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<br /> ISSUE FOURTEEN MAY/JUNE 2013<br /> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br /> www.aviationnews-online.com<br /> How do you transform a conventional<br /> jet engine into a truly revolutionary one?<br /> Gee.<br /> We already have.<br /> Our PurePower® Geared Turbofan™ has introduced one of the most daring concepts ever<br /> in turbine engine development: simplicity. Our star gear system, with just seven moving parts,<br /> means fewer stages, fewer parts, lower temperatures and less downtime. Which means your<br /> costs are lower and you're on-wing longer. Truly revolutionary. And the PurePower engine<br /> has been thoroughly tested on the rig, on the ground and in the air. Someday all engines<br /> will be made this way. Again, Pratt & Whitney leads. With next-generation engines today.<br /> Get the rea<a title="Issue 14 May/June page 1" href="http://viewer.zmags.co.uk/publication/79c873e3?page=1"> ISSUE FOURTEEN </a> <a title="Issue 14 May/June page 2" href="http://viewer.zmags.co.uk/publication/79c873e3?page=2"> How do you transform a conventional jet engine</a> <a title="Issue 14 May/June page 3" href="http://viewer.zmags.co.uk/publication/79c873e3?page=3"> EDITOR’S LETTER IT’S A DEAL VOLUME THREE, IS</a> <a title="Issue 14 May/June page 4" href="http://viewer.zmags.co.uk/publication/79c873e3?page=4"> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF A</a> <a title="Issue 14 May/June page 5" href="http://viewer.zmags.co.uk/publication/79c873e3?page=5"> Better, Faster, stronger World Class </a> <a title="Issue 14 May/June page 6" href="http://viewer.zmags.co.uk/publication/79c873e3?page=6"> NEWS Ryanair orders 175 NGs Ryanair has confirm</a> <a title="Issue 14 May/June page 7" href="http://viewer.zmags.co.uk/publication/79c873e3?page=7"> Rolls-Royce & Partners Finance Leasing engines </a> <a title="Issue 14 May/June page 8" href="http://viewer.zmags.co.uk/publication/79c873e3?page=8"> NEWS MAS closes ECGD bond Malaysian Airlines (M</a> <a title="Issue 14 May/June page 9" href="http://viewer.zmags.co.uk/publication/79c873e3?page=9"> RESULTS SPEAK UP TO 15% LOWER OPERATING COSTS </a> <a title="Issue 14 May/June page 10" href="http://viewer.zmags.co.uk/publication/79c873e3?page=10"> NEWS TUI Travel orders 60 737Max aircraft On Ma</a> <a title="Issue 14 May/June page 11" href="http://viewer.zmags.co.uk/publication/79c873e3?page=11"> It's not just about access to a new airplane. It'</a> <a title="Issue 14 May/June page 12" href="http://viewer.zmags.co.uk/publication/79c873e3?page=12"> NEWS Cargolux combines Eximbond with SOAR loan </a> <a title="Issue 14 May/June page 13" href="http://viewer.zmags.co.uk/publication/79c873e3?page=13"> Providing Financing Solutions for Air Transportat</a> <a title="Issue 14 May/June page 14" href="http://viewer.zmags.co.uk/publication/79c873e3?page=14"> NEWS Hat trick for US Airways The US Airways t</a> <a title="Issue 14 May/June page 15" href="http://viewer.zmags.co.uk/publication/79c873e3?page=15"> NEWS team not only achieved that they surpassed</a> <a title="Issue 14 May/June page 16" href="http://viewer.zmags.co.uk/publication/79c873e3?page=16"> NEWS IAG completes convertible bond Internation</a> <a title="Issue 14 May/June page 17" href="http://viewer.zmags.co.uk/publication/79c873e3?page=17"> GUIDING YOUR END OF LIFE ASSET STRATEGIES </a> <a title="Issue 14 May/June page 18" href="http://viewer.zmags.co.uk/publication/79c873e3?page=18"> NEWS Hawaiian Airlines closes $445 million EETC</a> <a title="Issue 14 May/June page 19" href="http://viewer.zmags.co.uk/publication/79c873e3?page=19"> Aset Management • • • • Remarketing Services </a> <a title="Issue 14 May/June page 20" href="http://viewer.zmags.co.uk/publication/79c873e3?page=20"> NEWS Lessors securing cheaper debt and credit </a> <a title="Issue 14 May/June page 21" href="http://viewer.zmags.co.uk/publication/79c873e3?page=21"> </a> <a title="Issue 14 May/June page 22" href="http://viewer.zmags.co.uk/publication/79c873e3?page=22"> NEWS Credit Agricole issues €1bn covered bond </a> <a title="Issue 14 May/June page 23" href="http://viewer.zmags.co.uk/publication/79c873e3?page=23"> The Specialist Executive Search Company for the A</a> <a title="Issue 14 May/June page 24" href="http://viewer.zmags.co.uk/publication/79c873e3?page=24"> NEWS 98% of airlines comply with EU ETS The Eu</a> <a title="Issue 14 May/June page 25" href="http://viewer.zmags.co.uk/publication/79c873e3?page=25"> NEWS the Commission has sought to defuse the t</a> <a title="Issue 14 May/June page 26" href="http://viewer.zmags.co.uk/publication/79c873e3?page=26"> LEASE ACCOUNTING All change The impending leas</a> <a title="Issue 14 May/June page 27" href="http://viewer.zmags.co.uk/publication/79c873e3?page=27"> LEASE ACCOUNTING </a> <a title="Issue 14 May/June page 28" href="http://viewer.zmags.co.uk/publication/79c873e3?page=28"> LEASE ACCOUNTING was highly leveraged and prese</a> <a title="Issue 14 May/June page 29" href="http://viewer.zmags.co.uk/publication/79c873e3?page=29"> Insight KPMG has unrivalled experience and th</a> <a title="Issue 14 May/June page 30" href="http://viewer.zmags.co.uk/publication/79c873e3?page=30"> LEASE ACCOUNTING Killian Croke, KPMG </a> <a title="Issue 14 May/June page 31" href="http://viewer.zmags.co.uk/publication/79c873e3?page=31"> level,” says Buchanan. Bill Bosco, leasin</a> <a title="Issue 14 May/June page 32" href="http://viewer.zmags.co.uk/publication/79c873e3?page=32"> LEASE ACCOUNTING He adds: “If you are airlin</a> <a title="Issue 14 May/June page 33" href="http://viewer.zmags.co.uk/publication/79c873e3?page=33"> are preparing for the impact but some smaller air</a> <a title="Issue 14 May/June page 34" href="http://viewer.zmags.co.uk/publication/79c873e3?page=34"> AERCAP AerCap’s long-term strategy pays off Ae</a> <a title="Issue 14 May/June page 35" href="http://viewer.zmags.co.uk/publication/79c873e3?page=35"> major customer of the company,”says Aengus Kelly,</a> <a title="Issue 14 May/June page 36" href="http://viewer.zmags.co.uk/publication/79c873e3?page=36"> AERCAP AERCAP FLEET BREAKDOWN A/C Type </a> <a title="Issue 14 May/June page 37" href="http://viewer.zmags.co.uk/publication/79c873e3?page=37"> Aengus Kelly, CEO, AerCap </a> <a title="Issue 14 May/June page 38" href="http://viewer.zmags.co.uk/publication/79c873e3?page=38"> OIL Oil Prices: Taking off or flying low? JBC </a> <a title="Issue 14 May/June page 39" href="http://viewer.zmags.co.uk/publication/79c873e3?page=39"> of the year were dominated by the bulls. A</a> <a title="Issue 14 May/June page 40" href="http://viewer.zmags.co.uk/publication/79c873e3?page=40"> OIL Cumulative Price Changes 2013 [points] 135 </a> <a title="Issue 14 May/June page 41" href="http://viewer.zmags.co.uk/publication/79c873e3?page=41"> OIL Dated Brent Forecast [$/bbl] 150 140 150 13</a> <a title="Issue 14 May/June page 42" href="http://viewer.zmags.co.uk/publication/79c873e3?page=42"> FUEL HEDGING Taking control A passive approach</a> <a title="Issue 14 May/June page 43" href="http://viewer.zmags.co.uk/publication/79c873e3?page=43"> 4.814 4.0623.134 2.952.071 .008 1.469 2.165 </a> <a title="Issue 14 May/June page 44" href="http://viewer.zmags.co.uk/publication/79c873e3?page=44"> FUEL HEDGING $150.00 $145.00 $140.00 $135.0</a> <a title="Issue 14 May/June page 45" href="http://viewer.zmags.co.uk/publication/79c873e3?page=45"> • If Singapore jet kerosene prices duri</a> <a title="Issue 14 May/June page 46" href="http://viewer.zmags.co.uk/publication/79c873e3?page=46"> MARKET FORECAST World fleet forecast Airline E</a> <a title="Issue 14 May/June page 47" href="http://viewer.zmags.co.uk/publication/79c873e3?page=47"> North America The North American commercial fleet </a> <a title="Issue 14 May/June page 48" href="http://viewer.zmags.co.uk/publication/79c873e3?page=48"> ENGINES The trouble with four engines Demand f</a> <a title="Issue 14 May/June page 49" href="http://viewer.zmags.co.uk/publication/79c873e3?page=49"> 747-8 AND A380 AT A GLANCE Aircraft Type Airc</a> <a title="Issue 14 May/June page 50" href="http://viewer.zmags.co.uk/publication/79c873e3?page=50"> ENGINES A380 FLEET USAGE SNAPSHOT SORTED BY OPER</a> <a title="Issue 14 May/June page 51" href="http://viewer.zmags.co.uk/publication/79c873e3?page=51"> ENGINES BOEING 747-8 RECENT IN-SERVICE FLEET UTL</a> <a title="Issue 14 May/June page 52" href="http://viewer.zmags.co.uk/publication/79c873e3?page=52"> ENGINES 747-8 FLEET ON ORDER AND IN-SERVICE Airc</a> <a title="Issue 14 May/June page 53" href="http://viewer.zmags.co.uk/publication/79c873e3?page=53"> ENGINES 747-8 FLEET ON ORDER AND IN-SERVICE Airc</a> <a title="Issue 14 May/June page 54" href="http://viewer.zmags.co.uk/publication/79c873e3?page=54"> ENGINES 747-8 FLEET ON ORDER AND IN-SERVICE Airc</a> <a title="Issue 14 May/June page 55" href="http://viewer.zmags.co.uk/publication/79c873e3?page=55"> GROWTH FRONTIERS DUBLIN 2014 m / Email: ciaran@av</a> <a title="Issue 14 May/June page 56" href="http://viewer.zmags.co.uk/publication/79c873e3?page=56"> AIR FREIGHT The industry bellwether The air fr</a> <a title="Issue 14 May/June page 57" href="http://viewer.zmags.co.uk/publication/79c873e3?page=57"> AIR FREIGHT CARGO FLEET BY WORLD REGION Region </a> <a title="Issue 14 May/June page 58" href="http://viewer.zmags.co.uk/publication/79c873e3?page=58"> AIR FREIGHT fo</a> <a title="Issue 14 May/June page 59" href="http://viewer.zmags.co.uk/publication/79c873e3?page=59"> (OEMs) alike, due to double over the next 20 year</a> <a title="Issue 14 May/June page 60" href="http://viewer.zmags.co.uk/publication/79c873e3?page=60"> AIR FREIGHT OPTIMISTIC OUTLOOK FOR 2013/2014 A</a> <a title="Issue 14 May/June page 61" href="http://viewer.zmags.co.uk/publication/79c873e3?page=61"> Providing MapiningSSoolulutitioonsnsfofroAr iArpi</a> <a title="Issue 14 May/June page 62" href="http://viewer.zmags.co.uk/publication/79c873e3?page=62"> CEO INTERVIEW – SATA Out of the blue Establish</a> <a title="Issue 14 May/June page 63" href="http://viewer.zmags.co.uk/publication/79c873e3?page=63"> CEO INTERVIEW – SATA “We obtained the lowest (es</a> <a title="Issue 14 May/June page 64" href="http://viewer.zmags.co.uk/publication/79c873e3?page=64"> CEO INTERVIEW – SATA António Menezes, Chief Ex</a> <a title="Issue 14 May/June page 65" href="http://viewer.zmags.co.uk/publication/79c873e3?page=65"> CEO INTERVIEW – SATA the airline's major risks </a> <a title="Issue 14 May/June page 66" href="http://viewer.zmags.co.uk/publication/79c873e3?page=66"> CEO INTERVIEW – SATA SATA is expanding both</a> <a title="Issue 14 May/June page 67" href="http://viewer.zmags.co.uk/publication/79c873e3?page=67"> GROWTH FRONTIERS DUBLIN 2014 ALREADY BOOKED Abys</a> <a title="Issue 14 May/June page 68" href="http://viewer.zmags.co.uk/publication/79c873e3?page=68"> SILVER AIRWAYS A silver lining Victory Park</a> <a title="Issue 14 May/June page 69" href="http://viewer.zmags.co.uk/publication/79c873e3?page=69"> www.airlineeconomics.co SILVER AIRWAYS “ The </a> <a title="Issue 14 May/June page 70" href="http://viewer.zmags.co.uk/publication/79c873e3?page=70"> SILVER AIRWAYS </a> <a title="Issue 14 May/June page 71" href="http://viewer.zmags.co.uk/publication/79c873e3?page=71"> growth if it could be repositioned strategic</a> <a title="Issue 14 May/June page 72" href="http://viewer.zmags.co.uk/publication/79c873e3?page=72"> SILVER AIRWAYS “Even the best ideas die silently</a> <a title="Issue 14 May/June page 73" href="http://viewer.zmags.co.uk/publication/79c873e3?page=73"> ONLY PEOPLE WHO TRULY KNOW THE INDUSTRY CAN TELL </a> <a title="Issue 14 May/June page 74" href="http://viewer.zmags.co.uk/publication/79c873e3?page=74"> ENGINES A bold new world David Cook, president</a> <a title="Issue 14 May/June page 75" href="http://viewer.zmags.co.uk/publication/79c873e3?page=75"> socio-economic forces that have driven their dev</a> <a title="Issue 14 May/June page 76" href="http://viewer.zmags.co.uk/publication/79c873e3?page=76"> ENGINES Over the years environmentalists ha</a> <a title="Issue 14 May/June page 77" href="http://viewer.zmags.co.uk/publication/79c873e3?page=77"> with a variant of the CFM LEAP engine. One could </a> <a title="Issue 14 May/June page 78" href="http://viewer.zmags.co.uk/publication/79c873e3?page=78"> ENGINES s</a> <a title="Issue 14 May/June page 79" href="http://viewer.zmags.co.uk/publication/79c873e3?page=79"> `planet' gears which, in turn, transmit power to </a> <a title="Issue 14 May/June page 80" href="http://viewer.zmags.co.uk/publication/79c873e3?page=80"> ENGINES aluminium reinforcing fibres, but they a</a> <a title="Issue 14 May/June page 81" href="http://viewer.zmags.co.uk/publication/79c873e3?page=81"> of aircraft will increase by a factor of 14,000 t</a> <a title="Issue 14 May/June page 82" href="http://viewer.zmags.co.uk/publication/79c873e3?page=82"> ENGINES buy</a> <a title="Issue 14 May/June page 83" href="http://viewer.zmags.co.uk/publication/79c873e3?page=83"> to be impacted by major technology upgrades which</a> <a title="Issue 14 May/June page 84" href="http://viewer.zmags.co.uk/publication/79c873e3?page=84"> ENGINE AFTERMARKET The future for Engine MRO A</a> <a title="Issue 14 May/June page 85" href="http://viewer.zmags.co.uk/publication/79c873e3?page=85"> ENGINE AFTERMARKET TITLE?????? Engine </a> <a title="Issue 14 May/June page 86" href="http://viewer.zmags.co.uk/publication/79c873e3?page=86"> ENGINE AFTERMARKET </a> <a title="Issue 14 May/June page 87" href="http://viewer.zmags.co.uk/publication/79c873e3?page=87"> OVERHAUL YOUR ENGINES. AND YOUR EXPECTATIONS. </a> <a title="Issue 14 May/June page 88" href="http://viewer.zmags.co.uk/publication/79c873e3?page=88"> ENGINE AFTERMARKET </a> <a title="Issue 14 May/June page 89" href="http://viewer.zmags.co.uk/publication/79c873e3?page=89"> The current shape of the engine maintenance</a> <a title="Issue 14 May/June page 90" href="http://viewer.zmags.co.uk/publication/79c873e3?page=90"> ENGINE AFTERMARKET its competitors in the after</a> <a title="Issue 14 May/June page 91" href="http://viewer.zmags.co.uk/publication/79c873e3?page=91"> when shared throughout the business adds huge cre</a> <a title="Issue 14 May/June page 92" href="http://viewer.zmags.co.uk/publication/79c873e3?page=92"> MRO MRO market forecast Chris Doan at Team SAI ex</a> <a title="Issue 14 May/June page 93" href="http://viewer.zmags.co.uk/publication/79c873e3?page=93"> has the opposite effect. In total, due to the cha</a> <a title="Issue 14 May/June page 94" href="http://viewer.zmags.co.uk/publication/79c873e3?page=94"> MRO LINE MAINTENANCE Line 201</a> <a title="Issue 14 May/June page 95" href="http://viewer.zmags.co.uk/publication/79c873e3?page=95"> We’ll give your profits a lift With decAdeS Of pr</a> <a title="Issue 14 May/June page 96" href="http://viewer.zmags.co.uk/publication/79c873e3?page=96"> MRO 2013 Global TP MRO Forecast</a> <a title="Issue 14 May/June page 97" href="http://viewer.zmags.co.uk/publication/79c873e3?page=97"> OUR EXPERIENCE DRIVES YOUR EXCELLENCE. </a> <a title="Issue 14 May/June page 98" href="http://viewer.zmags.co.uk/publication/79c873e3?page=98"> MRO 2013 TB MRO IN US$BN North America 0.7 </a> <a title="Issue 14 May/June page 99" href="http://viewer.zmags.co.uk/publication/79c873e3?page=99"> </a> <a title="Issue 14 May/June page 100" href="http://viewer.zmags.co.uk/publication/79c873e3?page=100"> MRO North American and Western European markets</a> <a title="Issue 14 May/June page 101" href="http://viewer.zmags.co.uk/publication/79c873e3?page=101"> Hall 3, A20 </a> <a title="Issue 14 May/June page 102" href="http://viewer.zmags.co.uk/publication/79c873e3?page=102"> MRO others are actively advocating on behalf of</a> <a title="Issue 14 May/June page 103" href="http://viewer.zmags.co.uk/publication/79c873e3?page=103"> Transform the worth of your inventory You’re look</a> <a title="Issue 14 May/June page 104" href="http://viewer.zmags.co.uk/publication/79c873e3?page=104"> ndia India 0 0% 0</a> <a title="Issue 14 May/June page 105" href="http://viewer.zmags.co.uk/publication/79c873e3?page=105"> </a> <a title="Issue 14 May/June page 106" href="http://viewer.zmags.co.uk/publication/79c873e3?page=106"> DATA 2013 H1 AIRCRAFT ORDER CANCELLATIONS + 201</a> <a title="Issue 14 May/June page 107" href="http://viewer.zmags.co.uk/publication/79c873e3?page=107"> DATA 2013 H1 AIRCRAFT ORDER CANCELLATIONS + 201</a> <a title="Issue 14 May/June page 108" href="http://viewer.zmags.co.uk/publication/79c873e3?page=108"> DATA MAJOR AIRCRAFT IN STORAGE AS OF 1ST JUNE 2</a> <a title="Issue 14 May/June page 109" href="http://viewer.zmags.co.uk/publication/79c873e3?page=109"> 2013 ENGINE RETIREMENTS TO 1ST JUNE Engine Type </a> <a title="Issue 14 May/June page 110" href="http://viewer.zmags.co.uk/publication/79c873e3?page=110"> 2013 H1 DELIVERIES BREAKDOWN DELIVERIES BY OPER</a> <a title="Issue 14 May/June page 111" href="http://viewer.zmags.co.uk/publication/79c873e3?page=111"> 2013 H1 DELIVERIES BREAKDOWN AIRCRAFT DELIVERIE</a> <a title="Issue 14 May/June page 112" href="http://viewer.zmags.co.uk/publication/79c873e3?page=112"> 2013 H2 DELIVERIES DUE 2013 calendar H2 deliver</a> <a title="Issue 14 May/June page 113" href="http://viewer.zmags.co.uk/publication/79c873e3?page=113"> EUROPE Low cost share = 26% </a> <a title="Issue 14 May/June page 114" href="http://viewer.zmags.co.uk/publication/79c873e3?page=114"> DATA 2013 H1 LESSOR NEW AIRCRAFT DELIVERY ACTIV</a> <a title="Issue 14 May/June page 115" href="http://viewer.zmags.co.uk/publication/79c873e3?page=115"> DATA 2013 H1 LESSOR NEW AIRCRAFT DELIVERY ACTIV</a> <a title="Issue 14 May/June page 116" href="http://viewer.zmags.co.uk/publication/79c873e3?page=116"> DATA OPERATING LEASE FLEET AIRCRAFT SPLITS - 1S</a> <a title="Issue 14 May/June page 117" href="http://viewer.zmags.co.uk/publication/79c873e3?page=117"> DATA APR 2013 VS APR 2012 (PAX) Alliance Ju</a> <a title="Issue 14 May/June page 118" href="http://viewer.zmags.co.uk/publication/79c873e3?page=118"> DATA COMMERCIAL AIRCRAFT CMVS AND LEASE RATES -</a> <a title="Issue 14 May/June page 119" href="http://viewer.zmags.co.uk/publication/79c873e3?page=119"> GROWTH FRONTIERS DUBLIN 2014 m / Email: ciaran@av</a> <a title="Issue 14 May/June page 120" href="http://viewer.zmags.co.uk/publication/79c873e3?page=120"> It’s about a lease that lasts five years a</a>