Business aviation services provider Global Jet (Booth Z98) is returning to EBACE in a bullish mood, thanks to robust performance across each of its core markets. After a successful start to 2023, Geneva-headquartered Global Jet said it is “stronger than ever,” with healthy demand for its aircraft charter, management, sales and acquisitions, and design and completion businesses.
Over the past year, Global Jet’s charter fleet has grown at an exponential rate, with the addition of 10 business jets, including an Airbus ACJ319neo. Added in March, this bizliner reinforces Global Jet’s strong position in the high-end business jet charter market. Outfitted by Jet Aviation Basel, the 19-passenger, 6,000-nm-range ACJ319neo provides “ample space and possibilities for private clients to enjoy every minute of the journey.”
Other models added to Global Jet’s charter lineup over the past 12 months include a BBJ; Gulfstream G550 and G650ER; Bombardier Global Express XRS and two Global 6000s; Dassault Falcon 7X; Embraer Phenom 300; and Pilatus PC-24.
Global Jet said the Pilatus jet's impressive short-takeoff and landing performance is major draw for the European charter market. To maximize its appeal, the firm recently obtained approval for the managed PC-24 to operate from the 1,267-meter (4,157-foot) runway at Andorra-La Seu d’Urgell Airport in northeast Spain, where it is based.
Meanwhile, the company's charter and brokerage division is performing well, with flight requests and bookings showing a healthy increase year-on-year. “The expectations and trends for this summer look promising,” it noted.
This optimistic outlook is supported by the imminent opening of a charter sales office in Dubai to serve the burgeoning Gulf region.
Elsewhere, Global Jet’s aircraft sales and acquisitions division is holding strong, but the company suggests the “frantic” post-Covid boom of overinflated price tags and sparse inventories is coming to an end. But there is “still positive news” in this sector, it added.
Global Jet pointed to the emergence of a “more discerning type of buyer, armed with post-pandemic flying experience and looking for the highest high levels of quality.” These perceptive buyers “play to Global Jet’s core strengths,” according to the head of sales and acquisitions Hardy Sohanpal, who added they are “focused on quality rather than the urgency to get a deal done."
Deals are now pending on 80 percent of Global Jet’s sales portfolio, including some “off market” aircraft, the company noted. These include a couple of Falcon 7Xs, a Global XRS, and a corporate-owned G650. Demand for “pedigree aircraft” is up, said Global Jet business development director Yann Nado, who noted that “buyers prefer to access aircraft from tried and trusted sources.”
Market intelligence is playing an equally critical role for buyers and sellers of preowned aircraft. In the bull markets of 2021 and 2022, sellers could name their prices and terms. Now, Sohanpal said, it is a balance of pricing conservatively to maximize the value combined with a time-limited presence on the market. “Having a trusted peer network to openly discuss price expectations, so these advisors can feel confident, is an important factor in a successful sale or acquisition,” he noted.
Meanwhile, Global Jet has added five business jets to its managed feet since the start of the year, bringing the total to 55 aircraft. A further eight examples will be added to the managed lineup over the coming months, including a G700, two Global 7500s, Global XRS, Bombardier Challenger 300, and Embraer Praetor 600.
The G700 and one of the Global 7500s are now undergoing completion at AMAC Aerospace’s Basel facility, with both projects managed and overseen by Global Jet. AMAC and Global are also at the final delivery stage with a BBJ Max 8.