Ishka Insights: indispensable analysis and opinion

Trusted, expert assessment of the latest industry trends from the respected Ishka team, including regional analysis, airlines, lessors and critical emerging issues.

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OEM Update: Orders get going in March, Boeing’s latest whistleblower

The fallout from Boeing’s 737 MAX issues has seen quarterly average monthly deliveries of the variant dip to their lowest level since Q3 2021. more

17/04/2024

Impatient capital: US PE firms axe senior leasing execs

Three PE-owned leasing firms have made senior leadership changes, including the loss of two CEOs, one CFO and at least three other leasing executives, all in the last few months. Ishka examines why. more

16/04/2024

Central America Review - continued recovery threatened by political risk and supply chain disruption

Like South America, Central America has seen robust traffic recovery through 2023, with both low-cost and full-service carriers benefitting from the surge in demand. However, upcoming elections, regional instability, and capacity shortfalls may prove a challenge for future growth plans. more

15/04/2024

The list of 2023’s new airlines and start-ups

Supply chain constraints, high leasing fees, and limited access to new aircraft appear to be weighing on start-up carriers. Just 19 airlines launched operations in 2023, a significant drop compared to previous years. Notable newcomers to the market include Australia's Bonza, a relaunched Mexicana, and premium travel-focused BeOnd. more

12/04/2024

Q1 2024: Engine buyers predict lease rates will continue to rise

Aircraft engine buyers surveyed by Ishka have confirm that some single-aisle engine lease rates nearly doubled between the start of 2023 and 2024, with the majority arguing lease rates for narrowbodies engines will continue to rise for the rest of the year. more

11/04/2024

On Watch: SAA privatisation collapses, Pacific Airlines suspends operations

South African Airways is currently seeking a new strategic partner following the termination of its planned semi-privatisation deal with Takatso after three years of discussions. According to the South African government, the carrier currently has enough funds to keep operations running for up to 18 months. more

10/04/2024

Quick Takes: Lessors forced to adapt dozens of op leases under new EU Russian sanctions

The latest package of sanctions announced by the European Union will require EU-based companies to add a contractual clause preventing the re-export of aviation equipment and related services to Russia. more

09/04/2024

10-year-old aircraft values, lease rates expected to continue rising amid OEM delays and capacity constraints

Welcome to the 122nd ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

08/04/2024

Latin America Review - domestic travel demand fuels post-pandemic recovery

Passenger traffic across Latin American markets recovered strongly in 2023, driven largely by a full recovery in the domestic markets. Nevertheless, there were casualties along the way, including Viva Air and Ultra Air in Colombia and EQUAIR in Ecuador. more

07/04/2024

Capital Markets Update: SMBC Aviation Capital issues $1.5 billion, ALC completes first euro issuance

Lessors issued $1.43 billion in March, a marked increase from February’s $349 million. more

04/04/2024

Loan Datasheet: JOLCO resurgence despite a weak Yen, airlines and lessors turn to sustainable financing

The latest Ishka’s loan sheet data sheet examines recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

03/04/2024

Remarketing Watch Data Sheet: 737 NG freighter listings double in March

Ishka notes multiple Boeing 737 NG freighters appear to have been listed for remarketing in March, with the number available on the sites analysed rising from seven to 18. more

02/04/2024

SAVi Five: Japan sets eyes on mid-2030s hydrogen aircraft, GTF non-CO2 emissions to be measured, and more…

The Japanese government has published a new strategic plan for the country’s aircraft industry to commercialise a “next-generation passenger aircraft from 2035 onwards” with “decarbonised” propulsion “such as hybrid and hydrogen engines.” more

01/04/2024

Japan revives its domestic airliner ambitions

Following the cancellation of Mitsubishi's SpaceJet programme in February 2023, Japan's Ministry of Economy, Trade and Industry has unveiled plans for the development of a next-generation sustainable aircraft in collaboration with the private sector. more

01/04/2024

Major leadership changes at beleaguered Boeing

Boeing is to lose its CEO, David Calhoun, who will be stepping down at the end of the year more

28/03/2024

SMBC Aviation Capital CEO: 'More Boeing woes could cause lease rates to rise further'

SMBC Aviation Capital CEO Peter Barrett talks to Ishka about rising lease rates, how a weak Japanese Yen is impacting aircraft leasing and the difficulties of M&A in the aircraft leasing space. more

27/03/2024

Lessor order books: 777 Partners MAX orders transfer to new leasing entity

Ishka provides updates on confirmed lessor order books with Airbus and Boeing as of 29th February. more

26/03/2024

5-year-old aircraft values, Japan Airlines' post-pandemic rebound, Asian carriers bulk up their orderbooks

Welcome to the 121st ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

25/03/2024

Nordic Market Review – Norwegian, Icelandair and Finnair credit profiles improve in FY 2023

Like the rest of Europe, traffic recovery in the Nordic region was robust and helped the major carriers to return to profitability in FY 2023 except SAS which is operating under Chapter 11 restructuring and remained in the red. more

22/03/2024

Ishka London: US PE explores aviation opportunities, but European investors hesitant to boost allocations

Multiple sources have confirmed that there has been an uptick of interest from private equity (PE) investors for aircraft opportunities in 2024 – a stark contrast to last year which was noticeably difficult for new fundraises, particularly in aviation. more

21/03/2024

OEM update: February MAX deliveries suppressed as FAA finds multiple quality control failings

Boeing 737 MAX deliveries remain low so far in 2024 as the FAA maintains increased oversight of the OEM’s production facilities. more

20/03/2024

Aircraft Buyers List March 24: Which aircraft are lessors targeting?

This is the 9th edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. Ishka recorded eight new aircraft trades and added two new firms to the list since the last update on January 23rd, 2024. more

19/03/2024

How FX issues are impacting Japanese aircraft investors, Falko closes NAC trade

Aircraft asset managers confide that currency movements are starting to impact Japanese investor appetite and behaviour when it comes to aircraft investments. Separately Ishka examines UK lessor Falko Regional Aircraft recent acquisition of 24 regional jets. more

18/03/2024

SAVi Five: Brazil SAF targets head for approval, new WEF report, and more…

Brazil’s lower house has approved a legislative proposal to require from 2027 that domestic aircraft operators decrease well-to-wake CO2 emissions through the use of SAF. more

15/03/2024

On Watch: Russia airline update, Sri Lankan government incentivises bidders

Two years into Russia’s sanctions, Aeroflot Group [On Watch] is struggling to keep itself afloat as its limited international schedule and settlement payments begin to bite. more

15/03/2024

New-build aircraft values, American’s bumper order, airlines scale back MAX delivery expectations

This is the 119th ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

13/03/2024

GARI 2.0: Under the hood of WFW’s aircraft repossession and deregistration risk tool

Ishka examines Watson Farley & Williams' relaunched, and expanded, Global Aviation Resource Index (GARI), an online tool which covers repossession and deregistration rights in over 100 jurisdictions. more

12/03/2024

Ishka announces 2023 Deal of the Year Award Winners

Ishka presents the full list of its 2023 Deal of the Year Award winners. more

11/03/2024

ISTAT Austin: Lessors CEOs debate peak aircraft shortage and M&A

Aircraft lessor CEOs speaking at the ISTAT Americas conference in Austin in early March discussed rising lease rates, aircraft shortage and potential M&A. more

08/03/2024

Lynx Air declares bankruptcy, JetBlue – Spirit merger falls through

Canadian ULCC Lynx Air has become the first airline casualty of 2024, filing for bankruptcy on 22nd February after just two years of operations. In the United States, JetBlue and Spirit Airlines have officially announced the termination of their merger agreement amid regulatory hurdles. more

07/03/2024

How can lessors help unlock emissions intensity reductions from the current fleet?

In this joint report, Rob Neale, Chief Product Officer at PACE, and Eduardo Mariz, Senior Analyst and Sustainability Lead at Ishka, examine airline sub-fleets with emission intensity disparities. more

06/03/2024

Remarketing Watch Data Sheet: March 2024

The number of aircraft actively remarketed on sites analysed by Ishka – 358 – is around 4% lower than in February 2024. more

05/03/2024

Pressures remain on Vietnamese operators despite 2023 revenue recoveries

Passenger traffic and revenues recovered well in Vietnam in 2023, edging closer to pre-pandemic levels. However, the credit profiles of the country’s three main carriers remained under pressure. more

05/03/2024

Capital Markets Update: Lessors issue $4.7 billion in January and February

Lessors raised $4.7 billion in unsecured issuances in January and February in a strong start to the year for leasing firm activity in the capital markets. more

01/03/2024

Q1 2024 Aircraft Trades: Lessors confirm more competition for older aircraft

Aircraft traders share that there has been more interest in older aircraft as lessors release more portfolios into the market. more

29/02/2024

15-year old aircraft values, Cargo market softens, Tibet Airlines orders 40 COMAC C919s

Welcome to the 119th ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

28/02/2024

AerCap Q4 2023: OEM ramp-up won’t stop aircraft shortage

A return to pre-shock OEM production levels would only be the first step towards steadying a supply-demand imbalance that shows “no signs of ending anytime soon,” AerCap CEO Aengus Kelly told the lessor’s Q4 2023 earnings call. more

27/02/2024

Lessors share concerns over engine MRO wait times and rising costs

Lessors confided there is still a large degree of uncertainty over MRO waiting times, particularly for new-tech engine assets. Ishka examines recent MRO costs and turnaround times. more

26/02/2024

ALAFCO sells more aircraft to Macquarie, Rolls-Royce beats profit projections, stored aircraft levels persist

Kuwaiti Lessor ALAFCO is to sell an additional 23 aircraft from its portfolio to Macquarie AirFinance. more

23/02/2024

On Watch: SpiceJet denied payment extension, VietJet barred from interfering in repossession efforts

SpiceJet [On Watch] has been denied further extensions on its outstanding debt payments to Credit Suisse and ordered by India’s Supreme Court to pay $1.25 million before March 15. more

22/02/2024

OEM Update: Airbus sets 2024 delivery goals after dry January

Airbus will target around 800 commercial aircraft deliveries in 2024. more

21/02/2024

ALC Q4 2023: ‘We are a believer in the 737 MAX and the Boeing company,’ says CEO John Plueger

Air Lease Corporation (ALC) came out in support of Boeing in its earnings call last week and reported record revenues and profits for its fourth quarter and full-year results. more

20/02/2024

Southeast Asian airlines' traffic and revenues in recovery, currency movements and fuel prices offset some gains

Ishka continunes its coverage of the Southeast Asian aviation market, and this week reviews developments in the Malaysian, the Philippines and Indonesian markets. more

19/02/2024

SAVi Five: Aircastle second lessor to join UAV fund, Airbus' new programme details, and more…

United has announced that lessor Aircastle has become the latest leasing entity to join its United Airlines Ventures (UAV) Sustainable Flight Fund, following the steps of Aviation Capital Group earlier in the year. more

16/02/2024

Lessors raised just $1.3bn in funds last year due to ‘brutal’ fundraising environment

Aircraft leasing platforms raised just $1.3 billion through new publicly announced equity funds and joint ventures (JV) in 2023, according to Ishka research. more

15/02/2024

Engine Data Sheet: New-tech fleet status and engine remarketing snapshot - Feb 2024

Ishka's Engine Data Sheet pulls together trends and figures in the engine leasing space.  more

14/02/2024

Did you see it coming? Airline failures of 2023

Ishka summarises the airlines that met their end in 2023, predominantly due to insolvency as well as those who could no longer operate flights due to their required licensing being lost or withdrawn. more

13/02/2024

10-year-old aircraft values, Airbus delivers 30 aircraft in January, Aircastle settles with two Russian airlines

Welcome to the 118th ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

12/02/2024

Boeing forgoes 2024 forecast as criticism continues, further challenges in China

Boeing gave no 2024 production or financial forecasts last week, in its first earnings call since the FAA imposed restrictions on the Boeing 737 MAX production ramp-up following the mid-flight plug door blowout of an Alaska Airlines MAX 9 in early January. more

09/02/2024

Asset managers Q4 2023 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q4 2023. more

08/02/2024