the region. 

In terms of flight activity, Greater China’s aircraft utilization continued 

to worsen – with the highest decrease in the region. This was driven by 

an 18% y-o-y decrease in flights departing from Mainland China. Still, 

the Beijing Airport remained one of the busiest for outbound flights. The 

silver lining of the region came via growth in business jet flights activity 

in Japan, Singapore, Thailand and Vietnam. 

To complement this, we’ll also be releasing an episode of Asian Skycast 

featuring Gulfstream’s Charles Etter speaking on sustainability – a 

very topical point in 2020. On that same note, we have commentary 

from law firm HFW speaking on the developing regulatory environment 

surrounding ‘Going Green’ in business aviation. Global Jet Capital also 

shares insights on the ‘Top 5 Myths About Operating Leases’. Universal 

Weather & Aviation gives an update on operational requirements for 

business jets flying into Japan. And, with the help of Wing-X, we provide 

an in-depth analysis of regional flight activity. Finally, Zhendong Wu 

– AsBAA Chairman – shares his thoughts on the coming year in our 

Foreword and gives an update on AsBAA’s role at the upcoming ABACE 

show in April. 

And, for our readers, our goal in 2020 is to continue updating you on 

the most relevant and topical information on the business and general 

aviation in the Asia Pacific through all of our platforms. 

As Greater China and particularly Mainland China lose their status as 

growth driver in the region, we may see Southeast Asia take the reign 

in coming quarters. 

With all that being said, as we enter into a new Lunar Year – the Year 

of the Rat – we hear well wishes for prosperity, happiness and good 

fortune – all sentiments we can certainly hope for in the year ahead. 

Still, all is not gloom for us at ASG and in business aviation. This first 

Asian Sky Quarterly is being released at the Singapore Airshow. It’s 

packed with more data and more insights than before. On the cover, 

you’ll see Gulfstream’s G700 and likewise it’s spotlighted in this issue. 

Sincerely, 

Jeffrey C. Lowe 

Managing Director, Asian Sky Group 

SPECIAL THANKS TO OUR CONTRIBUTORS: 

2 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2019

FOREWORD 

Dear Colleagues and Friends, 

It gives me great honour to have the opportunity to address you through 

this platform. We are now in a new decade, a new year, and a new Lunar 

Year. The year this far has brought challenges and unprecedented levels 

of global issues. However, the Year of the Rat suggests characteristics 

of being industrious and thrifty, diligent and positive. Whether we choose 

to accept or align with zodiac suggestions, these are characteristics 

that will serve us well in challenging times. 

To be industrious will allow us to diversify and expand business models, 

without relying on stagnating or unproductive markets. To be thrifty 

forces us to consider resource sharing, efficiency boosting, and smart 

business models. To be diligent encourages effective safety practices, 

human resources measures, and smooth, effective operations. To be 

positive will be the driving force that asks us to navigate problems by 

seeing them as opportunities to improve, to evolve, to lead by example 

and to be solution oriented. If we keep these principles in mind, we may 

well navigate challenging times with more ease than we first expected. 

At AsBAA, core to our mission is to problem solve. We do this by 

working with communities to understand the issues that affect us all. 

We work with our members to represent their needs, and advocate 

on their behalf. In 2020, we are honoured and excited to deliver more 

enhanced support in mainland China, Hong Kong and the Greater Bay 

Area, Singapore, Philippines, Malaysia and Thailand. We encourage you 

to join and support your association. We are stronger together. 

ABOUT ASBAA: 

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

and the wider industry through its three core pillars: 

Advocacy, Representation and Community. The association 

actively advocates the benefits of business aviation to key 

stakeholders such as government, transport ministries and 

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

business and general aviation industry across the region, and 

creates a community in which members can network, access 

B2B opportunities, and tackle common issues with greater 

collective influence. 

Best Wishes, 

Zhendong Wu 

Chairman, AsBAA 


Malaysia | Mainland China | Singapore | Hong Kong SAR | Philippines 

AsBAA Safety Days 2020 

Promoting 

Best Safety Practices 

in Asia 

Sponsorship and Speaking Opportunities Open 

#AsBAASafetyDays 

www.asbaa.org 


ECONOMICS 

GREATER CHINA 

ASIA PACIFIC REGION CIVIL HELICOPTER 

FLEET REPORT YEAR END 2019 

NOW AVAILABLE 

MAINLAND CHINA, HONG KONG, MACAU & TAIWAN 

Mainland China 

China’s 6% annual GDP growth in Q3 was the weakest pace in 

over 27 years. The slowed GDP growth is below both Q2’s 6.2% 

expansion and the 6.1% increase expected by market analysts. 

Nevertheless, growth is still within the government’s target 

of between 6.0% and 6.5% for 2019. The weak economic pace 

comes as demand at home and abroad declines, led by the 

manufacturing sector. 

Hong Kong 

Hong Kong’s Q3 GDP contracted by 2.9% in Q3 from the previous 

year, marking its first year-on-year decline since the recession 

of 2009. The Q3 reading comes after 0.4% growth y-o-y in Q2. 

The main contributing factors in Q3 were decreased investment 

demand and consumption, as social unrest continues. 

GDP GROWTH (BILLION USD) 

Mainland China Taiwan 

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

$525 

$531 

$579 

$309 

$321 

$342 

$45 

$45 

$51 

2015 

2016 

2017 

Hong Kong 

$13,608 

$589 

$363 

$55 

2018 

Macau 

$14,230 

$603 

$354 

$50 

2019Q3 

Taiwan 

Taiwan’s economy grew 2.91% y-o-y in Q3, up from 2.4% in Q2. 

Private consumption increased, supported by rising wages, as well 

as government spending. Similarly export of goods and services 

increased 4.3% in Q3. 

Source: Focus Economics & Trading Economics 

PURCHASING MANAGER’S INDEX 

Mainland China Taiwan Hong Kong 

53.0% 

51.0% 

49.0% 

47.0% 

45.0% 

43.0% 

41.0% 

39.0% 

Expansion Contraction 

37.0% 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 

* Data Source: Trading Economics 

FLEET SIZE GROWTH: 

BUSINESS JET 


TURBINE HELICOPTER 


TUROPROPS 

Mainland China Taiwan Mainland China Taiwan Mainland China Taiwan 

Hong Kong 

Macau 

Hong Kong 

Hong Kong 

313 

344 338 679 

719 

313 

157 

164 

495 

581 

133 

184 

129 

135 

135 

122 

10 

27 

28 

24 25 

5 

27 

25 

25 

21 

23 

11 

19 

10 

9 

9 15 

15 

5 

4 

5 

3 

4 

2 

2016 2017 2018 2019Q4 2016 2017 2018 2019Q4 2016 2017 2018 2019Q4 

* Data Source: Amstat & ASG. Estimated number based on projection of Amstat data. For most up-to-date info, please refer to our Helicopter Fleet Report and the upcoming Business Jet Fleet Report. 


ECONOMICS 

AUSTRALASIA 

AUSTRALIA, NEW ZEALAND & PAPUA NEW GUINEA 

Australia 

The Australian economy advanced a seasonally adjusted 0.4 

percent in the September quarter of 2019, slowing from an 

upwardly revised 0.6 percent growth in the previous period 

and missing market expectations of a 0.5 percent expansion. 

Government spending eased and household consumption 

expanded at its weakest pace since the global financial crisis. 

Through the year to the third quarter, the economy grew 1.7 

percent, following an upwardly revised 1.6 percent expansion in 

the June quarter. 


Australia New Zealand Papua New Guinea 

$1,352 

$1,210 

$1,331 $1,432 $1,451 

$177 

$188 

$203 

$205 

$209 

New Zealand 

New Zealand’s economy grew 0.7% quarter-on-quarter in Q3, well 

above Q2’s revised 0.1% growth. On an annual basis, the economy 

rose 2.3%. Accelerated growth in Q3 is attributed to increased 

domestic demand — household spending expanded 0.8% from 

0.4% the previous quarter. 

$22 

$21 

$22 

$23 

$23 

2015 2016 2017 2018 2019Q3 


Australia 

New Zealand 

Source: Focus Economics and Trading Economics 

56.0% 

54.0% 

52.0% 

50.0% 

48.0% 

46.0% 


44.0% 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 



BUSINESS JET 




TUROPROPS 

Australia New Zealand 



Papua New Guinea Papua New Guinea Papua New Guinea 

181 

186 

185 

196 

808 

832 

853 855 410 

428 

433 

432 

462 

478 

511 

537 

15 

16 

19 

18 

49 

51 

54 

56 

4 

4 

4 4 

107 

104 

116 

101 

23 

22 

23 

28 




ECONOMICS 

EAST ASIA & CENTRAL ASIA 

JAPAN, SOUTH KOREA & INDIA 

Japan 

Japan’s economy grew an annualized 1.8% in Q3, much higher 

than initial estimates of 0.2% expansion. Private consumption 

and capital expenditure increased faster than initially thought 

while net external demand contributed negatively to the 

expansion. 


Japan 

South Korea 

$4,927 $4,860 

$4,389 

$4,971 

India 

$5,011 

South Korea 

South Korea’s grew 0.4% quarter-on-quarter, lower than market 

expectations and less than the Q2 1% q-o-q rate. The slowed rate 

is the result of significant slowdown in consumption expenditure, 

as well as the third consecutive quarter of contracting in the 

goods-exporting sector. 

$2,095 

$1,378 

$2,274 

$1,415 

$2,597 

$1,531 

$2,769 

$1,619 

$2,833 

$1,636 

India 

Growth in India continued to slow in Q3, attributed to a slump in 

manufacturing output. The annual GDP estimation of 5.6% growth 

has been cut to 4.6%, with analysts citing the credit squeeze and 

decreased business and consumer confidence. 



Japan South Korea India 

55.0% 


53.0% 

51.0% 

49.0% 

47.0% 


45.0% 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 



BUSINESS JET 




TUROPROPS 

Japan South Korea India Japan South Korea India Japan 

South Korea India 

138 

140 

140 

646 

647 

646 

663 

134 

155 

155 

111 

97 

94 

92 

78 

73 

54 

54 

55 

21 

21 

19 

33 

13 

286 

291 

287 

285 

16 

16 

19 

17 

222 

227 

229 

233 




ECONOMICS 

SOUTHEAST ASIA 

THAILAND, MALAYSIA, SINGAPORE, INDONESIA & PHILIPPINES 

Thailand 

Growth in Thailand slowed to 2.4% y-o-y in Q3, up slightly from 

2.3% in Q2. The slowed growth reflected ongoing troubles in the 

external sector, amid the regional trade war, while the strong baht 

has impacted the tourism sector. 

Malaysia 

Malaysia’s economy has expanded 4.4% y-o-y in Q3, following 4.9% 

growth in Q2. This was the weakest GDP growth since the third 

quarter last year on the back of heightening global uncertainty and 

ongoing trade tensions. Growth was mainly driven by rises in both 

private consumption and government spending. 


Singapore Thailand Malaysia 

$474 

$455 

$412 

$395 

$364 

$338 

$308 

$318 

$354 

$314 

$296 

$297 

$482 

$367 

$365 

Singapore 

Singapore’s economy picked up its growth pace in Q3, with a growth 

rate of 0.5%. On a quarterly basis, the city-state’s GDP expanded by 

2.1% in Q3. Growth was supported by the finance and insurance 

sectors, as well as information and communications sector, which 

is attributed to the demand for IT solutions. 

2015 2016 

2017 2018 2019Q3 


Singapore Thailand Malaysia 

53.0% 


51.0% 

49.0% 

47.0% 


45.0% 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 



BUSINESS JET 




TUROPROPS 

Singapore Thailand Malaysia Singapore Thailand Malaysia Singapore Thailand 

Malaysia 

64 

60 

54 

56 

57 

59 

154 

157 

161 

153 

40 

42 

44 

48 

53 

106 

111 

111 

116 

33 

34 

28 

25 

19 

38 

37 

40 

30 

4 

6 

6 

7 

6 

5 

9 

8 




ECONOMICS 

Philippines 

The GDP in the Philippines grew 6.2% y-o-y in Q3 of 2019, up 

from 5.5% growth in Q2. Trade and Repair of Motor Vehicles, 

Motorcycles, Personal and Household Goods; Construction; and 

Financial Intermediation were the main drivers of growth for the 

quarter. Among the major economic sectors, Services posted the 

fastest growth with 6.9 percent. Industry grew by 5.6 percent. 

Agriculture, Hunting, Forestry and Fishing registered a growth of 

3.1 percent. 


Indonesia Philippines 

$1,016 

$932 

$862 

$1,042 

$1,113 

Indonesia 

Indonesia’s economy expanded 5.02% in Q3, which marked the 

slowed growth level in two years. Weak investment and low 

government spending, as well as low commodity prices, dragged 

down growth in Q3 — all amid an uncertain political situation and 

the regional trade dispute. 


$292 

$305 

$314 

$331 

$344 



Indonesia Philippines 

55.0% 

53.0% 

51.0% 

49.0% 

47.0% 


45.0% 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 

May19 

Apr19 

Mar19 

Feb19 

Jan19 

Dec18 



BUSINESS JET 




TUROPROPS 

Indonesia Philippines Indonesia Philippines Indonesia Philippines 

50 

220 

117 

116 

119 

51 203 

48 

48 

208 

207 

104 

47 

47 

46 

43 

156 

162 

163 

167 

52 

57 

59 

62 




G+4+5+6+7+8+10+12+14+15 

MOOD & INTENTIONS: 

ASIA-PACIFIC REGION SURVEY 2019Q4 

RESPONDENT LOCATION 

34+27+25+9+5+G 

Rest of the World (5%) 

Oceania (9%) 

SE & NE 

Asia (25%) 

410 + 

RESPONDENTS 

Central Asia (34%) 

Greater China (27%) 

RESPONDENT AIRCRAFT TYPE 

59+21+20+G 

Turboprop (20%) Business Jet (56%) 

Civil Helicopter 

(24%) 

RESPONDENT CATEGORY 

Owner / 

Charter User (7%) 

Broker (11%) 

Others** 

(21%) 

Aircraft Operator 

/Management 

Company (25%) 

36+25+21+11+7+G 

Aircraft Service 

Providers* (36%) 

In the fourth quarter of 2019, over 410 respondents participated 

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

business aviation market. 

Regions with the most respondents include: 

1. Central Asia (140 valid respondents, including India, Pakistan, UAE, 

etc.) 

2. Greater China (112 valid respondents, including Mainland China, 

Hong Kong, Macau, and Taiwan) 

3. Southeast and Northeast Asia (106 valid respondents, including 

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

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

4. Oceania (38 valid respondents, including Australia and New Zealand) 

61% of the respondents from this quarter’s survey are from aircraft 

services providers (FBO, MRO, etc.) and aircraft operators, as well as from 

aircraft brokers (11%), aircraft end users (7%) and other related areas. 

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

handlers, MRO, parts, etc. 

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

TOP 10 RESPONDENT’S LOCATIONS 

19+ 

United Arab Emirates (4%) 

Singapore (5%) 

Indonesia (6%) 

Malaysia (7%) 

Philippines (8%) 

Australia (10%) 

Qatar (12%) 

78 % 

OF TOTAL 

RESPONDENTS 

China (19%) 

India (15%) 

Hong Kong (14%) 

WHAT IS OUR CURRENT ECONOMIC STATUS? 

(QUARTERLY COMPARISON) 

Past Low Point 

100% 

Optimistic 

(Will get better) 

36% 

30% 

38% 

At Low Point 

35% 

45% 

34% 

52% 

32% 

56% 

34% 

52% 

37% 

55% 

28% 

41% 

27% 

38% 

29% 

29% 

35% 

32% 

28% 

32% 35% 

31% 32% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

Pessimistic 

(Will get worse) 

Not Reached 

Low Point 

34% 

27% 

21% 

15% 

10% 

11% 

16% 

32% 

33% 

36% 

40% 

37% 33% 

20% 

10% 

0% 

2016 

Q4 

2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 


2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 


2019 

Q1 


Q2 


Q3 




MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2019Q4 

ECONOMIC MOOD 

US-China Phase I achievement stabilized overall the pessimistic mood 

in Asia Pacific, with Greater China improving but still hitting a 36% low. 

In Q4 2019, 33% of the respondents believed that the economy has not 

hit the bottom and will get worse. This is 4% lower compared with last 

quarter and shows signs of continual improvement with regional market 

confidence. 

Region-wise, respondents from Greater China still formed the majority 

of this pessimistic group, but the optimistic level improved slightly with a 

low 36% in Q4. With the exception of Greater China, all the other regions 

have continued its momentum towards improved optimistic levels. 

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 4% increase compared to 2019 Q3. 

The Phase I trade deal between US and China has finally given some 

relief to the market, especially Chinese aviation shareholders — as the 

two largest economies in the world finally reach a point where they can 

cease fire and negotiate furthermore to settle the dispute. 

However, with the recent outbreak of the Coronavirus, China’s economic 

situation, as well as markets across the region and globally will feel the 

impacts of a slowdown in the coming months. This could, in turn, shift 

optimistic moods once again. 

OPTIMISM LEVELS SINCE 2016Q4 - REGIONAL DIFFERENCES 

100% 

Greater China SE & NE Asia Central Asia Oceania 

100% 

Overall 

90% 

80% 

70% 

60% 

95% 

91% 

86% 

84% 

83% 

85% 

81% 

79% 

79% 79% 

73% 

70% 

69% 

68% 

66% 

62% 

61% 

94% 

92% 

92% 

92% 

89% 

90% 

89% 

88% 

87% 

84% 

78% 

76% 

75% 

88% 

83% 

68% 

95% 

86% 

80% 

67% 

82% 

75% 

72% 

64% 

86% 

73% 

65% 

60% 

89% 

74% 

67% 

63% 

84% 

82% 

73% 

67% 

50% 

54% 

48% 

50% 

43% 

40% 

41% 

36% 

30% 

2016 


2017 

Q1 

2017 

Q2 

2017 

Q3 

2017 


2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 



Q1 


Q2 


Q3 

32% 





AIRCRAFT UTILIZATION: 

REGIONAL DIFFERENCES 

In Q4, 29% of respondents in the surveyed 

area said their expected aircraft utilization 

had decreased, which is lower than the 

38% recorded in Q3, the increase is mainly 

contributed by respondents from all regions 

except Greater China where respondents 

believe they have increased their aircraft 

utilization. Additionally, 51% of respondents 

said their aircraft utilization had increased, 

which is a 5% increase compared with the 

previous quarter. 

Greater China 

In this quarter, only 25% of the respondents 

claim their fleet utilization had increased, 

which is currently the second lowest level 

of all time – a slight 4% increase from 

Q3. In the meantime, 58% of respondents 

indicated their aircraft utilization in Q4 2019 

had decreased, reaching the second highest 

level next to 2019 Q3 since the beginning of 

the survey. The US-China trade wars have 

continued to impact local operators, adding 

uncertainty to the country’s general aviation 

industry development. 

Oceania 

In Q4, 30% of respondents reported the same 

level of aircraft utilization. With an increased 

level of 57% of respondents indicating their 

aircraft utilization increased, a 7% increase 

from 2019 Q3. Only 13% of respondents 

indicated their aircraft utilization decreased. 

Southeast and Northeast Asia 

In Q4 2019, 51% of respondents recorded 

increased aircraft utilization, which is 7% higher 

compared with 2019 Q3. 28% of respondents 

believe that their aircraft utilization decreased, 

which is 6% decrease compared with the 

previous quarter. 

* An Optimistic-Pessimistic Signal Line has been added to 

regional aircraft usage trend analyses for Greater China, 

Oceania and South and East Asia regions. An optimistic 

mood is derived from more 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 

OPTIMISTIC 

21 19 60 18 22 60 21 33 46 23 22 55 43 24 33 41 33 26 43 21 36 62 18 21 581725 

PESSIMISTIC 

21% 

19% 

60% 

2017 


OCEANIA 

OPTIMISTIC 

21 38 40 30 18 52 47 18 35 26 19 56 30 25 45 26 32 42 24 48 29 25 25 50 133057 

PESSIMISTIC 

21% 

OPTIMISTIC 

PESSIMISTIC 

18% 

22% 

60% 

21% 

47% 

33% 

18% 

46% 

35% 

23% 

22% 

26% 

19% 

55% 

56% 

43% 

24% 

30% 

25% 

33% 

45% 

41% 

33% 

26% 

43% 

24% 

21% 

48% 

36% 

62% 

18% 

21% 

27 17 10 14 25 17 15 34 28 

27% 

38% 

40% 

2017 


14 22 20 22 18 23 17 22 21 

14% 

58% 

17% 

25% 

59 61 70 64 56 60 68 44 51 

59% 

2018 

Q1 

30% 

18% 

17% 

22% 

Decreased The Same Increased Signal Line* 


52% 

2018 

Q1 

SOUTHEAST AND NORTHEAST ASIA 


61% 

2018 

Q2 

2018 

Q2 

10% 

20% 

70% 

2018 

Q3 

2018 

Q3 

14% 

22% 

64% 

2018 


2018 


25% 

18% 

56% 


Q1 

26% 

32% 

17% 

23% 

42% 


Q1 

60% 


Q2 

15% 

17% 

29% 


Q2 

68% 


Q3 

25% 

25% 

34% 

22% 

50% 


Q3 

44% 



13% 

30% 

28% 

21% 

57% 



51% 

2017 


2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 



Q1 


Q2 


Q3 





SUMMARY: AIRCRAFT UTILIZATION CHANGES COMPARED TO 12 MONTHS AGO 

100% 

Up by 20% and more (>20%) 

90% 

26% 

80% 

70% 

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

25% 

Increased 

60% 

50% 

40% 

30% 

The same (0%) 

19% 

19% 

Unchanged 

20% 

10% 

0% 

2017 


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

Down by 20% or more (


PURCHASE INTENTION 

Regarding the current pre-owned market, 55% of respondents believed 

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

increased supply, increasing by 5% compared with the previous quarter 

and once again reaching a new high level. In the meantime, the 

respondents who believed we are in a ‘Seller’s Market’ have increased to 

9%, a slight uptick compared with last quarter. 

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

section of the report. 

Regarding the purchase intentions of Q4 2019, in total 48.2% of the 

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

buying an aircraft. This was lower compared with last quarter but still 

relatively high. 

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

aircraft together represent 51.8% of the respondents who now have the 

intention of buying an aircraft. It is 4% higher compared with Q3. 

WHERE ARE WE IN THE CURRENT PRE-OWNED MARKET? 

39% 

36% 

21% 

4% 

Buyer’s Market 

40% 

29% 

21% 

10% 

47% 

28% 

17% 

8% 

Balanced Market 

43% 

38% 

14% 

38% 

26% 

10% 

41% 

PURCHASE INTENTION 2017Q4 - 2019Q4* 

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

38% 

16% 

Seller’s Market 

58% 

20% 

15% 

50% 

28% 

17% 

5% 5% 

8% 

6% 

53% 

I’m not sure 

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

55% 

21% 

15% 

9% 

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 

38% 

41% 

40% 

38% 

41% 

43% 

46% 

48% 

suitable for Oceania. Corporate airliners are commonly needed in all 

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

are wanted, but on a relatively lower level. 

33% 

31% 31% 

29% 28% 

30% 

32% 

31% 

30% 

29% 

28% 

27% 

27% 

28% 

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”. 

24% 

20% 

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

PURCHASE INTENTION - REGIONAL DIFFERENCES (FIXED WING) 

Corporate Airliner 

Large Jet Medium Jet Small Jet Turboprop / 

Piston Fixed Wing 

SE & NE Asia 

16% 18% 

18% 

16% 

32% 

Oceania 

5% 15% 

20% 15% 

45% 

Greater China 

11% 41% 

23% 

11% 

14% 

Central Asia 35% 

20% 13% 17% 

15% 


- FIXED WING 

(OUTER IS PREFERRED) 

Corporate Airliner 

(Such as ACJ, BBJ) 


- HELICOPTER 

(OUTER IS PREFERRED) 

Twin Turbine 

(Such as Sikorsky S-76C++) 

PURCHASE DECISIONS 

- INFLUENCING FACTORS 

(OUTER IS LIMITING) 

Government / Public Opinion 

Most Preferred 

Most Preferred 

Turboprop/Piston 

Fixed Wing 

(Such as King Air Series) 

Large Jet 

(Such as G650, 

Falcon 8X) 

Inconvenient 

to Use 

No Interesting 

Aircraft 

Small Jet 

(Such as Citation Series, 

Hawker Series) 

Midsize Jet 

(Such as G200 & 

CL650) 

Piston Helicopter 

(Such as Robinson R22) 

Single Turbine Helicopter 

(Such as Bell 206) 

No Need 

Greater China 

Central Asia 

Price 

Oceania 

SE & NE Asia 


GULFSTREAM G700: 

BUSINESS AVIATION’S NEW FLAGSHIP 

Introduced in October 2019, the all-new Gulfstream G700 powered into business aviation as the industry’s 

new flagship. The newest aircraft from Gulfstream captures this leadership role with the most spacious cabin, the 

longest range at the highest speeds and the most advanced technology, all optimized by Gulfstream to deliver 

an unparalleled travel experience. 

The G700 harnesses Gulfstream-developed technology both for 

pilots and passengers. The aircraft features the award-winning 

Symmetry Flight Deck and other new safety advancements. Along 

with active-control sidesticks and the industry’s most extensive use 

of touch-screen technology, the flight deck also comes standard 

with another Gulfstream award-winner, the Predictive Landing 

Performance System. This system gives pilots advanced warning 

of potential runway excursions so they can adjust approaches or go 

around. All these technologies greatly improve situational awareness 

and pilot communication, so they stay alert and focused on flying. 

The largest aircraft in the Gulfstream family, the G700 offers an 

outstanding range of 6,400 nautical miles/11,853 kilometers at its 

high-speed cruise of Mach 0.90 and 7,500 nm/13,890km at its longrange 

cruise speed of Mach 0.85. The ability to fly at faster speeds 

(Mach 0.90 versus Mach 0.80) gives customers more time, lower 

annual expenses for maintenance, parts and services, and shorter 

crew days for safer operations. 

All-new, high-thrust Rolls-Royce Pearl 700 engines power the G700 

and, along with newly designed Gulfstream winglets, ensure the 

aircraft achieves high performance capabilities with its larger cabin. 

The aircraft offers excellent takeoff and landing performance and 

can operate easily at weight-restricted, short-runway and highaltitude 

airports. 


AIRCRAFT SPOTLIGHT: GULFSTREAM G700 

In the cabin, the tallest, widest and longest in the industry, 

passengers can extend their ground-based lifestyle to the air in up 

to five living areas. 

The aircraft’s extra-large ultra-galley features a 10-foot/3.048-meter 

countertop, yet another industry best, and a passenger lounge or 

crew compartment. Gourmet meals can be catered with ease in the 

G700 kitchen, and chefs will enjoy the extra-large refrigerator and 

optimized storage. After holding a productive meeting, passengers 

can enjoy that gourmet meal at a six-place dining area with fullydeployable 

table. 

The options throughout the cabin are limitless – settle into club 

seating for intimate conversation or become immersed in the 

entertainment zone, where the aircraft’s new speakerless system is 

embedded in the wall panels, giving new meaning to surround sound. 

Those who plan to leverage the ultra long-range capability of the 

G700 will appreciate the master suite with bath, to get restful sleep. 

They’ll also have the same amenities they are accustomed to at 

home, including a shower. 

The technology on the G700 also boosts wellness thanks to 

the most advanced circadian lighting system in aviation. The 

Gulfstream-developed technology dynamically recreates sunrise and 

sunset through thousands of white and amber LEDs, gently coaxing 

passengers into their new time zone and greatly reducing the 

physical impact of traveling around the world in one stop. Combined 

with 20 Gulfstream panoramic oval windows, the industry’s lowest 

cabin altitude, 100 percent fresh air and whisper-quiet sound levels, 

the G700 lighting and signature Gulfstream Cabin Experience 

practically give passengers the ability to arrive at their destination 

feeling more refreshed than when they departed. 

Gulfstream has a long history of combining design excellence with 

advanced technology, and the G700 propels this history into the 

future, doing so in the utmost safety and comfort. 

www.gulfstream.com 

“THE ABILITY TO FLY AT FASTER SPEEDS GIVES 

CUSTOMERS MORE TIME, LOWER ANNUAL EXPENSES 

FOR MAINTENANCE, PARTS AND SERVICES, AND 

SHORTER CREW DAYS FOR SAFER OPERATIONS.” 


ASIA 

10 & 11 JUNE 

THE GRAND HYATT SINGAPORE 

“Always good value for money. A nice snapshot of the regional business aviation 

environment. Great networking event with across the board insight into our industry” 

Gary Dolski, Metrojet 

“One of the best sources of expertise in the industry. A great refresher on a wide range 

of subjects. A must-attend event” 

James Hardie, Collins Aerospace 

“With its extensive worldwide network, Corporate Jet Investor has established itself as a 

top-ranked gathering of business aviation leaders and industry experts” 

Leo Knaapen, Bombardier Aviation 

Book your place by Friday 3rd April 2020 to save £200! 

Discounts available for booking multiple places. 

Ways to register: 

Online at corporatejetinvestor.com/book-now 

Email Rianne West at rianne@corporatejetinvestor.com 

Call +44 1737 844 383 / +1 800 757 8059 



ASIA-PACIFIC FLIGHT ACTIVITY 

YEAR END 2019 

WINGX is a data research and consulting company, which provides 

actionable market intelligence to the global business aviation 

industry. Our interactive web-hosted dashboards provide our 

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

market trends, keep tabs on market share, identify competitive 

threats and spot new sales opportunities. WINGX customers 

include aircraft operators, airframe, engine and avionics OEMs, 

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

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

banks, regulators, investors and private jet users. 

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

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

WINGX Data Source: ADSB and ATC 

DATA BY 


SPECIAL FEATURE: ASIA-PACIFIC FLIGHT ACTIVITY YEAR END 2019 

2019 ASIA PACIFIC BUSINESS JET FLIGHT ACTIVITY 

OVERVIEW 

INTERNATIONAL FLIGHTS VS. DOMESTIC FLIGHTS 

12,000 

10,000 

8,000 

6,000 

4,000 

5% 

11% 

-6% 

26% 

14% 

16% 

8% 

0% 

2% 

-2% 

7% 

7% 

International Flights 

42,446 (57%) 

43+57+G 

74,689 

Total Flights 

Domestic Flights 

32,243 (43%) 

2,000 

0 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

2018 Flights 2019 Flights YoY Growth Rate 

2019 BUSIEST REGIONS (DEPARTURE) 

ANNUAL FLIGHT DURATIONS 

More than 5 hours (-1%) 

Max 30 min (+26%) 

4 hours to 5 hours (+5%) 

30 min to 1 hour(+15%) 

3 hours to 4 hours (+4%) 

2 hours to 3 hours (0%) 

1 hour to 2 hours 

(+10%) 

2019 GREATER CHINA FLIGHT ACTIVITIES 

+15%, 1,379 

-5%, 756 

+5%, 3,054 

-18%, 10,008 

Large Cabin 

Midsize 

Super Light 

Super Midsize 

Light 

Ultra Long Range 

Airliner/Bizliner(Jet) 

-31%, 2,342 

DEPARTURE COUNTRY FLIGHTS YOY GROWTH RATE 


India 

Saudi Arabia 

United Arab Emirates 

Japan 

Israel 

Singapore 

Indonesia 

Malaysia 

Hong Kong (China) 

10008 

7931 

6848 

6179 

5356 

4982 

3553 

3300 

3090 

3054 

-18% 

23% 

41% 

13% 

16% 

3% 

15% 

16% 

17% 

5% 


Taiwan, China 

Macau, China 

Hong Kong, China 

* Data Source: WINGX 

+11%, 68 

+474%, 195 

-18%, 367 

+43%, 30 

-14%, 6,991 

-73%, 8 

* Entry Level Jet: 0%, 7 

The total number of flights departing from the Asia-Pacific region in 

2019 was 74,689, increasing 7% from December 2018. 2019 witnessed 

significant growth in the short-range flight category, specifically flights 

lasting less than 30 minutes — which increased 26% y-o-y. 

2019 saw a big decline in its typically top market of Mainland China, 

which fell 18% from 2018. However, overall business aviation flights 

were notably up in the Middle East and Southeast Asia. International 

flights represented a larger portion of the market in 2019, accounting 

for 57% of all business jet activity 



TOP AVIATION HUBS’ PERFORMANCES 

BEIJING 

Flights 

-13% 

239 

-6% 

-4% 

-28% 

198 191 181 

YoY% Growth Rate 

-15% 

-21% 

-5% 

-5% 

Flights: 2,631 

YoY Growth Rate: -16% 

-14% 

-36% 

-22% 

-9% 

252 

230 222 233 248 

205 

222 210 

In 2019, there were a total of 15,197 business jet departures in Greater 

China, down 11% compared to 2018. Flights within Mainland China 

dropped significantly by 35%, however, arrivals to Southeast Asia 

increased. The key transport hubs in Mainland China, Beijing and 

Shanghai both saw a big drop in activity this year, greatly attributed to 

the weak economic pace and the US-China trade conflict. 

As for Taiwan, activities grew by 15% making up a total of 1,375 flights, 

evidently in the charter market. 

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

SHANGHAI 

Flights 

-12% 

0% 

-11% 

-33% 186 

136 137 138 153 


-13% 

-3% 

156 


YoY Growth Rate: -11% 


-19% 

136 

-24% 

136 

-2% -5% 

191 

-18% 

203 

112 

29% 

160 

In 2019, there were 3,054 business jet departures from Hong Kong. 

There was a significant increase in April, however just over 4.6% growth 

in y-o-y flights, while month-over-month activities fluctuated greatly. 

Tokyo-based departures to Greater China, South Korea and Southeast 

Asia were up, while arrivals into North America from Tokyo dropped by 

13%. Domestic flights within Japan played a dominant role in Tokyo’s 

business aviation activity, up by 21% in 2019. 

Singapore had a strong showing in 2019, with business jet activity at 

the Seletar Airport up 16%, with strong gains in flights within Southeast 

Asia, and arrivals into Greater China, Middle East. 

1 

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

HONG KONG 

TOKYO 


Flights YoY% Growth Rate 

YoY Growth Rate: +4.6% 

Flights YoY% Growth Rate 

42% 

40% 

37% 

24% 

23% 

30% 

16% 

4% 

4% 6% 

16% 

-3% 

0% 

6% 

2% 

2% 

-5% 

-12% 

-12% 

223 

294 

286 

259 

234 254 

221 

249 249 265 264 278 

199 

165 170 

169 

158 

201 

154 

36% 


YoY Growth Rate: +17% 

7% 

-7% 

203 

183 197 

25% 

268 

10% 

233 



SINGAPORE 

Flights 

43% 

61% 



YoY Growth Rate: +16% 

14% 

20% 

12% 

20% 

18% 

10% 

9% 

8% 

1% 

-12% 

290 304 

332 

278 273 

245 

252 

354 

315 328 

319 

263 




2019 ASIA PACIFIC BUSINESS JET FLIGHT ACTIVITIES 

TOTAL FLIGHT ACTIVITIES BY SIZE CATEGORY 

+6%, 32,830 -22%, 46 

+23%, 5,038 

+5%, 4,996 

+9%, 22,790 

+5%, 889 

+30%, 1,810 

-14%, 2,187 +1%, 4,184 

Ultra Long Range 

Large Cabin 

Midsize Jet 

Super Midsize Jet 

Light Jet 

Airliner / Bizliner (Jet) 

Super Light Jet 

Very Light Jet 

Entry Level Jet 

TOP OEM PERFORMANCE COMPARISON YOY% 

4% 5% 

24,886 22,859 

7,898 6,923 5,890 

Gulfstream 

Bombardier 

19% 

Dassault 

8% 11% 

Embraer 

Cessna 

16% 

2,301 2,042 788 623 342 

Hawker 

Beechcraft 

24% 26% 

Learjet 

-22% 

Beoing 

1% 

Airbus 

Israel 

Aerospace 

Industries 

Flights 

YoY Growth Rate 

Activity in the ultra-long-range and large cabin categories account for 

74% of the regional business jet movements. However, in 2019, the midsize 

and super light-size categories had strong growth, up 23% and 30%, 

respectively. 

In terms of business jet activities by OEM: Boeing aircraft flew 22% less 

in 2019, while Gulfstream and Bombardier jet activity rose at a steady 

pace — around 4.5%. Likewise, Dassault, Embraer, Cessna, and Hawker 

showed strong growth. 

2019 TOP 10 CITY PAIRINGS 

800 

735 

700 

707 

600 

596 594 

564 

500 

400 

380 

300 

200 

100 

0 

Dept. - Arrival 

Jeddah - Riyadh 

Riyadh - Jeddah 

Beersheba - Beersheba 

Singapore - Jakarta 

Jakarta - Singapore 

Mumbal - New Delhi 

342 341 340 331 

Hong Kong - Hong Kong 

Beijing - Hong Kong 

Hong Kong - Beijing 

New Delhi - Mumbal 

The most popular regional flight pairing in 2019 was Saudi Arabia’s King 

Abdulaziz International Airport to Saudi Arabia’s King Khaled International 

Airport. Tel Aviv was the top destination for business jet activity in 2019, 

with 3,939 flights departures, along with 366 aircraft arriving in Israel. 

TOP 10 CITIES 

4500 

4000 

3939 

3500 

3000 

2500 

2000 

1500 

1000 

500 

0 

Tel Aviv 

3356 

Singapore 

3207 

Riyadh 

3054 

Hong Kong 

2631 

Beijing 

2322 2205 

Tokyo 

Jebel Ali 

2035 

Jeddah 

1916 1844 

Mumbal 

Shanghai 

* Data Source: WINGX 


SETTING THE RECORD STRAIGHT 

TOP FIVE MYTHS ABOUT OPERATING LEASES 

BY GLOBAL JET CAPITAL 

There are more options today for accessing a business aircraft than ever before: from charter, to fractional 

ownership, to operating leases, to traditional financing. When dealing with large, highly-regulated assets that 

could cost tens of millions—or more—to own, weighing the options to find what makes sense for your specific 

requirements can be difficult. To make navigating the sometimes-complex landscape of business aviation a little 

easier, we’re going to clear up five common myths around operating leases—and explain some of the advantages of 

this frequently misunderstood financing option: 

1) Operating leases are too restrictive—it’s 

better to own. 

Unlike fractional ownership agreements, operating leases let 

you have your aircraft for the duration of the lease, which means 

consistently using your crew, being able to leave your personal 

effects on board, and enjoying the experience of ownership 

while putting your capital to better use. Some restrictions on 

customization that could potentially impact residual value and 

other usual lease terms apply, but limitations fall within normal 

patterns of ownership. With the right lessor, you can expect 

contract terms that are flexible and fit your unique needs, which 

make the experience of having an operating lease feel anything 

but restrictive. 

to find a buyer, to paying the costs of maintenance, insurance, 

and storage in the meantime, you may be looking at millions lost 

in the process. 

2) You’re stuck in a contract with an operating 

lease, which makes it inconvenient when 

your business changes. 

It’s true that operating leases are contractual, while owning a 

business aircraft outright is not. There’s no reason, however, why the 

terms of an operating lease have to be rigid or unable to adapt to 

Not only that, an operating lease with a predictable term makes 

disposition as simple as turning the aircraft back over to the 

lessor at end of lease—no additional planning or contingencies 

needed. Compare that to attempting to sell an aircraft when it’s 

time to upgrade or make changes to your operations. From hiring 

a broker, to waiting for months (or even years, in extreme cases) 


COMMENTARY: GLOBAL JET CAPITAL 

changing business conditions. Contracts can be created that adjust 

easily to a changing mission—including allowing for moves to larger 

or smaller aircraft, the option to extend, or the option to prematurely 

end the lease altogether. With the right financing partner, you can 

expect a flexible, custom-tailored contract that feels right. 

In fact, ownership may have risks and limitations that exceed the 

limitations of a contractual obligation in an operating lease. If a 

major uptick in your international markets means that your newly 

purchased mid-range aircraft is no longer up to the task of supporting 

your business goals, you bear the risk of waiting a long time to sell 

with capital tied up in an asset that doesn’t suit your needs. When 

you’re finally able to sell and need to purchase a new business aircraft 

with a longer range, you’re looking at a potentially lengthy process to 

secure traditional financing from a lender, coupled with a much larger 

capital outlay than the refundable security deposit for a lease. 

3) Operating leases make sense in bad resale 

markets or when interest rates are high, but 

not when resale value is strong or when 

interest rates are low. 

Even if there is a strong resale market or low interest rates when 

you choose to purchase an aircraft, consider the risk that you’re 

taking on with the large outlay of an aircraft purchase. Traditional 

financing typically requires large down payments and due to 

volatile geo-political situations, emerging technology, and the 

natural realities of market fluctuation, there’s no guarantee that a 

strong resale market for your aircraft will be there when you choose 

to sell. That low interest rate environment may be gone, which 

won’t help entice buyers to purchase your pre-owned aircraft. In 

the meantime, you may have paid more for a depreciating asset. 

Operating leases eliminate residual value risk and provide 

predicable costs for the duration of the lease. Budgeting stays 

precise, liquidity stays high, and the future becomes clearer. The 

resale market doesn’t come with any guarantees—an operating 

lease contract does. 

4) Operating leases are only for certain kinds of 

aircraft. You can’t just get whatever you want. 

Whether you have your eye on a new or pre-owned aircraft, or if the 

pre-owned aircraft you’re interested in is a little older than what you 

would typically expect for a leasing arrangement, there are very few 

limitations to what can be obtained with an operating lease today. 

Specialists in business aviation financing like Global Jet Capital look to 

spread risk across a large portfolio, encompassing aircraft from every 

major manufacturer, every global market, and a variety of age ranges. 

5)You can only achieve privacy by purchasing 

an aircraft, not leasing. 

If privacy is important to you, a leased aircraft may actually provide 

an additional layer of anonymity. An operating lease reduces visibility 

to an aircraft’s end user, as the public records of the FAA identify the 

lessor as the owner of the aircraft, giving you greater privacy. 

Interested in learning more about the 

flexible financing options available 

for obtaining a business aircraft? 

Global Jet Capital’s financial products 

are designed to help you optimize 

your private aviation experience 

across the lifetime of the asset— 

from acquisition to disposition and 

upgrade. Whether freeing up capital 

or enjoying the flexibility to transition 

between aircraft, we work tirelessly 

to understand your needs and provide 

straightforward and highly responsive 

solutions. 

Visit www.globaljetcapital.com to 

learn more. 


GOING GREEN: 

PROTECTING THE FUTURE OF 

BUSINESS AVIATION 

IN THIS ARTICLE, BUSINESS AVIATION EXPERTS, HFW HONG KONG PARTNER GORDON 

GARDINER AND SINGAPORE SENIOR ASSOCIATE JAMES JORDAN, PROVIDE AN 

OVERVIEW OF THE CURRENT INDUSTRY INITIATIVES RELATING TO SUSTAINABILITY 

AS WELL AS THE DEVELOPING REGULATORY ENVIRONMENT, BEFORE CONSIDERING 

THE TECHNOLOGICAL SOLUTIONS WHICH MAY PROVIDE THE ANSWERS TO THE 

INDUSTRY’S PERCEIVED PROBLEMS. 

Business aviation accounts for 0.04% of global CO2 emissions . This 

compares to 2% from the airline industry , with industries such as 

fashion and construction contributing a staggering 10% and 39% 

respectively. 

Notwithstanding its position as a modest contributor, business 

aviation attracts a disproportionate amount of public attention due 

to its high-profile clientele. Many allege these individuals should be 

doing more to set a positive environmental example, with the British 

Royalty becoming the latest high-profile targets of flygskam, or ‘flightshaming’. 

This scrutiny has prompted sustained and repeated calls for 

the sector to limit or reduce its carbon emissions. 

The solution to an image crisis is not, however, to divert attention to 

the actions of others, but instead to demonstrate and publicise the 

already significant strides made by the business aviation community 

in its mission to become sustainable, in the face of the escalating 

threat of irreversible climate change. Indeed, the current media focus 

provides an opportunity to convey business aviation’s message while 

people are listening. 

GLOBAL REGULATORY DEVELOPMENTS 

The introduction of ICAO’s Carbon Offsetting Reduction Scheme for 

International Aviation (CORSIA) is the most significant initiative applying 

to the broader aviation sector. From this year onwards, CORSIA aims 

to mitigate CO2 emissions from the global aviation industry, whilst still 

allowing for growth through a combination of reducing emissions and 

carbon offsetting. 

While CORSIA does not specifically exclude business aviation, operators 

that produce less than 10,000 metric-tons of CO2 in international flights 

annually (domestic flights are not covered) are exempt from the scheme, 

as are aircraft with a maximum take-off weight of less than 5,700 kg. 

The reality is that the majority of business aviation operators will be 

unaffected, with only operators of fleets of larger jets being caught by 

CORSIA. 

CORSIA will, however, bring the issue of emissions reduction and carbon 

offsetting to the forefront of the public dialogue on the impact of aviation 

on the environment. 


COMMENTARY: PROTECTING THE FUTURE OF BUSINESS AVIATION 

INDUSTRY INITIATIVES 

Business aviation has been at the forefront of 

developments relating to decarbonisation within the 

broader aviation sector. 

Figures from the European Business Aviation Association 

suggest that business aviation has already improved its 

carbon footprint by 40% over the last 40 years . This is 

an impressive achievement in an era where almost every 

other industry has significantly increased its carbon 

footprint. 

To establish clear goals for the industry, the Business 

Aviation Commitment on Climate Change (BACCC) was 

created in 2009 by the International Business Aviation 

Council (IBAC) and General Aviation Manufacturers 

Association (GAMA). 

The BACCC supports the International Civil Aviation 

Organization’s (ICAO) Programme of Action on 

International Aviation and Climate Change, and 

established the following three clear goals: 

1. Improving fuel efficiency by 2% per year from 2010 

until 2020 

2. Achieving carbon-neutral growth from 2020 

3. Reducing CO2 emissions by 50% by 2050 relative 

to 2005 

Significant improvements have been made in relation to 

fuel efficiency but it remains to be seen whether carbonneutral 

growth can be achieved from this year onwards. 

The business aviation community is, however, well placed 

to build on its efforts to date. 

A CROWDED REGULATORY ENVIRONMENT 

The regulatory environment is becoming increasingly crowded with 

CORSIA adding to the well-established carbon reduction scheme of the 

European Union, the EU Emissions Trading Scheme (“ETS”). 

Unlike CORSIA, which requires carbon emissions above a baseline to 

be offset, the EU ETS sets an overall cap on the level of emissions but, 

within that cap, permits allowances to be bought and sold as required. 

The EU scheme may apply to business aviation operators, although 

there are a raft of potentially applicable exemptions. 

No decision has yet been reached on whether EU ETS will continue after 

CORSIA comes into full effect next year and, if so, how the two schemes 

will interact. In addition, despite some countries talking about imposing 

their own carbon pricing or ticket tax to address emissions on top of 

CORSIA, national regulators should act with caution before introducing 

further regulations so as to avoid creating a patchwork of competing 

requirements. 

TECHNOLOGICAL ADVANCEMENTS 

Aircraft and engine manufacturers have brought to market new products 

incorporating lighter materials and fuel-saving designs. In particular, 

the advancements in composite materials over the past decade has 

resulted in significant fuel savings. The speed of such advancements is 

only set to increase, and it is anticipated that a business aircraft built in 

2050 will be 45% more fuel efficient than one built in 2005. 

SUSTAINABLE ALTERNATIVE FUELS 

Sustainable Alternative Fuel (SAF) offers the greatest opportunity to 

significantly lower carbon emissions from aviation. 

SAF is typically derived from renewable feed stocks as well as other 

sustainable sources (ranging from cooking oil, plant oils, municipal solid 

waste, waste gases, sugars, purpose-grown biomass, and agricultural 

residues) blended with up to 50% traditional Jet-A fuel. As numerous 

flights have now shown, including new aircraft delivery flights and 


COMMENTARY: PROTECTING THE FUTURE OF BUSINESS AVIATION 

SAF-fuelled aircraft arrivals at EBACE and NBAA-BACE, the clear 

message is that SAF is safe, can simply be ‘dropped-in’ to aircraft, and 

does not affect aircraft performance. 

Weaning the aviation industry off pure fossil fuels, which are subject 

to increasingly volatile price fluctuations resulting from geo-political 

struggles, will allow the industry to better predict its operating costs 

leading to a more stable business model. Business aviation operators 

should, therefore, have a vested interest in supporting the nascent SAF 

industry. 

Although the supply of SAF is still limited and is more expensive than 

traditional jet fuel, greater adoption by both business and commercial 

aviation will create economies of scale which will inevitably lead to price 

reductions. This will however require support from governments and 

other policy leaders to incentivise the use of SAF. 

ABOUT THE AUTHORS 

HFW HONG KONG PARTNER GORDON GARDINER 

AND SINGAPORE SENIOR ASSOCIATE JAMES JORDAN 

ARE TRUSTED LEGAL ADVISERS TO THE BUSINESS 

AVIATION COMMUNITY. THEY REGULARLY ADVISE ON 

A DIVERSE RANGE OF BUSINESS AVIATION MATTERS 

AND ARE PART OF A GLOBAL TEAM THAT PROVIDES 

CLIENTS WITH SOLUTIONS ACROSS THE BROAD 

SPECTRUM OF FINANCING & LEASING, COMMERCIAL 

CONTRACTS, REGULATORY ISSUES, AND DISPUTES. 

ELECTRIFICATION…SOLUTION OR PROBLEM? 

The gradual introduction of hybrid-electric propulsion systems, and 

eventually all-electric engines, is the aviation industry’s ultimate solution 

for combating emissions. 

GORDON GARDINER 

Partner, Hong Kong 

D +852 3983 7710 

E gordon.gardiner@hfw.com 

While business aviation (more so than civil aviation) lends itself to 

electrification due to the smaller aircraft types, it is important to consider 

how the electricity is generated. The merits of electrification will be 

significantly diminished if the power for charging batteries is sourced 

from low-efficiency coal-fired power stations. 

JAMES JORDAN 

Senior Associate, Singapore 

D +65 6411 5374 

M +65 8123 3558 

E james.jordan@hfw.com 

Hybrid-electrification for aviation is anticipated as being 10 years away, 

with full-electrification 20 years or more away from fruition. It is hoped 

that during this period, governments with a high fossil fuel reliance will 

move their power generation towards renewable sources. 

A GREEN FUTURE FOR BUSINESS AVIATION 

Business aviation has long been at the forefront of technological 

innovation, including technologies which have improved fuel efficiency 

and reduced environmental impact. Much has already been done to 

ensure that the industry confronts the challenges of carbon emissions 

and sustainability. It should not, however, rest on its laurels as there is 

still more that can and should be done. 

A proactive rather than a defensive stance should be adopted so as 

to accurately manage the public perception that business aviation is 

a significant contributor to global emissions. Continuing to support 

sustainability is not, therefore, simply a moral or ethical obligation – it 

is necessary to protect the reputation and profitability of the future of 

business aviation. 

HFW has more than 600 lawyers working across Asia Pacific, 

the Americas, Europe and the Middle East. HFW is committed 

to Asia Pacific, with seven offices and three associations across 

the region. 

HFW has been at the forefront of legal developments in the 

aerospace sector for more than four decades. With more than 

80 specialist aviation lawyers in ten international hubs, HFW 

provides at the point of delivery the resources of a global team. 

HFW prides itself in knowing clients’ business needs and delivers 

solutions 24 hours a day. 

Recent examples of HFW’s business aviation work include 

advising on: 

• Sale and purchase agreements for both new and used business jets 

• Acquisition and financing or refinancing by lease or loan of numerous 

business jets 

• Terms and conditions of use for an Asian FBO 

• Commercial contracts relating to the services provided by an Asian MRO 

facility 

• Various commercial disputes in relation to aircraft acquisition and 

aircraft management 

• Insured claims arising out of business jet and general aviation incidents 

and major accidents 

hfw.com 

www.dassaultfalcon.com 


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business aircraft – 

\ Or, you could let us. 

To a traditional bank, aircraft financing is generally an exotic side business. To us, it’s our only business. We understand the importance 

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Miami \ Hong Kong \ Zurich \ New York 


PRE-OWNED MARKET ANALYSIS 



PRE-OWNED MARKET ANALYSIS: GULFSTREAM G450 

INTRODUCTION 

Complete with a long-range and large-cabin, the Gulfstream G450 is 

an upgrade from the popular GIV-SP/G400 model. Since it first entered 

production in 2004, the business jet has become one of the company’s 

most dependable aircraft. In 2016, the US-based aircraft manufacturer 

announced the final G450 would be scheduled for delivery to a customer 

in early 2018. The announcement came one year prior to the first G500 

entered service. 

Flying at a long-range cruise speed of Mach 0.80 and a max speed 

of Mach 0.85 with eight passengers, the G450 reaches a range of 

4,350-nautical-miles connecting London to Seattle on just one tank of 

fuel. Powered by Rolls-Royce Tay MK 611-8C engines, the aircraft can 

climb up to 41,000 feet in twenty-three minutes and offer 13,850 pounds 

of thrust. The G450 also meets both Federal Aviation Regulations (FAR) 

Part 36 noise standards and Special Federal Aviation Regulations 

(SFAR) Part 27 emissions limits, leaving oil consumption and vibrations 

low. The advanced sound suppression technology continues to be a 

main selling point for the G450. 

MODEL COMPARISON 

MODEL POSITIONING 

MAX RANGE (N.M.) 

6K 

5K 

4K 

Total Variable Cost/Hour (USD) 

5,500 8,000 

CL650, CL605 & 

CL604 

Falcon 900EX Easy 

Falcon 900EX 

G450 

3K 

1,000 1,200 1,400 1,600 1,800 2,000 2,200 

CABIN VOLUME (CU.FT) 

Gulfstream New G500 

Global 5000 / 5500 

G450 

GLOBAL 

5000 / 5500 

CHALLENGER 

604 

CHALLENGER 

605 

CHALLENGER 

650 

FALCON 

900EX 

FALCON 

900EX EASY 

GULFSTREAM 

NEW G500 

MARKET AVAILABILITY 

YEAR PRODUCED 

MANUFACTURER 

FLEET IN 

OPERATION 

FLEET FOR SALE 

2005-2016 

GULFSTREAM 

2015 - PRESENT 

BOMBARDIER 

1996 -2007 

BOMBARDIER 

2007 - 2015 

BOMBARDIER 


BOMBARDIER 

1995 - 2003 

DASSULT 

2003 - 2010 

DASSULT 


GULFSTREAM 

354 

234 

355 

287 

96 118 

119 

27 

18 

9 

1 30 

97 

124 

57 

2 

ENGINE TYPE 

RR-TAY 611-8C RR-BR 710-A2-20 

GE-CF34-3B 

GE-CF34-3B 

GE-CF34-3B 

MTO 

HONEYWELL 

TFE731-60 

HONEYWELL 

TFE731-60 

P&W CANADA 

PW814GA 

POWERPLANT & 

PERFORMANCES* 

ENGINE THRUST 

(LBS/SHP) 

MAXIMUM RANGE 

UP TO (NBAA IFR RES, SEAT FULL) 

MAXIMUM TAKE-OFF 

WEIGHT(LBS.) 

13,850 

4,070 

74,600 

14,750 

5200 

92,500 

8,729 

3,756 

48,200 

8,729 

3,756 

48,200 

9,220 

3,756 

48,200 

5,000 

4,500 

48,300 

5,000 15,144 

4,500 5,135 

49,000 79,600 

NORMAL CRUISE TAS 

(KN) 

459 

470 

459 

459 

424 

420 

430 488 

COST CABIN DIMENSIONS DIMENSIONS 

LENGTH (FT.) 

HEIGHT (FT.) 

WING SPAN (FT.) 

CABIN WIDTH (FT.) 

CABIN HEIGHT (FT.) 

CABIN LENGTH (FT.) 

CABIN VOLUME (CU.FT.) 

TOTAL VARIABLE 

COST/HOUR 

PRICE NEW 

(USD,000) 

89.30 

25.20 

77.80 

7.30 

6.20 

45.10 

1,658 

6,902 

43,150 

96.80 

25.50 

94.00 

8.17 

6.25 

42.47 

1,889 

7,829 

50,441 

68.40 

20.70 

64.30 

8.17 

6.08 

28.40 

1,146 

5,818 

26,800 

68.40 

20.70 

64.30 

8.17 

6.08 

28.40 

1,146 

5,532 

21,000 

68.40 

20.70 

64.30 

8.17 

6.08 

28.40 

1,146 

5,508 

32,350 

66.30 

24.80 

63.40 

7.70 

6.20 

33.20 

1,270 

6,329 

38,650 

66.30 91.20 

24.80 25.50 

63.40 86.30 

7.70 7.90 

6.20 6.30 

33.20 47.58 

1,270 1,715 

6,147 6,952 

41,350 45,500 

Data Source: OEM & Conklin & de Decker 



With the main cabin approximately 45 feet one inch in length and 6 feet 

two inches in height, the G450 accommodates up to 16, with typical 

configurations suitable for 14. The main cabin’s standard setup includes 

three living areas, as well as a forward and aft lavatory and a full galley, 

making the aircraft spacious and comfortable. The cabin is decked out 

with LED lighting, 12 panoramic and heated windows to avoid fogging, 

a quieter environmental control system and a two- to three-zone digital 

temperature control system, depending on configuration. Like other 

Gulfstream jets, the G450 features 100% fresh air system, with a 

pressurized cabin altitude varying between 5,000 and 6,000 feet. 

four large displays arranged across the cockpit, the system offers an 

Enhanced Vision System and a Visual Guidance System with a Head-up 

Display as an option. 

Competitors of the G450 include Bombardier’s Global 5000, the 

Dassault Falcon 900DX/LX and the Legacy 650. The larger and heavier 

Global 5000 has a few inches of more cabin space, in width, and can 

travel at a maximum range of 5,200nm. The lighter Falcon 900DX can 

travel 4,1000nm (with full seats), which the LX can travel 4,800nm (with 

full seats) and a maximum cruising speed of Mach 0.84. 

The G450 cockpit utilizes Gulfstream’s PlaneView avionics system, 

based on Honeywell’s Primus Epic integrated avionics system. With 

OPERATING FLEET & AGE DISTRIBUTION 

Currently, there are over 350 G450 aircraft operating around the world. 

Production stopped on this model in 2017, meaning the youngest G450 

is now three years old. The market is concentrated, however, with eight 

countries operating 84% of the total G450 fleet. Among those countries 

are the US, China, Saudi Arabia, Mexico, and Brazil. 

over 10 years old. Asia, on the other hand, is home to a much younger 

fleet — most of which are within 10 years old. The Greater China market 

has the second largest fleet next to the US, with almost half of its aircraft 

based in Hong Kong, making Hong Kong the top departure and arrival 

destinations for G450 operations in Asia Pacific. 

The Northern America market, specifically the US market which has the 

largest G450 fleet, is relatively older with the majority of these aircraft 

FLEET DISTRIBUTION - TOP COUNTRIES 

Country/Regions 

Fleet in Operation 

FLEET DISTRIBUTION BY REGIONS 

Regions 

Fleet in Operation % 

United States 

Greater China 

Saudi Arabia 

Mexico 

Brazil 

Turkey 

England 

San Marino 

212 

39 

14 

12 

6 

6 

5 

5 

Northern America 

Asia 

Latin Amer. & Carib 

Middle East 

Western Europe 

Eastern Europe 

Northern Africa 

Sub-Saharan Africa 

214 

51 

29 

25 

23 

8 

2 

2 

60% 

14% 

8% 

7% 

6% 

2% 

1% 

1% 

Total 

299 

Total 

354 100% 

% of total fleet 

84% 

AGE DISTRIBUTION BY OPERATING REGIONS 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2003 

2004 

2005 

2006 

2007 

2008 

2009 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

2017 

Sub-Saharan Africa Northern Africa Eastern Europe Western Europe Middle East Latin Amer. & Carib Asia Northern America 

Data Source: Amstat & Asian Sky Group 



G450 OPERATIONS IN ASIA PACIFIC 

max. 30 min (6%) 

1.5h to 2.0h (15%) 

more than 4h (19%) 

Data Source: WingX 

35+25+19+15+6+G 

G450 UTILIZATION - FLIGHT DURATION BEHAVIORS 

2.0h to 4.0h (35%) 

30 min to 1.5h (25%) 

The G450 fleet in Asia Pacific is often used for flight missions within 

a four-hour range, which reflects the use of this aircraft for domestic 

flights or those within the region. 

As for the top destinations, Hong Kong, Manila, Beijing, Shenzhen, 

Jakarta and Singapore have become the top cities for both arrivals and 

departures. 

Despite the fact that the G450 is capable of intercontinental flights, only 

19% of flight missions actually need this in Asia Pacific. This once again 

shows the regional preferences for large-cabin business jets. 

FLEET DISTRIBUTION BY REGIONS 

Departure Airport 

VHHH-Chek Lap Kok International Airport 

RPLL-Ninoy Aquino International Airport 

ZBAA-Beijing Capital International Airport 

ZGSZ-Shenzhen Bao’an International Airport 

WIHH-Halim Perdanakusuma International Airport 

WSSL-Seletar Airport 

ZSSS-Shanghai Hongqiao International Airport 

RJTT-Tokyo International Airport 

VMMC-Macau International Airport 

RCSS-Taipei Songshan Airport 

Arrival Airport 

VHHH-Chek Lap Kok International Airport 

RPLL-Ninoy Aquino International Airport 

ZBAA-Beijing Capital International Airport 

ZGSZ-Shenzhen Bao’an International Airport 

ZSSS-Shanghai Hongqiao International Airport 

WSSL-Seletar Airport 

WIHH-Halim Perdanakusuma International Airport 

VMMC-Macau International Airport 

RJTT-Tokyo International Airport 

RCSS-Taipei Songshan Airport 

Data Source: WingX 

Departures 

196 

195 

176 

148 

110 

103 

91 

77 

71 

65 

Arrivals 

213 

203 

174 

152 

107 

100 

95 

76 

75 

62 

PRE-OWNED MARKET SNAPSHOT 

In 2019, we saw a considerable number of G450s placed on market for 

sale. As of December 2019, the market has ample supply of the pre-owned 

G450, with 26 aircraft listed for sale, representing 7% of the total fleet. 

Asking prices have decreased as the depreciation from an aging fleet and 

market supply continued to increase. Currently the average asking price 

is around US$13-14M, minus around US$2M compared with the same 

time last year. And it ranges from around US$10M for a 2006 model to a 

US$17M for a 2015 model. 

PRE-OWNED G450 ASKING PRICE POSITIONING 

Asking Price (M USD) 

$19 

$18 

$17 

$16 

$15 

$14 

$13 

$12 

$11 

$10 

$9 

2010 - 2604h 

Age-Time Score 

Fleet with Asking Prices 

Price Est. for Make Offers 

Asking Price Estimation 

2015 - 1070h 

2014 - 865h 

2014 - 953h 

2013 - 684h 

2013 - 2693h 

2013 - 1009h 

2012 - 1,775h 

2011 - 2396h 

2013 - 1928h 

2012 - 3730h 

2012 - 1827h 

2009 - 2646h 2010 - 4354h 

2013 - 2627h 

2008 - 3645h 

2010 - 2509h 

2008 - 4731h 

2011 - 1800h 

2010 - 3270h 

2008 - 4323h 

2008 - 2092h 

2006 - 3888h 

2010 - 3428h 

2004 - 2937h 

2010 - 1911h 

2008 - 3330h 

2010 - 2911h 

2007 - 4904h 

2006 - 4537h 

The average days on market is around 300 days. Since 2015, the days 

on market has been slowly increasing, from around 200 days. 

The transaction activities have slowed down compared with 2019 Q3 

and 2018 Q4, which is unusual given the fact that year end times are 

usually a peak period for G450 to close transactions. 

G450 % FOR SALE 7.43% 

METRIC 

ASKING PRICE 

DOM 

YEAR 

TTAF 

LANDINGS 

FOR SALE MARKET 

MIN., AVG. / MED., MAX 

$9.5M $14.3M 

28 

122 

2,004 

306 

177 

$13.5M $22M 

293 

2,636 

1,308 

1,316 

2,010 

2,010 

2,703 

1,714 

2,015 

4,888 

2,748 

Data Source: Asian Sky Group 

Data Source: Amstat 



AIRCRAFT FOR SALE, TRANSACTIONS AND AVERAGE DAYS ON MARKET 

Days on Market 

Aircraft For Sale 

400 

300 

200 

No. of AC Sold 

Days on Market 

# of AC for Sale & Sold 

Millions 

100 

1 1 

2 3 

2 2 

2 1 1 1 1 1 1 

25 26 29 29 29 30 28 29 28 32 38 36 37 35 34 29 30 33 29 29 32 29 31 28 25 26 22 29 32 30 33 30 26 26 24 22 22 20 20 19 18 20 20 23 24 20 20 18 18 17 22 25 22 21 23 23 23 21 28 29 

Jan-15 

May-15 

Sep-15 

Jan-16 

2 

3 3 3 3 7 

4 3 

4 2 5 

4 

1 6 5 

2 1 

1 

2 

4 

4 

2 

1 3 

2 3 2 3 5 

1 3 

1 3 4 3 4 5 4 

2 

5 5 6 1 

May-16 

Sep-16 

Jan-17 

The G450 market has been proven to be robust and active, and it has 

been playing an important role in the large cabin business jet market. 

The number of G450 aircraft for sale, as well as market inventory values 

(fleet number times asking prices), all have been on par with the global 

market trend. According to ASG’s findings, the high demand for preowned 

G450s, is one of the leading factors for the pre-owned market 

revival between 2016-2017, during which the pre-owned G450 market 

has enjoyed a significantly higher demand, thus helping the global 

market self-adjust with its inventory value quickly being consumed. 

Since 2015, transactions in the G450 market are typically closed in the 

second half of the year. This is a higher transaction level compared with 

the global market. 

Since mid 2018, more large cabin aircraft (including G450s) have been 

put on market for sale, which — along with the worldwide economic 

downturn and the US-China trade war — which all had a combined 

impact of pushing the market towards a ‘Buyers’ Market’ once again. This 

has caused market hesitation and unavoidably impacted transactions. 

Many aircraft sellers have had to reduce their original asking prices in 

order to hedge against the increasing number of aircraft available. In the 

meantime, the buying and selling price expectation between sellers 

and buyers differed significantly, causing deals to fall apart. 

AVERAGE ASKING PRICE: 

G450 VS. GLOBAL MARKET 

24 

22 

20 

18 

16 

14 

12 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

May 2016 

Data Source: Amstat & Asian Sky Group 

G450 

Global Market 

Sep 2016 

Jan 2017 

May 2017 

Sep 2017 

Jan 2018 

May 2018 

Sep 2018 

Jan 2019 

May 2019 

Sep 2019 

May-17 

Jan 2020 

M USD 

G450 Market Value 

% Level vs. Global Market Totals 

Sep-17 

700 

G450 For Sale 

G450 Sold 

Global Market 

Global Total For Sale 

% 

Global Total Sold 

% Inventory Value 

18.0% 12 

16.0% 

14.0% 

12.0% 

10.0% 

8.0% 

6.0% 

4.0% 

2.0% 

Sep-18 

0.0% 0 

Jan 2015 

Jan-18 

May 2015 

Sep 2015 

May-18 

SUMMARY 

May 2016 

Jan 2017 

Jan-19 

Jan 2018 

May-19 

Sep 2018 

Sep-19 

PRE-OWNED MARKET VALUE: G450 VS. GLOBAL 


Dec-19 

The G450 is still a very welcome pre-owned model, but market 

pessimism will likely not go away any time soon– this means we can 

foresee the G450 market inventory continue to increase with its prices 

continuing to reduce. This is obviously good news for buyers, who can 

now pay much less now than half a year ago to get the deal done. For 

sellers, this means they have to set a reasonable price for their G450 if 

they want the aircraft to be sold quickly. 

G450 Inventory Value Global Inventory Value 

800 11 

600 9 

500 8 

400 7 

Pre-owned G450 leading 

300 pre-owned market with a higher 

6 

inventory consumption rate. 

200 5 

Jan 2015 

May 2015 

Sep 2015 

Jan 2016 

Jan 2016 

May 2016 

Sep 2016 

Sep 2016 

Jan 2017 

Pre-owned G450 consumed at 

similar speed as global market. 

May 2017 

May 2017 

Sep 2017 

Sep 2017 

Jan 2018 

May 2018 

May 2018 

Sep 2018 




SUPPLY DEMAND: G450 VS. GLOBAL MARKET 



Jan 2020 

Jan 2020 

10 

Global Market Value Trend Line 

B USD 

Global Market Value 

10 

8 

6 

4 

2 


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PRE-OWNED BUSINESS JETS MARKET - 2019 Q4 

INVENTORY VALUE (USD) 1 

$9,992M 

WORLDWIDE 

$7,388M 

ASIA PACIFIC 

$1,729M 

$911M 

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

20162017 

2018 


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

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

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

aircraft increasingly likely to find buyers. 

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

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

entirely sustainable. 

MARKET TREND 1 

WORLDWIDE 

TREND 

WORSENING 

TREND REVERSAL 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 

AIRCRAFT SOLD 1 

WORLDWIDE 

TREND REVERSAL 

73 

70 

65 

47 

58 

58 54 

50 51 52 54 

56 57 60 56 

54 

50 

52 

47 

49 

45 47 

46 

45 

42 

39 

41 

41 

38 

35 

36 34 33 

45 

92 

56 

30 


20162017 

2018 


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

2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 39 different models, multiplied by their average asking prices. 

36 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2019 

Source: AMSTAT & ASG


% OF FLEET SOLD 

1.30% 

1.25% 

1.20% 

1.15% 

1.10% 

1.05% 

1.00% 

0.95% 

0.90% 

0.85% 

0.80% 

0.75% 

0.70% 

0.65% 

0.60% 

0.55% 

0.50% 

0.45% 

0.40% 

0.35% 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

AVERAGE ASKING PRICE 

MILLION USD 

28 

26 

24 

ASIA PACIFIC 

22 

20 

18 

WORLDWIDE 

16 

14 

12 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

% OF FLEET FOR SALE 

15% 

ASIA PACIFIC 

13% 

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 

Oct 

18 

Dec 

18 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

AVERAGE DAYS ON MARKET 

550 

500 

450 

ASIA PACIFIC 

400 

350 

300 

WORLDWIDE 

250 

200 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

Source: AMSTAT & ASG 



SUPPLY / DEMAND INDICATORS 

BUSINESS JETS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

AVERAGE 

AVERAGE 

NO TRANSACTIONS 

15.8% 

4.1% 

11.1% 

AIRBUS 

ACJ318 

ACJ319 

ACJ320 

3.7% 

8.7% 

6.2% 

BOEING 

BBJ 

BBJ2 

CL300 

3.2% 

CL350 

4.7% 

CL604 

8.7% 

6.7% 

11.5% 

10.3% 

BOMBARDIER 

CL605 

CL650 

CL850 

GL Express 

9.2% 

GL XRS 

8.8% 

GL5000 

4.8% 

GL6000 

8.3% 

CIT. CJ3 

5.6% 

2.8% 

CESSNA 

CIT. CJ4 

CIT. Latitude 

4.9% 

CIT. Sovereign 


6.1% 

F2000LX 

7.6% 

F2000LXS 

2.4% 

F2000S 


5.2% 

5.7% 

16.7% 

4.2% 

8.3% 

1.4% 

41.2% 

9.3% 

7.7% 

4.4% 

EMBRAER DASSAULT 

F7X 

F8X 

F900DX 

F900EX 

F900EXe 

F900LX 

L1000 

L600 

L650 

Phenom 300 

9.9% 

G200 


6.1% 

8.2% 

7.4% 

5.7% 

4.9% 

GULFSTREAM 

G280 

G450 

G500 

G550 

G650 

4.0% 

G650ER 

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

Average AC for sale / Total sold in last 12 months 

6.3% 

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 

BOMBARDIER 

EMBRAER DASSAULT 

CESSNA 

GULFSTREAM 

ACJ318 

ACJ319 

ACJ320 

BBJ 1 

BBJ 2 

CL300 

CL350 

CL604 

CL605 

CL650 

CL850 

GL Express 

GL XRS 

GL5000 

GL6000 

CIT. CJ3 

CIT. CJ4 

CIT. Latitude 

CIT. Sovereign 

F2000LX 

F2000LXS 

F2000S 

F7X 

F8X 

F900DX 

F900EX 

F900EXe 

F900LX 

L1000 

L600 

L650 

Phenom 300 

G200 

G280 

G450 

G500 

G550 

G650 

G650ER 

The above chart provides a visual representation of the Supply / 

Demand Ratio of each aircraft model relative to the overall market, 

and is based on a ‘Marketability’ calculation for each particular model 

including the following four market indicators: 

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

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

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

find buyers available, compare to corporate airliner models. 

1. The percentage of aircraft for sale relative to its fleet size. 

2. The number of aircraft sold relative to the average number for sale. 

3. The average days for sale relative to the overall market average. 

4. The momentum of the marketplace (represented by the trend 

towards supply and demand market equilibrium portrayed earlier). 

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

including light jet models as described in the report. 




PRE-OWNED CIVIL HELICOPTERS MARKET - 2019 Q4 

INVENTORY VALUE (USD) 1 

WORLDWIDE 

$1,323M 

$1,121M 

ASIA PACIFIC 

$244M 

$168M 


20162017 

2018 


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

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

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

aircraft increasingly likely to find buyers. 

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

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

entirely sustainable. 

MARKET TREND 1 

WORLDWIDE 

MOVING TOWARDS SELLER’S MARKET 

TREND 

WORSENING 

MOVING TOWARDS BUYER’S MARKET 

TREND 

IMPROVEMENT 

AIRCRAFT SOLD 1 

WORLDWIDE 

TREND 

IMPROVEMENT 

41 45 44 47 46 45 

36 

38 

31 

28 30 

26 30 34 

25 

22 

33 

45 

40 

34 38 

46 

39 37 

35 

28 27 26 27 28 27 

24 22 

26 

16 

22 

16 


20162017 

2018 


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

2 ASG’s Inventory Value line is calculated by taking the total number of aircraft for sale from a selection of 16 different models, multiplied by their average asking prices. 




% OF FLEET SOLD 

0.60% 

0.50% 

0.40% 

0.30% 

0.20% 

0.10% 

0.00% 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

AVERAGE ASKING PRICE 

MILLION USD 

4.0 

3.5 

ASIA PACIFIC 

3.0 

2.5 

WORLDWIDE 

2.0 

1.5 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 

% OF FLEET FOR SALE 

5.5% 

5.0% 

4.5% 

WORLDWIDE 

4.0% 

3.5% 

3.0% 

2.5% 

ASIA PACIFIC 

2.0% 

1.5% 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 


700 

650 

WORLDWIDE 

600 

550 

500 

ASIA PACIFIC 

450 

400 

350 

300 

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 

Feb 

19 

Apr 

19 

Jun 

19 

Aug 

19 

Oct 

19 

Dec 

19 




SUPPLY / DEMAND INDICATORS 

CIVIL HELICOPTERS 

SUPPLY VS. DEMAND RATIO 


SUPPLY > 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

AVERAGE 

AVERAGE 

1.3% 

EC145 

3.2% 

H125 

3.4% 

1.8% 

9.4% 

6.4% 

AIRBUS HELICOPTERS 

H130 

H145 

H155 

EC135P2 

0.7% 

EC135T2 

9.5% 

EC155B 

5.2% 

BELL 206 JetRanger 

5.2% 

BELL 206 LongRanger 

3.4% 

4.1% 

6.5% 

6.0% 

5.5% 

2.5% 

19.7% 

SIKORSKY LEONARDO 

BELL HELICOPTER 

BELL 407 

BELL 412EP 

BELL 412HP 

BELL 429 

AW109SP GN 

AW139 

S76C+ 

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

Average AC for sale / Total sold in last 12 months 

4.5% 

Average 

0 100 200 300 400 500 600 700 800 

The above chart reflects where certain aircraft models are positioned in terms of supply and demand (based on a ration of completed transactions 

compared to the number of sellers, and average number of days on the market for a transaction to take place). 




MARKET POSITIONING 

CIVIL HELICOPTERS 


BUYER’S MARKET 

Balanced 

Supply & Demand 


SELLER’S MARKET 

EC145 

H125 

SIKORSKY LEONARDO BELL HELICOPTER 

AIRBUS HELICOPTERS 

H130 

H145 

H155 

EC135P2 

EC135T2 

EC155B 

BELL 206 JetRanger 

BELL 206 LongRanger 

BELL 407 

BELL412EP 

BELL412HP 

BELL 429 

AW109SP GN 

AW139 

S76C+ 

The above chart provides a visual representation of the Supply / Demand Ratio of each aircraft model relative to the overall market, resulting in a 

‘Marketability’ calculation of each particular model based on the following four market indicators: 

1. The percentage of aircraft for sale relative to its fleet size. 

2. The number of aircraft sold relative to the average number for sale. 

3. The average days for sale relative to the overall market average. 

4. The momentum of the marketplace (represented by the trend towards supply and demand market equilibrium portrayed earlier). 



OPERATIONAL TIPS: BUSINESS JETS IN JAPAN 

OPERATIONAL TIPS: 

BUSINESS JETS IN JAPAN 

UNIVERSAL WEATHER & AVIATION, INC. 

EARLY IN 2020, JAPAN ANNOUNCED INCREASED SECURITY INSPECTIONS OF LUGGAGE OF ARRIVAL/ 

DEPARTING PRIVATE JET PASSENGERS AS WELL AS AN EXPANSION FOR DOMESTIC OPERATION 

PERMITS. 

HERE’S WHAT YOU NEED TO KNOW: 

NEW MANDATORY LUGGAGE 

INSPECTIONS FOR PRIVATE JET 

PASSENGERS 

Effective Jan. 6, 2020, Japan’s Transport Ministry ordered security 

inspections of luggage of a certain size for departing private jet 

passengers at some airports. Note: There is no official document 

issued from the ministry regarding this rule at this stage. We will 

update this article when and if, an official notice is published. 

Previously, passenger luggage inspections on private jets were only 

conducted at the request of the flight crew. Large luggage over a 

certain size (as determined by duty officers) will now be inspected at 

the following airports. 

• Narita International Airport (RJAA) 

• Haneda Airport (RJTT) 

• Kansai International Airport (RJBB) 

• Chubu Centrair International Airport (RJGG) 

• Kobe Airport (RJBE) 

• Nagoya Airport (RJNA) 


OPERATIONAL TIPS: BUSINESS JETS IN JAPAN 

EXPANSION OF ALLOWANCE FOR 

DOMESTIC OPERATION PERMIT 

Effective Jan. 1, 2020, Japan announced an expansion of allowance 

for domestic ops permits. 

1. Schedule changes and permit tolerance: 

• Old rule: Permit changes were previously only allowed within 

-24 hours / +72 hours from the approved ETA and ETD 

• New rule: Changes are now allowed within -1 day / +3 days 

from the approved operation dates 

2. Allowance for flight route 

• Old rule: Flight route for domestic ops need to be followed as 

approved 

• New rule: The flight route is now changeable as long as 

the operator is using the approved airports. For example: 

Approved [KIAH-RJTT-RJBB-RJTT-KIAH] legs can be operated 

as [KIAH-RJBB-RJTT-KIAH] without permit revision 

3. Allowance for setting alternate airports 

• Old rule: Setting alternate airports was not allowed 

• New rule: Setting alternate airports is now possible “within 

reason. 

Note: Airport coordination (slots/parking/CIQ/ground handling) 

needs to be confirmed apart from domestic operation permits for 

all airports. 

2020 TOKYO SUMMER & PARALYMPIC 

GAMES REMINDER 

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

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

As of the time of publication, the Special Slot Coordination period for 

the six primary airports handling traffic for the games has ended. 

APPLYING FOR SLOTS NOW THROUGH 

JULY 

Non-scheduled flight requests for the six airports will be coordinated 

at the Japan Civial Aviation Bureau Special Coordination Office if the 

relevant airport slot is still available. The three Tokyo Metro airports 

are expected to be in very high-demand. Slot requests submitted 

before the 20th of each month are expected to be replied to by the 

end of the same month. During July through September 2020, adhoc 

coordination may take place. 

CONCLUSION 

Japan has enacted several changes in 2020 and will be starting 

mandatory inspections of private jet passenger luggage at several 

airports. Japan has also expanded the allowance for domestic ops 

permits, adding a bit more flexibility. 

Operators planning a mission to Japan in 2020, must also be mindful 

of the Summer Games and Paralympics, which will require advance 

planning if traveling to any of the six designated Games airports. 

FOR THE FULL BREAKDOWN, VISIT: 

universalweather.com/japan2020 


THE NEW FLAGSHIP 

HAS ARRIVED 

Live life to the fullest in our new flagship, the Gulfstream G700 . 

The G700 features the tallest, widest and longest cabin in the industry, plus all-new, 

high-thrust Rolls-Royce engines and the award-winning Symmetry Flight Deck . 



AIRCRAFT POSITIONING - BUSINESS JET 

AIRCRAFT ACQUISITION VS. MAX RANGE 

CORP. AIRLINER 

LONG RANGE 

LARGE 

MEDIUM 

LIGHT 

VERY LIGHT 

ACJ321 

ACJ320 

BBJ3 

BBJ2 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

ACJ319 BBJ 

G650ER 

ACJ318 

G650 

GLOBAL 6000 

G550 

LINEAGE 1000E 

F8X 

GLOBAL 5000 

F7X 

G500 

F900LX 

13 

12 

11 

10 

9 

8 

CIT. XLS+ 

LEGACY 500 

LEGACY 650 

LEGACY 600 

CIT. X+ 

CIT. SOVEREIGN+ F2000DX 

CIT. LATITUDE 

L75 

CL850 

LEGACY 450 

CIT. SOVEREIGN 

H850XP 

CIT. X 

H4000 

CL350 

CL650 

G350 

CL300 G300 

F2000 

G150 

H900XP 

CL605 

F50EX 

G200 

GLOBAL EXPRESS XRS 

F2000LXS 

G450 

F2000S 

GLOBAL EXPRESS 

G280 

F900EX EASY 

F2000LX 

G-IVSP 

G-IV F900EX 

F2000EX 

CL604 

G-V 

7 

6 

5 

4 

3 

CIT. CJ4 L70 

H800XP 

CIT. VII 

PHENOM 300 

L45XR 

L60XR 

CIT. CJ3+ CIT. XLS 

CIT. EXCEL 

L40XR 

G100 

CIT. CJ2+ CIT. CJ3 

CIT. ENCORE+ 

ASTRA SP 

CIT. M2 DIAMOND 1A 

CIT. ENCORE 

H800 CIT. ULTRA 

CIT. BRAVO 

CIT. CJ2 

NEXTANT 400XTI 

H400XP 

CIT. CJ1 

CIT. CJ1+ 

BEECHJET 400 

PREMIER 1A 

HONDAJET 

PHENOM 100E 

CIT. MUSTANG 

2 

ECLIPSE 550 

1 

500 

1,000 

1,500 

2,000 

2,500 

3,000 

3,500 

4,000 

4,500 

5,000 

5,500 

6,000 

6,500 

7,000 

7,500 

8,000 

TOTAL ANNUAL COST (MILLION USD/YEAR) 

MAX RANGE (N.M.) 

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

Source: Conklin & de Decker 2019 


MARKET SUMMARY PER MODEL — BUSINESS JETS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

ACJ318, ACJ319 & ACJ320 

MARKET SUMMARY -- JETS 

AIRBUS 

PERFORMANCE 

Max Range 

Max Speed 

Typ. Passengers 

ACJ318 

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

Mach 0.82 

19 

ACJ319 

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

Mach 0.82 

19 

ACJ320 

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

Mach 0.82 

19 

SUPPLY 

No. for Sale 

Avg Asking Price 

Avg Days on Market 

2019 Dec 2019 Sep 2019 Dec 2019 Sep 2019 Dec 2019 Sep 

3 (15.8%) 3 (15.8%) 3 (4.1%) 5 (6.8%) 2 (11.1%) 2 (11.1%) 

26.0M USD 26.0M USD 45.5M USD 46.9M USD 39.5M USD 39.5M USD 

844 753 

929 700 

488 397 

TRANSACTION 

Past 12 Months 

Past 3 Months 


1 

1 

2 

2 

0 

0 

0 

1 

0 

1 

0 

0 

Average Asking Price 

ACJ318 

Market Indicators (vs. Last Quarter) 

$39.3 

$39.3 

$51.4 

$50.6 

$45.2 

ACJ319 

ACJ320 

Average 

$46.9 

$45.5 

$39.5 $39.5 

ACJ318 

Transaction Level (Past 12 Months) 

Inventory Level 


Average Days on Market 

$37.0 

$29.3 

$39.5 $39.5 $39.5 

$30.3 $23.9 $23.7 

$25.3 $26.0 

ACJ319 



$25.0 

$25.0 


For Sale vs. Sold 


Sold 

2 

For Sale 

1 

1 

1 

1 

ACJ320 



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



Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec 

2017 2018 2019 


FEATURED AIRCRAFT 

BBJ 787-8 

TOTAL HOURS: DELIVERY HOURS 

TOTAL CYCLES: DELIVERY CYCLES 

• Interior Completed 2019 

• Brand New Aircraft with Delivery Hours & Cycles Only 

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

Non-stop 

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

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

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

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

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

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

Radar, TCAS & TAWS; Approved For GLS II Approaches 



BBJ & BBJ2 

BOEING 

PERFORMANCE 

Max Range 

Max Speed 


BBJ 

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

Mach 0.82 

19 

BBJ2 

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

Mach 0.82 

19 

SUPPLY 

No. for Sale 



2019 Dec 2019 Sep 2019 Dec 2019 Sep 

5 (3.7%) 7 (5.2%) 2 (8.7%) 2 (8.7%) 

48.0M USD 52.5M USD 90.0M USD 90.0M USD 

439 439 

313 222 

TRANSACTION 


Past 3 Months 


5 

5 

1 

1 

0 

2 

0 

0 


BBJ2 

BBJ 

Average 

$90.0 $90.0 $90.0 


BBJ 





$69.0 

$59.0 

$37.3 $37.3 


$58.0 

$40.9 

$58.0 

$43.4 

$50.0 

$53.0 

$48.0 

BBJ2 





Sold 

For Sale 

1 

1 

1 

5 

1 

3 

1 2 2 1 

1 

3 

1 

1 

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

9 

7 

7 


2017 2018 2019 



BELL HELCIOPTERS 

SIKORSKY 

BBJ2 SN42510 

TOTAL HOURS: DELIVERY HOURS 

TOTAL CYCLES: DELIVERY CYCLES 

• FAA FAR Part 91 Compliance 

• Delivered in June 2018 

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

• Six Zone Cabin Configuration 

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

altitude) 

• Thermal and Acoustic Insulation Upgrade 

• Satcom & Internet Access 

• Additional Potable Water Tank 

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



CHALLENGER 300 & 350 

PERFORMANCE 

Max Range 

Max Speed 


CL300 

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

Mach 0.82 

19 

CL350 

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

Mach 0.82 

19 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


28 (6.2%) 31 (6.8%) 10 (3.2%) 6 (2.0%) 


184 123 

98 127 


29 

4 

25 

8 

10 

1 

9 

4 

BOMBARDIER 


CL350 


$17.6 $17.4 

$16.7 $16.1 

CL300 

Average 

$15.6 

CL300 



$15.7 

$16.2 



$10.1 

$10.0 

$9.5 

$9.8 

CL350 


$7.9 


$8.4 $8.2 




Sold 

For Sale 

3 4 3 

5 

8 

1 4 4 7 

4 6 2 5 

4 7 

2 

4 

3 5 5 

2 3 

1 

2 

1 

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

35 

36 

38 


2017 2018 2019 



CHALLENGER 350 SN20649 

TOTAL HOURS: 531 SINCE NEW 

TOTAL CYCLES: 200 SINCE NEW 

• Delivery Date: December 2016 

• Fully Enrolled on Programs: Honeywell MSP, BBD Smart Parts & CAMP 

Tracking 

• FANS 1/A+ (CPDLC & ADS-C), & TCAS 7.1 

• Gogo Biz Cabin Wifi & Swift Broadband High Speed Data 

• 3C Inspection Completed: December 2019 

• Aircraft Still Under Warranty 

• Single Owner Since New 



CHALLENGER 604, 605 & 650 

PERFORMANCE 

Max Range 

Max Speed 


CL604 

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

Mach 0.82 

9 

CL605 

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

Mach 0.82 

9 

CL650 

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

Mach 0.82 

10 

BOMBARDIER 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


17 (4.7%) 18 (5.0%) 25 (8.7%) 23 (8.0%) 6 (6.7%) 5 (6.0%) 

4.6M USD 5.0M USD 11.2M USD 11.8M USD 17.5M USD 18.2M USD 

300 350 

173 186 

190 156 


34 

10 

24 

9 

25 

6 

19 

4 

3 

1 

2 

0 


CL650 

CL605 

CL604 

Average 

$18.7 $18.7 $18.7 $18.2 

$17.5 


CL604 




$10.8 

$10.7 

$12.4 $12.0 $12.1 $11.9 

$11.2 


CL605 


$5.1 

$4.8 

$5.4 $5.0 $5.1 $4.9 $4.6 


$0.0 

$0.0 




6 

Sold 

11 

4 

For Sale 

6 8 

10 

4 

10 

7 

7 9 

8 

4 

11 

1 

5 

6 1 

9 

6 

2 

5 

7 7 3 

CL650 




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

46 46 48 



2017 2018 2019 



CITATION MUSTANG SN 5100441 



• 5 Passenger Executive Configuration 

• Aircraft Enrolled on ProParts Program, Power Advantage & CESCOM 

• 2020 Avionics Compliance Ready 

• No Known Corrosion or Damage History 

• Always Hangared in Sapura Hangar, Subang 

• FAA Part 91 Maintained by Cessna Service Centre in Singapore 

• Fresh 36M Inspection at Cessna Singapore Center in December 2019 



CHALLENGER 850 



$7.2 

$8.3 

$8.6 $8.6 

$8.1 




$7.2 


$6.5 


PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.87 

18 

BOMBARDIER 

Sold 

1 

For Sale 

1 

1 

1 1 1 

2 

3 

2 

1 

1 

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

9 10 10 


2017 2018 2019 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Dec 2019 Sep 

10 (11.5%) 8 (9.3%) 

8.1M USD 7.2M USD 

451 458 


8 6 

2 3 




GLOBAL EXPRESS, 5000, XRS & 6000 

PERFORMANCE 

Max Range 

Max Speed 


GLOBAL 5000 

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

Mach 0.82 

13 


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

Mach 0.82 

13 

GLOBAL XRS 

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

Mach 0.82 

13 

GLOBAL 6000 

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

Mach 0.82 

13 

BOMBARDIER 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 

2019 Dec 2019 Sep 2019 Dec 2019 Sep 2019 Dec 2019 Sep 2019 Dec 2019 Sep 

20 (8.8%) 27 (12.0%) 15 (10.3%) 16 (11.0%) 15 (9.2%) 15 (9.3%) 15 (4.8%) 10 (3.3%) 

16.8M USD 16.8M USD 10.2M USD 9.3M USD 29.8M USD 29.8M USD 36.7M USD 32.0M USD 

271 220 

326 307 

550 391 

151 139 


16 

6 

10 

4 

17 

6 

11 

5 

12 

2 

10 

3 

12 

3 

9 

3 


GL EXPRESS 

GL6000 


$40.1 

$38.1 

GL XRS 

GL5000 

Average 

GLOBAL 5000 


$38.0 

$14.8 

3 

Sold 

9 


For Sale 

$31.0 

$19.5 

$18.2 

$20.2 

$12.6 

$7.7 $7.6 $8.4 

$27.7 

8 

3 8 7 4 5 

3 3 

5 11 

3 

$32.0 

$16.6 

$18.6 

$17.6 

$16.9 

$9.0 $8.8 $9.3 $10.2 

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

7 

1 

5 

$33.6 

$33.0 $32.0 

3 

5 

5 

4 

$32.8 

3 

8 

6 10 

$36.7 

$29.8 

1 

66 61 65 









GLOBAL XRS 





GLOBAL 6000 




2017 2018 2019 





LEGACY 500 SN55000072 



• Very Low Hours & One Owner Since New 

• Airframe Enrolled on EECE 

• Engine & APU Enrolled on MSP Gold 

• Aircraft Enrolled on CAMP 

• 10 Passenger Executive Configuration with Fwd Galley 

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

• RNP-1,2,4,5,10 Certification 

• SVS, EVS & HUD 

• ADS-B Out, FANS 1/A+, ATN-B1 CPDLC 

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



CITATION CJ3 & CJ4 

PERFORMANCE 

Max Range 

Max Speed 


Cit. CJ3 

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

Mach 0.73 

6 

Cit. CJ4 

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

Mach 0.77 

7 

SUPPLY 

No. for Sale 




34 (8.3%) 32 (7.8%) 17 (5.6%) 11 (3.7%) 


162 171 

125 115 

TRANSACTION 


Past 3 Months 


57 38 

27 26 

19 15 

6 

5 


CJ4 

CJ3 

Average 


Cit. CJ3 


CESSNA 

$6.6 

$6.2 

$6.1 

$6.3 

$6.6 

$6.2 

$6.0 




$4.4 

$4.4 $4.3 

$4.7 

Cit. CJ4 



$3.8 


$3.8 

$3.6 



Sold 

8 

18 

For Sale 

2 4 

8 

6 

3 

4 

5 

4 

5 

10 

11 

14 

3 

6 

3 9 6 

4 6 

10 

9 

9 

9 

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

46 54 51 


2017 2018 2019 



LINEAGE 1000 SN19000453 



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

• Flexible Operations At London City, Aspen And Teterboro Airport 

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

• Baggage Compartment For Up To 30 Large Suitcases 

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

• CPDLC/ADSB-OUT/QAR/EFB 

• Printer / Fax Machine / Four Cabin Cordless Telephone Handsets 

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

• Seat Personal Control Unit /Adjustable Headrest & Legrest 

• 1000 Hours Only Since New, No Damage History 



CITATION LATITUDE 



$13.7 

$13.3 $13.0 





$12.3 $12.3 $12.3 


$12.3 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.80 

9 

CESSNA 

Sold 

For Sale 

2 

1 

1 

SUPPLY 

No. for Sale 




6 (2.8%) 5 (2.5%) 


180 252 

1 

1 1 

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

1 

7 6 6 


2017 2018 2019 

1 

TRANSACTION 


Past 3 Months 


5 3 

2 2 

CITATION SOVEREIGN 



$7.3 

$7.1 $7.0 $7.7 

$6.2 


$6.6 $5.9 





PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.80 

9 

5 

Sold 

3 

1 

For Sale 

5 

5 

7 

9 

5 

5 

4 

2 

33 33 37 36 31 26 21 19 12 14 14 19 18 18 23 22 24 22 22 22 15 17 

5 

3 

14 18 17 


2017 2018 2019 

4 

2 

2 

4 

2 3 

4 

3 

2 

2 

1 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


17 (4.9%) 17 (4.9%) 


162 117 


27 22 

5 9 




FALCON 900DX/EX/EX EASy/LX 

PERFORMANCE 

Max Range 

Max Speed 


F900DX 

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

Mach 0.83 

12 

F900EX 

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

Mach 0.83 

12 

F900EX EASy 

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

Mach 0.83 

12 

F900LX 

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

Mach 0.83 

12 

SUPPLY 

No. for Sale 




4 (16.7%) 2 (8.3%) 5 (4.2%) 6 (5.1%) 10 (8.3%) 5 (4.2%) 1 (1.4%) 2 (2.7%) 

12.7M USD 12.4M USD 6.9M USD 7.5M USD 14.4M USD 15.9M USD 21.7M USD 23.9M USD 

248 336 

179 217 

113 259 

53 259 

TRANSACTION 


Past 3 Months 


3 

2 

11 6 

11 11 

6 

5 

1 

2 

5 

1 

0 

2 

1 

1 


F900EX EASy 

F900EX 


F900LX 

F900DX 

Average 

F900DX 



$21.0 

$19.0 

$22.2 

$17.7 

$18.5 

$15.2 

5.4 

$24.5 $24.5 

$21.7 

$15.0 $14.9 $14.4 



F900EX 



DASSAULT 

$11.5 

$12.5 

$6.5 $6.4 


Sold For Sale 

$12.5 $12.5 $12.5 $12.9 $12.7 

$7.4 $6.5 $6.9 $7.5 $6.9 



F900EX EASy 




4 4 

3 

2 

5 

1 4 

1 3 2 2 

5 

3 

6 

1 

2 

1 

2 

6 

2 

2 

2 

2 

4 

1 


F900LX 



23 24 28 25 26 24 23 24 23 22 24 17 18 19 18 19 18 16 17 17 16 15 16 21 20 


2017 2018 2019 





G450 SN4202 

TOTAL HOURS: 2,604 SINCE NEW 


• 14 Passenger Configuration with Forward Galley 

• Engines Enrolled on RRCC 

• APU Enrolled on MSP 

• Airframe Enrolled on Gulfstream Planeparts 

• FAA Compliant, EASA Validation 

• ADSB-Out, High Speed Data, FM Immunity 

• FANS-1A, CPDLC, TCAS7.1 

• Honeywell Head Up Display / Visual Guidance System 

• Fresh Annual Inspection 

• 96 Month Inspection Completed 



FALCON 2000LX/LXS/S 

PERFORMANCE 

Max Range 

Max Speed 


F2000LX 

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

Mach 0.83 

10 

F2000LXS 

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

Mach 0.83 

10 

F2000S 

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

Mach 0.83 

10 

SUPPLY 

No. for Sale 




8 (6.1%) 6 (4.5%) 7 (7.6%) 6 (6.7%) 1 (2.4%) 0 (0.0%) 

15.0M USD 14.2M USD 22.3M USD 22.6M USD 27.7M USD N/A. 

162 141 

178 170 

74 0 

TRANSACTION 


Past 3 Months 


7 

7 

6 

3 

2 

2 

0 

1 

3 

0 

0 

1 


F2000S 

F2000LXS 

F2000LX 

Average 


F2000LX 



DASSAULT 

$27.9 

$19.0 

$13.6 

$25.0 

$17.9 

$14.3 

$25.0 $25.0 

$17.5 

$16.5 

$16.5 

$14.5 

$24.1 

$23.1 

$16.0 

$27.7 

$22.6 $22.3 

$14.2 $15.0 



F2000LXS 





F2000S 




Sold 

2 

For Sale 

3 2 2 

1 

4 

2 

2 

1 3 

2 

1 

2 

1 

1 

1 

2 

1 

1 

2 

1 



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

14 16 16 


2017 2018 2019 



FALCON 7X SN 251 

TOTAL HOURS: 1,512 SINCE NEW 


• 16 Passenger Configuration, Fwd Galley & Aft Lavatory 

• Aircraft Enrolled on ESP Gold & MSP 

• 2020 Avionics Mandate Ready: EASy II Upgrade including ADS-B Out, 

FANS 1A+ & CPDLC 

• Lightning Sensor System, Electronic Jeppesen Charts, SSQAR 

• Aero H+ Inmarsat Satcom, Classic & Swift Broadband w/ Cabin Wifi 



FALCON 7X 



$27.5 




$23.3 

$23.2 


$22.2 


$21.7 

$23.2 

$21.2 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.90 

12 

Sold For Sale 

2 2 1 4 

4 6 

5 

2 2 

2 

2 

2 3 

4 

1 

4 2 

2 1 1 

4 

1 

3 2 

2 

21 22 24 20 18 19 17 18 16 14 11 9 12 15 15 18 17 17 16 16 17 19 18 14 15 


2017 2018 2019 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


15 (5.2%) 19 (6.6%) 


239 197 


27 21 

6 5 

DASSAULT 




PHENOM 300 




$6.9 

$7.2 



$6.7 


$6.7 

$6.9 


$6.2 

$6.8 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.78 

5 

2 

Sold 

6 

For Sale 

2 

1 

2 

4 

2 

8 

3 

2 1 2 

2 

6 

1 

3 

2 2 

4 

5 

3 3 2 

SUPPLY 

No. for Sale 




20 (4.4%) 21 (4.7%) 


287 213 

15 14 13 16 16 18 19 16 17 10 13 15 16 16 18 18 19 18 19 19 20 21 

20 20 

20 

TRANSACTION 


Past 3 Months 


35 27 

8 11 


2017 2018 2019 

EMBRAER 

LEGACY 600/650 


L650 

L600 

Average 


L600 


L650 

$12.5 $12.5 

$11.7 

$12.7 

$15.1 

$14.2 

$14.0 




$6.6 $6.9 


Sold For Sale 

$7.3 $7.0 $7.2 $5.1 

$5.7 

PERFORMANCE 

Max Range 

Max Speed 


L600 L650 

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

6,297 km 7,112 km 

Mach 0.80 Mach 0.80 

13 13 

4 

1 

5 

1 

3 

7 

7 

3 3 

4 3 

3 

2 1 

3 

1 

2 

2 

1 

3 

SUPPLY 

No. for Sale 



Dec | Sep 

18 | 15 

5.1M USD 

4.7M USD 

242 | 307 

Dec | Sep 

7 | 6 

14.0M USD 

15.1M USD 

259 | 203 

28 27 25 24 23 20 21 20 24 24 21 22 22 21 21 25 23 21 22 24 21 21 

22 21 25 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

21 | 18 

3 | 7 

Dec | Sep 

10 | 7 

3 | 1 




LINEAGE 1000/E 




$17.9 

$18.8 

$19.0 

$21.6 

$20.2 




$15.7 

$16.8 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.82 



19 

Sold 

1 

For Sale 

1 

1 

SUPPLY 

No. for Sale 




7 (41.2%) 6 (35.3%) 


567 561 

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

6 7 

7 

TRANSACTION 



1 0 

Past 3 Months 

1 

0 


2017 2018 2019 


EMBRAER 



G200 



$4.8 


$4.3 

$4.6 

$4.3 




$4.0 

$3.8 

PERFORMANCE 

Max Range 

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


$3.0 

Max Speed 


Mach 0.81 

8 

Sold 

4 

For Sale 

2 3 

3 

1 

3 

3 

3 

6 

2 

2 

2 

4 

4 

1 

1 

4 

2 2 

4 

1 

3 

1 

3 

SUPPLY 

No. for Sale 



2019 Dec 

24 (9.9%) 

4.3M USD 

254 

2019 Sep 

28 (11.6%) 

4.0M USD 

226 

32 31 33 31 27 25 24 20 17 17 21 26 27 23 20 21 25 27 27 27 28 28 

25 27 

24 

TRANSACTION 



30 


23 

Past 3 Months 

7 

7 


2017 2018 2019 

G280 



GULFSTREAM 

$16.8 

$17.7 

$17.5 

$15.8 

$16.0 

$15.4 





$14.0 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.84 



8 

Sold 

For Sale 

1 

1 

SUPPLY 

No. for Sale 


11 (6.1%) 


9 (5.2%) 


15.4M USD 

16.0M USD 


139 

110 

3 

1 

1 2 

1 

TRANSACTION 



5 


3 

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

4 

4 

4 

7 

9 8 

9 

10 

12 

11 

Past 3 Months 

2 

0 


2017 2018 2019 




G450 



$16.7 

$16.9 

$16.3 



$15.1 

$14.9 

$15.4 




$14.4 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.85 

13 

Sold For Sale 

4 

3 

5 

1 3 3 4 3 2 

4 

1 

5 5 

6 

2 

4 

3 

1 

2 

3 

5 

4 

2 

1 

SUPPLY 

No. for Sale 




23 (6.5%) 

14.4M USD 

266 


23 (6.5%) 

15.8M USD 

281 

22 22 20 20 19 18 20 20 23 24 20 20 18 18 17 22 25 22 21 23 23 23 

21 28 

29 

TRANSACTION 


Past 3 Months 


38 

7 


31 

10 


2017 2018 2019 

G550 



$23.9 

$23.3 


$28.0 

$26.5 

$22.7 

$22.2 

$21.9 





PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.87 

18 

GULFSTREAM 

Sold For Sale 

5 

2 2 

3 5 

4 

3 5 

3 2 

4 

3 

3 4 1 3 3 

2 

4 

4 

4 3 

2 

2 

24 22 17 19 21 24 29 24 27 26 24 27 28 27 26 27 18 18 19 24 31 32 31 33 33 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


33 (5.7%) 32 (5.6%) 


166 162 


34 

9 

25 

5 


2017 2018 2019 




G650 & G650 ER 


G650ER 


$65.2 

$64.3 

$61.9 

G650 

Average 



G650 

G650ER 

$56.6 

$58.3 

$56.7 

$56.5 

$52.2 




Sold For Sale 

$53.4 

$52.4 

$50.9 $47.0 

$45.9 

$44.9 

PERFORMANCE 

Max Range 

Max Speed 


G650 G650ER 

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

12,964 km 13,890 km 

Mach 0.90 Mach 0.90 

18 18 

2 

1 2 

1 

2 

2 

3 

2 1 3 3 

2 3 

4 2 

1 

1 1 1 1 

1 

SUPPLY 

No. for Sale 



Dec | Sep 

9 | 6 

44.9M USD 

45.5M USD 

116 | 134 

Dec | Sep 

8 | 10 

52.2M USD 

46.7M USD 

142 | 133 

17 15 12 12 16 20 16 13 11 15 18 14 12 12 9 10 15 16 15 16 16 16 

17 15 17 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep Dec | Sep 

9 | 8 6 | 5 

1 | 1 1 | 1 


GULFSTREAM 


AIRCRAFT POSITIONING - CIVIL HELICOPTERS 

ACQUISITION COST VS. MAX RANGE 

AIRCRAFT ACQUISITION PRICE (MILLION USD) 

6 

5 

4 

3 

2 

1 

0 

HEAVY 

(SUPER) MEDIUM 

LIGHT TWIN 

SINGLE TURBINE 

PISTON 

100 

S-76D 

BELL 412EPI 

H135(T3) 

BELL 430 

MD902 

BELL 429 

MD530F BELL 206L4 

MD502N 

MD600N 

MD550E R66 

R22 BETA II 

R44 RAVEN II 

H225 

BELL 407GXP 

H215(C1) 

S-76C++ 

H145 

S-92 

200 300 400 

500 

600 700 

MAXIMUM RANGE (N.M) 

H155 

BELL 505 

EN480B BELL 407 

AW169 

AW109 GRANDNEW 

AW109 POWER 

H125 

H130 AW119KX 

H120 

H175 

AW139 

AW189 

ACQUISITION COST VS. MAX TAKEOFF WEIGHT 


8 

4 

2 

1 

0.5 

0.25 

1000 

HEAVY 


LIGHT TWIN 


PISTON 

2000 

MD500E 

EN480B 

R66 

R44 RAVEN II 

R22 BETA II 

MD520N 

MD530F 

H120 

MD 902 

H135(T3) 

AW109 POWER 

BELL 407GXP 

4000 

MD 600N 

BELL 505 

MAX TAKE-OFF WEIGHT (LBS) 

8000 

16000 

H225 

H155 

H215(C1) 

H145 

S-76D 

AW189 

AW169 

H175 

AW139 

BELL 429 

BELL 412EPI 

S-76C++ 

BELL 430 

AW109 GRANDNEW 

AW119KX 

H130 

H125 BELL 407 BELL 206L4 

S-92 

32000 

ACQUISITION COST VS. CABIN VOLUME 


8 

4 

2 

1 

0.5 

0.25 

20 

HEAVY 


LIGHT TWIN 


PISTON 

EN480B 

MD 520N 

MD 530F 

R44 RAVEN II 

R22 BETA II 

MD 500E 

R66 

40 

H125 

H130 

H120 

BELL 505 

MD 902 

H135(T3) 

80 

BELL 407GXP 

MD 600N 

BELL 407 

BELL 206L4 

H215(C1) S-92 

H175 

BELL430 

H145 

S-76D H155 

AW169 

AW139 

AW189 

BELL412EPI S-76C++ 

BELL429 AW109 GRANDNEW 

AW109 POWER 

AW119KX 

160 

CABIN VOLUMN (CU.FT) 

H225 

320 640 800 

Source: Conklin & de Decker 2019 


SUMMARY -- HELICOPTERS 

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

H125 



$2.6 



$2.4 

$2.4 

$2.5 

$2.4 

$2.5 




$2.3 

PERFORMANCE 

Max Range 

Max Speed 


340 N.M. / 630 km 

140 Knots 

6 

6 

Sold 

8 

For Sale 

5 

3 3 

3 

4 

1 

3 

2 

1 

1 

4 4 

8 

2 

1 

2 

2 1 

1 

SUPPLY 

No. for Sale 




25 (3.2%) 

2.3M USD 

510 


25 (3.2%) 

2.5M USD 

462 

19 17 18 21 19 18 18 17 18 21 23 23 23 25 26 31 32 33 29 27 29 25 

26 27 

25 

TRANSACTION 


Past 3 Months 


28 

4 


24 

5 


2017 2018 2019 

H130 




AIRBUS 

$2.8 

$2.9 

$2.9 

$2.9 

$3.1 

$3.1 

$3.0 





PERFORMANCE 

Max Range 

Max Speed 


333 N.M. / 606km 

128 Knots 

7 

Sold 

1 

For Sale 

2 

4 

2 

2 

2 

1 1 

1 

1 1 1 

2 

SUPPLY 

No. for Sale 




9 (3.4%) 

3.0M USD 

514 


10 (3.8%) 

3.1M USD 

558 

9 9 7 7 6 6 6 5 5 5 5 5 4 4 9 10 10 9 10 11 10 10 

11 9 

9 

TRANSACTION 


Past 3 Months 


6 

0 


6 

3 


2017 2018 2019 



MARKET SUMMARY -- HELICOPTERS 

EC135P2 & T2 

$2.7 


$2.8 

$3.1 

$2.5 

$2.6 

EC135T2 

EC135P2 

Average 

$2.4 

$2.2 






EC135P2 EC135T2 

$1.7 $1.7 


Sold For Sale 

1 1 1 1 

1 

$1,6 

1 

2 

$1.7 

5 

1 

1 

$1.7 

1 

$1.7 

1 

$1.7 

PERFORMANCE 

Max Range 

Max Speed 


SUPPLY 

No. for Sale 



EC135P2 

332 N.M. 

614 km 

127 Knots 

6 

Dec | Sep 

10 | 9 

2.2M USD 

2.4M USD 

572 | 541 

EC135T2 

332 N.M. 

614 km 

127 Knots 

6 

Dec | Sep 

1 | 2 

1.7M USD 

1.7M USD 

1,438 | 945 

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

11 10 11 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

2 | 1 

1 | 0 

Dec | Sep 

1 | 1 

0 | 1 

H145 




$4.1 

$4.2 

$3.9 

$4.8 

$4.5 




AIRBUS 


$3.6 

$3.4 

PERFORMANCE 

Max Range 

Max Speed 


461 N.M. / 855 km 

131 Knots 

9 

4 

Sold 

1 

For Sale 

3 

2 

1 

1 

2 

2 

1 

3 

2 

2 

1 

3 

4 

SUPPLY 

No. for Sale 




9 (1.3%) 10 (1.4%) 


334 319 

11 11 9 9 9 7 9 11 13 15 14 14 12 13 13 13 13 12 9 9 8 10 

12 10 

9 

TRANSACTION 


Past 3 Months 


18 11 

7 5 


2017 2018 2019 




H155 & EC155B 


EC155B 


H155 

Average 


H155 

EC155B 

$5.1 

$4.9 

$4.9 

$5.5 

$4.5 

$4.3 

$5.5 




$2.9 

$2.0 


Sold For Sale 

$2.0 

$2.0 

$2.0 

$2.8 

$2.9 

PERFORMANCE 

Max Range 

Max Speed 


H155 

516 N.M. 

955 km 

150 Knots 

13 

EC155B 

516 N.M. 

955 km 

135 Knots 

13 

1 

1 

1 

SUPPLY 

No. for Sale 



Dec | Sep 

13 | 17 

5.5M USD 

5.1M USD 

533 | 352 

Dec | Sep 

4 | 6 

2.9M USD 

3.7M USD 

400 | 263 

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

20 18 17 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

0 | 0 

0 | 0 

Dec | Sep 

2 | 1 

1 | 0 

H225 




AIRBUS 

$6.0 $6.0 



$4.5 

$3.5 


$5.8 $5.8 

$4.0 


PERFORMANCE 

Max Range 

Max Speed 


452 N.M. / 837 km 

142 Knots 

19 

Sold 

For Sale 

SUPPLY 

No. for Sale 




11 (6.3%) 13 (7.4%) 


950 814 

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

12 12 

11 

TRANSACTION 


Past 3 Months 


0 0 

0 0 


2017 2018 2019 




BELL 206 JETRANGER / LONGRANGER 


Bell 206 LongRanger 

Bell 206 JetRanger 

Average 


Bell 206JBell 206L 


$1.0 

$0.9 

$0.9 

$0.9 

$0.9 

$0.8 

$0.8 




$0.5 

$0.6 

$0.6 

$0.6 $0.6 

$0.6 


Sold For Sale 

12 18 19 21 22 

17 13 

17 

11 16 8 

12 

15 18 17 

8 12 9 

7 8 11 

4 10 

$0.6 

4 

PERFORMANCE 

Max Range 

Max Speed 


SUPPLY 

No. for Sale 



Bell 206J 

374 N.M. 

693 km 

121 Knots 

4 

Dec | Sep 

132 | 138 

0.6M USD 

0.6M USD 

736 | 663 

Bell 206L 

270 N.M. 

500 km 

105 Knots 

6 

Dec | Sep 

69 | 70 

0.8M USD 

0.8M USD 

496 | 471 

206 211 209 200 197 206 206 205 195 201 201 211 215 205 209 201 208 215 213 211 210 208 206 193 201 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

100 | 83 

17 | 23 

Dec | Sep 

10 | 9 

1 | 3 

BELL 407 



$2.3 





$2.0 

$1.9 


$1.9 

$1.9 

$2.0 

$2.0 

PERFORMANCE 

Max Range 

Max Speed 


323 N.M. / 598 km 

132 Knots 

7 

BELL 

6 

Sold 

9 

For Sale 

8 

6 

5 

6 6 8 5 4 

5 

5 

6 

10 

3 

5 4 

1 5 5 7 

3 

3 

5 

2 

SUPPLY 

No. for Sale 




53 (3.4%) 43 (2.8%) 


554 624 

55 53 45 50 48 44 42 42 42 44 46 47 48 48 48 41 38 41 43 44 39 43 

44 49 

53 

TRANSACTION 


Past 3 Months 


56 46 

10 16 


2017 2018 2019 




BELL 412EP/412HP 


Bell 412 HP 


$5.0 

$4.4 

$4.8 

$4.6 

$4.4 

Bell 412 EP 

Average 

$3.6 

$3.9 

Bell 412EPBell 412HP 





$3.0 $3.0 


Sold For Sale 

$2.9 

$3.0 

$2.8 

$2.0 

$2.0 

PERFORMANCE 

Max Range 

Max Speed 


Bell 412EP 

356 N.M. / 

659 km 

140 Knots 

9 

Bell 412HP 

349 N.M. / 

646 km 

133 Knots 

14 

1 

2 

3 

2 

3 

2 

1 

1 

3 

2 

2 1 

1 2 

3 5 

2 

1 

3 

1 

SUPPLY 

No. for Sale 



Dec | Sep 

23 | 24 

3.9M USD 

3.6M USD 

682 | 658 

Dec | Sep 

3 | 3 

2.0M USD 

2.0M USD 

964 | 873 

32 32 33 30 35 32 32 34 37 37 38 38 36 38 35 36 34 33 31 28 27 27 

26 26 26 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

21 | 17 

4 | 7 

Dec | Sep 

2 | 2 

0 | 1 

BELL 429 



$5.5 

$5.6 

$5.5 

$5.6 

$5.6 





$4.8 

BELL 


$4.5 

PERFORMANCE 

Max Range 

Max Speed 


368 N.M. / 681 km 

130 Knots 

7 

Sold 

2 

2 

For Sale 

3 

1 

1 

1 

2 

1 

1 

1 

1 

2 

1 

1 

1 

1 

SUPPLY 

No. for Sale 




21 (6.0%) 21 (6.1%) 


394 389 

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

24 24 

21 

TRANSACTION 


Past 3 Months 


10 9 

1 4 


2017 2018 2019 




A109SP GRANDNEW 



$6.2 




$4.3 

$4.7 

$4.5 

$4.2 


$3.7 


$4.1 

$4.3 

PERFORMANCE 

Max Range 

Max Speed 


480 N.M. / 889 km 

130 Knots 

7 

Sold 

1 

For Sale 

2 

1 

1 

1 

2 

2 

2 

2 

1 

2 

1 1 

SUPPLY 

No. for Sale 




10 (5.5%) 8 (4.5%) 


320 354 

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

12 10 

10 

TRANSACTION 


Past 3 Months 


8 6 

2 0 


2017 2018 2019 

AW139 



$7.8 

$7.5 

$7.8 

$8.3 

$7.7 






$7.1 $7.1 

$6.5 

PERFORMANCE 

Max Range 

Max Speed 


568 N.M. / 1,052 km 

140 Knots 

15 

Sold For Sale 

3 2 2 

1 

2 

3 1 

1 1 

5 

1 

2 3 3 

1 1 

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

22 23 23 

SUPPLY 

No. for Sale 



TRANSACTION 


Past 3 Months 


23 (2.5%) 22 (2.4%) 


524 480 


19 15 

4 5 

LEONARDO 


2017 2018 2019 




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


S76C+ 


$6.3 

$7.0 

$5.8 

$5.8 

$5.0 

S76C++ 

Average 

$4.7 

$4.6 

S76C+ 





S76C++ 

$2.8 

$2.5 


Sold For Sale 

$1.9 

$1.9 

$2.2 

$3.5 

$1.7 

PERFORMANCE 

Max Range 

Max Speed 


S-76C+ 

335 N.M. / 

620 km 

155 Knots 

12 

S-76C++ 

335 N.M. / 

620 km 

155 Knots 

12 

1 

2 

2 

1 

1 

2 

1 

1 

1 

1 1 1 1 

1 

SUPPLY 

No. for Sale 



Dec | Sep 

23 | 24 

1.7M USD 

1.7M USD 

611 | 560 

Dec | Sep 

22 | 21 

4.6M USD 

4.7M USD 

737 | 740 

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

44 45 45 


2017 2018 2019 

TRANSACTION 


Past 3 Months 

Dec | Sep 

0 | 0 

0 | 0 

Dec | Sep 

6 | 5 

1 | 1 


H120 SN 1680 




• Very Low Hours, Mint Condition 

• Fresh 12 Month Inspection 

• One Owner Since New, Always Hangared 

• Meticulously Maintained 

• Air Conditioning System 

• Dual Controls 

• Reinforced Sound Proofing 

• Emergency Floatation Gear (Fixed Parts) 

SIKORSKY 

BELL 407GX SN 54349 


TOTAL CYCLES: 1,341 SINCE NEW 

• New Paint and Interior in 2017 

• Immaculate Bell Maintenance & Always Hangared 

• 2 Pilots + 5 Passengers VIP Configuration 

• Air Conditioning, Plus Power Kit, HeliSAS Autopilot 

• Inlet Barrier Filter with IVF 

• High Skid Landing Gear with Flitestep Kit 

• Jettison Crew Door Kit 

• Wire Strike Protection System 

• Cockpit Chin Bubble Windows 


RedeFIning 

mobility 

PROPELLING 

THE FUTURE IN 

> VERTICAL LIFT 

> URBAN AIR MOBILITY 

> UNMANNED SYSTEMS 

> AUTONOMOUS VEHICLES 

Be at the forefront of where the latest rotorcraft 

and unmanned technologies converge to shape 

the future of mobility. 

Meet with key decision makers and buyers at 

Rotorcraft Asia and Unmanned Systems Asia 

2021, Asia Pacific’s first integrated platform for 

the most revolutionary mobility solutions from 

the skies to the seas. 

Singapore is a strategic point for us to enter the Asia Pacific 

market and the show has been a fantastic platform for us to 

meet with potential and existing customers…” 

“We are very happy with the size of the show… and the great 

diversity of delegates that came to visit us – from different 

countries and industries; commercial and government entities, 

many of whom had specific problems that we could provide 

solutions for.” 

“The quality of visitors is great. We have been very impressed with… 

CONNECT WITH US 

to secure your preferred spot at the show 

or learn more about your participation options: 

Lim Mei Ling 

+65 6595 6113 

sales2021@rca-umsa.com 

@RCAUMSA 

www.rca-umsa.com 

95% 

satisfaction rate 

FROM OUR EXHIBITORS 

Hear more of what our exhibitors 

have to say and check out what 

went on at the show! 

SCA N HERE 

ORGANISED BY: 

SUPPORTED BY: 

HELD IN:

Customized Solutions for Your Air Medical Needs. 

+1 (888)-863-5072 

spectrum-aeromed.com

Asian Sky Quarterly - Q4 2019

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