Asian Sky Quarterly 2020Q4

FOURTH QUARTER 2020 

PRE-OWNED MARKET 

GULFSTREAM G550 

AIRCRAFT SPOTLIGHT 

FALCON 6X 

PILATUS PC-24 

INTERVIEW 

TAG AVIATION 

UNIVERSAL AVIATION 

COMMENTARY 

HFW 

ASBAA 

SUMMARY 

JETS & HELICOPTERS 

ASIA-PACIFIC OUTLOOK 

MOOD & METRICS 

FLIGHT ACTIVITY 

MARKET UPDATE 

AMSTAT 

FOURTH QUARTER 2020 — ASIAN SKY QUARTERLY | I

Want to buy or sell a business jet? 

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5 

REASONS TO CHOOSE ASIAN SKY GROUP, 

an International Aircraft Dealers Association (IADA) member 

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ASG IS ONE OF THE WORLD'S ONLY ACCREDITED AIRCRAFT DEALERS 

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process, which ensures our strict compliance with IADA’s 14-point Code of Ethics. With our headquarters 

in Hong Kong and offices around Asia, we are uniquely qualified to advise & manage aircraft 

transactions in Asia. 

ASG’s TEAM ARE SOME OF THE WORLD’S ONLY CERTIFIED AIRCRAFT BROKERS 

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Our team of IADA Certified Brokers each passed a written test administered by an independent consulting 

firm. IADA Certified Brokers are required to participate in regular continuing education and be re-certified 

every five years. 

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combined, averaging over 700 transactions and $6 Billion in volume per year. 

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operation, and over 15 other specialties. 

II | ASIAN SKY QUARTERLY — FOURTH QUARTER 2020 

DISCRETION - EXPERIENCE - TRANSPARENCY - PROFESSIONALISM - ACCESS - GLOBAL SUPPORT

CONTENTS 

06 

ECONOMICS 

Overview of Asia-Pacific’s current status, as well as country 

specific data that measures GDP against business jet and 

helicopter fleets. 

30 

PILATUS PC-24 

We spotlight the Piltus PC-24 - an aircraft so adaptable to 

different missions, that its manufacturer calls it a Super 

Versatile Jet. 

12 

18 

MOOD & INTENTIONS 

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

economic status, aircraft utilization, purchase intentions and 

influencing factors 

INTERVIEW 

SIMON BAMBRIDGE, COMMERCIAL DIRECTOR 

TAG AVIATION 

TAG Aviation’s Commercial Director Simon Bambridge talks 

about the company’s future plans in Asia, as well as the 

impact that COVID-19 is having in the region. 

32 

38 

SPECIAL FEATURE 

ASIA-PACIFIC BUSINESS JET FLIGHT ACTIVITY BY WINGX 

A look at Asia-Pacific business jet flight activity throughout 

2020, including an in-depth analysis of flight activity in Greater 

China. 

PRE-OWNED MARKET SPOTLIGHT 


A comprehensive market performance analysis of the preowned 

Gulfstream G550 market. 

22 

YVONNE CHAN, REGIONAL DIRECTOR - APAC 

UNIVERSAL AVIATION 

Yvonne Chan, Universal Aviation’s Regional Director for 

APAC, gives an update on entry restrictions currently in place 

across the region. 

42 

MARKET UPDATE 

GLOBAL MARKET UPDATE Q4 | AMSTAT 

An update on the value of the pre-owned business jet market & 

turboprop market from AMSTAT. 

24 

26 

28 

COMMENTARY 

ILLEGAL CHARTER ACTIVITY SURVEY | HFW 

Gordon Gardiner and James Jordan of HFW discuss the 

findings of a joint HFW / AsBAA survey about illegal charter 

activity. 

SOARING IN THE NEW YEAR | ASBAA 

An update from the Asian Business Aviation Association 

(AsBAA) about its recent activities, as well as a sneak peak 

on what is to come in 2021. 

AIRCRAFT SPOTLIGHT 

DASSAULT FALCON 6X 

Dassault talks us through the Falcon 6X rollout, as well as 

giving an update on the current status of the aircraft. 

46 

59 

72 

MARKET DYNAMICS 

An analysis of APAC inventory levels, market trends and the 

changing price signals for the business jet and helicopter fleets. 

MARKET SUMMARY - JETS 

A look at market position and average days on market of 

featured pre-owned business jets. 

MARKET SUMMARY – HELICOPTERS 

A look at market position and average days on market of 

featured pre-owned helicopters. 

PUBLISHER 

EDITORIAL & MARKET RESEARCH 

Alud Davies 

Bowen Zhang 

Coco Yang 

DESIGN 

Lottie Yu 

Wing Leung 

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 

Tel: (852) 9199 7751 

sales@asianskygroup.com 

www.asianskygroup.com | www.asianskymedia.com 

FOURTH QUARTER 2020 — ASIAN SKY QUARTERLY | 1

EDITOR’S NOTE 

For years, clever people with spreadsheets 

have theorised, and then tried to model, 

what the effects of a so called ‘Black Swan 

Event’ would be. Whilst there is some debate 

about the emergence of COVID-19 in early- 

2020 being officially classified as a Black 

Swan Event, there can be no doubt that its 

effects on the global aviation industry were 

unprecedented. 

Although 2020 was a terrible year on so many levels, there were some 

bright spots. One of these was the arrival of new entrants into business 

aviation - people keen to benefit from the safety and security that 

flying privately can bring. This is discussed in our interview with Simon 

Bambridge of TAG Aviation which starts on Page 18. According to Simon, 

from the mid-half of the year, there were more inquiries from first-time 

buyers than the company has seen in the past seven years. This is echoed 

across Asia-Pacific, with reports of first-time business aircraft flyers, as 

well as buyers. 

When the first virus cases appeared outside of China, countries began 

closing their borders and asking their citizens and residents to return home. 

The initial hit on business aviation flights departing Asia-Pacific countries 

can be seen in the WingX data starting on Page 33. By April, departures 

had dropped by almost 70% when compared to April 2019. However, April 

was the low point, since then, the number of departures has been growing 

slowly, ending the year just 3.6% down on the end of 2019. A big part of 

that rebound is due to domestic flying, especially in large countries. 

In China, this makes sense. The country’s robust response to the first 

COVID-19 outbreak might not have won many fans in Wuhan, but it was 

rapid, and more importantly, effective. China’s economy might have 

contracted for the first time on record in Q1, but it bounced straight back 

in Q2, finishing the year with year-on-year growth of 2.3%. This positivity 

was also seen amongst respondents in our quarterly Mood and Intentions 

survey on Page 14, where the 78% that said they are optimistic about the 

Chinese economy is the highest number we have seen in almost four years. 

As well as our usual data and analytics sections, with data and commentary 

graciously provided by AMSTAT and WingX, this issue of Asian Sky 

Quarterly includes an update from Yvonne Chan of Universal Weather and 

Aviation on the current movement restrictions in place across Asia-Pacific, 

as well as an update from Dassault on the rollout of the Falcon 6X. 

Elsewhere in this issue Gordon Gardiner and James Jordon of HFW 

discuss the findings from a survey that HFW ran jointly with AsBAA on 

illegal charter activity, whilst AsBAA themselves give an update on its 

recent activities. 

We round off this issue with a spotlight feature on the Pilatus PC-24, and 

an in-depth analysis of the pre-owned Gulfstream G550 market – with 

additional insight kindly provided by James Hagerty of Hagerty Jet Group. 

Recovery is also very much underway in the pre-owned market, as we can 

see in the AMSTAT data starting from Page 41. After an early kneejerk 

reaction, which saw deals put on hold indefinitely or cancelled completely, 

buyers began to slowly return to the market. Much like with flight activity, 

April saw the lowest point, with the March to May period seeing a 35% 

drop in year-on-year transactions. However, beginning in June, pre-owned 

transaction numbers surpassed the number of 2019 transactions in 

every month. November stands out especially, as there were 65% more 

transactions than in November 2019. 

Sincerely, 

Alud Davies 

Media & Communications Director, Asian Sky Group 

SPECIAL THANKS TO OUR CONTRIBUTORS: 

2 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2020


ECONOMICS 

OFFERING A BROAD LOOK AT TRAINING SCHOOLS ACROSS THE REGION 

COMING SOON 

GREATER CHINA | MAINLAND CHINA, HONG KONG, MACAU & TAIWAN 

Mainland China 

China’s economy continued to expand in the third quarter, 

having recovered quickly from its first quarter contraction. The 

4.9% year-on-year (y-o-y) expansion added to its 3.2% (y-o-y) 

growth in Q2. China’s GDP is expected to expand further in Q4, 

with analysts forecasting a further 6% increase in GDP. 

Hong Kong, China 

GDP GROWTH (BILLION USD) 

Mainland China Taiwan 

$11,016 $11,138 $12,134 

$525 $531 $579 

Hong Kong Macau 

$13,608 $14,200 $16,260 

$589 $605 $624 

Hong Kong’s economy has now seen five consecutive quarters 

of losses, with Q3 seeing a further decline of 3.5% (y-o-y). 

However, its third quarter performance was better than in Q1 

and Q2, when the economy contracted by 9% and 9.1% respectively. 

Taiwan, China 

Taiwan’s success with containing the Coronavirus is demonstrated 

by its economic performance during the first three 

quarters of 2020. Its economy did not contract, although in 

the second quarter it only expanded by a revised figure of 

0.35% (y-o-y). Taiwan’s economy is expected to grow further 

in the fourth quarter, with analysts forecasting a further 3.4% 

expansion. 

*Data Source : Trading Economics 

*Macau’s PMI is not available. 

A reading above 50 indicates an expansion of the manufacturing sector compared to 

the previous month; below 50 represents a contraction; while 50 indicates no change. 

FLEET SIZE GROWTH 

$309 $321 $342 $363 $362 $372 

$45 $45 $51 $55 $50 $54 

2015 2016 2017 2018 2019 2020Q3 

PURCHASING MANAGER’S INDEX 

Mainland China Taiwan Hong Kong 

56.0% 

54.0% 

52.0% 

50.0% 

48.0% 

46.0% 

44.0% 

42.0% 

40.0% 

38.0% 

36.0% 

34.0% 

Jul19 

Jun19 

Aug19 

Sep19 

Oct19 

Nov19 

Dec19 

Jan20 

Feb20 

Mar20 

Apr20 

May20 

Jun20 

Jul20 

Aug20 

Sep20 

Oct20 

Nov20 

Dec20 

Expansion Contraction 

Business Jet 

Turbine Helicopter 

Mainland China Taiwan Hong Kong Macau 

Turboprop 

313 

344 

338 

332 679 719 762 

324 

157 164 

184 

581 

191 

495 

133 

129 

135 

135 

122 

129 

10 

24 

11 

25 

9 

27 27 28 

5 5 5 

27 

25 24 20 

21 

4 

3 

23 

10 10 10 

19 

17 

15 15 

4 

2 

4 

1 

2016 2017 2018 2019 2020Q4 

4 | ASIAN SKY QUARTERLY — FOURTH QUARTER 2020 



Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT. 

The current fleet data is preliminary, all fleet size data will be finalized in upcoming Helicopter / Business Jet Fleet Report.

ECONOMICS 

AUSTRALASIA | AUSTRALIA, NEW ZEALAND 

Australia 


Australia’s fiscal year runs from July 1st 

to June 30th, however the most recent 

quarterly reporting period saw the country’s 

economy contract by 3.8% (y-o-y). 

The economy is forecast to contract 

even further in its next quarter. 

Australia 

$1,352 

$1,210 

New Zealand 

$1,331 

$1,432 $1,439 $1,383 

New Zealand 

New Zealand’s 0.4% (y-o-y) GDP growth 

in Q3 followed two quarters of decline. 

New Zealand has been one of the 

most successful countries in fighting 

the COVID-19 pandemic, having twice 

declared itself COVID free. 

$177 

$188 $203 $205 $210 

$206 

2015 2016 2017 2018 2019 2020Q3 


Australia 

New Zealand 


A reading above 50 indicates an expansion of the 

manufacturing sector compared to the previous 

month; below 50 represents a contraction; while 50 

indicates no change. 

60.0% 

55.0% 

50.0% 

45.0% 

40.0% 

35.0% 

30.0% 

25.0% 

20.0% 



Jun19 

Jul19 

Aug19 

Sep19 

Oct19 

Nov19 

Dec19 

Jan20 

Feb20 

Mar20 

Apr20 

May20 

Jun20 

Jul20 

Aug20 

Sep20 

Oct20 

Nov20 

Dec20 

Business Jet 


Australia New Zealand Papua New Guinea 

Turboprop 

181 

186 

185 

199 

199 

808 

832 

853 

855 

871 

410 

428 

433 

432 

431 

15 

16 

19 

19 

20 

462 

478 

511 

539 

568 

49 

51 

54 

56 

58 

4 

4 

4 

3 

3 

107 

104 

116 

103 

89 

23 

22 

23 

28 

29 

2016 2017 2018 2019 2020Q4 2016 2017 2018 2019 2020Q4 2016 2017 2018 2019 2020Q4 

Data Source : The business jet and helicopter fleet: Asian Sky Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT. 

The current fleet data is preliminary, all fleet size data will be finalized in upcoming Helicopter / Business Jet Fleet Report. 


ECONOMICS 

SOUTHEAST ASIA | THAILAND, MALAYSIA & SINGAPORE 

Thailand 

Thailand’s 6.5% (y-o-y) growth in Q3 was significantly 

higher than most analysts expected. The growth came 

after three straight quarters in decline, culminating with 

a near-record contraction of 9.9% in Q2. The gains were 

largely due to further economic sectors opening, after 

being limited by the government’s COVID-19 measures 

earlier in the year. 

Malaysia 

Malaysia’s economy grew by 18.2% (y-o-y) in Q3, reversing 

two quarters of decline. The expansion, due to more 

economic sectors opening back up after the country’s 

first national lockdown, beat growth targets by quite 

some way. 

Singapore 

Singapore’s economy bounced back by 9.2% (y-o-y) 

in Q3, following two quarters of decline. The 9.2% 

expansion was not quite enough to completely cancel 

out the combined 14% decline from the previous 

two quarters, although the city state’s GDP growth is 

expected to continue in Q4. 


Thailand Singapore Malaysia 

$474 $475 

$455 

$456 

$412 

$395 

$364 

$366 

$352 

$338 

$354 $356 

$318 

$347 

$308 

$314 

$296 $297 

2015 2016 2017 2018 2019 2020Q3 


Thailand Malaysia Singapore 

60.0% 

55.0% 

50.0% 

45.0% 

40.0% 

35.0% 

30.0% 

25.0% 



*A reading above 50 indicates an expansion of the manufacturing sector 

compared to the previous month; below 50 represents a contraction; 

while 50 indicates no change. 

20.0% 

Jun19 

Jul19 

Aug19 

Sep19 

Oct19 

Nov19 

Dec19 

Jan20 

Feb20 

Mar20 

Apr20 

May20 

Jun20 

Jul20 

Aug20 

Sep20 

Oct20 

Nov20 

Dec20 


Business Jet 


Malaysia Singapoire Thailand 

Turboprop 

64 

63 

60 

61 

161 

40 

56 

157 

154 

153 149 

59 58 

57 

54 33 

123 

48 

118 

111 111 

106 

40 

38 

38 

37 

35 

42 

34 

44 

28 

25 

19 

25 

18 

9 

8 

9 

4 

6 

6 

6 

5 

6 

5 


* Data Source : ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by AMSTAT. 


ECONOMICS 

SOUTHEAST ASIA | INDONESIA & PHILIPPINES 

Indonesia 


Indonesia’s economy grew by 5.05% (y-o-y) in 

the third quarter, a touch lower than the market 

consensus of 5.34%. This followed three consecutive 

quarters of decline, which saw the economy contract 

by a combined 8.34%. However, Indonesia’s economy 

has, in the last few years at least, been a tale of two 

halves, with Q1 and Q4 underperforming, and Q2 and 

Q3 overperforming. 

Indonesia 

$862 

Philippines 

$1,016 

$932 

$1,042 

$1,024 

$1,031 

Philippines 

The 8% (y-o-y) GDP increase in the Philippines in Q3 

was the highest quarterly growth that the country 

has ever seen. However, record growth came after a 

record decline, which saw the economy contract by 

14.9%. Growth is expected to continue into the fourth 

quarter, although analysts forecast it is likely to be a 

modest rise of around 3%. 

$292 $305 $314 $331 $338 

$311 

2015 2016 2017 2018 2019 2020Q3 


Indonesia 

Philippines 


*A reading above 50 indicates an expansion of the manufacturing 

sector compared to the previous month; below 50 represents a 

contraction; while 50 indicates no change. 

60.0% 

55.0% 

50.0% 

45.0% 

40.0% 

35.0% 

30.0% 

25.0% 

20.0% 


Dec20 

Nov20 

Oct20 

Sep20 

Aug20 

Jul20 

Jun20 

May20 

Apr20 

Mar20 

Feb20 

Jan20 

Dec19 

Nov19 

Oct19 

Sep19 

Aug19 

Jul19 

Jun19 


Business Jet 


Turboprop 

Indonesia 

Philippines 

51 

51 

55 

203 

208 

207 

221 

223 

104 

117 

116 

119 

121 

50 

48 

46 

49 

47 

48 

48 

156 

162 

163 

168 

176 

52 

57 

59 

62 

61 




ECONOMICS 

EAST ASIA & CENTRAL ASIA | JAPAN, SOUTH KOREA & INDIA 

Japan 


Japan’s economy contracted by a further 5.8% 

(y-o-y) in the third quarter, continuing a run of four 

consecutive quarters of decline. Overall Japan’s 

economy has contracted by 17.8% in the first three 

quarters of 2020. 

Japan India South Korea 

$4,927 $4,860 $4,971 

$4,389 

$4,881 

$4,734 

South Korea 

South Korea’s economy grew by 2.1% in Q3, marginally 

higher than the 1.9% that analysts forecast. 

This reversed a downward trend in the previous 

two quarters, which saw the economy contract by 

a combined 4.5%. Growth is expected to slow in Q4, 

with a modest growth forecast of just 1%. 

India 

The economy in India grew by 21.9% (y-o-y) in 

the third quarter of 2020, although this followed a 

25.2% contraction in Q2. Analysts forecast that the 

economy will continue to grow in the fourth quarter, 

although at a slower rate than in Q1. 


*A reading above 50 indicates an expansion of the manufacturing 

sector compared to the previous month; below 50 represents a 

contraction; while 50 indicates no change. 

$3,534 

$2,899 

$2,769 

$2,597 

$2,274 

$2,095 

$1,378 $1,415 

$1,531 $1,619 $1,640 $1,621 

2015 2016 2017 2018 2019 2020Q3 


South Korea India 

Japan 

60.0% 

55.0% 

50.0% 

45.0% 

40.0% 

35.0% 

30.0% 

25.0% 

20.0% 



Jun19 

Jul19 

Aug19 

Sep19 

Oct19 

Nov19 

Dec19 

Jan20 

Feb20 

Mar20 

Apr20 

May20 

Jun20 

Jul20 

Aug20 

Sep20 

Oct20 

Nov20 

Dec20 

Business Jet 


Japan India South Korea 

Turboprop 

646 

647 

646 

664 682 

134 

155 

155 

138 

140 

140 

138 142 

97 

94 

92 

78 

73 

77 

76 

54 

21 

63 61 286 291 287 

54 

55 

21 19 21 

19 

222 

227 229 

285 

292 

233 237 

16 

16 

19 

17 

17 




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MOOD& INTENTIONS 

INTENTIONS ASIA-PACIFIC SURVEY Q4 2020 

RESPONDENT BREAKDOWN 

RESPONDENTS LOCATIONS 

Rest of the World (8%) 

Oceania (8%) 

Greater 

China (19 %) 

Central Asia & Middle East (37%) 

SE & NE Asia (28%) 

Results Summary in 2020 Q4 

1. Optimism levels continued to increase in Q4 2020, 

and were higher than in Q4 2019. 

2. Good signs of the industry recovering from the initial 

COVID-19 impact. 

3. Aircraft utilization showed signs of stabilization. It is 

still decreasing, but at a lower rate when compared 

to Q3. There are also positive signs in the WingX 

data that fleet activity is also increasing. 

TOP 10 RESPONDENT’S LOCATIONS 

Malaysia (6%) 

Thailand (6%) 

Pakistan (7%) 

Indonesia (7%) 

India (16%) 

Hong Kong (14%) 

4. A slight uptick in purchase intentions in Q4: 45.1% of 

respondents said they are ready to acquire aircraft. 

In Q4 2020 more than 300 business aviation professionals 

responded to ASG’s latest quarterly survey about the 

mood and intentions in the industry. 

Qatar (8%) 

United Arab Emirates (8%) 

Australia (9%) 

RESPONDENT AIRCRAFT TYPE 

Philippines (10%) 

China (9%) 

The regions with the most respondents include: 

1. Greater China (19%) 

2. Southeast and Northeast Asia (28%) 

3. Central Asia & Middle East (37%, incl. India, Pakistan, 

UAE etc.) 

4. Oceania (8%) 

Turboprop (20%) 

The majority of the respondents operate business 

jets (65%). 

Civil Helicopter 

(15%) 

RESPONDENT CATEGORY 

Owner / 

Charter User (4%) 

Business Jet (65%) 

In total, 66% of the respondents from this quarter’s survey 

are from aircraft services providers (FBO, MRO, etc.) 

and aircraft operators. This was followed by percentages 

of aircraft brokers (10%), and aircraft end users (4%). 

The remainder of the respondents are from other associated 

areas. 

Broker (10%) 

Aircraft Service 

Providers* (34%) 

Others** (20%) 

Aircraft Operator 

/Management Company (32%) 

* Aircraft Service Providers include: financial services, training, 

FBO, ground handlers, Service, MRO, parts, etc. 

** Others include law firms, research facilities and government 

officials 


MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2020 Q4 

Covid-19 Pandemic 

China’s economic recovery in the second half of 

2020 had helped stabilize the pessimistic mood of 

respondents by the fourth quarter. The highest levels 

of optimism were seen in Greater China, where 78% 

of respondents said that they are optimistic about 

the economy. This is the highest level of optimism we 

have seen in the past two years. 

COVID-19 IMPACT IN ASIA-PACIFIC 

Has the COVID-19 outbreak affected you or your organization’s 

business so far? 

2020Q1 

2020Q2 

2020Q3 

68% 

63% 

72% 71% 

25% 24% 

There are some good signs in this quarter’s COVID-19 

section: 

• A slight decrease on business impact levels due to 

COVID in Q4; 

• Domestic business continues to show good signs 

of recovery; 

• Many respondents now have a clear path of business 

development in 2021. 

2020Q4 

6% 4% 

3% 

2% 1% 3% 

1% 1% 

27% 28% 

However, whilst economic optimism is high, we have 

seen a slow decline throughout 2020 in the number of 

respondents saying that that market demand will return 

in the short-term future. This could be viewed as 

companies readjusting their business goals, and having 

lower expectations in the current economic cycle. 

Hard to tell Not affected Seriously affected Somewhat affected 

Do you foresee market demand bouncing back in the 2nd 

half-year of 2020/1st half year of 2021? 

Hard to tell at the moment 

No 

Yes 

Aircraft Utilization 

40% 

38% 

38% 

36% 

The latest data from WingX shows that flight activity 

in Asia-Pacific has been steadily increasing since its 

low-point in April, with December’s activity being just 

24% 

27% 

29% 

32% 

3.6% down on December 2019. 

This was in part driven by an increase in domestic 

flights within Mainland China, which increased by 

78.6% between the third and fourth quarters. 

Purchase Intention 

The fourth quarter also saw a slight increase in the 

purchase intentions of respondents, with 45.1% 

saying that they would now be willing to purchase an 

aircraft. Of the 45.1% that said they would be willing 

to acquire aircraft, 23.2.% said they would be willing to 

acquire pre-owned aircraft, with the remaining 21.9% 

saying they would go for new aircraft. 

The top reason limiting respondents purchase 

intentions was the limited use they would get from 

any acquisition they made. 

36% 

2020Q1 

2020Q2 

2020Q3 

Rank the following factors that you think are critical to the future 

of business aviation / general aviation (the lower the better): 

Privacy 

Maintenance Support 

Value for Price Paid 

2.5 

3.6 

35% 

4.0 

3.1 

2.9 

2.7 

Flexibility / Punctuality 

Cabin Sanitation 

More Important 

34% 

Customer Service 

33% 




In terms of your current level of business recovery, how does your domestic business volume compare to 

your international business volume: 

Aircraft Operator 

/ Management 

Company 

27% 

38% 

20% 

1% 

14% 

Aircraft Owner / 

Charter User 

18% 45% 

0% 

18% 

18% 

Aircraft Sales / 

Charter Broker 

23% 

37% 17% 

0% 

23% 

Other Related 

(FBO, MRO, etc) 

27% 

Both have not started 

to recover 

ECONOMIC STATUS 

30% 

Domestic business recovery is 

better than international 

Optimism Levels Since 2017Q4 - Regional Differences 

23% 

1% 

19% 

Hard to tell Not affected International business 

recovery is better 

than domestic 

Greater China 

Central Asia & Middle East 

SE & NE Asia 

Oceania 

Overall 

100% 

100% 

90% 

80% 

70% 

60% 

50% 

92% 

91% 

90% 

87% 

94% 

92% 

89% 

88% 

78% 

92% 

89% 

84% 

76% 

75% 

88% 

83% 

68% 

41% 

95% 

86% 

80% 

67% 

48% 

82% 

75% 

72% 

64% 

50% 

86% 

73% 

65% 

60% 

43% 

89% 

74% 

67% 

63% 

84% 

82% 

73% 

67% 

67% 

56% 

47% 

61% 

58% 

55% 

54% 

76% 

75% 

70% 

69% 

61% 

79% 

78% 

73% 

71% 

52% 

40% 

36% 

40% 

30% 

32% 

30% 

20% 

20% 

2017Q4 

2018Q1 

2018Q2 

2018Q3 

2018Q4 

2019Q1 

2019Q2 

2019Q3 

2019Q4 

2020Q1 

2020Q2 

2020Q3 




What is the current economic status? (Quarterly comparsion) 

100% 

Past Low Point 

52% 

55% 

41% 

38% 

29% 

32% 

32% 20% 26% 

35% 19% 

27% 

56% 

At Low Point 

Optimistic 

(Will get better) 

27% 

29% 

35% 28% 

31% 

32% 

29% 

35% 

43% 

44% 

37% 

28% 

34% 

32% 

33% 

37% 

36% 

40% 

33% 

53% 

Not Reached Low Point 

45% 

31% 

29% 

Pessimistic 10% 

(Will get worse) 

0% 

2017Q4 

11% 

2018Q1 

16% 

2018Q2 

2018Q3 

2018Q4 

2019Q1 

2019Q2 

2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 


PURCHASE INTENTION 

Where are we in the current pre-owned market? 

Buyer’s Market 

Balanced Market 

Seller’s Market 

I’m not sure 

39% 

36% 

21% 

4% 

40% 

29% 

21% 

10% 

47% 

28% 

17% 

8% 

43% 

38% 

14% 

5% 

38% 

26% 

10% 

41% 

38% 

16% 

5% 

58% 

20% 

15% 

8% 

50% 

28% 

17% 

6% 

55% 

21% 

15% 

9% 

66% 

13% 

12% 

8% 

54% 

22% 

13% 

11% 

62% 

18% 

13% 

8% 

62% 

17% 

10% 

10% 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

2019 

Q1 

2019 

Q2 

2019 

Q3 

2019 

Q4 

2020 

Q1 

2020 

Q2 

2020 

Q3 

2020 

Q4 

Purchase Intention 2017Q4 - 2020Q4 

Yes, a new aircraft 

Yes, a pre-owned aircraft 

No/I’m not sure 

38% 

33% 

29% 

41% 

31% 

28% 

40% 

31% 

30% 

38% 

32% 

31% 

41% 

30% 

29% 

43% 

28% 

46% 

27% 

53% 

27% 

20% 

48% 49% 

28% 

26% 

24% 25% 

59% 58% 

22% 22% 

19% 

20% 

55% 

23% 

22% 

2017 

Q4 

2018 

Q1 

2018 

Q2 

2018 

Q3 

2018 

Q4 

2019 

Q1 

2019 

Q2 

2019 

Q3 

2019 

Q4 

2020 

Q1 

2020 

Q2 

2020 

Q3 

2020 

Q4 



Regional Differences (Fixed Wing) 

SE & NE Asia 

4% 33% 

21% 

29% 

13% 

Oceania 

11% 22% 

11% 

33% 22% 

Greater China 

12% 54% 

23% 

12% 0% 

Central Asia & 

Middle East 31% 

23% 19% 19% 

8% 

Corporate Airliner Large Jet Mid-size Jet Light Jet Turboprop / 

Piston Fixed 

Wing 

Purchase Intention - Fixed Wing 

Purchase Intention - Helicopters 

Corporate Airliner 

(Such as ACJ, BBJ) 

Twin Turbine 

(Such as Sikorsky S-76C++) 

Most Preferred 

Turboprop/Piston 

Fixed Wing 

(Such as King Air Series) 

Large Jet 

(Such as G650, 

Falcon 8X) 

Most Preferred 

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) 

Purchase Decisions - Influencing Factors* 

Government / Public Opinion 

Greater China 

Oceania 

Central Asia 

Inconvenient to 

Use 

Most Limited 

No Interesting 

Aircraft 

SE & NE Asia 

No Need 

Price 

*Outer means more limited 


FLEET UTILIZATION 

Summary : Aircraft Utilization Changes In Past 12 Months 


100% 

Up by 20% and more (>20%) 

12% 

14% 

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

3% 

INCREASED 

SAME 

50% 

The same (0%) 

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

19% 

52% 

DECREASED 

Down by 20% or more (

INTERVIEW : TAG AVIATION 

INTERVIEW: TAG AVIATION 

SIMON BAMBRIDGE, COMMERCIAL DIRECTOR 

How was 2020 for TAG in Asia? How much of 

an impact did COVID have? 

2020 was an unprecedented year for communities and businesses 

around the world and TAG Aviation was no exception. It was particularly 

challenging on the operational front, as ever-changing border restrictions 

and quarantine measures at best discouraged, and at worst outright 

prevented, people from travelling internationally. However, despite 

the significant decrease in travel by our clients and the reduction in reduced 

flight activity for the fleet, we have seen the vast majority of our 

management clients retain their aircraft and crew, and kept both operationally 

ready to be available as and when travel restrictions permit. 

From the management perspective, our fleet size has been relatively 

stable, and we were even able to bring on board several new aircraft in 

the second half the year. We are tremendously proud of that achievement, 

as it is a testament to our team that we were able to support our 

client’s by successfully and efficiently taking delivery of their aircraft 

during the significant logistical challenges brought about by the pandemic. 

Is there much flight activity in Asia at the moment? 

The APAC region remains very subdued since a large proportion of 

flights are international, and these are subject to constantly changing 

border control and quarantine requirements. That said, we did see an 

uptick in flight activity in the 2nd half of 2020, mainly from our Chinabased 

fleet traveling domestically. 

Asia, as a region, is generally regarded as having been more successful 

in containing the spread of COVID and keeping infection numbers 

under control, so we are hopeful that there will soon be travel bubbles 

and green corridors established that will allow the resumption of select 

country-to-country travel. We still forecast movements will remain low 

for the first half of the year, but we are optimistic that activity will begin 

to pick up in the second half of 2021 when countries implement widespread 

vaccine rollouts and there are more comprehensive measures 

to protect against infection. 

Who are the people that are flying now? Are there 

many first-time business jet fliers? 

There is still a mix of travelers, however the majority (~70% per our 

charter sales) is deemed to be business travelers. Recently, around 



60% of our charter flyers in Asia are first-time private jet fliers, and 

most of them are traveling for business reasons. Many are flying to 

South East Asia, India, Cambodia, and Vietnam. 

Has TAG seen much interest from first-time owners 

expressing an interest in acquiring business 

aircraft? 

Yes. In the 2nd half of the year, the level of inquiry from new first-time 

buyers is the highest we have seen in the past seven or eight years. The 

interest is widespread too, with inquiries coming from countries across 

the region, from Greater China through to South East Asia. 

Have you seen many people wanting to dispose of 

their aircraft? 

No, we have not seen many clients wanting to dispose of their aircraft, 

though we have seen some disposals from our fleet. However, those 

disposals were largely planned pre-COVID because the client had taken 

delivery of a new replacement aircraft, or it was a business decision 

that had been in the works for some time. The COVID pandemic is, 

undoubtedly, a crisis, but it is a different sort of crisis to, say, the 2008 

Financial Crisis. During the 2008 Financial Crisis there was a financial 

imperative for some owners to sell their aircraft. With the COVID pandemic 

there is a health and safety imperative for most owners to retain 

their aircraft. 

When do you think that activity will be back to pre- 

COVID levels? 

It is hard to say without a crystal ball. A number of things will need 

to happen before we see a return to pre-COVID levels of activity, including 

widely implemented global vaccination programs, rapid testing, 

and easing of quarantine requirements. The rebound will be slow since 

there will be countries that will be more effective at rolling out these initiatives 

than others and travelers will need to regain the confidence to 

travel – both in terms of health concerns and a certainty around border 

and quarantine requirements. 

Where do you think the first / last markets to recover 

will be? 

China and broadly the Asia region will be among the first to recover 

due to their generally world-leading containment of COVID outbreaks. 

US domestic travel will also likely recover reasonably quickly as it has 

managed to be quite resilient despite the pandemic and has not been 

as heavily impacted as international travel. International commercial 

travel, say Asia to the US or Europe, or between the US and Europe, will 

be subdued for sometime. 

Once activity is back to pre-COVID levels, where do 

you think growth will come from? 

Growth, once activity is back to pre-COVID levels, will likely come from 

a few areas: there will be new buyers coming from established markets 

How Important Is Asia to TAG ? 

Asia is extremely important to TAG and is key to our long-term business goals. While technically not a ‘new’ 

or ‘emerging’ business aviation market anymore, Asia is still a relatively under-developed business aviation 

market when compared to the more mature business aviation markets of the US and Europe. As such, we 

believe there will be great opportunities in Asia in the coming years in all aspects of business aviation, be 

it in aircraft management, FBOs, charter, maintenance, or support services. 

We have demonstrated our commitment to the region over the last few years with the opening of our Macau 

FBO and the continual development of our maintenance capabilities in Hong Kong and Macau. We 

believe that there will be solid growth and demand for high quality aircraft management in SE Asia and, 

with this in mind, I will be relocating to Singapore in February this year. There are various pathways to our 

growth in Asia and we are actively pursuing all avenues and possibilities. Stay tuned because there will be 

a lot to watch out for at TAG! 



that could previously afford to own a business jet but were content 

to travel commercially; there will be buyers coming from emerging bizav 

markets that were set for growth pre-COVID such as Vietnam and 

Thailand; & there will likely be additional charter demand potentially 

requiring additional lift capacity in the region. Growth in business aviation 

will also come because it will take time for airline route networks 

and schedule frequencies to recover, and there will be people needing 

to travel before then, who might turn to corporate aviation as an option. 

The Chinese government would like Macau to be a 

regional business aviation hub. Will TAG be able to 

expand its operations at the airport? 

The announcement from the Chinese government came in early 2020, 

and there is a master plan to expand parking stands and reserve more 

space for business aviation in Macau. However, due to the pandemic, 

we have not seen any legislation or action from the government to push 

this agenda through yet. 

On TAG’s end, we have the option to increase our parking and space 

at the Macau airport, though this is also subject to the ever-changing 

situation, and will depend on when flight activity returns to Macau. 

What extra precautions has TAG put in place at the 

Macau FBO to stop of the spread of COVID? 

The Macau government and airport authorities have a long list of precautions. 

At the Macau FBO, we follow the guidelines as set forth by the 

civil aviation department: anyone entering the premises has to present 

a health code before entering the FBO. Body temperature checking 

stations in the entrance, and hand sanitizers are provided. Prior to departure, 

all passengers need to have their temperature checked before 

they board. For arrivals, particularly flights coming from high-risk countries, 

the FBO staff puts on full PPE to greet the aircraft. 

We maintain a rigorous cleaning schedule for the FBO facility. The 

cleaning staff sanitize all areas of the FBO every two hours. The arrival 

crew stays on board the aircraft, and passengers are required to enter 

Macau via the main terminal for processing. Therefore, the FBO is kept 

watertight. 

Would TAG consider opening another FBO in the 

region? 

Absolutely, we are open to expansion. We are at the initial stage of due 

diligence and research, as any move we make will be carefully considered. 

At the moment we are looking towards expanding our handlingservice 

only, and we are in the process of conducting analysis to see 

where the most opportunities lie. 

Macau was one of the first cities in the world to implement stringent 

measures to prevent the spread of COVID-19. The early policy adoption 

has worked to keep Macau a virus-free zone for more than 6 months, 

with zero cases since the end of June 2020. 

www.tagaviation.com 


Engineering Luxury 

Comlux is one of the leaders in Business Aviation, Transaction and Completion services. For over 15 years, we have been 

Engineering luxury for VIP customers looking for personal & professional management of their private aviation needs: aircraft 

operations & charter management, aircraft sales & acquisitions, cabin interiors, maintenance & upgrades. 

Headquartered in Switzerland with a global presence around the world, Comlux delivers World-class Swiss-made business 

aviation services at the highest standards of the industry. 

AVIATION 

Comlux Aviation provides exclusive business jet operations 

& management services to VIP customers who wish to have 

their own aircraft managed personally and professionally 

with the highest standards of safety and quality. Besides 

bespoke management services, Comlux provides highly 

personalized VIP charter solutions with its versatile and 

modern fleet worldwide. 

TRANSACTION 

Selling or buying a VIP aircraft requires technical, 

commercial and contractual skills that Comlux Transactions 

has integrated within a team of aviation professionals. 

With its strong market network, Comlux Transactions helps 

VIP customers in finding the best aircraft adapted to their 

needs and budget requirements, or in selling their asset 

within the shortest period of time and at the right price. 

COMPLETION 

Comlux Completion is continuously innovating in the large to 

very large VIP aircraft segment engineering luxury into 

cabin completions, upgrades and refurbishments. Located in 

Indianapolis, Comlux Completion has established itself as 

one of the most unique and modern completion & service 

centers in the world, exclusively for ACJ and BBJ aircraft. 

Besides, Comlux Completion is the exclusive outfitting 

partner of the all-new ACJ TwoTwenty business jet. 

ZURICH | MALTA | INDIANAPOLIS | ALMATY | MIAMI | DUBAI | HONG KONG | MOSCOW 

www.comlux.com 


INTERVIEW: UNIVERSAL AVIATION 

INTERVIEW: UNIVERSAL AVIATION 

YVONNE CHAN, REGIONAL DIRECTOR - APAC 

What is the current situation across Asia? 

While Asian and Australasian countries have had more success in 

containing the COVID-19 pandemic, some countries are experiencing 

further small outbreaks recently so things are slowing down again. 

China has tightened restrictions after seeing sporadic cases in several 

cities recently. Shijiazhuang, Dalian, and Shenyang entered ‘wartime’ 

mode in December 2020 and many cities have tightened quarantine 

rules for both overseas and domestic travelers from medium and highrisk 

areas of China. Business flights from overseas may be possible, 

but you need a very good reason for entry, and special approval by the 

State Council. 

Japan has opened business corridors to some countries including 

Mainland China. No quarantine is required for travelers from China, 

however, a 14-day quarantine (or more) is still required upon arrival 

back in Mainland China. 

In Taiwan, many social activities are still allowed, but CECC began imposing 

entry restrictions and quarantine measures for non-R.O.C. nationals 

starting 01 JAN 2021 and tightened quarantine measures for 

travellers coming into Taiwan starting 15 JAN, 2021 

Singapore has managed to control the numbers with very small cases 

in the community. It has recently announced that all travellers must 

undergo PCR testing on arrival. This now includes Singapore citizens 

and permanent residents. 

Australia is in a very good position now although the State of New 

South Wales has recently had a small outbreak, which appears to be 

linked back to a foreign crewmember. Residents of Sydney Metro are 

required to wear masks when visiting any indoor venue. Business is 

back to normal for the rest of the country, and 14 days of mandatory 

quarantine after arrival into Australia is still required for all passengers 

and crew. 

South Korea and Philippines have extended their restrictions until the 

end of January, while no endpoint for the ban has yet been provided by 

the governments of Malaysia, Thailand and Hong Kong. 

While other countries struggle or tighten restrictions, Maldives, Cambodia, 

and Vietnam have either already lightened or plan to ease restrictions. 

The Border of Maldives has been open since 15th July 2020 with no 

restrictions to any nationalities. Cambodia’s border also remains open 

despite a few new cases found recently originating from a Cambodia 

citizen who was traveling back from Thailand. The border of Vietnam 

has not yet opened but the good news is that it has been 44 days 


INTERVIEW: UNIVESAL AVIATION 

Are There Signs That Asian Countries Might Be Looking To Open Their Borders? 

While there are no imminent signs of the international borders opening anytime soon, Japan is planning to 

end the State of Emergency by 7 Feb if the situation is better. Once the State of Emergency is terminated, 

borders for business travelers will be opened. As Singapore is looking to host the Word Economic Forum 

in May, the Government is working with other countries to increase more “green lanes” and open borders 

for general travellers. 

since the last positive Covid-19 case was reported in Ho Chi Minh City. 

All lockdowns are now lifted domestically, and Vietnam’s government 

reaffirms its goal to accelerate active measures to achieve dual objectives 

of economic development and disease control and is moving 

toward a “safe coexistence with COVID-19”. 

Are there any special arrangements in any countries 

specifically for people arriving on business jets? 

In most countries, the current restrictions apply to all visitors regardless 

if they are arriving on commercial or business jets. 

However, operating a private jet into China with a passenger onboard 

could be much more complicated than arriving on a commercial flight. 

Visitors need a very good reason for entering China by business jet, 

and a special approval from the State Council must be obtained before 

landing permit application can be submitted. 

How is Universal supporting business jet operators 

during the pandemic? 

Since the start of the pandemic, Universal has taken an industry-leading 

position of sharing vital COVID restriction information and research. All of 

our Universal Aviation handling offices, along with our operations centers, 

including our Asia Pacific Operations Centre in Hong Kong, and our certified 

handling partners, are working closely with our Trip Support teams 

to ensure our customers have the most current and accurate information 

on COVID restrictions. 

Universal Weather and Aviation is also donating feasibility and consulting 

services to general aviation operators wanting to use their aircraft to 

support humanitarian missions delivering COVID-19 vaccines. Through 

at least June 30, 2021, Universal Trip Support will be waiving its fees on 

trip feasibility assessments, research, and consultation services for any 

private aircraft mission classified as a humanitarian COVID-19 vaccine 

delivery flight – even if the trip ends up not being able to happen. 

www.universalaviation.com 


COMMENTARY: SURVEY HIGLIGHTS ILLEGAL CHARTER ACTIVITY ACROSS ASIA-PACIFIC 

SURVEY HIGLIGHTS ILLEGAL CHARTER 

ACTIVITY ACROSS ASIA-PACIFIC 

A joint survey between international law firm HFW and the Asian Business Aviation Association 

(AsBAA) found that more than 70% of respondents in Asia-Pacific have been negatively affected by 

illegal charter activity, with most expecting the situation to get worse due to COVID-19. 

Commentary by Gordon Gardiner and James Jordan 

Anecdotally, illegal charter activity occurs in many Asia-Pacific 

countries, but the full extent of the problem has been difficult to 

establish. Although surveys of illegal charter activities have been 

conducted elsewhere, such as the one conducted in the US in 2019 by 

the National Air Transportation Association (NATA), the position in the 

Asia-Pacific region has remained opaque until now. 

The survey results clearly show that illegal charter activity is a significant 

problem in many countries in the region, with China, Malaysia and 

Indonesia flagged as countries of particular concern. Almost half of the 

respondents believed that close to 1 in 3 charter flights across Asia-Pacific 

are illegal, with three quarters of respondents expecting illegal charter 

activity within the region to increase due to the pandemic. 

The detail of regulations relating to public and private flights is complicated 

and varies according to jurisdiction, but in general terms the basic rule 

is straightforward. If an aircraft is operated privately, it should not be used 

for commercial (public transport) flights, unless an exemption applies. 

Accordingly, subject to any relevant exemptions, if a passenger provides 

valuable consideration (whether by paying money or providing some other 

benefit to fly on an aircraft), that constitutes public transport and the 

operator needs an air operator’s certificate (AOC), or a Part 135 certificate 

under the US Federal Aviation Regulations. Failure to do so results in an 

illegal charter and may either be deliberate or inadvertent. 

Within the Asia-Pacific region, what proportion 

of charter flights do you think are illegal? 

With business aviation continuing to experience the severe economic impact 

of COVID-19, illegal charters are likely to become more widespread 

as aircraft owners and operators look for creative – and potentially illegal 

– ways to generate revenue. New customers, attracted to business aviation 

by its flexibility, and to mitigate COVID-related health concerns, are 

also vulnerable to being exploited by unscrupulous operators. 

In recognition of these illegal charter issues, in December 2020 a dozen 

business aviation organizations from around the world formed a coalition 

– the Air Charter Safety Alliance – to address the problems faced by 

the industry. The purpose of the coalition is to raise awareness amongst 

customers, operators and regulators of the dangers of illegal charter, to 

promote the safety of legitimate operations, and to collaborate on best 

practices. 

20-30% 

10-20% 

More than 30% 

Less than 10% 

An important aspect of the coalition’s work will be to engage with aviation 

regulatory authorities. More than 90% of survey respondents felt that 

local aviation regulators are not doing enough to combat illegal charter 

operations, with the issue perhaps not being viewed as a priority due to 

insufficient resources. Even so, when illegal charter is the subject of regulatory 

scrutiny, 74% felt that the resulting punishments were ineffective 

and not severe enough to act as an effective deterrent. 

© 2021 Holman Fenwick Willan LLP. All rights reserved. Ref:002600 


COMMENTARY: SURVEY HIGLIGHTS ILLEGAL CHARTER ACTIVITY ACROSS ASIA-PACIFIC 

Are the penalties for illegal charter a 

sufficient deterrent in the Asia Pacific region? 

Did you report the illegal charter 

activity to the local regulator? 

Comparison between Asia and US positions 1 

No 

Yes 

16% 

50% 

Yes 

No 

50% 

84% 

US 

Asia 


Respondents said that there are several signs that suggest a charter is 

illegal, such as flights being advertised at prices far below legitimate operations, 

flights claiming to operate as “cost sharing”, and flights being sold 

as “sales demos” or “flight training”. 

Significantly, 84% of respondents said that they did not report suspected 

illegal charter activity to the local regulator. Several barriers to reporting 

illegal charter were highlighted, including the potential loss of customers 

and other adverse effects on their own business, as well as uncertainty 

over how the authorities would respond. By comparison, half of US respondents 

to NATA’s previous survey said that they would file a report. 

The clear loser when it comes to illegal charter operations are the legitimate 

operators who have invested significant time and money in obtaining 

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

1 

2019 1 NATA’s Illegal 2019 Charter Illegal Survey Charter by Survey National Air Transportation Association (NATA) 

© 2021 Holman Fenwick Willan LLP. All right reserved. Ref:002600 


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

proper training and insurance. The position of passengers is compromised 

– illegal charter flights are unlikely to provide the same level of 

operational safety (such as more stringent pilot training and maintenance 

standards) offered by legitimate operators. 

The survey results emphasize that illegal charter is a significant issue 

across the Asia-Pacific region. Given the substantial impact on legitimate 

operators, more should be done to tackle the problem. The welcome launch 

of the Air Charter Safety Alliance allows a coordinated effort and provides 

a powerful platform to do so. Clearly, one of the key factors which impedes 

the reporting of illegal charter activity is the lack of any formal reporting 

mechanism. Until such a mechanism is established by regulators in the 

Asia-Pacific region, it is likely that many more illegal charter flights will continue 

to operate unchecked. 

www.hfw.com 

For further details on the results of the HFW/AsBAA survey, 

please contact Gordon Gardiner or James Jordan at HFW, or Jeff Chiang at AsBAA. 

GORDON GARDINER 

Partner, Hong Kong 

D: +852 3983 7710 

E: Gordon.Gardiner@hfw.com 

JAMES JORDAN 

Senior Associate, Singapore 

D: +65 6411 5374 

E: James.Jordan@hfw.com 

JEFF CHIANG 

COO, AsBAA 

D: +852 6330 0605 

E: jeff.chiang@asbaa.org 

HFW has more than 600 lawyers working across Asia Pacific, the Americas, Europe and the Middle East. HFW is committed to Asia Pacific, 

with six offices and two 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, and the associated financing 

• 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 


COMMENTARY: ASBAA SOARING IN THE NEW YEAR 

SOARING IN THE NEW YEAR 

Although 2020 proved challenging for the industry and the Asian 

Business Aviation Association (AsBAA) for hosting physical 

events, AsBAA nonetheless successfully held a number of 

events and networking opportunities for its members and the industry, 

both physically and virtually. If you missed any of them, here is a recap, 

as well as a sneak peek on what is ahead. 

lowing the success of the safety event, AsBAA made available all 18 

of the event’s individual sessions on the Association’s official YouTube 

channel. AsBAA will be organizing more safety initiatives, including 

its planned China Safety Day in the near term as well as other events 

throughout the year, all of which will be announced on the Association’s 

member digests and social media channels. 

By the time you are reading this, AsBAA will have hosted its first webinar 

on 25 January 2021, which is on the topic of Aircrew Mental Health 

during the COVID-19 pandemic. This first webinar discussion is part 

of a regular series that aims to increase awareness of, and gradually 

eliminate the stigmas surrounding aircrew mental health. AsBAA has 

more than a dozen webinars planned for the year, including on urban 

air mobility, supersonic aircraft, COVID recovery strategies, career development, 

airport access, illegal charter, women in aviation, and more. 

In August 2020, the AsBAA China Chapter successfully hosted a physical 

networking cocktail in Beijing. Around 70 people, including several 

AsBAA Board of Directors, the Business Aviation Service Branch of the 

Civil Airports Association of China, Aircraft Owners and Pilots Association 

(AOPA) China, the Aviation Cooperation Program (ACP) team, and 

media representatives graced the event. The Association’s esteemed 

guests gathered to raise enthusiasm for the development of general 

and business aviation in China and to support AsBAA’s role in advocating 

for such developments. 

On the people side, earlier this month, AsBAA announced that Philippines-based 

Patrick Roa, a veteran pilot and Captain, was appointed to 

the Association’s Board of Governors in the Philippines. The appointment 

was made following the Association’s recent commitment to revitalize 

the Philippines chapter as a key priority. The primary goal of 

the Association is to reach the widest audience of industry groups and 

regulatory bodies to promote business and general aviation in Asia. 

The Association’s Board of Governors brings a broad range of skills 

to AsBAA which ensures that we achieve the best for our industry. As- 

BAA’s regional chapter heads Rocky Zhang, Aida Ismail, James Jordan, 

and Aljoscha Subasinghe, continue to actively lead and nurture 

their respective chapters’ growth and involvement in the industry. 

In September 2020, over 100 AsBAA members participated in AsBAA’s 

virtual AGM. Members heard the Chairman’s address, the Board’s introduction 

of the new executive team members Jeff Chiang and Anthony 

Lam, membership and financial review, regional Discovery initiatives 

and events recap, as well as the Chapter Heads’ regional highlights. 

The Board of Directors took questions from attendees who wanted to 

know more about AsBAA’s plans and initiatives. 

In November 2020, AsBAA hosted a two-day AsBAA Virtual Safety 

Summit 2020, sponsored by Bombardier Aviation, which was hailed 

as an industry success with over 350 unique attendees from over 15 

countries including in the Asia Pacific, Europe, the Middle East, and 

North America. The Association would like to thank its members and 

all 27 speakers who took time out of their busy schedules to share 

their expertise and insights on the best practices of the industry. Fol- 

Be sure to visit AsBAA’s website for 

the latest updates, travel restrictions, 

as well as tips and information for 

those operating in the region. The 

Association will be announcing engaging 

and interactive events all the 

time, so stay tuned to our Members’ 

Digest and social media for more details 

to come. Stay safe and healthy! 

www.asbaa.org 


RENOWNED LEGAL 

ADVISERS FOR ALL 

YOUR BUSINESS 

AVIATION NEEDS 

www.hfw.com/aerospace 


AIRCRAFT SPOTLIGHT: FALCON 6X 

FALCON 6X ROLLOUT PUTS 

THE SPOTLIGHT ON ADVANCED 

TECHNOLOGY AND BIG CABIN COMFORT 

Aircraft companies expect challenges (usually engineering related) 

on the path to the rollout and first flight of a new aircraft. 

But Dassault could not have anticipated the disruption of a 

pandemic that arrived out of the blue in March 2020. 

As the world grappled with the first wave of the crisis, for a time, work 

came to a halt. This was true not only of the 6X assembly hall in Bordeaux-Mérignac, 

but also at suppliers in Europe and North America. 

Suddenly, the timeline to a year-end rollout was in doubt. 

majority of popular business aviation destinations nonstop. The 6X can 

fly without needing to stop for fuel from Los Angeles to Moscow, for 

example, or Beijing to San Francisco. Remarkably, for an aircraft of its 

size, the 6X can routinely slip into and out of smaller airports, even 

those with runways under 1,200 meters. Approach speed is as low as 

109 knots, which is about the same as small turboprops. 

The 6X is a big story in part because it sets a new benchmark for 

cabin spaciousness. It has the largest cabin cross section of any pur- 

Then Dassault and its partner suppliers base rallied, putting in place 

the safety precautions required to protect workers, and resume an international 

collaboration. Parts and structures began flowing into Mérignac. 

Pratt & Whitney Canada commenced flight-testing of the Falcon 

6X’s PW812D engine, and, against great obstacles, the 6X program was 

quickly back on track. 

“We have faced an unprecedented challenge but working with our partners 

up and down the supply chain, we have been resilient,” Dassault 

Aviation Chairman and CEO Eric Trappier told the world at business 

aviation’s first socially distanced, livestreamed rollout on December 

8th, 2020. 

Trappier recalled the drive and spirit of founder Marcel Dassault, who 

created an aerospace leader in the immediate post-WWII period: “Building 

this aircraft, arriving at this moment, we have proven his resilience 

lives on in the DNA of the Falcon family.” 

The Falcon 6X is a success story on many levels. It is the first all-new 

Falcon in a generation and pioneers new levels of efficiency, comfort 

and safety, with all the performance strengths of the Falcon line. 

Small details received 

great attention. 

So innovative 

was the styling of 

the 6X cabin that it 

received the 2020 

International Yacht 

& Aviation award for 

interior design. 

The range of the Falcon 6X is 10,186 kilometers, connecting the vast 


AIRCRAFT SPOTLIGHT: FALCON 6X 

Dassault’s industry leading FalconEye combined vision 

system, which is standard on the 6X, further enhances 

safety. FalconEye provides a view of terrain in pitch 

darkness and in all-weather conditions, making it safer 

to operate when arriving at or departing from airports 

and allowing approaches down to 100 feet before 

picking up natural runway cues. 

pose-built business jet: 1.98 meters tall by 2.58 meters wide. It is a 

cabin designed for a large team—up to 16 people. Passengers can 

comfortably move past each other in the wide aisle. Everyone has 

more elbow and legroom. 

As beautiful as the interior is to the eye, it has invisible features 

equally important to passengers, as Carlos Brana, Dassault’s Executive 

Vice President of Civil Aircraft, noted in a cabin tour during 

the virtual rollout. He mentioned the low cabin altitude of 3,900 feet 

(about half that of a commercial airliner), makes passengers feel 

noticeably better at the end of long flights. The 6X cabin has 30 

extra-large windows lining the cabin, providing natural brightness in 

daytime, while an adjustable interior lighting palette can create sunrise 

and sunset effects, helping adjust biorhythms as the jet crosses 

multiple time zones. It also has a skylight (a first in business aviation) 

in the often hard-to-illuminate galley area. 

Beyond minimizing the effects of turbulence, the 6X digital flight controls 

impart ultra-precise handling qualities and reduce pilot workload 

during critical flight phases, such as when maneuvering near airports. 

In predecessor Falcons—the 7X and 8X—the digital flight control system 

managed primary flight controls: ailerons, elevators and the rudder. 

The 6X digital flight controls tie in secondary flight surfaces, including 

slats, flaps and a unique control called a flaperon (part flap/ 

part aileron), which is particularly helpful in controlling speed during 

steep approaches. 

As of writing, most of the ground and flight tests on the 6X’s PW812D 

engine have been completed, including bird ingestion, icing and bladeoff 

tests. Flight testing included 300 hours aboard Pratt & Whitney’s 

Boeing 747 testbed, where the engine is mounted just behind the cockpit, 

away from the 747s other engines. With those tests concluded, the 

engine has been cleared to fly in the 6X test program. 

Also invisible to the eye is the extraordinary quietness of the 6X cabin, 

which will achieve noise levels on par (or possibly better) than the 

industry leading Falcon 8X, which averages about 48 dB throughout 

the cabin. 

The PW812D provides double digit improvements in fuel consumption 

and emissions. It requires 40 percent less scheduled maintenance and 

20 percent fewer inspections than other engines in its class. 

The 6X is also easier to maintain thanks to an entirely new feature on 

a business jet—FalconScan, a remarkable diagnostic tool that includes 

an onboard server that collects data on 100,000 parameters. It identifies 

faults, communicates them to the ground through another system, 

FalconBroadcast, and even recommends the corrective procedure 

through a Dassault patented algorithm. 

Dassault expects the 6X to fly early in 2021. Three aircraft will be used 

in the flight test program, which is expected to run through 2022. 

www.falcon6xrollout.com 

Global high-speed connectivity is essential for productivity. The 6X 

achieves this with service options that include a Ka-band satellite 

connection. A final passenger pleasing feature is the smooth ride 

imparted by the industry’s most advanced fly-by-wire flight control 

system, which dampens the bumps in turbulence. 


AIRCRAFT SPOTLIGHT: PILATUS PC-24 

AIRCRAFT 

SPOTLIGHT: 

PILATUS PC-24 

‘Rugged’ is not a word that immediately 

springs to mind when describing a business 

jet, but from the outset, that is exactly how 

that PC-24 was designed. Pilatus didn’t just 

want the aircraft to carry people, it wanted 

the PC-24 to be a multi-function aircraft that 

could also carry cargo, and be able to land on 

unpaved runways. It is because of this that 

Pilatus defines the PC-24 as a Super Versatile 

Jet. 

Edited by Alud Davies 

It would be fair to say the Pilatus PC-24 was one of the most anticipated 

new business jet designs in the last 10 years. Building on 

the success of the Swiss manufacturers PC-12 turboprop, the PC-24 

takes much of the PC-12s best features and incorporates them in its 

first business jet. 

Twin Engine 

The PC-24 is a twin engine, super light jet, that has a range of up to 

3,704 km (2,000 nm) at a maximum altitude of 45,000 ft. It is powered 

by a pair of Williams FJ44-4A-QPM engines, each capable of producing 

3.420 lbf, which help the aircraft reach its maximum cruising altitude in 

just 26 minutes after takeoff. 

Passenger Layout 

When fitted with a passenger layout, the PC-24 can carry a maximum 

of 11 passengers, although normally the aircraft would be fitted with 

fewer seats. A Typical layout for the PC-24 would be for eight passengers 

in a double-club configuration. Each seat has been designed to be 

removed quickly, allowing the configuration to be changed as needed 

for the next flight. 

Advanced Cockpit Environment 

Up front, the PC-24 cockpit is based on Honeywell’s Primus Epic flight 

deck, which Pilatus is calling its Advanced Cockpit Environment. It features 

four 12-inch displays which can be configured by the pilots to 

Advanced Cockpit Environment 


AIRCRAFT SPOTLIGHT: PILATUS PC-24 

PERFORMANCE 

BALANCED FIELD LENGTH 

(MTOW, SEA LEVEL, DRY PAVED RUNWAY) 

LANDING DISTANCE OVER 50 FT (15 M) OBSTA- 

CLE (MLW, SEA LEVEL, DRY PAVED RUNWAY) 

MAX. RATE OF CLIMB (MTOW, SEA 

LEVEL, 200 KCAS) 

MAX. CRUISE SPEED (FLIGHT LEVEL 280) 

RANGE WITH 4 PASSENGERS 

(800 LB PAYLOAD, LRC, NBAA IFR 

RESERVES OF 100 NM + 30 MIN VFR) 1 

MAX. CERTIFIED ALTITUDE 

STALL SPEED (LANDING CON- 

FIGURATION, MLW) 

2,930 FT (893 M) 

2,375 FT (724 M) 

4,070 FT/MIN (20.70 M/S) 

440 KTAS (815 KM/H) 

2,000 NM (3,704 KM) 

45,000 FT (13,716 M) 

82 KIAS (151 KM/H) 

WEIGHTS 

MAX. PAYLOAD 1 

MAX. PAYLOAD WITH FULL FUEL1 

2,500 LB (1,134 KG) 

715 LB (324 KG) 

1 

Executive configuration (6 seats), incl. one pilot 

Large Cargo Door 

show the information they need. This includes Honeywell’s SmartView 

Synthetic Vision, which increases aircraft safety by producing a 3D 

map of the surrounding terrain. 

Large Cargo Door 

One of the key features of the PC-24 is a large cargo door at the rear 

of the cabin. This allows the PC-24 to be used as a cargo carrier with 

no seats at all, or in a combi layout, with several seats in the forward 

fuselage, with space for cargo behind. The large cargo door is also one 

of the reasons that the aircraft has found favour with air ambulances 

around the world. One of the first customers for the PC-24 was Australia’s 

Royal Flying Doctor Service, which uses its PC-24s across the 

country, including hard to reach places with unpaved runways. 

Double-slotted Flaps 

To do this, the PC-24 has double-slotted flaps, which lowers the aircraft’s 

stall speed, as well as landing gear specifically designed to have 

a trailing arm, which helps to smoothen out uneven surfaces. The PC- 

24 was originally certificated to use dirt and gravel landing strips, but 

has since been certificated to use grass, wet earth, and snow runways. 

Although interest in the PC-24 was very high, Pilatus took the unusual 

step of limiting the first batch of orders. The orderbook itself was 

opened during the 2014 European Business Aviation Convention & Exhibition 

(EBACE) in Geneva, Switzerland. Just 36 hours later the orderbook 

closed with 84 orders. Pilatus said at the time that it had done this 

to ensure a smooth transition into service of the first batch of aircraft. 

After almost five years, the orderbook opened again in 2019. 

www.pilatus-aircraft.com 

Passenger Layout 


SPECIAL FEATURE 

ASIA-PACIFIC BUSINESS JET FLIGHT ACTIVITY 

A YEAR IN REVIEW 

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 - A YEAR IN REVIEW 

According to data from German business aviation 

consultancy WingX, the total number of business aviation 

flights departing from Asia-Pacific in 2020 was 78,518 – a 

21% drop from 2019. The drastic drop of business aviation flights 

can be attributed to the outbreak of COVID-19 early in the year. 

When the situation became clearer for aviation authorities in the region, 

we began to see flight activity return, especially in countries 

with large domestic markets. This was very evident in China, where 

domestic flight activity had reached the same levels in December as 

it had in December 2019. 

APAC DEPARTURE FLIGHTS 

2020 Departures YoY Trend 

14.9% 

-0.5% 

-19.7% 

-12.6% 

-10.3% 

-14.8% 

-7.7% -3.6% 

8,759 

7,702 

-36.1% 

-53.0% 

-34.8% 

6,903 7,178 

7,776 7,886 

8,802 

5,706 

-68.9% 

5,110 

6,121 

3,796 

2,779 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

All aviation regions saw declines in flight 

activity, although China has recovered 

the quickest. Singapore suffered the 

steepest decline, with 1,635 departures 

representing a 53% year-on-year drop in 

flight activity. 

DEPARTURES BY MONTH - 2019 VS. 2020 

2019 Dep. 2020 Dep. 

400 

350 

REGION DEP. FLIGHTS YOY TREND 

300 

Mainland 

China 

8497 

-14% 

250 

India 

7419 

-4% 

200 

Japan 

3799 

-28% 

150 

Malaysia 

2609 

-17% 

100 

Hong Kong 

2237 

-25% 

50 

Thailand 

2136 

-13% 

0 

Singapore 

1635 

-53% 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 



FLIGHT DURATION: 2020 

10000 

INTERNATIONAL VS. DOMESTIC FLIGHTS 

Domestic Flights 

International Flights 

Flights Activities 

8000 

6000 

4000 

More than 5 hours 

4 to 5 hours 

3 to 4 hours 

2 to 3 hours 

1 to 2 hours 

2019 Jan - Dec 

33%, 32,592 

67%, 66,147 

2000 

0 

30 min. to 1 hours 

Max 30 min. 

2020 Jan - Dec 

44%, 34,322 

56%, 44,196 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

0 20,000 40,000 60,000 80,000 100,000 

Because of constant regulatory changes in the aviation industry due the 

COVID-19 pandemic, long-haul flights were impacted the most in 2020. 

By the end of the year, the number of flights with a duration over five 

hours had still not bounced back to the same levels as in 2019. 

Domestic flights played a major role in the start of the recovery. Overall, 

there were 11% more domestic flights in 2020 than in 2019. This signifies 

a dramatic shift in aircraft operations. 

FLIGHT ACTIVITY: 2020 

4000 

3500 

3000 

25000 

2000 

1500 

1000 

500 

0 

Thailand 

Singapore 

Malaysia 

India 

Japan 

Hong Kong 


Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

The graph shows that by the end of 2020, flight activity in China and 

India had reached the same levels as 2019. Flight activity in Malaysia, 

Singapore and Thailand were the hardest hit in 2020. 

Flight demand is closely related to economic activity. As we saw in mainland 

China, successful control of COVID-19 led to an early economic recovery, 

which in turn boosted flight activity. However, in Hong Kong, Japan, 

Singapore and Thailand – countries that still had tight restrictions in place 

– economic recovery has still to take place, so flight activity was low. 

FLIGHT ACTIVITY TREND: 2020 VS. 2019 

Jan - Dec 

50% 

0% 

-50% 

-100% 

Mainland China Hong Kong Japan India Malaysia Singapore Thailand 



TOP OEM PERFORMANCE COMPARISON YOY% 

Flights YoY % 

22,557 

210% 

19,081 

75% 

-23% 

-37% 

9,013 

-3% 

8,591 

-15% 

6,868 

-32% 

5,255 

14% 

2,818 

-45% 

-54% 

1,854 1,684 

593 

Bombardier 

Gulfstream 

Embraer 

Cessna 

Dassault 

Hawker 

Beechcraft 

Learjet 

Airbus 

Boeing 

Honda 

For Greater China, the impact of COVID-19 was the most severe between 

February and May. Flight activity began to rebound in Q2 and 

continued for the rest of the year. Ultra long-range and heavy jets are 

still the major players in the Greater China market. 

Based on WingX’s data, we can see an interesting trend – traditional 

large business jet OEMs aircraft flew less than those OEMs making lighter 

aircraft models. OEMs like Bombardier, Gulfstream and Dassault’s aircraft 

flew less when compared to 2019, while Cessna/Hawker, Learjet 

and Honda’s aircraft flew more. 

GREATER CHINA PERFORMANCE 2020 JAN - DEC 

Mainland China Hong Kong Taiwan Macau 

1500 

1000 

500 

0 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

FLIGHT DURATIONS IN GREATER CHINA 

1600 

1400 

1200 

1000 

More than 5 hours 

4 to 5 hours 

3 to 4 hours 

2 to 3 hours 

800 

600 

1 to 2 hours 

400 

200 

30 min. to 1 hours 

0 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Max 30 min. 

Dec 



The chart shows that more 1-4 hour flights took place between June 

and the end of 2020. Long haul flights are almost nonexistent, except 

for evacuation flights that took place in February and March. The busiest 

hub in APAC since May 2020 has been Beijing. Flight activity in 

Shanghai, Guangzhou, and Bangkok experienced some fluctuations in 

the third and fourth quarters. Flight activity in Hong Kong and Tokyo 

remained relatively stable when compared to other cities in the region. 

TOP AVIATION HUB FLIGHT ACTIVITY TREND 2020 

BEIJING 

Depature Flights YoY % 

500 

-10.0% 

GUANGZHOU 

200 

100.0% 

450 

400 

350 

-20.0% 

-30.0% 

180 

160 

140 

50.0% 

300 

250 

200 

150 

100 

50 

0 

201 

Jan 

95 

Feb 

85 

Mar 

56 

Apr 

81 

May 

92 105 

Jun 

Jul 

-40.0% 

196 198 

-50.0% 

182 178 

165 

-60.0% 

-70.0% 

-80.0% 

Aug Sep Oct Nov Dec 

120 

100 

80 

60 

40 

20 

0 

47 

24 

Jan Feb 

29 30 

Mar 

Apr 

40 

May 

57 

Jun 

49 

Jul 

67 

54 

Aug Sep 

77 

Oct 

0% 

81 

60 

-50.0% 

-100.0% 

Nov Dec 

500 

450 

400 

SHANGHAI 

30.0% 

10.0% 

HONG KONG 

600 

500 

100% 

50.0% 

350 

300 

-10.0% 

400 

334 

0% 

-50.0% 

250 

200 

150 

100 

50 

167 

81 

57 55 55 

103 

119 

172 

142 

170 

98 

188 

-30.0% 

-50.0% 

-70.0% 

300 

200 

100 

254 270 114 

139 

185 

156 

186 

154 

108 

152 

185 

-100.0% 

-150.0% 

-200.0% 

0 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

-90.0% 

Dec 

0 

Jan Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug Sep 

Oct 

-250.0% 

Nov Dec 

500 

TOKYO 

40.0% 

BANGKOK 

500 

50% 

450 

20.0% 

400 

350 

300 

0% 

-20.0% 

400 

300 

10% 

-30% 

250 

218 222 

-40.0% 

200 

-60.0% 

200 

-70% 

150 

100 

50 

94 

46 

52 

79 

62 52 56 

79 

65 64 

-80.0% 

-100.0% 

100 

-110% 

0 

Jan 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

-120.0% 

Dec 

0 

Jan Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug Sep 

Oct 

Nov Dec 

-150% 




PRE-OWNED MARKET SPOTLIGHT 


Gulfstream’s G550 is one of the most-delivered large cabin business jets ever 

built. Since its introduction in 2004, more than 600 G550s have been delivered to 

customers all over the world. As well as being popular with Fortune 500 companies 

and wealthy individuals, the G550 has also found favour with governments around 

the world, both as a VIP transport and as a special mission platform. 

Based on the Gulfstream V that it replaced, the G550 is a twin-engine business jet 

with a maximum range of 6,750nm (12,501 km), enough to be able to comfortably 

reach all of Europe non-stop from Hong Kong, and all of the US non-stop from Beijing. 

The G550 can carry a maximum of 19 passengers, although a normal configuration 

would see the aircraft carry fewer. It has a maximum speed of Mach 0.885, with a 

long-range cruise speed of Mach 0.80. 

Upfront, the award-winning Gulfstream PlaneView cockpit is based on Honeywell’s 

Primus Epic avionics suite, and includes synthetic vision, as well as a heads-up 

display. Both systems help increase pilot’s situational awareness, making the G550 

one of the safest aircraft flying. 

Owners love the G550 for its performance and reliability. Gulfstream has a wide 

network of both owned and authorised service centres around the world and is 

continually adding more. 


PRE-OWNED MARKET SPOTLIGHT: G550 

WORLDWIDE FLEET AGE DISTRIBUTION 

60 

50 

40 

30 

20 

10 

0 

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 

Data Source: AMSTAT 

WORLDWIDE FLEET REGIONAL DISTRIBUTION 

N. America 

381 

Asia 

86 

W. Europe 

53 

Fleet Distribution 

Gulfstream announced that it will deliver the final 

G550 in 2021, ending an 18-year production 

run. As with most aircraft, a higher percentage of 

aircraft were delivered in the early years of production, 

with Gulfstream delivering a handful of 

aircraft in 2003, and ramping up to just over 50 

deliveries in 2011. Subsequent years saw fewer 

G550s delivered, although 2018 & 2019 saw a mini 

resurgence. 

The average age of the G550 fleet is nearing 10+ 

years. Although the oldest models are approaching 

20 years of age, this model still has a lot of life 

remaining. 

The United States operates over half of the worldwide 

G550 fleet, with mainland China and Hong 

Kong coming in second and third place. 

S./C. America 

Mid. East/Africa 

E.Europe/W.Asia 

14 

30 

25 

Pre-owned Market Overview: 

2015-2019 

Australia/Oceania 7 

0 50 100 150 200 250 300 350 400 


TOP 10 REGIONS 

REGION FLEET SIZE AVERAGE OF AGE(YEARS) 

United States 

363 

9.7 


44 

6.4 

Hong Kong 

18 

9.2 

Mexico 

16 

10.4 

Brazil 

11 

9.8 

Italy 

7 

6.4 

Canada 

7 

8.1 

Switerland 

7 

8.9 

UK 

7 

6.7 

Austria 

7 

6.0 

AVERAGE ASKING PRICE TREND 


Historical Average Asking Price Million USD 

40 

35 

30 

25 

20 

15 

15 Jan 15 Jul 16 Jan 16 Jul 17 Jan 17 Jul 18 Jan 18 Jul 19 Jan 19 Jul 20 Jan 20 Jul 

Data Source: ASG 

With such a large fleet of aircraft built up over an 

18-year period, the G550 is often used as a benchmark 

for the pre-owned business jet market. Over 

the last ten years there has been an average of 

ten G550 sales per quarter. Although supply tends 

to fluctuate with the market, there has traditionally 

been fewer G550s for sale than competing 

aircraft. Current supply of pre-owned G550s is 

around 4% of the fleet, which compares to around 

8-12% of other large cabin models. 

The average time it takes to sell a G550 on the 

market is between five to ten months, although 

that depends on the aircraft’s age, configuration, 

equipment, and age. The majority of G550 transactions 

take place in the US, with over 70% of USbased 

G550s taken by US buyers. 

Since 2015, the pre-owned G550 market has 

broadly followed the global economic cycle. Supply 

had dipped as low as 23 aircraft available in 

the first quarter of 2015, but began to rise again 

shortly afterwards, eventually hitting a peak of 40 

aircraft for sale in 2017. A change in US Tax Policy 

in late 2017, which allowed bonus depreciation 

for pre-owned jets, stoked buyers interest, especially 

as market values had dropped significantly. 

Demand increased in 2018, with supply dropping 

down to just 20 aircraft in early 2019. 


PRE-OWNED MARKET SPOTLIGHT: G550 

MARKET CONDITION G550: 2015-2020 

Historical Fleet Size for Sale Transactions Inventory Value 

1200 

100 

Inventory Value 

Average Asking Price x Total Fleet for sale Million USD 

1000 

800 

600 

400 

90 

80 

70 

60 

50 

40 

30 

Aircraft For Sale / Transactions 

200 

20 

10 

0 

Jan-15 

Apr-15 

Jul-15 

Oct-15 

Jan-16 

Apr-16 

Jul-16 

Oct-16 

Jan-17 

Apr-17 

Jul-17 

Oct-17 

COVID-19 Impact on G550 Pre-owned Market 

The COVID-19 outbreak in the first quarter of 2020 almost put a pause 

on pre-owned G550 transactions, with very few transactions taking 

place. Many transactions that were in progress in March either paused, 

fell apart, or closed with price concessions. Inventory levels climbed 

to a new all-time high of 45 aircraft available for sale on the market. 

In mid-2020 we witnessed steep discounts in pricing, with the average 

asking price dropping from $20 million to $17 million. This represents 

an asking price reduction of between 10% and 30% and could be 

viewed as owners trying to dispose their aircraft as quickly as possible 

in a difficult market. 

Jan-18 

Apr-18 

Jul-18 

Oct-18 

Jan-19 

Apr-19 

Jul-19 

Oct-19 

Jan-20 

Apr-20 

Jul-20 

Oct-20 

Dec-20 


In the third quarter the situation around the COVID-19 pandemic became 

clearer, G550 returned to the market, with 11 G550s sold. This 

was largely due to price reductions, as more than half the G550s on 

the market had their asking prices reduced. Buyers recognized that 

demand was strong, and the level of available inventory in the fourth 

quarter dropped dramatically. 

In total there were 20 G550 sales in Q4, with ten transactions occurring 

just in December.This brought the number of G550s on the market 

down from 46 in October, to 32 in December (including pending deals) 

which represents a drop of almost 30% in G550s availability. With many 

of the lower priced aircraft selling during 2020, the average asking price 

for a G550 crept back to nearly $20 million by the end of December. 

0 


G550: SOLD FLEET AGING TREND 

Average Aircraft Age 

(Delivery Year - Sold Year) 

12.0 

11.0 

10.0 

9.0 

8.0 

7.0 

6.0 

5.0 

4.0 

3.0 

2015 Q1 

Q2 

Q3 

Q4 

2016 Q1 

Q2 

Q3 

Q4 

2017 Q1 

Q2 

Q3 

Q4 

2018 Q1 

Q2 

Q3 

Q4 

2019 Q1 

Q2 

Q3 

Q4 

2020 Q1 

Q2 

Q3 

Q4 

Residual Value and Pricing Strategy 


Residual Value (M USD) 

AIRCRAFT RESIDUAL VALUE ANALYSIS: A 2010 G550 

60.0 

55.0 

50.0 

45.0 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

2010 Q2 

Q3 

Q4 

2011 Q1 

Q2 

Q3 

Q4 

2012 Q1 

Q2 

Q3 

Q4 

2013 Q1 

Q2 

Q3 

Q4 

2014 Q1 

Q2 

Q3 

Q4 

2015 Q1 

Q2 

Q3 

Q4 

2016 Q1 

Q2 

Q3 

Q4 

2017 Q1 

Q2 

Q3 

Q4 

2018 Q1 

Q2 

Q3 

Q4 

2019 Q1 

Q2 

Q3 

Q4 

2020 Q1 

Q2 

Q3 

Forecasting 2021 

Data Source: Vref 

According to Vref, for a 2010 delivered G550 with a residual value between 

$15 - $20 million, the annual depreciation rate will be 7%. 

There have been a few cases when the market supply bottleneck has 

stimulated asking prices to increase, but often both buyers and sellers 

struggle to agree on pricing. It is always hard to persuade sellers that 

their G550s are probably going to sell at a lower price, since they are 

always hopeful that their aircraft’s value is going to remain steady, or 

increase, once the economy recovers or demand returns. However, now 

that Gulfstream has stopped building the G550 and the age of the fleet 

increases, it is likely that the depreciation rate will increase. 

Despite the current economic situation, the demand for pre-owned business 

jets has gained momentum as COVID-19 has put business aviation 

back in demand. After a surge in G550 deal activity in Q4 2020, we see 

the potential for a revival of market demand, with higher asking prices 

in the short-term. But in the long run, the G550 is less likely to see an 

increase in its market value, due to its aging fleet, as well as the prevailing 

economic conditions. 

Special Thanks to: James Hagerty, Hagerty Jet Group 


MARKET UPDATE: GLOBAL PRE-OWNED BUSINESS JET & TURBOPROP MARKET - Q4 2020 BY AMSTAT 

AMSTAT BUSINESS AIRCRAFT 

PRE-OWNED MARKET 

FY 2020 PRELIMINARY UPDATE 

Commentary by Andrew Young, General Manager of AMSTAT 

Pre-owned Availability 

After rising since mid-2018 through July 2020, the inventory of pre-owned 

business jets has since fallen from 23%, down to levels not seen since 

2008. Similarly, the pre-owned business turboprop inventory rose from 

2018 through August 2020. Since August, this inventory has contracted 

18% to levels not seen since 2013. 

Fixed Wing Pre-owned Availability 

There has been a consistent contraction in the Older Jet inventory for 

sale since 2009. Pre-owned inventory in this segment is down 13% year 

on year. After peaking in mid-2020, the pre-owned inventory of Mid-Age 

jets started to contract, accelerating downward at the end of 2020. Preowned 

inventory in this segment was down 21% year-on-year. Similarly, 

after recently peaking mid-2020, the inventory of pre-owned Newer Jets 

contracted by 20%. The greater contraction in the Mid and Newer segments 

has created an uptick in the average age of available aircraft as 

newer serial numbers are picked up first. 

Pre-owned Availability 

Inventories of all business aircraft size segments have contracted since 

the end of the summer 2020. The largest contraction has been in the 

Light Jet segment with a 26% decrease between summer 2020 and today. 

Since the summer 2020 peak, the pre-owned Medium Jet segment 

contracted by 22%, the Heavy Jet segment contracted 20%, and Turboprop 

segment contracted by 18%. These contractions are due to the 

increase in resale transaction activity. Market withdrawals for reasons 

other than a sale decreased between the beginning and end of 2020. 

PRE-OWNED AVAILABILITY # Units Available For Sale 

All Jets 

All Tprops 

2,500 

1,500 

2,400 

2,300 

2,200 

1,400 

2,100 

2,000 

1,900 

1,300 

1,800 

1,700 

1,600 

1,200 

1,500 

1,400 

1,300 

1,100 

1,200 

1,100 

1,000 

1,000 

Jan21 

Dec20 

Jun20 

Jan20 

Dec19 

Jun19 

Jan19 

Dec18 

Jun18 

Jan18 

FIXED WING PRE-OWNED AVAILABILITY # Units Available For Sale (By Age) 

Older Mid-Age Newer 

2,000 

1,800 

1,600 

1,400 

1,200 

1,000 

800 

600 

400 

200 

0 

Jan21 

Nov20 

Sep20 

Jul20 

May21 

Mat20 

Mar20 

Jan20 

Nov19 

Sep19 

Jul19 

May19 

Mar19 

Jan19 

DEFINITIONS 

SEGMENTS 

Turboprop 

Light Jet 

Medium Jet 

Heavy Jet 

- 

40,000 lbs. 

PRE-OWNED AVAILABILITY # Units By Segment Size 

All Tprops All Light Jets All Medium Jets All Heavy Jets 

1,400 

1,200 

1,000 

800 

AGE 

Newer 

Mid-Age 


Fixed Wing Pre-owned Retail 

Transactions 

2020 started well, with resale transactions in January and 

February exceeding 2019 levels by 20%. The initial impact 

of COVID-19 resulted in pre-owned transaction counts in 

March through May falling 35% below the same period in 

2019. Transaction activity picked up significantly between 

June and December. November was the extreme case, 

with resale transactions up 61% over November 2019. 

Preliminary transaction counts for all of 2020 are already 

6% ahead of 2019 and may eventually meet, or even exceed, 

2018 levels. This is remarkable given the significant 

decrease in transaction activity between March and May. 

Fixed Wing Pre-owned Transactions 

(2020 Preliminary Data) 

Percentages represent year-on-year change between 

2019 and 2020. All pre-owned age segments saw yearon-year 

growth, with the Mid-Age segment showing the 

most growth. 

FIXED WING PRE-OWNED RETAIL TRANSACTIONS 

2020 Preliminary Data# Per Month YoY Comparison 

2018 2019 2020 Prelim 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 

FIXED WING PRE-OWNED TRANSACTIONS 

2020 Preliminary Data# Units By Age 

2018 2019 2020 Prelim 

1500 

1300 

1100 

900 

700 

500 

DEC 

300 

100 

0 

Older 

Mid- - age 

Newer 

Fixed Wing Pre-owned Transactions 

(2020 Preliminary Data) 

FIXED WING PRE-OWNED TRANSACTIONS 

2020 Preliminary Data# Units By Size 

2018 2019 2020 Prelim 

1400 

1200 

Percentages represent year-on-year change between 

2019 and 2020. All jet market size segments experienced 

year-on-year growth in 2020 versus 2019. Turboprop preowned 

transactions had met 2019 levels at writing. Total 

pre-owned Turboprop transactions are likely to exceed 

2019, as not all 2020 transaction data had been gathered 

by the time of publication. 

1000 

800 

600 

400 

200 

0 

All Tprops 

All Light Jet 

All Medium Jet 

All Heavy Jet 



Heavy Jet Short Term Median Value 

The median value of Heavy Jets is down a net 16% since January. 

After a 5% uptick between January and February, the value of 

Heavy Jets had fallen 23% by mid-June. The median value fluctuated 

between July and September, but ended back down 23% 

from its 2020 high. In October, the median value of Heavy Jets 

rose 9%, but it has since given back 8% of that gain. 

5% 

0% 

HEAVY JET SHORT TERM MEDIAN VALUE 

January – December 2020 % Value Change 

Increase 

Decrease 

IMPORTANT NOTE: This chart represents aggregated data. The 

changes in values this year within individual make and model 

markets, and for specific serial numbers, may vary to a greater or 

lesser degree from these trends. 

- 5% 

- 10% 

- 15% 

- 20% 

Dec15 

Dec1 

Nov15 

Nov1 

Oct15 

Oct1 

Sep15 

Sep1 

Aug15 

Aug1 

Jul15 

Jul1 

Jun15 

Jun1 

May15 

May1 

Apr15 

Apr1 

Mar15 

Feb15 

Jan15 

Super-Mid Jet Short Term Median Value 

The median value of Super-Mid Jets is down a net 17% since 

January. 

SUPER-MID JET SHORT TERM MEDIAN VALUE 


Increase 

5% 

Decrease 

A 6% uptick in the median value at the start of the year was followed 

by a 20% drop through July. After leveling off during the 

summer, the median value of Super-Mid Jets fell a further 8% in 

October. There has been little change in the median value over 

the last two months. 

0% 

- 5% 





- 10% 

- 15% 

- 20% 

Dec15 

Dec1 

Nov15 

Nov1 

Oct15 

Oct1 

Sep15 

Sep1 

Aug15 

Aug1 

Jul15 

Jul1 

Jun15 

Jun1 

May15 

May1 

Apr15 

Apr1 

Mar15 

Feb15 

Jan15 

Medium Jets Short Term Median Value 

The median value for Medium Jets is down a net of 22% since 

January. After a 3% uptick in January, the median value of Medium 

Jets had fallen 23% by July. The median value staged a brief 

4% recovery between August and September, but gave that back 

between November and December. The rate of value decline in 

the Medium Jet market shallowed considerably after June. 





MEDIUM JET SHORT TERM MEDIAN VALUE 


Increase 

5% 

0% 

- 5% 

- 10% 

- 15% 

- 20% 

Decrease 

- 25% 

Dec15 

Dec1 

Nov15 

Nov1 

Oct15 

Oct1 

Sep15 

Sep1 

Aug15 

Aug1 

Jul15 

Jul1 

Jun15 

Jun1 

May15 

May1 

Apr15 

Apr1 

Mar15 

Feb15 

Jan15 



LIGHT JET SHORT TERM MEDIAN VALUE 

Light Jet Short Term Median Value 


Increase 

Decrease 

The median value for Light Jets is down 28% since January 2020. 

The year-to-date trend has seen the median value of Light Jets in a 

steady decline. April, May, and October saw the biggest declines of 

-5%, -7%, and -6%. Mid November rebounded by 4%, only to fall 6% 

through mid-December. 

0% 

- 5% 

- 10% 


changes in values this year within individual make and model markets, 

and for specific serial numbers, may vary to a greater or lesser 

degree from these trends. 

- 15% 

- 20% 

- 25% 

- 30% 

Dec15 

Dec1 

Nov15 

Nov1 

Oct15 

Oct1 

Sep15 

Sep1 

Aug15 

Aug1 

Jul15 

Jul1 

Jun15 

Jun1 

May15 

May1 

Apr15 

Apr1 

Mar15 

Feb15 

Jan15 

Turboprops Short Term Median Value 

The median value for Turboprops is down 11% since January 2020. 

After a 4% uptick in January/February, the Median value had fallen 

16% by September. Since August, the median value has seen smaller 

fluctuations and is currently down 11% since January. The overall 

value decline has been shallower than other market segments, with 

some stabilization since July. 


changes in values this year within individual make and model markets, 

and for specific serial numbers, may vary to a greater or lesser 

degree from these trends. 

TURBOPROP SHORT TERM MEDIAN VALUE 


Increase 

5% 

0% 

- 5% 

- 10% 

Decrease 

- 15% 

- 20% 

Dec15 

Dec1 

Nov15 

Nov1 

Oct15 

Oct1 

Sep15 

Sep1 

Aug15 

Aug1 

Jul15 

Jul1 

Jun15 

Jun1 

May15 

May1 

Apr15 

Apr1 

Mar15 

Feb15 

Jan15 

AMSTAT BUSINESS AIRCRAFT PRE-OWNED MARKET – IN SUMMARY 

After rising since 2018, pre-owned business aircraft inventories 

peaked mid-2020, then began a contraction that accelerated at 

the end of 2020 and into early 2021. Pre-owned Jet inventory 

levels are now equivalent to levels in 2008 and Turboprops are 

equivalent to 2013 levels. COVID-19 had a significant impact on 

pre-owned transaction activity from March through May 2020. 

Resale transactions picked up in June 2020 and consistently 

outperformed 2019 in each month through the end of the year. 

November transactions outpaced 2019 by 61%. While end-ofyear 

2020 transaction research is incomplete, 2020 pre-owned 

transaction activity has already outpaced 2019 by 6% and may 

ultimately outpace 2018. Since the start of the year aircraft estimated 

average values have fallen between 11% and 28%. In 

most market segments the rate of decline in median values 

slowed in late Q3 and Q4. 

andrew@amstatcorp.com 



PRE-OWNED BUSINESS JET MARKET Q4 2020 

Understanding the market dynamics graphs: 

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

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

INVENTORY VALUE (USD) 1 

$6,881M 

WORLDWIDE 

$7,626M 

ASIA PACIFIC 

$1,310M 

$839M 

MARKET TREND 1 WORLDWIDE 

TREND WORSENING 

TREND REVERSAL 

MOVING TOWARDS SELLER’S MARKET 

TREND IMPROVEMENT 

MOVING TOWARDS BUYER’S MARKET 

AIRCRAFT TRANSACTIONS 1 WORLDWIDE 

79 

75 

75 

72 

75 

72 

75 

75 

35 

55 

36 

59 

42 45 51 55 

45 

45 

41 

38 

40 

73 

42 

36 

29 31 33 

26 

43 

38 

56 

39 38 

23 23 

44 

31 

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 

20172018 

2019 

2020 

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. 



WORLDWIDE % OF FLEET SOLD 

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% 

0.30% 

0.25% 

0.20% 

0.15% 

Dec 

2017 

Feb 

2018 

Apr 

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

2019 

2020 

AVERAGE ASKING PRICE 

MILLION USD 

28 

26 

24 

ASIA PACIFIC 

22 

20 

18 

16 

14 

12 

WORLDWIDE 

10 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 

% OF FLEET FOR SALE 

11% 

10% 

9% 

8% 

ASIA PACIFIC 

7% 

6% 

5% 

WORLDWIDE 

4% 

3% 

AVERAGE DAYS ON MARKET 

550 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 

500 

ASIA PACIFIC 

450 

400 

350 

300 

WORLDWIDE 

250 

200 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 



SUPPLY / DEMAND INDICATORS 

BUSINESS JETS 

SUPPLY VS. DEMAND RATIO 


SUPPLY 

> 

DEMAND 

% OF FLEET 

FOR SALE 

MODEL 

DAYS ON MARKET 

AVERAGE 

NO TRANSACTIONS 





450% 400% 350% 300% 250% 200% 150% 100% 50% 0 

Average AC for sale / Total sold in last 12 months 

15.8% 

4.2% 

5.6% 

5.3% 

4.5% 

5.5% 

1.1% 

7.3% 

10.1% 

3.7% 

13.3% 

13.4% 

13.0% 

7.3% 

7.7% 

6.0% 

5.2% 

2.9% 

7.5% 

5.3% 

6.9% 

2.3% 

2.5% 

14.3% 

6.2% 

3.7% 

ACJ318 

ACJ319 

ACJ320 

BBJ 

BBJ2 

CL300 

CL350 

CL604 

CL605 

CL650 

CL850 

GL Express 

GL XRS 

GL5000 

GL6000 

CIT. CJ3 

CIT. CJ4 

CIT. Latitude 

CIT. Sovereign 

F2000LX 

F2000LXS 

F2000S 

6.5% F7X 

6.1% 

4.2% 

F8X 

F900DX 

7.6% F900EX 

6.7% 

6.7% 

7.5% 

8.0% 

7.6% 

6.1% 

5.4% 

3.2% 

2.5% 

6.3% 

Average 

F900EXe 

F900LX 

L1000 

L600 

L650 

Phenom 300 

G200 

G280 

G450 

G500 

G550 

G650 

G650ER 

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). 

For some model types, given the market indicators shown on the previous 

page, the stabilization in pre-owned asking prices and decline in inventory 

level appear to have stimulated increased demand, leading to an increase 

in transactions and a more balanced state of supply and demand. 

These indications do not necessarily mean that prices will be higher in the 

future, but it does indicate that sellers of these particular models are more 

likely to find willing buyers in a shorter period of time than the overall average. 

This can be seen most with certain Gulfstream (G200, G450, G550, G650), 

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 

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 

MOVING TOWARDS 

BUYER’S MARKET 

Balanced 

Supply & Demand 


SELLER’S MARKET 

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, compared 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 HELICOPTERS MARKET Q4 2020 

Understanding the market dynamics grpahs: 

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

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

INVENTORY VALUE (USD) 1 

$1,385M 

WORLDWIDE 

$191M 

ASIA PACIFIC 

$1,060M 

$140M 

MARKET TREND 1 WORLDWIDE 

MOVING TOWARDS SELLER’S MARKET 

MOVING TOWARDS BUYER’S MARKET 




TREND IMPROVEMENT 


AIRCRAFT TRANSACTIONS 1 WORLDWIDE 

20 

26 

21 20 19 19 19 

17 

16 

7 

10 

22 22 

16 

14 

12 

9 

15 

28 

19 

17 

12 

12 

12 

12 

18 

26 

30 

24 

28 

19 

21 

13 

18 

20 20 20 

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 

20172018 

2019 

2020 

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. 



% OF AC SOLD / TOTAL AC IN OPERATION 

0.30% 

0.25% 

0.20% 

0.15% 

0.10% 

0.05% 

0.00% 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 

AVERAGE ASKING PRICE 

MILLION USD 

3.6 

3.4 

3.2 

ASIA PACIFIC 

3.0 

2.8 

2.6 

WORLDWIDE 

2.4 

2.2 

2.0 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 

% OF AC FOR SALE 

5.0% 

WORLDWIDE 

4.5% 

4.0% 

3.5% 

ASIA PACIFIC 

3.0% 

2.5% 

2.0% 

1.5% 


650 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 

600 

WORLDWIDE 

550 

500 

ASIA PACIFIC 

450 

400 

350 

Dec 

2017 

Feb 

2018 

Apr 


2019 

2020 




HELICOPTERS 

SUPPLY VS. DEMAND RATIO 

SUPPLY / DEMAND INDICATORS 

SUPPLY 

> DEMAND 

DAYS ON MARKET 

AVERAGE 

% FOR SALE MODEL 

1.0% 

EC145 

AVERAGE 

3.1% 

H125 

5.1% 

H130 

0.4% 

H145 


7.2% 

H155 


3.1% 

EC135P2 

1.4% 

EC135T2 

2.4% 

EC1558 

5.3% 

BELL 

206JETRANGER 

6.2% 

BELL 

206LONGRANGER 

4.3% 

BELL 407 

4.9% 

BELL 412EP 

4.3% 

BELL 412HP 

3.2% 

BELL 429 

9.8% 

AW109SP GN 

2.9% 

AW139 


17.4% 

S76C+ 

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

Average AC for sale / Total sold in last 12 months 

4.56% 

Average 

0 100 200 300 400 500 

Average Days for Sale on Market 

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). 




HELICOPTERS 


BUYER’S MARKET 

Balanced 

Supply & Demand 


SELLER’S MARKET 

EC145 

H125 

H130 

H145 

H155 

EC135P2 

EC135T2 

EC1558 

BELL 206JETRANGER 

BELL 206LONGRANGER 

BELL 407 

BELL 412EP 

BELL 412HP 

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). 



AIRCRAFT POSITIONING - BUSINESS JETS 

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 -- JETS 

MARKET SUMMARY PER MODEL — BUSINESS JETS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

ACJ318, ACJ319 & ACJ320 

PERFORMANCE 

Max Range 

Max Speed 

Typ. Passengers 

ACJ318 

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

Mach 0.82 

19 

ACJ319 

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

Mach 0.82 

19 

ACJ320 

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

Mach 0.82 

19 

SUPPLY 

No. for Sale 

Avg Asking Price 

Avg Days on Market 

2020 Dec 2020 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Sep 

3 (15.8%) 3 (15.8%) 3 (4.2%) 3 (4.3%) 1 (5.6%) 1 (5.6%) 

23.0M USD 25.2M USD 42.0M USD 42.0M USD 39.5M USD 39.5M USD 

1,210 1,119 1,022 1,022 841 750 

TRANSACTIONS 

Past 12 Months 

Past 3 Months 


1 

0 

1 

1 

0 

0 

1 

0 

0 

0 

0 

0 

Average Asking Price 

ACJ318 

Market Indicators (vs. Last Quarter) 

$49.5 

$39.5 

$45.2 

$39.5 

$46.9 

$39.5 

$45.5 

$39.5 

ACJ319 

ACJ320 

Average 

$43.0 $42.0 $42.0 

$39.5 

$39.5 

$39.5 

ACJ318 

Transaction Level (Past 12 Months) 

Inventory Level 


Average Days on Market 

$23.7 

$23.7 

$25.3 

$26.0 $25.2 $25.2 

$23.0 

ACJ319 



For Sale vs. Sold 

Sold For Sale 

1 

1 

1 

1 

1 



ACJ320 


12 11 11 11 10 10 10 11 11 10 9 9 8 8 8 8 8 7 7 7 7 7 6 7 7 

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

2018 2019 2020 




Source: AMSTAT & ASG 

FEATURED LISTINGS 

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 

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 



2020 Dec 2020 Sep 2020 Dec 2020 Sep 

7 (5.3%) 6 (4.5%) 1 (4.5%) 1 (4.5%) 

30.5M USD 30.5M USD 90.0M USD 90.0M USD 

325 545 

224 133 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 2020 Dec 2020 Sep 

6 

6 

1 

1 

0 

3 

0 

0 


BBJ2 

BBJ 

Average 

$90.0 $90.0 $90.0 $90.0 $90.0 $90.0 


BBJ 





$45.6 

$58.0 

$50.6 

$53.0 

$48.0 

BBJ2 




$26.2 

$20.9 

$22.3 



Sold 

For Sale 

1 

1 

3 

1 

1 

1 

1 

1 

1 

2 

1 

13 12 11 11 12 12 13 11 10 9 9 7 7 7 8 8 6 6 5 7 7 7 7 7 8 


2018 2019 2020 



BBJ SN37111 

TOTAL HOURS: 3,187 SINCE NEW 

TOTAL CYCLES: 947 SINCE NEW 

• High Quality Alberto Pinto Design Interior 

• 18 Passenger Seats Certified for Takeoff, Taxi and Landing 

• Interior Completed by Associated Air Center in 2010 

• Engine Enrolled on GE OnPoint Program (Full Warranty) 

• 7 Auxiliary Fuel Tank System 

• Lower Cabin Alt Modification 

• Full Internet and wireless Lan System throughout the Cabin 



CHALLENGER 300 & 350 

PERFORMANCE CL300 

Max Range 

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

Max Speed 

Mach 0.82 

Typ. Passengers 19 

CL350 

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

Mach 0.82 

19 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 2020 Dec 2020 Sep 

25 (5.5%) 27 (6.0%) 4 (1.1%) 8 (2.3%) 


256 224 

114 261 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 2020 Dec 2020 Sep 

34 24 

15 9 

10 9 

6 

3 


$16.5 $16.1 $16.0 $15.6 $15.5 

CL350 

CL300 

Average 


CL300 



$13.9 

$15.6 



$10.1 $10.0 $9.5 $9.8 

$7.9 $7.6 

$8.1 

CL350 






4 

Sold 

7 

For Sale 

4 

6 1 

2 5 5 

2 2 

3 

1 

1 

11 

1 

1 

5 

1 2 

6 

5 

1 4 7 

5 

22 17 24 23 28 36 37 36 35 37 35 36 38 35 33 34 42 40 40 38 36 35 31 31 29 


2018 2019 2020 



CHALLENGER 350 SN20649 

TOTAL HOURS: 527 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 CL604 

CL605 

Max Range 

Max Speed 


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

Mach 0.82 

9 

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

Mach 0.82 

9 

CL650 

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

Mach 0.82 

10 

SUPPLY 

No. for Sale 




26 (7.3%) 38 (10.6%) 29 (10.1%) 31 (10.8%) 4 (3.7%) 6 (5.6%) 


292 208 

240 238 

200 215 

TRANSACTIONS 


Past 3 Months 


35 22 

33 17 

4 

2 

13 7 

16 5 

2 

1 

$18.7 


$18.7 

$18.2 

$17.5 

CL650 

CL605 

CL604 

Average 

$17.0 $17.0 $16.5 


CL604 




$12.0 

$12.1 $12.0 $11.2 

$9.9 $9.6 

$8.8 


CL605 


$5.0 

$5.1 

$4.9 

$4.6 $4.7 $4.6 $4.1 





4 

Sold 

11 

For Sale 

6 1 

4 

1 

9 

6 

2 

5 

7 

7 

3 

6 

8 

4 

4 

5 

2 4 2 

6 

7 

13 

11 

CL650 




34 35 34 34 37 43 49 50 49 46 46 46 48 50 52 56 62 65 67 67 66 75 72 69 59 



2018 2019 2020 



CHALLENGER 300 SN 20382 



• 9 Passenger Executive Configuration w/Forward Galley & Aft Lavatory 

• Engines & APU Enrolled on MSP 

• FDR / CVR 

• SATCOM / TCAS 7.1 / ADS-B Out 



CHALLENGER 850 



$8.6 

$8.6 



$7.4 

$6.8 

$8.4 



$6.5 

$4.6 

PERFORMANCE 

Max Range 

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

Max Speed 

Mach 0.87 



18 

Sold 

3 

For Sale 

2 

1 

1 1 

1 

1 

1 

1 

2 

1 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

12 (13.3%) 15 (16.7%) 

4.6M USD 8.4M USD 

538 492 

8 7 8 8 8 9 9 9 9 8 

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

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

8 7 

1 3 


2018 2019 2020 




GLOBAL EXPRESS, 5000, XRS & 6000 

PERFORMANCE GLOBAL 5000 


Max Range 

Max Speed 


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

Mach 0.82 

13 

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

Mach 0.82 

13 

GLOBAL XRS 

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

Mach 0.82 

13 

GLOBAL 6000 

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

Mach 0.82 

13 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Sep 

17 (7.3%) 17 (7.4%) 19 (13.4%) 23 (16.2%) 21 (13.0%) 18 (11.2%) 25 (7.7%) 24 (7.4%) 

16.9M USD 16.3M USD 7.5M USD 7.7M USD 14.7M USD 14.9M USD 27.1M USD 31M USD 

379 307 

374 274 

234 248 

210 153 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Sep 2020 Dec 2020 Sep 

22 15 

19 12 

12 10 

25 17 

7 

7 

7 

4 

2 

3 

8 

3 


$32.0 

$33.6 $32.8 

$27.7 

$33.0 

$30.5 

$16.9 

$18.6 

$17.6 

$8.8 $9.3 

$9.0 


Sold For Sale 

3 

4 5 

8 

5 

7 3 4 

3 

1 

55 59 60 69 74 68 63 65 64 68 

6 10 

$35.1 

$29.8 

$16.6 

$10.2 

1 

66 61 65 

9 

6 

GL EXPRESS 

GL XRS 

5 

$30.6 

$16.8 

$15.6 

$8.6 

10 

4 3 4 

GL6000 

GL5000 

Average 

$30.8 

$16.4 $16.9 

$14.9 $14.7 

$7.5 

$7.5 

8 

5 8 4 

$27.1 

61 64 70 73 78 77 75 81 82 79 81 82 

12 


GLOBAL 5000 










GLOBAL XRS 





GLOBAL 6000 





2018 2019 2020 




CHALLENGER 850 SN8111 

TOTAL HOURS: 206 SINCE NEW 


• 15 Passenger Configuration 

• Very Low Flight Hours 

• Interior in Mint Condition 

• One Owner Since New 

• VP-Registration 

• Engines & APU Under Warranty 

• ADS-B Out 

• Fresh 96M Inspection / 9C Inpsection Ongoing 

• No Damage History 



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 



2020 Dec 2020 Sep 2020 Dec 2020 Sep 

35 (6.0%) 56 (9.8%) 17 (5.2%) 17 (5.3%) 


252 198 

212 204 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 2020 Dec 2020 Sep 

39 24 

33 22 

15 8 

11 7 


CJ4 

CJ3 

Average 


Cit. CJ3 


$6.3 

$6.6 

$6.2 

$6.0 

$5.9 

$5.6 

$5.5 




Cit. CJ4 


$4.3 

$4.7 

$4.3 $4.2 

$4.4 $4.3 

$4.3 




Sold For Sale 

3 

11 

14 6 4 

3 

9 

6 

6 10 

9 

9 

9 

4 

5 

2 

4 

5 

1 

12 

2 1 

14 

7 

5 


44 36 

37 45 46 54 50 51 51 50 

54 62 61 

62 70 69 74 74 81 76 72 73 63 60 52 


2018 2019 2020 



CRJ200ER SN7915/7975 

TOTAL HOURS: 22,000+ SINCE NEW 

TOTAL CYCLES: 21000+ SINCE NEW 

• 24 Passenger VIP Configuration with Fwd Galley and Aft Lavatory 

• New Paint & Interior Since March 2018 

• Extended Overwater Operation + RVSM Capability 

• ADS-B Out Compliant + TCAS 7.1 Capability + 8.33 Khz VHF Spacing 

• FDR, CVR & ELT 

• Automated Flight Information Reporting System with QAR 

• Always Hangared 



CITATION LATITUDE 



$13.7 

$13.3 

$13.0 

$13.0 

$12.7 

$13.5 





$12.3 


PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.80 

9 

Sold 

For Sale 

2 

1 

1 

2 

2 

1 

1 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

7 (2.9%) 6 (2.5%) 


199 204 

1 

1 

1 2 3 4 4 5 5 5 5 5 

7 6 6 

8 7 5 5 5 6 6 6 6 7 7 


2018 2019 2020 

7 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

6 4 

2 2 

CITATION SOVEREIGN 



$7.7 

$7.5 

$7.0 $7.1 $7.1 

$7.8 



$6.8 




PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.80 

9 

Sold 

For Sale 

4 

4 1 1 1 

1 

11 

3 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

33 (7.5%) 38 (8.6%) 


210 195 

18 18 23 22 24 22 22 22 20 24 

19 24 24 22 25 27 29 30 32 36 36 38 33 35 33 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

26 12 

14 1 


2018 2019 2020 




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 



2020 Dec 2020 Sep 2020 Sep 2020 Dec 2020 Dec 2020 Sep 2020 Sep 2020 Jun 

1 (4.2%) 2 (8.3%) 9 (7.6%) 9 (7.6%) 8 (6.7%) 12 (10.0%) 2 (2.5%) 3 (3.8%) 

12.4M USD 12.1M USD 7.8M USD 7.5M USD 11.9M USD 12.6M USD 19.5M USD 21.0M USD 

43 312 

207 128 

303 300 

168 173 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 2020 Sep 2020 Dec 2020 Dec 2020 Sep 2020 Sep 2020 Jun 

6 

5 

11 8 

13 8 

4 

3 

1 

2 

3 

3 

5 

3 

1 

1 


F900EX EASy 

F900EX 


F900LX 

F900DX 

Average 

F900DX 



$24.5 $24.5 

$15.4 

$12.5 

$15.0 

$12.5 

$14.9 

$13.0 

$21.0 

$14.4 

$13.4 

$6.5 $6.9 $7.5 $6.9 

$0.0 


Sold For Sale 

$21.0 $21.0 

$19.5 

$14.1 

$12.5 

$12.7 

$12.4 

$12.4 

$11.9 

$8.2 $7.8 $7.8 



F900EX 





F900EX EASy 




1 

8 1 1 2 2 1 

5 3 

2 

7 

6 

6 

4 

3 

1 

1 2 1 

1 

2 2 2 2 2 

18 19 18 19 18 16 17 17 16 15 16 21 20 22 29 32 31 28 27 26 24 26 25 21 20 


2018 2019 2020 


F900LX 







G450 SN4202 



• 14 Passenger Configuration with Forward Galley 

• Engines Enrolled on RRCC 

• APU Enrolled on MSP 

• Airframe Enrolled on Gulfstream Planeparts 

• FAA Compliant, EASA Validation 

• ADSB-Out, High Speed Data, FM Immunity 

• FANS-1A, CPDLC, TCAS7.1 

• Honeywell Head Up Display / Visual Guidance System 

• Fresh Annual Inspection 

• 96 Month Inspection Completed 



FALCON 2000LX/LXS/S 

PERFORMANCE 

Max Range 

Max Speed 


F2000LX 

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

Mach 0.83 

10 

F2000LXS 

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

Mach 0.83 

10 

F2000S 

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

Mach 0.83 

10 

SUPPLY 

No. for Sale 




7 (5.3%) 8 (6.1%) 7 (6.9%) 6 (6.0%) 1 (2.3%) 1 (2.3%) 


194 277 

272 334 

440 349 

TRANSACTIONS 


Past 3 Months 


9 

3 

4 

1 

1 

1 

6 

0 

3 

0 

0 

1 

$25.0 


$24.1 

F2000S 

F2000LXS 

F2000LX 

Average 

$27.7 $27.7 $27.7 $27.7 

$22.6 $22.3 $21.8 $21.5 $21.0 


F2000LX 





$17.5 

$23.5 

F2000LXS 


$16.5 

$16.0 

$14.2 

$15.0 

$12.5 

$12.5 

$10.8 




F2000S 



3 


Sold 

1 3 

For Sale 

1 

2 1 

1 

2 

1 

1 

2 

1 

2 

1 

1 

1 

3 

5 



9 7 

7 8 11 11 11 11 13 12 

14 16 16 

16 16 15 16 16 17 15 15 15 20 16 15 


2018 2019 2020 


G650ER SN6152 



• 14 Pax Fwd Galley w/ Fwd Crew Rest 

• 2020 Avionics Compliance 

• EVS, HUD & SVS 

• BBML High Speed Data Available 

• Aircell Axxess II Iridium Satcom 




FALCON 7X 



$23.3 $23.2 

$23.8 





$23.2 

$20.8 

$21.2 

$19.7 

PERFORMANCE 

Max Range 

Max Speed 

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

Mach 0.90 



12 

Sold 

For Sale 

SUPPLY 

No. for Sale 

2020 Dec 2020 Sep 

19 (6.5%) 19 (6.6%) 

4 2 

1 

3 

5 

3 

2 2 

1 

2 

1 

3 

2 

1 

1 

2 

2 

1 

1 

0 

2 

1 

1 

4 

8 



19.7M USD 

259 

21.1M USD 

259 

12 15 15 18 17 17 16 16 17 19 

18 14 

15 

20 22 20 24 26 15 19 20 19 20 24 19 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

24 11 

13 3 


2018 2019 2020 




PHENOM 300 



$7.9 

$7.2 






$6.8 

$6.9 

$6.7 $6.8 

$6.7 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.78 

5 

2 

Sold 

8 

For Sale 

1 2 3 

2 2 

4 

5 

3 3 2 

3 

1 

1 

0 

2 

7 3 

5 

1 1 

5 9 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

38 (6.7%) 38 (6.8%) 


267 266 

16 16 18 18 19 18 19 19 20 21 

20 20 

20 

20 25 26 33 35 36 38 35 38 42 41 

38 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

40 23 

17 13 


2018 2019 2020 

LEGACY 600/650 


L650 


$12.7 

$15.1 

$14.2 

$14.0 

L600 

Average 

$15.0 $15.0 

$13.1 





L600 

L650 

$7.0 $7.2 


Sold For Sale 

$5.7 

$5.1 

$7.6 

$8.1 

$6.9 

PERFORMANCE 

Max Range 

Max Speed 


L600 L650 

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

6,297 km 7,112 km 

Mach 0.80 Mach 0.80 

13 13 

1 

7 

1 

4 3 

3 

2 

2 

1 

3 

2 

3 

3 

1 

1 4 

2 

5 

1 2 

SUPPLY 

No. for Sale 



Dec | Sep 

12 | 12 

6.9M USD 

7.8M USD 

397 | 319 

Dec | Sep 

4 | 3 

13.1M USD 

15.0M USD 

182 | 310 

22 21 21 25 23 21 22 24 21 21 

22 21 

25 

23 19 22 

24 21 19 

17 15 15 

17 17 16 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

Dec | Sep Dec | Sep 

17 | 11 7 | 5 

6 | 1 2 | 1 




LINEAGE 1000/E 




$22.2 

$21.4 

$21.4 




$20.2 

$16.9 

$17.7 $17.7 

PERFORMANCE 

Max Range 

Max Speed 

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

Mach 0.82 



19 

Sold 

For Sale 

1 

1 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

4 (14.3%) 4 (13.8%) 


767 676 

7 8 9 9 9 9 9 9 8 8 

9 10 

10 

7 6 6 6 5 5 4 4 4 4 4 4 

TRANSACTIONS 


2020 Dec 2020 Sep 

1 1 

Past 3 Months 

0 

0 


2018 2019 2020 




G200 




$4.8 

$4.6 

$4.3 

$4.3 




$3.9 


$4.0 

$3.6 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.81 

8 

Sold For Sale 

4 

4 

2 

2 2 1 

4 1 

3 1 

3 

4 

1 

7 

3 

2 

5 

3 

1 

2 

4 

5 

1 

SUPPLY 

No. for Sale 



2020 Dec 

18 (7.5%) 

3.6M USD 

276 

2020 Sep 

21 (8.8%) 

3.7M USD 

270 

27 23 20 21 25 27 27 27 28 28 

25 27 

24 

22 22 21 25 26 31 27 24 21 20 21 

18 

TRANSACTIONS 


Past 3 Months 

2020 Dec 

33 

10 

2020 Sep 

23 

6 


2018 2019 2020 

G280 




$17.5 

$15.8 

$16.0 

$15.4 

$15.0 




$13.8 


$14.2 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.84 

8 

Sold 

For Sale 

1 

1 

1 

2 

1 

6 

SUPPLY 

No. for Sale 



2020 Dec 

16 (8.0%) 

14.2M USD 

257 

2020 Sep 

15 (7.7%) 

13.9M USD 

212 

3 

4 4 4 4 4 4 7 9 8 9 10 12 11 

9 12 13 14 15 15 15 13 15 15 15 16 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

10 3 

7 2 




G450 



$16.7 


$16.9 

$16.3 

$14.4 

$13.7 





$13.3 

$12.5 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.85 

13 

Sold For Sale 

3 

1 3 

1 

1 

3 

3 

1 2 4 

1 

3 

5 

2 

4 

4 

5 

1 2 2 

2 

3 

1 

18 18 17 22 25 22 21 23 23 23 21 28 29 26 28 29 31 29 28 30 28 29 30 27 

2 

27 

SUPPLY 

No. for Sale 



TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

27 (7.6%) 29 (8.2%) 


324 365 

2020 Dec 2020 Sep 

23 

9 

14 

4 


2018 2019 2020 

G550 



$26.5 



$22.7 

$22.2 

$21.9 

$20.0 

$19.5 




$16.9 

PERFORMANCE 

Max Range 

Max Speed 


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

Mach 0.87 

18 

Sold For Sale 

13 

5 3 2 

2 

2 

1 3 3 

4 

2 

3 

28 27 26 27 18 18 19 24 31 32 31 33 33 

4 2 2 

39 42 

41 

1 

44 

2 1 

45 

45 

3 4 5 4 6 

10 

45 44 44 46 43 32 

SUPPLY 

No. for Sale 



TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

32 (5.4%) 44 (7.4%) 


276 240 

2020 Dec 2020 Sep 

44 

20 

24 

12 


2018 2019 2020 




G650 & G650 ER 


G650ER 


$61.9 

G650 

Average 


G650 

G650ER 

$56.5 


$52.2 


$52.4 

$50.9 

$47.0 

$45.4 $46.3 

$47.8 


Sold 


For Sale 

$45.9 

$44.5 

$41.0 

$37.1 

$40.3 

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 

3 3 

4 2 

1 

1 1 1 1 

1 

2 2 

2 

6 

2 

2 

6 

16 

SUPPLY 

No. for Sale 



Dec | Sep 

6 | 9 

40.3M USD 

37.3M USD 

225 | 144 

Dec | Sep 

6 | 14 

47.8M USD 

41.9M USD 

183 | 176 

12 12 9 10 15 16 15 16 16 16 

17 15 

17 

13 13 13 

16 14 17 

20 20 23 24 21 12 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 


19 | 8 19 | 8 

11 | 5 11 | 5 




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 

ACQUISITION COST VS. MAX TAKEOFF WEIGHT 


8 

4 

2 

1 

0.5 

0.25 

1000 

HEAVY 


LIGHT TWIN 


PISTON 

ACQUISITION COST VS. CABIN VOLUME 


8 

4 

2 

1 

0.5 

0.25 

20 

100 

HEAVY 


LIGHT TWIN 


PISTON 

EN480B 

2000 


40 

80 

4000 

S-76D 

BELL 412EPI 

H135(T3) 

BELL 430 

MD902 

BELL 429 

MD530F BELL 206L4 

MD502N 

MD600N 

MD550E R66 

R22 BETA II 

MD 530F 

MD500E 

EN480B 

R66 

R44 RAVEN II 

R22 BETA II 

R44 RAVEN II 

R22 BETA II 

Source: Conklin & de Decker 2019 

MD 520N 

MD 500E 

R66 

R44 RAVEN II 

H215(C1) 

S-76C++ 

H145 

200 300 400 

500 

600 700 

MD520N 

MD530F 

H125 

H130 

H120 

H120 

BELL 505 

MD 902 

H135(T3) 

AW109 POWER 

BELL 407GXP 

MD 902 

H135(T3) 

H225 

BELL 407GXP 

BELL 407GXP 

MD 600N 

BELL 407 

BELL 206L4 

S-92 

160 

H155 

BELL 505 

EN480B BELL 407 

MD 600N 

BELL 505 

AW169 

8000 

MAXIMUM RANGE (N.M) 

AW109 GRANDNEW 

AW109 POWER 

H125 

H130 AW119KX 

H120 

H175 

AW139 

MAX TAKE-OFF WEIGHT (LBS) 

16000 

CABIN VOLUMN (CU.FT) 

AW189 

H215(C1) S-92 

H175 

BELL430 

H145 

S-76D H155 

AW169 

AW139 

AW189 

BELL412EPI S-76C++ 

BELL429 AW109 GRANDNEW 

AW109 POWER 

AW119KX 

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 

H225 

S-92 

32000 

320 640 800

MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS 

INVENTORY LEVEL, PRICE TREND & TRANSACTIONS 

H125 

MARKET SUMMARY -- HELICOPTERS 



$2.5 


$2.5 

$2.5 

$2.5 



$2.4 

$2.4 



$2.3 

PERFORMANCE 

Max Range 

Max Speed 


340 N.M. / 630 km 

140 Knots 

6 

Sold For Sale 

5 4 8 

2 1 

1 

1 2 

2 1 

1 

2 3 

3 

3 

2 

2 

4 

2 

3 

SUPPLY 

No. for Sale 



2020 Dec 

27 (3.1%) 

2.5M USD 

562 

2020 Sep 

25 (2.9%) 

2.4M USD 

546 

23 25 26 31 32 33 29 27 29 25 

26 27 

25 

27 26 26 

24 26 26 26 28 25 26 26 27 

TRANSACTIONS 


Past 3 Months 

2020 Dec 

24 

3 

2020 Sep 

21 

8 


2018 2019 2020 

H130 



$3.1 

$3.1 

$3.0 




$2.9 

$2.9 

$2.7 


$2.6 

Sold 

1 1 


For Sale 

1 1 1 

6 6 9 10 10 9 10 11 10 10 

2 

11 9 

9 

1 

2 

1 

9 9 7 8 11 11 12 14 16 16 15 15 


2018 2019 2020 

1 

1 

4 

2 

3 

PERFORMANCE 

Max Range 

Max Speed 


SUPPLY 

No. for Sale 



TRANSACTIONS 


Past 3 Months 

333 N.M. / 606km 

128 Knots 

7 

2020 Dec 2020 Sep 

15 (5.1%) 16 (5.6%) 


229 233 

2020 Dec 2020 Sep 

15 10 

5 6 




EC135P2 & T2 


EC135T2 

EC135P2 

Average 



EC135P2 EC135T2 

$2.5 

$2.5 

$2.4 

$2.2 

$2.2 

$2.4 

$2.5 




$1.7 

$1.7 

$1.7 

$1.7 $1.7 $1.7 

$1.7 


Sold For Sale 

PERFORMANCE 

Max Range 

Max Speed 


EC135P2 

332 N.M. 

614 km 

127 Knots 

6 

EC135T2 

332 N.M. 

614 km 

127 Knots 

6 

1 

1 

1 

1 

1 

1 1 2 

SUPPLY 

No. for Sale 



Dec | Sep 

5 | 6 

2.5M USD 

2.4M USD 

522 | 645 

Dec | Sep 

2| 2 

1.7M USD 

1.7M USD 

223 | 132 

9 9 10 10 11 12 12 11 11 11 

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


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

Dec | Sep 

2 | 2 

0 | 0 

Dec | Sep 

4 | 2 

2| 1 

EC145 





$4.8 

$4.5 

$4.3 



$3.9 

$3.9 

$3.4 


$3.7 

PERFORMANCE 

Max Range 

Max Speed 


461 N.M. / 855 km 

131 Knots 

9 

2 

Sold 

For Sale 

2 

1 

3 

2 

2 

1 

3 

4 

1 

3 

1 

2 1 

2 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

7 (1.0%) 9 (1.3%) 


545 453 

12 13 13 13 13 12 9 9 8 10 

12 10 9 9 9 9 9 10 10 9 10 9 9 7 7 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

11 8 

3 2 


Source: AMSTAT & ASG


H155 & EC155B 


EC155B 


H155 

Average 


H155 

EC155B 

$5.5 

$5.5 



$4.5 

$4.3 

$2.9 

$3.9 

$3.9 

$3.8 


$2.0 $2.0 


Sold For Sale 

$2.0 

$2.6 

$2.6 

$2.6 

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 

1 

1 

SUPPLY 

No. for Sale 



Sep | Jun 

10 | 14 

3.9M USD 

3.9M USD 

839 | 686 

Sep | Jun 

1 | 2 

2.6M USD 

2.6M USD 

694 | 493 

13 12 12 12 11 10 11 11 15 23 20 18 17 

18 16 

16 16 16 16 17 16 15 12 11 


2018 2019 2020 

16 

TRANSACTIONS 


Past 3 Months 

Sep | Jun 

0 | 0 

0 | 0 

Sep | Jun 

3 | 2 

1 | 1 

H225 




$9.0 



$5.8 

$6.0 

$6.0 



$4.0 

$6.2 

$5.5 

PERFORMANCE 

Max Range 

Max Speed 


452 N.M. / 837 km 

142 Knots 

19 

Sold 

For Sale 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

11 6.2%) 9 (5.1%) 


780 853 

17 16 13 13 13 13 13 13 13 13 

12 12 

11 

11 9 9 11 10 9 8 9 9 9 11 11 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

0 0 

0 0 




BELL 206 JETRANGER / LONGRANGER 


Bell 206 LongRanger 

Bell 206 JetRanger 

Average 


Bell 206J 


Bell 206L 

$0.9 

$0.9 

$0.6 

$0.9 

$0.8 

$0.8 

$0.9 

$0.8 




$0.6 


Sold For Sale 

$0.6 

$0.5 

11 

$0.6 

10 13 

10 

5 

2 

$0.5 

4 

1 

$0.5 

PERFORMANCE 

Max Range 

Max Speed 


SUPPLY 

No. for Sale 



Bell 206J 

374 N.M. 

693 km 

121 Knots 

4 

Dec | Sep 

133 | 128 

0.5M USD 

0.5M USD 

822 | 815 

Bell 206L 

270 N.M. 

500 km 

105 Knots 

6 

Dec | Sep 

82 | 77 

0.8M USD 

0.8M USD 

423 | 434 

215 205 209 201 208 215 213 211 210 208 

206 193 201 207 216 211 208 208 207 206 206 205 206 206 205 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

Dec | Sep 

51 | 47 

4 | 2 

Dec | Sep 

5 | 4 

1 | 0 

BELL 407 



$2.5 

$2.5 



$2.3 


$2.3 


$1.9 

$2.0 


$2.0 

PERFORMANCE 

Max Range 

Max Speed 


323 N.M. / 598 km 

132 Knots 

7 

6 

Sold 

10 

For Sale 

3 

5 7 

1 6 5 6 

3 

3 

5 

2 

4 

6 7 

3 3 

4 

1 

2 

7 

2 

7 

4 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

68 (4.3%) 60 (3.8%) 


389 365 

48 48 48 41 38 41 43 44 39 43 

44 49 


53 

51 46 46 49 49 52 60 60 60 64 66 68 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

50 37 

13 10 

Source: AMSTAT & ASG


BELL 412EP/412HP 


Bell 412 HP 


Bell 412 EP 

Average 


Bell 412EPBell 412HP 


$4.6 

$4.4 

$3.0 

$2.8 


Sold For Sale 

$3.7 

$2.0 

$3.9 

$2.0 

$3.9 

$2.0 

$4.8 

$2.2 

$3.1 

$2.2 



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 

2 

2 1 

1 2 

3 5 

2 1 3 

1 

2 

3 

2 3 

3 

1 1 1 

SUPPLY 

No. for Sale 



Dec | Sep 

28 | 25 

3.1M USD 

4.5M USD 

326 | 356 

Dec | Sep 

2 | 2 

2.2M USD 

2.2M USD 

856 | 765 

36 38 35 36 34 33 31 28 27 27 

26 26 

26 

27 25 27 23 23 23 23 27 27 29 29 30 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

Dec | Sep 

15 | 12 

3 | 0 

Dec | Sep 

1 | 1 

0 | 0 

BELL 429 



$5.6 

$5.6 





$5.2 

$4.9 

$4.2 $4.1 

$4.1 


PERFORMANCE 

Max Range 

Max Speed 


368 N.M. / 681 km 

130 Knots 

7 

1 

Sold 

1 

For Sale 

1 

1 

2 

1 

1 2 1 

3 

4 

2 

2 

2 1 

1 

2 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

12 (3.2%) 14 (3.8%) 


391 348 

16 15 16 15 17 20 21 20 21 21 

24 24 21 20 17 14 14 15 16 18 18 14 15 14 12 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

17 13 

4 4 




AW109SP GRANDNEW 



$4.5 

$4.4 





$4.1 

$4.3 


$4.2 

$4.4 

1 

$4.3 

5 

PERFORMANCE 

Max Range 

Max Speed 


480 N.M. / 889 km 

130 Knots 

7 

Sold 

For Sale 

2 

2 2 

2 

1 

1 1 

1 

1 

1 

2 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

19 (9.8%) 19 (9.9%) 


256 181 

8 8 9 7 7 8 8 8 9 8 12 10 10 9 11 12 15 17 17 16 18 19 22 22 

9 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

11 5 

6 0 


2018 2019 2020 

AW139 



$7.7 

$7.1 


$7.1 

$6.5 

$6.0 

$5.7 

$6.1 





PERFORMANCE 

Max Range 

Max Speed 


568 N.M. / 1,052 km 

140 Knots 

15 

1 

Sold 

For Sale 

3 1 

1 

2 

4 

3 3 

1 1 

4 

2 

6 

1 

1 

2 

4 

SUPPLY 

No. for Sale 



2020 Dec 2020 Sep 

28 (2.9%) 27 (2.8%) 


466 428 

24 26 26 27 26 23 23 26 23 22 

22 23 

23 

22 24 23 

24 24 23 

24 31 27 28 29 28 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 

2020 Dec 2020 Sep 

20 16 

4 3 




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


S76C+ 


S76C++ 

Average 

S76C+ 


S76C++ 


$5.8 

$5.0 

$4.7 

$4.6 

$4.4 

$3.8 



$2.2 

$1.9 


Sold For Sale 

$3.5 

$1.7 

$1.7 

$1.6 

$2.2 

$1.7 

PERFORMANCE 

Max Range 

Max Speed 


S-76C+ 

335 N.M. / 

620 km 

155 Knots 

12 

S-76C++ 

335 N.M. / 

620 km 

155 Knots 

12 

1 

1 1 1 1 

1 

1 

1 4 1 

SUPPLY 

No. for Sale 



Dec | Sep 

20 | 22 

1.7M USD 

1.6M USD 

719 | 714 

Dec | Sep 

19 | 22 

2.2M USD 

3.8M USD 

580 | 645 

46 42 46 47 42 45 41 41 45 45 

44 45 45 44 41 40 43 43 44 43 45 44 42 44 39 


2018 2019 2020 

TRANSACTIONS 


Past 3 Months 


0 | 0 7 | 2 

0 | 0 5 | 1 



AIRBUS HELICOPTERS H130 SN8128 

TOTAL HOURS: 62 HOURS 

TOTAL CYCLES: 220 CYCLES 

• EMS Configuration with AAT Stretchers 

• Very Low Hours 

• Cable Cutter System 

• Air Conditioning 

• Heavy Duty Blade Pins 

• Dual Controls 

• Short Protective Skid Shoes 

• Oxygen Station 

BELL 206L4 SN52492 

TOTAL HOURS: DELIVERY HOURS ONLY 

• Delivery Hours Only 

• 2+5 Seat Utility Configuration 

• Bell Original Warranty June 2021/1000 hours 

• Cargo Hook 

• Emergency Floats - Provisions & Equipment 

• Litter Kit - Provisions & Equipment 

• Recent Annual Inspection 

• Inlet Barrier Filter with Access Door

Asian Sky Quarterly 2020Q4

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