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<br /> ISSUE NINE JULY/AUGUST 2012<br /> BANKING<br /> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br /> Investing in aircraft<br /> From brand new to tear<br /> www.airlineeconomics.co<br /> down<br /> ALSO IN THIS ISSUE:<br /> A banking review<br /> FX concerns<br /> Air Nigeria grounded<br /> The regional market<br /> Fluid fuel hedging<br /> Airline Economics July/August 2012 1<br /> www.aviationnews-online.com<br /> It's not just<br /> about access to<br /> a new airplane.<br /> It's about a flexible,<br /> customised solu on<br /> that gains access<br /> to the right aircraft<br /> to support your<br /> fleet needs.<br /> It's about the exper se<br /> of an integrated staff<br /> listening to your<br /> unique business<br /> plan and goals…<br /> To deliver a solu <a title="Issue 9 July/August page 1" href="http://viewer.zmags.co.uk/publication/5c622b67?page=1"> ISSUE NINE </a> <a title="Issue 9 July/August page 2" href="http://viewer.zmags.co.uk/publication/5c622b67?page=2"> It's not just about access to a new airplane. It</a> <a title="Issue 9 July/August page 3" href="http://viewer.zmags.co.uk/publication/5c622b67?page=3"> EDITOR'S LETTER MONEY IN METAL ISSUE FOUR</a> <a title="Issue 9 July/August page 4" href="http://viewer.zmags.co.uk/publication/5c622b67?page=4"> CONTENTS 4 News 24</a> <a title="Issue 9 July/August page 5" href="http://viewer.zmags.co.uk/publication/5c622b67?page=5"> </a> <a title="Issue 9 July/August page 6" href="http://viewer.zmags.co.uk/publication/5c622b67?page=6"> NEWS DNA2 sells $587.5m EETCs Doric Nimrod</a> <a title="Issue 9 July/August page 7" href="http://viewer.zmags.co.uk/publication/5c622b67?page=7"> NEWS Long </a> <a title="Issue 9 July/August page 8" href="http://viewer.zmags.co.uk/publication/5c622b67?page=8"> NEWS Qantas braces for a takeover Qantas has c</a> <a title="Issue 9 July/August page 9" href="http://viewer.zmags.co.uk/publication/5c622b67?page=9"> NEWS YOU HANDLE THE ABSOLUTE ALTITUDE. WE</a> <a title="Issue 9 July/August page 10" href="http://viewer.zmags.co.uk/publication/5c622b67?page=10"> NEWS Crudespotpricescouldfallto$50rangebyQ3 201</a> <a title="Issue 9 July/August page 11" href="http://viewer.zmags.co.uk/publication/5c622b67?page=11"> WHEN YOU NEED TO HAVE THEM FLYING AGAIN </a> <a title="Issue 9 July/August page 12" href="http://viewer.zmags.co.uk/publication/5c622b67?page=12"> NEWS ANA767 likely write- offfolowing hardlandin</a> <a title="Issue 9 July/August page 13" href="http://viewer.zmags.co.uk/publication/5c622b67?page=13"> NEWS </a> <a title="Issue 9 July/August page 14" href="http://viewer.zmags.co.uk/publication/5c622b67?page=14"> NEWS IAGwelcomesairlineinterestinpurchasing %DQ</a> <a title="Issue 9 July/August page 15" href="http://viewer.zmags.co.uk/publication/5c622b67?page=15"> NEWS Aircraft Owner, Lessor & Manager </a> <a title="Issue 9 July/August page 16" href="http://viewer.zmags.co.uk/publication/5c622b67?page=16"> NEWS Norwegian firms up 100-strong A320neoorder</a> <a title="Issue 9 July/August page 17" href="http://viewer.zmags.co.uk/publication/5c622b67?page=17"> SIA Engineering SIA Engineering Company,</a> <a title="Issue 9 July/August page 18" href="http://viewer.zmags.co.uk/publication/5c622b67?page=18"> FUEL Fluid Hedging A </a> <a title="Issue 9 July/August page 19" href="http://viewer.zmags.co.uk/publication/5c622b67?page=19"> and a loss of $10 on the $125 call option for a n</a> <a title="Issue 9 July/August page 20" href="http://viewer.zmags.co.uk/publication/5c622b67?page=20"> THE REGIONAL MARKET Regionally Speaking For</a> <a title="Issue 9 July/August page 21" href="http://viewer.zmags.co.uk/publication/5c622b67?page=21"> Regional airlines began by operat- ing propell</a> <a title="Issue 9 July/August page 22" href="http://viewer.zmags.co.uk/publication/5c622b67?page=22"> </a> <a title="Issue 9 July/August page 23" href="http://viewer.zmags.co.uk/publication/5c622b67?page=23"> - %-*' ' 2,' +!() *,"' (+, .', (</a> <a title="Issue 9 July/August page 24" href="http://viewer.zmags.co.uk/publication/5c622b67?page=24"> THE REGIONAL MARKET cabins, and the addition o</a> <a title="Issue 9 July/August page 25" href="http://viewer.zmags.co.uk/publication/5c622b67?page=25"> The regional jets' different range capabili</a> <a title="Issue 9 July/August page 26" href="http://viewer.zmags.co.uk/publication/5c622b67?page=26"> INVESTING IN AIRCRAFT From brand new to tear d</a> <a title="Issue 9 July/August page 27" href="http://viewer.zmags.co.uk/publication/5c622b67?page=27"> INVESTING IN AIRCRAFT B </a> <a title="Issue 9 July/August page 28" href="http://viewer.zmags.co.uk/publication/5c622b67?page=28"> INVESTING IN AIRCRAFT Zbk\kZ_m fZr [</a> <a title="Issue 9 July/August page 29" href="http://viewer.zmags.co.uk/publication/5c622b67?page=29"> Asset Management Remarketing Services </a> <a title="Issue 9 July/August page 30" href="http://viewer.zmags.co.uk/publication/5c622b67?page=30"> INVESTING IN AIRCRAFT lah\d_hkma^Zbkebg^lmhli^</a> <a title="Issue 9 July/August page 31" href="http://viewer.zmags.co.uk/publication/5c622b67?page=31"> INVESTING IN AIRCRAFT The Twin Otter aircraft </a> <a title="Issue 9 July/August page 32" href="http://viewer.zmags.co.uk/publication/5c622b67?page=32"> INVESTING IN AIRCRAFT nihgma^nl^h_ma^Zbk\kZ_m'</a> <a title="Issue 9 July/August page 33" href="http://viewer.zmags.co.uk/publication/5c622b67?page=33"> Insight KPMG has unrivalled experience and </a> <a title="Issue 9 July/August page 34" href="http://viewer.zmags.co.uk/publication/5c622b67?page=34"> INVESTING IN AIRCRAFT </a> <a title="Issue 9 July/August page 35" href="http://viewer.zmags.co.uk/publication/5c622b67?page=35"> Fig 1. AVITAS forecast Vs Aviation News/Airline E</a> <a title="Issue 9 July/August page 36" href="http://viewer.zmags.co.uk/publication/5c622b67?page=36"> INVESTING IN AIRCRAFT Manufacturer Aircraf</a> <a title="Issue 9 July/August page 37" href="http://viewer.zmags.co.uk/publication/5c622b67?page=37"> </a> <a title="Issue 9 July/August page 38" href="http://viewer.zmags.co.uk/publication/5c622b67?page=38"> INVESTING IN AIRCRAFT NARROW BODY OPERATING MON</a> <a title="Issue 9 July/August page 39" href="http://viewer.zmags.co.uk/publication/5c622b67?page=39"> INVESTING IN AIRCRAFT COST TO OPERATE AT VARIOU</a> <a title="Issue 9 July/August page 40" href="http://viewer.zmags.co.uk/publication/5c622b67?page=40"> INVESTING IN PARTS No</a> <a title="Issue 9 July/August page 41" href="http://viewer.zmags.co.uk/publication/5c622b67?page=41"> there that focus solely on purchasing air- craft </a> <a title="Issue 9 July/August page 42" href="http://viewer.zmags.co.uk/publication/5c622b67?page=42"> INVESTING IN PARTS out was $600,000 without</a> <a title="Issue 9 July/August page 43" href="http://viewer.zmags.co.uk/publication/5c622b67?page=43"> tors, then tearing the aircraft down then selling</a> <a title="Issue 9 July/August page 44" href="http://viewer.zmags.co.uk/publication/5c622b67?page=44"> INVESTING IN PARTS Three Components of Engine </a> <a title="Issue 9 July/August page 45" href="http://viewer.zmags.co.uk/publication/5c622b67?page=45"> dash number). This detailed informa- tion has sho</a> <a title="Issue 9 July/August page 46" href="http://viewer.zmags.co.uk/publication/5c622b67?page=46"> RECYCLING </a> <a title="Issue 9 July/August page 47" href="http://viewer.zmags.co.uk/publication/5c622b67?page=47"> clable plastic from the non-recyclable plastic. </a> <a title="Issue 9 July/August page 48" href="http://viewer.zmags.co.uk/publication/5c622b67?page=48"> RECYCLING o7KHFROODERUDWLRQZLWK%RHLQJ ZLOOIXUW</a> <a title="Issue 9 July/August page 49" href="http://viewer.zmags.co.uk/publication/5c622b67?page=49"> GUIDING YOUR END OF LIFE ASSET STRATEGIES </a> <a title="Issue 9 July/August page 50" href="http://viewer.zmags.co.uk/publication/5c622b67?page=50"> AIR NIGERIA Air Grounded Grounded twice in</a> <a title="Issue 9 July/August page 51" href="http://viewer.zmags.co.uk/publication/5c622b67?page=51"> LG'GF<GFO@A;@;GEE=F;=<GF(9Q DKG O=9J=9:GMLLGD9</a> <a title="Issue 9 July/August page 52" href="http://viewer.zmags.co.uk/publication/5c622b67?page=52"> MRO EUROPE A changing landscape The Europea</a> <a title="Issue 9 July/August page 53" href="http://viewer.zmags.co.uk/publication/5c622b67?page=53"> in the MRO sector in the aftercare mar- ket – for</a> <a title="Issue 9 July/August page 54" href="http://viewer.zmags.co.uk/publication/5c622b67?page=54"> MRO EUROPE of spares. The leased engine market</a> <a title="Issue 9 July/August page 55" href="http://viewer.zmags.co.uk/publication/5c622b67?page=55"> maintenance as aircraft get younger and require l</a> <a title="Issue 9 July/August page 56" href="http://viewer.zmags.co.uk/publication/5c622b67?page=56"> MRO EUROPE very strong force in engine mainten</a> <a title="Issue 9 July/August page 57" href="http://viewer.zmags.co.uk/publication/5c622b67?page=57"> </a> <a title="Issue 9 July/August page 58" href="http://viewer.zmags.co.uk/publication/5c622b67?page=58"> AIRPORT SLOTS Playing the slots game </a> <a title="Issue 9 July/August page 59" href="http://viewer.zmags.co.uk/publication/5c622b67?page=59"> www.airlineeconomics.co AIRPORT SLOTS Airport </a> <a title="Issue 9 July/August page 60" href="http://viewer.zmags.co.uk/publication/5c622b67?page=60"> AIRPORT SLOTS Valuing slots The indisp</a> <a title="Issue 9 July/August page 61" href="http://viewer.zmags.co.uk/publication/5c622b67?page=61"> slots in the next season. When new slots become a</a> <a title="Issue 9 July/August page 62" href="http://viewer.zmags.co.uk/publication/5c622b67?page=62"> BANKING A banking review The past few year</a> <a title="Issue 9 July/August page 63" href="http://viewer.zmags.co.uk/publication/5c622b67?page=63"> the ISTAT conference in Barcelona last September,</a> <a title="Issue 9 July/August page 64" href="http://viewer.zmags.co.uk/publication/5c622b67?page=64"> BANKING also announced that its cash deposits </a> <a title="Issue 9 July/August page 65" href="http://viewer.zmags.co.uk/publication/5c622b67?page=65"> clical: ECAs step in an increase financing support</a> <a title="Issue 9 July/August page 66" href="http://viewer.zmags.co.uk/publication/5c622b67?page=66"> CURRENCY MARKETS A dollar industry Richard Driver</a> <a title="Issue 9 July/August page 67" href="http://viewer.zmags.co.uk/publication/5c622b67?page=67"> CURRENCY MARKETS </a> <a title="Issue 9 July/August page 68" href="http://viewer.zmags.co.uk/publication/5c622b67?page=68"> CURRENCY MARKETS airlines, KLM, has urged the </a> <a title="Issue 9 July/August page 69" href="http://viewer.zmags.co.uk/publication/5c622b67?page=69"> electorate returned to the polls at the end of Ju</a> <a title="Issue 9 July/August page 70" href="http://viewer.zmags.co.uk/publication/5c622b67?page=70"> DATA COMMERCIAL AIRCRAFT CMVS AND LEASE RATES </a> <a title="Issue 9 July/August page 71" href="http://viewer.zmags.co.uk/publication/5c622b67?page=71"> </a> <a title="Issue 9 July/August page 72" href="http://viewer.zmags.co.uk/publication/5c622b67?page=72"> It's about a lease that lasts five years </a>