The used business jet market bottomed out last month, according to UBS Investment Research's latest business jet update. "Available business jet inventories stepped down 2% in June after sequential increases in each of the prior 18 months," says UBS aerospace and aviation analyst David Strauss. However, pre-owned inventories are 48% higher than this time last year and represent 17% of the in-service fleet. UBS data shows that pre-owned inventories of aircraft less than 10 years old fell by 3% last month, their second consecutive decline, but roughly double the previous year levels. New delivery position inventories fell by 10% - the third straight sequential decline, UBS says. "We estimate average asking prices for most young aircraft models have now fallen 30-40% from peak levels, with pricing down another 3-4% in the past month," Strauss says.
Embraer has handed over a Legacy 600 executive jet to Dubai-based charter and management company Titan Aviation. The aircraft was acquired by an undisclosed customer and will be managed and operated by Titan Aviation for the exclusive private use of its owner. The 13-passenger super-midsize aircraft is the second Legacy 600 in Titan's fleet, which in 2012 will incorporate a Lineage 1000 super-large business jet.
US fractional ownership provider CitationShares has laid off 41 office staff and furloughed 52 pilots - 16% of its workforce - due to the downturn in flying activity brought about by the economic downturn. The operator, which is majority-owned and controlled by Cessna, has also formed a venture with US charity Corporate Angel Network, whereby customers can donate their flight hours to a jet card to help cancer patients travel for treatment.