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Name: AIRCASTLE
7JetSet7 Code: CSL
Status: Operational
Region: NORTH AMERICA
City: LOS ANGELES
Country: USA
Employees 47
Web: aircastle.net
Email: ops@aircastle.net
Telephone: +1 (310) 348-0880
Fax: +1 (310) 348-0869
Sita:
Background
(definitions)

Click below for data links:
CSL-NEWS-JAN09
CSL-WORLD AIRLINE LEASING-E
CSL-WORLD AIRLINE LEASING-F
CSL-WORLD AIRLINE LEASING-G

Formed and started operations in 1990. Member of the Winfair Aviation Alliance and associated with Global Airways. A jet airplane lessor and domestic, regional, & international, charter, passenger & cargo, jet airplane services.

Address:
6033 West Century Blvd, Suite 808
Los Angeles, CA 90045, USA

USA (United States of America) was established in 1776, it covers an area of 9,363,123 sq km, its population is 280 million, its capital city is Washington DC, and its official language is English.

June 2007: Aircastle (CSL), a lessor and subsidiary of Aircastle Ltd, signed a contract to acquire 15 A330-200Fs valued at $2.6 billion with deliveries expected to commence in 2010.

(ICAO) Code: GLB (Callsign - GLO-AIR).

January 2009: SEE ATTACHED - - "CSL-NEWS-2009-01."

February 2009: Aircastle (CSL) full year 2008 resulted in total revenues of $582.6 million and net income of +$115.3 million, an adjusted net income of +$150.9 million, an adjusted net income plus depreciation of +$352.6 million.

(CSL) completed the sale of eight airplanes resulting in gain and end of lease maintenance revenue totaling $12.4 million, generating proceeds of $56.2 million after debt repayment. Its entire owned airplane portfolio is long-term financed.

(CSL) fourth quarter had total revenues of $157.8 million and net income of +$24.7 million, an adjusted net income of +$46.6 million, an adjusted net income plus depreciation of +$96.5 million. The weighted average fleet utilization was 98%. The $24.9 million primarily related to the repossession of seven 737-700 airplanes, when Sterling Airlines (STR) ceased operations as of October 29, 2008.

As of December 31, 2008, (CSL) owned aviation assets having a net book value of $3.8 billion, including 130 airplanes comprising a variety of passenger and freighter airplane types that were leased to 55 lessees located in 31 countries.

March 2009: Two prominent airplane leasing firms, Aircastle (CSL) and AerCap (DEA), each reported fourth quarter and full year 2008 net profits, ex special items. They also discussed some important trends in the current airplane leasing market, which is slower but still active. On a positive note, 787 delays are boosting demand for A330s, the bias toward hoarding cash makes leasing rather than buying more attractive and finding homes for new deliveries — - or for planes unexpectedly returning from defaulting airlines — - isn’t terribly difficult, especially for new-generation models. On
the other hand, lease pricing is becoming more competitive, airplanes are becoming harder to value because of limited buying and selling activity and rates of airline defaults are rising.

(CSL) gave a specific example of how airplane lease rates are declining. One of its customers, Denmark’s Sterling (STR), was paying $300,000 a month for a 737-800 before it went bankrupt, and defaulted on its contract. (CSL) quickly found another airline to lease the plane but for only $230,000 a month. This may not be a
representative example though. As (CSL) explained, (STR) went bust in October, just before the off-peak season when airlines are least likely to rent new capacity. As a result, rather than having the plane sit idle while waiting for the peak season, (CSL) accepted a lower rate.

AerCap (DEA), more generally, said it hasn’t seen much change in rental rates for new generation planes.

November 2009: AerCap Holdings (DEA) and Aircastle Ltd (CSL), two midsized operating lessors, each reported solid third-quarter financial results and cited positive signals pointing toward a market recovery.

Aircastle (CSL), headquartered in Stamford, Connecticut, posted a +14.2% rise in net income to +$33.5 million from +$23.6 million in the year-ago period. CEO, Ron Wainshal said, "Operating performance during the third quarter was excellent, with utilization at almost 100% and with unrestricted cash building to $132 million at September 30." Revenue rose +14.7% to $165.7 million as higher maintenance and lease termination revenue offset a reduction in lease rental revenue and higher lease incentive amortization.

(DEA), meanwhile, netted +$35.5 million for the period, down -31% from +$51.3 million last year but considered it a strong result in view of the current market dislocation. The slide was attributed to falling maintenance revenue and income from asset sales in the current period. Total revenue declined -29.6% to $212.5 million, primarily driven by lower sales, but the company noted that "basic lease rents" rose +7% to $142.4 million, while interest expense excluding the mark-to-market of interest rate caps lowered by -30% and "net spread," the difference between basic rents and adjusted interest expense, rose +23%.

In a webcast to discuss the results, CEO, Klaus Heinemann said, "We're delighted to report that our core leasing business, measured by our net spread, continues to grow strongly in a climate that remains extremely challenging." Commenting on the state of the market, he said that "early signs of a market recovery we saw in March . . . [have] continued. There has been a recovery among our emerging market clients as well as among some of the low-cost carriers." He added that (DEA) expects the winter season "to be challenging for airlines, but it is encouraging to see that so far, most remain able to fulfill their contractual obligations."

Heinemann said the company expects to complete its previously announced share-for-share merger with Genesis Lease early next year.

At the end of the third quarter, (DEA) owned 171 airplanes and managed 53. It had 67 on order, a mix of Airbus (EDS) narrow bodies and A330s.

During the Aircastle (CSL) results webcast, Wainshal said the lessor is seeing "positive signals both from industry data and from our customers . . . For modern narrow body airplanes, particularly 737-800s and A320s, we believe lease rentals may have bottomed out and started increasing," but demand for older-generation airplanes continues to be "soft," he added.

Aircastle (CSL)'s fleet numbered 128 airplanes on September 30. "We see exciting growth opportunities in the market and we've started pursuing them actively. With so many of the leading airplane lessors on the sideline or worse, we believe we are entering an incredibly attractive investment climate," Wainshal said.

December 2009: Aircastle (CSL) and Babcock & Brown (BBB) expressed relative optimism while presenting to investors at the "Next Generation Equity Research" conference in New York. Both see early stages of recovery with lease rates stabilizing and airlines starting to think about growth again, especially in robust markets like East Asia and Latin America. On the other hand, some markets like India and Eastern Europe remain weak with respect to airplane demand, while threats like the Swine flu (H1N1 Virus) and another fuel spike continue to make airlines and their lessors uneasy. (CSL) and (BBB) also made another important observation: the leasing sector has become less competitive, now that big leasing firms like (ILFC) (ILF), CIT Group (TSI) and RBS are facing financial difficulties. That , in turn, could mean more airplane buying opportunities. In (CSL)'s view, market conditions are like they were in 2004, the start of the last upturn - - then, as now, about 12% of the world's jet airplane fleet was parked. On the other hand, neither company sees panic selling by the big troubled leasing firms, who seem to be patiently waiting for higher prices.

Aircastle (CSL) announced the placement of six new A330-200s with South African Airways (SAA) on long-term lease. The airplanes are powered by (Trent 772B)s and will deliver during 2011. (CSL) said it now has secured customers for 11 of the 12 A330s it has on order. Two were delivered to Avianca (AVI) this year, three freighters are headed to an unidentified Asian customer in 2010-11, and the last airplane is scheduled for delivery in May 2012. Aircastle (CSL) said it is "actively marketing" that plane. (SAA)'s mainline fleet currently comprises nine A340-600s, six A340-200s, six A340-300s, 11 A319-100s and 17 737-800s.

March 2010: Aircastle (CSL) posted a +$102.5 million net profit last year, down -11.1% from the +$115.3 million earned in 2008. Revenue fell -2.1% to $570.6 million. The lessor owned 129 airplanes (108 passenger and 21 freighter) with a book value of $3.8 billion as of December 31.

August 2010: Aircastle Limited (CSD) reported second quarter net income of $18.1 million, and adjusted net income of $20.5 million.

As of June 30, 2010, Aircastle (CSD) owned 129 airplanes (108 passenger and 21 freighter airplanes) having a net book value of $3.7 billion.

November 2010: Aircastle Limited (CSD) reported third quarter net income of +$8.6 million, and adjusted net income of $12.6 million.

February 2011: SEE ATTACHED - - "CSL-WORLD AIRLINE LEASING-E/F/G."

March 2011: Aircastle Limited (CSD) reported fourth quarter 2010 net income of +$20.2 million, and adjusted net income of +$14.2 million. Net income for the year ended December 31, 2010 was +$65.8 million, and adjusted net income was +$67.9 million. The fourth quarter results include a gain of +$8.4 million from the disposal of airplanes, as well as $2.5 million of hedge ineffectiveness charges in connection with airplane sales.

During 2010, (CSL) acquired 11 airplanes for approximately $500 million, including three 737-800 airplanes, two 747-400F production freighter airplanes and one A330-200F freighter airplane, which were acquired during the fourth quarter. During 2010, (CSL) also executed four airplane dispositions which resulted in a net gain on disposition of approximately $7.1 million.

In the first quarter of 2011, (CSL) completed the sale of four 737-400SF freighter airplanes and we took delivery of one A330-200 passenger airplane which is on lease to South African Airways (SAA).

As of December 31, 2010, Aircastle (CSL) owned 136 airplanes having a net book value of $4.1 billion.

October 2011: Aircastle (CSL) and Southern Air Holdings (SOF) have entered into long-term leases, under which Southern Air (SOF) will utilize two 747-400SF airplanes owned by Aircastle (CSL). The airplanes are expected to enter commercial service during the first quarter of 2012, advancing Southern Air (SOF)'s fleet renewal and business expansion program.

April 2012: Lease Corporation International appointed Esteban Tripodi as Executive VP Americas, based in New York. Tripodi previously served as a Senior VP with Aircastle (CSL) Advisor.

November 2012: Aircastle Limited (CSL) reported third-quarter net loss of -$45.8 million, reversed from a net income of +$22.7 million in the year-ago quarter. Revenue increased +22% to $172.9 million, compared to $141.5 million in the third quarter of 2011.

This increase reflects “$13.7 million of higher lease rental revenue, higher maintenance revenue of $10.9 million primarily associated with the early termination of leases on two of the airplanes we impaired during the quarter, and higher other revenues of $8.9 million.”

(CSL) said third-quarter lease rental revenue was $159.5 million, up +$13.7 million, or +9%, year-over-year, “due primarily to the impact of airplane acquisitions net of sales of $24.1 million, partially offset by lower revenues due to lease extensions and transitions at lower rentals of $4.6 million and the impact from early lease terminations of $4.9 million.” Including revenue from finance leases of $3.5 million, total lease revenues increased +12%, it said.

Aircastle (CSL) (CEO), Ron Wainshal said: “Aircastle (CSL)’s third-quarter operating results were strong despite a difficult economic environment. We grew our lease rental revenues +9%, achieved portfolio utilization of 99% and generated sizeable operating cash flows.”

(CSL) said it has invested approximately $610 million in airplane and airplane-secured debt investments, comprising 18 airplanes and one secured loan this year. “Approximately $120 million of these investments were closed during the third quarter. We also entered into commitments for approximately $170 million of additional airplanes, which we have closed or expect to close during the fourth quarter,” it said.

As of September 30, Aircastle (CSL) owned 157 airplanes with a net book value of $4.7 billion.

February 2013: Aircraft leasing company, Aircastle (CSL) reported fourth quarter 2012 net income of +$29.8 million, down -16.3% year-over-year. Total revenues were $176.6 million, up +12.6% from $156.9 million in the year-ago quarter. Fourth-quarter expenses were $146.6 million, up +14%.

Total assets for 2012 were $5.8 billion, compared to $5.2 billion for 2011. Liabilities at the end of 2012 were $4.39 billion, up +15.5% from $3.8 billion in the year-ago period.

During 2012, the company acquired 24 airplanes for $843 million. It sold or disposed of eight airplanes, which resulted in a pre-tax gain of approximately +$5.7 million for the year. “Aircastle (CSL) continued to execute on its value-oriented growth strategy in 2012, finishing the year with solid top line growth, thanks to $843 million of investments and 99% portfolio utilization. We also continued to transform our balance sheet by building the unencumbered asset base to over $2 billion in airplanes and more than >$600 million in unrestricted cash while pushing out the nearest debt maturity to 2017,” Aircastle (CSL) (CEO), Ron Wainshal said.

April 2013: Aircastle Limited (CSL) announced its affiliate, Aircastle Advisor LLC, appointed Michael Kriedberg as Chief Commercial Officer (CCO). Kriedberg, who will join Aircastle (CSL) in late April, will be responsible for directing the company's investment, lease placement and asset sales activities, and will serve as an integral member of the leadership team.

July 2013: Stamford, Connecticut, based commercial airplane lessor Aircastle (CSL) has completed the sale of approximately 12.3 million common shares to Japanese trading and investment company, the Marubeni Corporation. The transaction represents 15.3% of (CSL)’s issued and outstanding common shares, and gives Marubeni the right to designate two appointees to the board of directors. Proceeds from the sale, based on $17/share, come to approximately $209.1 million.

According to (CSL)’s first-quarter results, as of March 31, the lessor closed or committed to acquire 10 airplanes for more than >$450 million. Additionally, the company closed on the purchase of one 767-300ER, subject to a finance lease. Airplane sales and dispositions totaled $19.8 million, which resulted in a net gain on the sale of airplanes of $1.2 million. By the quarter’s close, (CSL) owned 158 airplanes, with a net book value of $4.7 billion. Net income for the first quarter was $23.1 million, down -$9.5 million, or -29%.

Aircastle (CSL) (CEO), Ron Wainshal said, “With this equity investment, (CSL) will be well positioned to leverage Marubeni’s global presence and network to expand into new markets, business opportunities and funding sources.”

August 2013: Stamford, Connecticut based commercial airplane lessor, Aircastle Limited (CSL) has reported a second-quarter net income of +$32.9 million, more than doubled from +$16.3 million net income year-over-year.

Aircastle (CSL) sold three A330-200Fs (1051; 1062; 1115) airplanes in the second quarter of this year to the (HNA) Group, said the lessor's Chief Executive Officer (CEO), Ron Wainshal. The airplanes were delivered new to Hong Kong Airlines (CRY) under 12-year leases between September 2010 and July 2011.

November 2015: UK cargo startup CargoLogicAir eyes launch.

UK startup carrier CargoLogicAir (CLA) is preparing to launch all-cargo services after its first Boeing 747-400F freighter, on lease from Aircastle (CSL), rolled out of the paint shop on November 6.

October 2017: Aircastle (CSL) agreed to acquire 20 Airbus A320s and Boeing 737NGs from (SMBC) Aviation Capital.

Fleet:
(definitions)

October 2017:

1 737-86N (CFM56-7B-26) (460-30230, /99 HL7555), LST (JIN) 2008-10. 189Y.

15 ORDERS (2010-02) A330-200F:

3 BOMBARDIER CHALLENGER 601-1A (CF34-1A) (3009, /83 N873G; 3019, /84 N875G; 3030, /84 N39CD), EXEC, 11F.

2 GULFSTREAM GIII (SPEY 511-8) (366, /82 N366JA; 391, /83 N288KA), EXEC, 14F.

1 HAWKER HS 125-700A (TFE731-3R-1H) (257132, /81 N188KA), 7F.

Management:
(definitions)

RON WAINSHAL, CHIEF EXECUTIVE OFFICER (CEO).

MIKE INGLESE, CHIEF FINANCIAL OFFICER (CFO).

MICHAEL KRIEDBERG, CHIEF COMMERCIAL OFFICER (CCO) (2013-04).

RANDAL NIGHTINGALE, SENIOR VP.

 
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