Jetrader - September/October 2010 - 46

appraisal

Airbus A300-600 Freighter
©Airbus SAS

Anthony Brooks Senior Analyst - ISTAT Appraiser anthony.brooks@ascendworldwide.com

Background
The factory-built A300-600 Freighter entered service in April 1994 with FedEx (certification designation is the F4-600R), and Airbus also developed a General Freighter version. The last factory-built A300-600 Freighter was delivered to FedEx on 17 July 2007. A conversion program for passenger A300-600/600Rs was launched in 2001 at EADS-EFW and FSI was awarded its STC in 2008, although it has only converted one aircraft in China to date.

Etihad (2), Air Macau (2), TNT Airways (2), Uzbekistan Airways (2), China Southern (1) and MNG Airlines (1). There are 124 aircraft in service with two operators in North America, representing 80 percent of the fleet. There are 16 aircraft with five operators in Asia, five aircraft with two operators in the Middle East, eight aircraft with two operators in Europe and two aircraft with Egyptair in Africa.

A300-600 Freighter Population
There are 155 A300-600 Freighters in existence of which 94 are GE-powered and 61 are PW-powered. Some 154 of the A300-600 Freighters are currently in service and one aircraft is stored. There are 18 operators with aircraft in service including FedEx (71), UPS (53), Air Hong Kong (8), Airbus Transport International (5 Beluga aircraft), China Cargo Airlines (3), Qatar Airways (3), Egyptair (2),

A300-600 Freighter Values and Lease Rate Trends
Current Market Values for the A300600F now range from $12.50 million to $34.15 million according to year of manufacture. Lease rates for the type remain stable and range from between $200,000 and $380,000 per month.

Market Outlook
• After production of factory-built A300-600Fs ceased in July 2007, the

focus shifted to conversion of passenger A300s. However, this activity slowed as the cargo market went into a sharp traffic decline in 2009; only three aircraft were converted last year and we are not aware of any current backlog. • Although the A300-600F remains a popular volume widebody freighter for the integrator and medium range markets and the cargo market is making a recovery, there seem limited prospects for more conversions in significant numbers; issues including financing of used aircraft and the availability of new build lift like A330-200Fs. On a positive note, the lower passenger aircraft values and more feedstock do make conversions more possible. • Market values are unlikely to rebound in the upturn but may stay stable in a best case outlook; the A300600F will still remain a key element in the medium-sized freighter market during the next 10 years.

Current and Future Market Values A300-600 FREIGHTER CF6-80C2A5F 375,900LB MTOW Future Half Life Base Values constant 2010 terms
Build Year Current Half-Life Market Value 1985 1990 1995 2000 2007 $12.50 $13.75 $16.75 $22.25 $34.15 Current Half-Life Base Value $15.40 $16.00 $19.00 $24.80 $39.15 13.8 14.4 17.1 22.3 36.3 12.4 12.9 15.3 19.9 32.6 11.2 11.6 13.7 17.8 29.1 10.0 10.4 12.2 15.9 25.9 9.0 9.3 10.9 14.1 23.0 8.0 8.3 9.8 12.6 20.4 7.2 7.4 8.7 11.2 18.1 6.4 6.7 7.8 10.0 16.1 5.8 5.9 6.9 8.8 14.3 5.1 5.3 6.2 7.9 12.6 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

All values in constant 2010 US$ Million The aircraft values stated herein are the product and property of independent third-party sources, and ISTAT neither approves nor endorses the information contained herein or the use thereof for any purpose whatsoever. Information current as of 4 August 2010.

In reaching value opinions, appraisers use data on actual market transactions, various analytical techniques, usually a proprietary forecasting model and their own extensive industry experience. 46 The official publication of the International Society of Transport Aircraft Trading



Table of Contents for the Digital Edition of Jetrader - September/October 2010

Jetrader - September/October 2010
A Message from the President
Contents
Calendar/New
Q&A: Dr. Alan Epstein
Commercial Outlook is Up as Economies Rebound
Crisis, What Crisis?
The Big Question
Funding Fundamentals
Is That a Lawsuit in Your Luggage?
AFRA Sets Ambitious Challenge for Aircraft Recycling Sector
Road to Recovery
Remembering Hafthor Hafsteinsson
License to Fly
Aircraft Appraisals
From the ISTAT Foundation
Aviation History
Advertiser.com/Advertiser Index
Jetrader - September/October 2010 - Jetrader - September/October 2010
Jetrader - September/October 2010 - Cover2
Jetrader - September/October 2010 - A Message from the President
Jetrader - September/October 2010 - 4
Jetrader - September/October 2010 - Contents
Jetrader - September/October 2010 - 6
Jetrader - September/October 2010 - Calendar/New
Jetrader - September/October 2010 - 8
Jetrader - September/October 2010 - Q&A: Dr. Alan Epstein
Jetrader - September/October 2010 - 10
Jetrader - September/October 2010 - 11
Jetrader - September/October 2010 - Commercial Outlook is Up as Economies Rebound
Jetrader - September/October 2010 - 13
Jetrader - September/October 2010 - 14
Jetrader - September/October 2010 - 15
Jetrader - September/October 2010 - Crisis, What Crisis?
Jetrader - September/October 2010 - 17
Jetrader - September/October 2010 - 18
Jetrader - September/October 2010 - 19
Jetrader - September/October 2010 - 20
Jetrader - September/October 2010 - The Big Question
Jetrader - September/October 2010 - 22
Jetrader - September/October 2010 - 23
Jetrader - September/October 2010 - Funding Fundamentals
Jetrader - September/October 2010 - 25
Jetrader - September/October 2010 - 26
Jetrader - September/October 2010 - 27
Jetrader - September/October 2010 - 28
Jetrader - September/October 2010 - Is That a Lawsuit in Your Luggage?
Jetrader - September/October 2010 - 30
Jetrader - September/October 2010 - 31
Jetrader - September/October 2010 - AFRA Sets Ambitious Challenge for Aircraft Recycling Sector
Jetrader - September/October 2010 - 33
Jetrader - September/October 2010 - 34
Jetrader - September/October 2010 - 35
Jetrader - September/October 2010 - Road to Recovery
Jetrader - September/October 2010 - 37
Jetrader - September/October 2010 - 38
Jetrader - September/October 2010 - Remembering Hafthor Hafsteinsson
Jetrader - September/October 2010 - 40
Jetrader - September/October 2010 - 41
Jetrader - September/October 2010 - 42
Jetrader - September/October 2010 - License to Fly
Jetrader - September/October 2010 - 44
Jetrader - September/October 2010 - Aircraft Appraisals
Jetrader - September/October 2010 - 46
Jetrader - September/October 2010 - From the ISTAT Foundation
Jetrader - September/October 2010 - Aviation History
Jetrader - September/October 2010 - 49
Jetrader - September/October 2010 - Advertiser.com/Advertiser Index
Jetrader - September/October 2010 - Cover3
Jetrader - September/October 2010 - Cover4
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