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Name: JET TIME
7JetSet7 Code: JTM
Status: Operational
Region: EUROPE
City: COPENHAGEN
Country: DENMARK
Employees 67
Web: jet-time.co.dk
Email: info@jet-time.dk
Telephone: +45 3246 7300
Fax: +45 3246 7301
Sita:
Background
(definitions)

Formed and started operations in 2006. Charter, international, passenger & cargo, jet airplane services.

Address:
Copenhagen Airport
Copenhagen, Denmark

HQ Address:
Skojtevej 27 - 31
2770 Kastrup, Denmark

The Kingdom of Denmark was established in 800, it covers an area of 43,092 sq km, its population is 5.2 million, its capital is Copenhagen, and its official language is Danish.

March 2006: Jet Time Airlines (JTM) is a Danish charter airline. The company was founded this month and is currently recruiting personnel, leasing airplanes and preparing for authority approval in time for its 1st flight on August 14 2006.

* Business Concept:
One of the profiles behind the establishment of the company is the former VP and CEO, Mr John Uggerhøj Andersen from Ving Rejser A/S. He states, ”The merger of two major airlines in Denmark together with Scandinavia Airlines (SAS), somewhat diffuses statements concerning the future in traveling trends, which have left a void in the Danish charter industry. It seems the smaller, independent to medium, sized travel agencies will soon need a partner to transport their guests, now that the regular airline services, as well as the multinational travel concerns are fighting to gain the thrust and support of the customers.”

(JTM) will also offer its services to handle ad-hoc charters, where groups of passengers are flown to sporting events, conferences, etc.

* Investors:
The people who have invested in (JTM) are a number of renowned Danish business people, of which 3 are represented on the board: Mr Frederik Heegaard (Chairman), Mr Stig Bøgh Karlsen, and Mr Ditlev Wedell. Mr Frederik Heegaard elaborates on some of the motives why he has invested in the project, ”During the last 5 years I have been involved in investments in smaller to medium sized companies and thus gained quite a lot of experience in assessing projects from idea to implementation. We – the investors all agree that this company has a fine market approach, top qualified people and not least a very good timing.”

(JTM) will be operating two 737-700 airplanes for 148 passengers. The airplanes will be based in Copenhagen and Billund, from where they will fly Danish holiday guests to the Mediterranean, Egypt and the Canary Islands. The clients are a number of minor to medium sized independent Danish travel agencies, for example, FolkeFerie and Altantis Rejser.

Given the fact that the entire business concept is built on a ”Business-to Business” strategy, a comprehensive customer adaptability is the single most important sales argument in the fight to keep the customers and gain new customers. (JTM)’s (CEO) (the former Maersk-Air (MRS) VP Flight Operations) Mr Klaus Ren said ”As a small operator, we have the opportunity to adjust our services from travel agency to travel agency, which is more or less impossible for a large airliner to render. This is an offer we are able to provide to our customers, the fact that they (the travel agencies are able to give their customers the feeling that they are on board the individual travel agency’s own flight and thus integrate the flying experience thoroughly into the whole package)”.

* Personnel:
Klaus Ren continues: ”The radical changes in the airline industry lately has led to a great many top qualified and skilled people losing their jobs. Not least the well-known LIFO (Last In First Out) system within the airline sector, has meant that some of the younger and most energetic professionals are without a job today. This complex situation in combination with the trend in the market, we – in (JTM) welcome and regard this a window of opportunity.”

By October 2006, (JTM) will employ some 65 staff, of whom 50 will be cabin (CA) and cockpit crew (FC).

In the period from April to August 2006, Klaus Ren and his management team and specialists will work to prepare for the delivery of airplanes and the first flight in August. “This is a huge and very exiting task lying in front of us; - contracts with a large number of suppliers should be in place, and the right staff and personnel for (JTM) have been found. But most importantly, before taking off, we must have put together a true unique service concept, together with each of our customers individually.”

September 2006: 737-33A (23631, OY-JTA), formerly (N371FA), delivery - see photo, RPK Capital leased.

October 2006: Jet Time (JTM) is working with several of Scandinavia's leading tour operators, including Folke Ferie, Atlantis Rejser, Bravo Tours, Sun Tours, and Hojma Rejser, and provides charter services from Copenhagen and Billund in Denmark, as well as Stocholm Arlanda in Sweden. (JTM) leased a pair of 737-5L9's from Sterling Airlines (STR), one (24778, OY-MAA) displaying Maersk (MRS) livery - see photo. The first entered service on the Copenhagen - Stockholm - Malaga - Dakar route flown on behalf of tour operators "go international" and FolkeFerie.

March 2007: 737-3YO (24464, OY-JTB), Nordic Aviation leased.

July 2007: A J Walter Aviation (AJW) said that Essential (EAMS), the Denmark-based Maintenance Repair & Overhaul (MRO) specialist formed from the technical department of Sterling Airlines (STR), awarded (AJW) a 5-year power-by-the-hour support agreement for 2 737-300s owned by Jet Time (JTM).

May 2008: 737-3YO (24678, OY-JTD), ORIX Aviation Services leased.

September 2008: Jet Time (JTM) is a Danish carrier providing charter flights and wet-lease jet airplane services.

Employees = 65.

(ICAO) Code: JTG (Callsign - JETTIME).

Main Base: Copenhagen Kastrup airport (CPH).

October 2008: Copenhagen Airports (CPH) will construct a low-cost carrier (LCC) terminal designed to "provide new opportunities for growth for the airlines during these difficult times and more cheap fares to choose from for the passengers," CEO, Brian Petersen said. Passenger charges for airlines using (CPH) "SWIFT" will be half those applied to carriers using Kastrup's main infrastructure. Airlines wanting to fly "SWIFT" will have to meet a number of efficiency requirements, including a 30-minute turnaround, while passengers will be expected to check in mainly via the Internet, a mobile phone or at self-service kiosks. The (LCC) terminal will be an extension of existing facilities and have 6 airplane stands, with an initial capacity of 6 million passengers annually, and the potential to double that if the need arises. Passengers will use (CPH)'s central security checkpoint and the existing baggage sorting system, helping to keep construction costs at around DKK200 million/$36.3 million. Construction is expected to commence in early 2009 and operations are expected to start in the summer of 2010.

November 2008: A J Walter Aviation (AJW) will provide Jet Time (JTM) with power-by-the-hour for 4 737s under a 5-year deal. Consignment stock will be positioned in Copenhagen.

December 2008: 737-35B (25069, LY-AQV), ex-FlyLal (LIJ), (GEF) leased.

February 2010: 737-382QC (24364, OY-JTF), (GEF) leased.

May 2010: 737-3L9 (27834, OY-JTE), ORIX leased.

July 2010: (AJW) Aviation expanded its power-by-the-hour contract with Jet Time (JTM) to include a 7th 737-400.

737-4YO (24314, EI-ELU), Babcock (BBB) leased, ex-(OO-VBR).

August 2010: Jet Time (JTM) is a Danish carrier providing charter flights and wet-lease jet airplane services.

Employees = 67.

(ICAO) Code: JTG (Callsign - JETTIME).

Main Base: Copenhagen Kastrup airport (CPH).

Hub: Billund airport (BLL).

737-33S (29072, LN-KKX), Norwegian (NWG) leased, ex-(ZK-NGN).

January 2011: Jet Time (JTM) has added a third ex-Tunisair (TUN) 737-700 and a seventh ex-TNT Airways (TNB) 737-300.

July 2012: 737-7L9 (28010, OY-JTU - - SEE PHOTO - - "JTM-737-7L9 - 2012-07"), acquired from deceased Cimber Air (STR).

July 2013: Jet Time (JTM) has inked a long-term contract with USA lessor, Air Lease Corporation (ALE) covering a 737-700 scheduled for delivery in November 2013, and two new ATR 72-600s scheduled for delivery in April and May 2014.

(JTM), which specializes in charter services and airplane, crew, maintenance and insurance (ACMI) wet-leases, will take delivery of the 737-700 in November followed by the two ATR 72-600s in April and May 2014.

At the Paris Air Show in June, Jet Time (JTM) agreed to take 6 ATR 72-600s from Nordic Aviation Capital, marking its 1st step into ATR operations. The 1st 2 aircraft from this order are due to arrive in October, when they will be placed on (ACMI) wet-lease with (SAS).

Jet Time (JTM), which launched in March 2006, operates a fleet of 737-300s and 737-700s on inclusive tour and ad-hoc charter missions. Its main destinations include the Canary Islands, Egypt, and the Mediterranean.

September 2013: 737-7K2 (33465, PH-RXW), ex-Transavia (TAV), Air Lease Corporation (ALE) leased.

October 2013: Jet Time (JTM) has taken delivery of the 1st of 6 new ATR 72-600 turboprops. This airplane has been acquired on lease from the Danish leasing company, Nordic Aviation Capital (NAC). All the ATR 72-600s will be assigned to feed the (SAS) route network, as part of a commercial arrangement between (SAS) and Jet Time (JTM), and they will all be painted in (SAS) livery. Deliveries of the next 5 ATR 72-600s will be completed by early in 2014.

The introduction of these new 70-seat, ATR 72-600s will contribute to Jet Time (JTM)’s economic performance in the long run as the airline expands its fleet capacity and widens the scope of its activity. These new generation ATRs are equipped with a new full-glass cockpit and feature a high comfort layout with larger overhead bins.

November 2013: Cabinair Services is installing new seats on Jet Time (JTM)’s fleet of six Boeing 737s.

December 2013: Cimber ((IATA) Code: QA, based at Sønderborg) (STR) has secured a contract with (SAS) Scandinavian Airlines ((IATA) Code: SK, based at Copenhagen Kastrup) in which it will operate its sole remaining ATR 72-200 (437, OY-CIB), on Oslo Gardermoen to Billund flights beginning March 30, 2014. The announcement comes after Cimber (STR) recently announced the lay off of 24 employees due to the planned return of its other ATR 72-200 (192, EC-LSN) to its lessor, Swiftair ((IATA) Code: WT, based at Madrid Barajas) (SWF). Cimber (STR) lost out to rivals Jet Time ((IATA) Code: JO, based at Copenhagen Kastrup) (JTM) in a recent tender for (SAS) regional flights. Jet Time (JTM) won the contract by leveraging its brand new ATR 72-600s' improved efficiency.

January 2014: Nordic Aviation Capital and KfW) (IPEX)-Bank have closed the 1st 2 transactions under a new 3 airplane bilateral financing facility. The 2 ATR 72-600 airplanes have been delivered to Jet Time (JTM) in October and November 2013 and will be on a long-term operating lease to (JTM) with a wet lease to (SAS) Scandinavian Airlines. The transactions closed December 19, 2013. A 3rd ATR 72-600 followed this month.

February 2014: 737-4YOF (24903, OY-JTK), ex-(G-JMCS) & (N451KA), ex-West Atlantic (AAG). 737-7L9 (28015, OH-JTV), ex-(OY-JTV), delivered to Jet Time Finland, Jet Time (JTM) leased.

September 2014: 737-42CF (24231, OY-JTL), Kahala Aviation Leasing leased.

December 2016: Denmark-based charter airline Jet Time (JTM) has discontinued its cargo and (ACMI) business units for (SAS) Scandinavian Airlines in an effort to save (JTM). As a result, 278 positions will be cut, reducing staff by 35% over the next 9 months.

According to a November 29 statement, Jet Time (JTM) will phase out the 2 business units in 2017.

(CEO) Jørgen Holme said: “Saying goodbye to so many loyal and skilled employees is a big and drastic step. It is, however, also a necessary step if Jet Time (JTM) is to survive long term.”

According to the company’s website, (JTM)’s fleet includes Boeing 737-300s, 737-400s and 737-700s, as well as 8 ATR 72-600 aircraft with conversions for both cargo and passengers.

Jet Time (JTM) and (SAS) have together planned to gradually phase out the 8 ATR 72-600s that Jet Time operates for (SAS). The last ATR 72-600 is scheduled to leave Jet Time in September 2017.

Cargo flights will be downscaled gradually. (JTM) also operates 5 737-400Fs. It is not yet settled how fast (JTM) will phase out the cargo segment; several options are still being investigated.

Holme said (JTM) wants to return to (JTM)’s original core business (charter flights which paved the way for (JTM)’s initial success). “The cargo and ATR 72 (ACMI) businesses have created too much complexity for (JTM), and they are the direct reason why the airline has in past years operated with a deficit,” Holme said. As a result, (JTM) is taking the next step to simplify its business platform.

(JTM) is a Danish-owned airline that was established in 2006. Over the years it has become the largest Danish carrier with an annual turnover of >DKK 1.7 billion/$243 million and >700 employees.

February 2017: 737-370 (24464, OY-JTB) and ATR 72-212A (540, OY-JZY) returned to Nordic Aviation Capital after lease.

April 2017: Danish entrepreneur Lars Thuesen, who is 100% owner and Chairman of Danish wet-lease operator Jet Time, has acquired 20% of airBaltic (BAU) from German businessman Ralf Dieter Montag-Girmes.

Private investor Montag-Girmes, who has a background in corporate finance, originally acquired the 20% stake in 2015 following a 4-year privatization process.

Montag-Girmes already knew former Scandinavian Airlines (CFO) Thuesen indirectly and he said the sale, which was completed last week, was “very straightforward.” “This was a very large investment, which ate up a lot of liquidity,” Montag-Girmes said. “When this deal came along, it suited my plans very well. The sale has nothing to do with the performance of (BAU), quite the contrary. Everything is going very well and (BAU) is performing well above a very aggressive budget.”

Likewise, airBaltic (BAU) is very satisfied with the performance of its Bombardier CSeries 300s, which are proving very popular with passengers and performing above manufacturer specifications, Montag-Girmes said.

Jet Time (JTM) already performs Boeing 737 wet-lease work for airBaltic (BAU) under a contract that was secured independently of the ownership change.

AirBaltic (BAU) is looking to become the reference carrier for the Baltic region under its Horizon 2021 strategy. Under the leadership of airBaltic (BAU) (CEO) Martin Gauss, (BAU) has returned to profitability and is rapidly expanding its operations in Tallinn, Estonia and Vilnius, Lithuania.

The Latvian government is still seeking a strategic investor for airBaltic (BAU), as it looks to further privatize the airline and strengthen operations from the country’s main Riga hub.

Fleet:
(definitions)

Click below for photos:
JTM-737-300
JTM-737-35B-MAR09
JTM-737-3L9-DEC08
JTM-737-5L9 OY-MAA
JTM-737-700 - 2016-10.jpg
JTM-737-7L9 - 2012-07

May 2017:

1 737-3L9 (CFM56-3B2) (1402-23718, /87 OY-JTC - - SEE PHOTO - - "JTM-737-3L9-2008-12"), NORDIC (NAC) LSD 2008-06, WITH WINGLETS. 148Y.

1 737-3L9 (CFM56-3C1) (2692-27834, /95 OY-JTE), ORIX LSD 2010-05. 148Y.

1 737-3YO (CFM56-3B1) (1753-24464, /89 OY-JTB), NORDIC AVIATION (NAC) LSD 2007-03. WITH WINGLETS. 148Y.

1 737-3YO (CFM56-3B1) (1853-24678, /90 OY-JTD), ORIX AV SVCS LSD 2008-05. WITH WINGLETS. 148Y.

1 737-370 (CFM56-3) (24464, OY-JTB), EX-(TNB) RETURNED TO NORDIC AVIATION CAPITAL (NAC) AFTER LEASE, SOLD TO TAG AVIATION, STANSTED 2017-02.

1 737-33A (CFM56-3B1) (1337-23631, /87 OY-JTA - SEE PHOTO), EX-(HND)/(FAX), RPK CAPITAL LSD 2006-09. 148Y.

0 737-35B (CFM56-3B2) (2053-25069, /91 LY-AQV - - SEE PHOTO - - "JTM-737-35B-2009-03"), EX-(LIJ), (GEF) LSD. RTND. 138Y.

0 737-33S (CFM56-3) (29072, LN-KKX), (NWG) LSD 6 MTHS 2010-07, EX-(ZK-NGN).

1 737-382QC (CFM56-3B2) (1657-24364, /88 OY-JTF), (GEF) LSD 2010-02, EX-(OK-GCG). 148Y.

1 737-4YO (CFM56-3) (24314, EI-ELU), (BBB) LSD 2010-07. EX-(OO-VBR).

1 737-4YOF (CFM56-3) (24903, OY-JTK), EX-(G-JMCS & N451KA), EX-WEST ATLANTIC (AAG) 2014-02. FREIGHTER.

1 737-42CF (CFMM56-3C1) (24231, OY-JTL), EX-(N455KA), KAHALA AVIATION LEASING LSD 2014-09. FREIGHTER.

0 737-5L9 (CFM56-3C1) (1816-24778, /90 OY-MAA - SEE PHOTO), (STR) LSD 2006-10, IN (MRS) LIVERY. 2 RTND. 104Y.

1 737-7K2 (CFM56-7B) (33465, PH-XRW), EX-(TAV), (ALE) LSD 2013-09. 148Y.

1 737-7L9 (CFM56-7B22) (396-28010, /99 OY-JTU - - SEE PHOTO - - "JTM-737-7L9 - 2012-07"), EX-(STR) 2012-07. WITH WINGLETS. 148Y.

1 737-7L9 (CFM56-7B22) (28015, 0H-JTV), EX-(OY-JTV) DELIVERED 2014-02 TO JET TIME FINLAND. WITH WINGLETS. 148Y.

1 737-73S (CFM56-7B22) (392-29083, /99 OY-JTZ), EX-(LY-STG), EX-(TUN), (PEB) LSD 2010-09. 148Y.

5 ATR 72-600, NORDIC AVIATION CAPITAL (NAC) LSD, 2 TO BE WET-LST (SAS) 2013-10. 540, RETURNED 2017-02.

2 ATR 72-600 (1165, OY-JZF), (ALE) LSD, TO BE WET-LST (SAS) IN (SAS) COLORS 2014-08.

Management:
(definitions)

LARS THUESEN, CHAIRMAN & 100% OWNER.

FREDERIK HEEGAARD, CHAIRMAN.

JORGEN HOLME, CHIEF EXECUTIVE OFFICER (CEO).

KLAUS REN, PRESIDENT, EX-(MRS) VP FLT OPS, EX-(MRS).
Born in 1960, Klaus has been a trained commercial pilot from 1981. He was employed with Maersk Air (MRS) from 1985 to 2005 as a co-pilot and from 1994 as a Captain. From 2001 to 2005, he was (MRS)’s VP Flight Operations. He has an M Sc in Air Transport Management from London City University.

JOHN UGGERHOJ, VP COMMERCIAL, EX-(GUE).
Born in 1954, John has a Bachelor of Commerce from Aalborg University. Having held a number of management positions within the European travel industry, including being Managing Director of Ving Rejser for 12 years and Head of MyTravel Airways (GUE)’s e-Business Division in Manchester. The daily commercial contact and connection with JetTime (JTM)'s sub contractors and not least, his (JTM) clients; the travel agencies and corporations, who have their need for special ad-hoc flights. All these are being looked after by the Commercial department led by John Uggerhøj.

PETER LEMCHE, VP FINANCE & CHIEF FINANCIAL OFFICER (CFO), EX-(ENA)/(MRS).

LARS KNUDSEN, VP FLIGHT OPERATIONS, EX-(MRS).

JAN TOPLUND, VP ENGINEERING, EX-(MRS).
Born in 1948, Jan Toplund was a trained airplane mechanic for the Royal Danish Air Force. He was a mechanic and later Production Manager with Maersk Air (MRS) from 1972 to 1999. He was Production Manager for all Line & Base Maintenance with (SAS) Commuter from 1999 to 2002. He was Vice President Technical with (MRS) from 2002 to 2005. His daily responsibilities include maintenance of the fleet according to very strict compliance procedures and demands posed by regulators and the airplane manufacturer. Most of these activities will be carried out by contractors and thus Jan will spend much of his time quality controlling this very important aspect of the technical responsibility.

ANNE DORTE JENSEN, CHIEF STEWARDESS, EX-(MRS).
Born in 1965, she was a Travel Guide with Spies Rejser from 1985 to 1986. She was a Cabin Attendant (CA) with Conair from 1986 to 1989. Later, she was a Cabin Attendant (CA) with Maersk Air (MRS) between 1989 to 2006, - and since 1991 was also Cabin Chief. Anne Dorte is in charge of most of JetTime (JTM)’s personnel and - not least - all the activities relating to cabin service, which in the end reflects on a friendly, positive passenger’s experience when flying (JTM).

 
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