EBACE: Air Partner optimistic about private jet market

“If we look at a list of who is chartering we see that some of the big name banks and financial institutions are returning, although it is still very early days” says Phil Mathews, Director of Air Partner’s UK Trading arm. “All of them were notably absent this time last year.  There weren’t any financial roadshows or bank-related IPO trips then, but I’m pleased to see enquiry rates picking up.”   

“To date, our US private jet business has seen overall client growth of 35% year on year, albeit off a low base; last year the US jet market was in bits.  And while client numbers across Europe and the rest of the world are currently at about the same levels as last year, there is some indication that these markets will begin to increase throughout 2010.” 

“The Russian market is currently the strongest, at least it has been throughout the recent ski season, and the Middle East is showing signs of getting out of the doldrums with increased client bookings. A new trend since early 2010 is that an increasing number of US clients are requesting private jet flights within Asia, particularly from the Singapore and Shanghai regions.” 

Last year charter rates suffered heavily, and by autumn they were very low.  Commenting on this Mathews says:  “This is largely because many business jets in Europe are owned by third party individuals and managed by aircraft operators.  They are calling the tune on how low they are prepared to drop their rates and this has certainly influenced market pricing.”

Increasingly popular aircraft types for charter in Europe include the Challenger 300 and 604 and the Falcon 2000, plus the midsize Cessna Citation XLS.  Continental European clients have also embraced the Very Light Jets from Embraer and Cessna, notes Mathews.  “Our leisure customers, who now account for about 30% of our private jet business, are much more interested in the aircraft type they fly on.  Corporate bookers are less selective; they just want an aircraft that will suit their mission and is reasonably comfortable.”.