Transcript operating lessors

Operating Lease Analysis
MARKET INSIGHT:
OPERATING LESSORS
Aircraft leasing is a global business
24%
North America:
7208 aicraft
47%
Latin America
and Caribbean:
1326 aicraft
44%
Europe: 5214
aicraft
27%
Africa: 866
aicraft
32%
Middle East: 943
aicraft
38%
Australasia: 440
aicraft
37%
Asia ex China:
2594 aicraft
38%
China: 1459
aicraft
The number of airlines globally continues to grow
Airlines in 1985
Sched
Charter
North America
35
45
Europe
30
50
Asia
43
1
Latin America
45
3
Africa
42
8
Middle East
12
2
TOTAL
207
109
LCC
1
0
0
0
0
0
1
Regional Total
10
91
4
84
0
44
1
49
0
50
0
14
15
332
# Airlines in 2009
Sched
Charter
North America
58
48
Europe
94
19
Asia
124
110
Latin America
56
8
Africa
23
23
Middle East
29
35
TOTAL
384
243
LCC
7
24
35
8
7
3
84
Regional Total
12
125
14
151
38
307
11
83
2
55
21
88
98
809
CAGR
2.6%
3.4%
20.3%
8.1%
3.8%
 The number of airlines up
by 240% since 1985
 20% CAGR for LCCs and
8.4% in Asia and Middle
East support the case for
more operating lessors
CAGR
1.3%
2.5%
8.4%
2.2%
0.4%
8.0%
3.8%
Top 25 airlines by fleet count: % aircraft leased
Am erican Eagle
US Air
Lufthansa
Pinnacle
Southw est
69%
Em irates
ANA
59%
Air Canada
SAS
SkyWest
48%
45%
Continental
4 1%
38%
Air France
36%
3 6 %3 0 %
China Southern
ExpressJet
57%
10 %
3% 8%
0%
10 %
10 %
12 %
12 %
14 %
16 %
16 %
17 %
20%
2
2
%
27%
JetBlue
China Eastern
easyJet
Air China
ASA
British Airw ays
Delta
United
JAL
Am erican
Ryanair
Top 25 airlines by % aircraft leased, > 50 aircraft in fleet
Malaysia
Airlines
97%
Iberia
Mexicana
85%
Shanghai Airlines
Thom son Airw ays
85%
Alitalia
Aerolineas Argentinas
84%
Air Canada
48%
46%
Brussels Airlines
82%
48%
Virgin Blue Airlines
Garuda Indonesia
48%
79%
49%
Chautauqua Airlines
7 9 %South
5 1%
53%
76%
TAM Linhas Aereas
African Airw ays
Aeroflot Russian Airlines
54%
75%
Hainan Airlines
Frontier Airlines
54%
70%
57%
Asiana Airlines
59%
59%
Em irates
Pinnacle
Lion Air
6 1%
62%
69%
AirTran Airw ays
US Air
GOL Linhas Aereas
airberlin
Number of operating lessors has been steadily growing
• Over the past 20 years, the
number of Lessors has doubled.
• The Industry is led by a handful
of large Lessors, with ILFC and
GECAS standing apart at the top
• The top 5 Lessors have
historically controlled ~50% of
the leased fleet.
Aircraft leasing has historically been a competitive sector
• GECAS and ILFC stand apart.
• The next tier of lessors represent
a mix of leasing specialists and
leasing arms of manufacturers
• Only half of the current leaders
were among the top 25 in 1999
• Former leading Lessors and a
number of new leasing platforms
are poised to enter the market:
● Avolon
● AerSale
● Greenstone
● Jackson Square
● LCI
● ICBC Leasing, CDB Leasing, etc
Top 25 Lessors
Volito Aviation AB
GAAM
Raytheon Aircraft
SMFL Aircraft Capital
HK Aviation
Aergo Capital Ltd
MC Aviation Partners
Pembroke Group
ORIX Aviation
Macquarie AirFinance
Saab Aircraft Leasing
Nordic Aviation
SkyWorks Leasing LLC
Aircastle Advisor LLC
BOC Aviation
BAE SYSTEMS
AWAS
Boeing Capital Corp
AerCap
Aviation Capital Group
RBS Aviation Capital
CIT
BBAM
ILFC
GECAS
0
500
1000
1500
# A ir c r a ft in L e sso r F le e t
2000
Lessor fleets have been growing, across all aircraft types
Historical Lessor Fleet by Type
7000

Operating Lessors have played a
significant role in the roll-out of all major
aircraft types over the past 10 years

From 1999 to 2007, the lessor fleet grew
at a consistent pace of 9.0%

Since 2008. the lessor fleet growth
slowed. primarily by retirements and
sales of older equipment like B737Classics
6000
5000
4000
3000
2000
1000
0
19 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9
A320 Family
A330
A340
A300/A310
A380
747
767
777
757
CRJ 100/200
ERJs
EJETs
DC- 8
DC- 9
DC- 11
717
727
737 (CFMI)
737 (JT8D)
MD- 80/90
(NG)
737
Leasing of new or prime equipment
CRJ 700/900
F- 100 continues, with a CAGR of near 17%
MD- 11
over the same period
Lessor fleets have been growing…
And lessor fleet share has increased
For further analysis please contact
your account manager or email
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