ISTAT Jetrader - Spring 2021 - 18

side, that was something I just
stumbled into. I didn't even know what
an appraiser was, or that appraising
aircraft even existed, until about eight
years ago.
On freighters - typical and temporary:
In our third quarter value update, we
brought down Market Values for every

sense that, especially in the beginning
of the pandemic, there were passenger
aircraft where they were removing the
seats, and they were trying to get into
freighter-lite conversions. That was
helping not only to keep those aircraft
flying, but also to help the airlines bring
in some revenue. I was just reading
about how Jin Air was converting one

In our third quarter value update, we brought down
Market Values for every single commercial aircraft.
However, we didn't do the same for the freight aircraft.
single commercial aircraft. However,
we didn't do the same for the freight
aircraft. Market Values have pretty
much stayed consistent for those. We
still have 767 freighters and 737800 BCFs where we have Market
Values above base. With freight and
passenger aircraft, there really isn't
much of a correlation between them
for the most part, and you can see that
with any downturn. Freight took so
long to recover - it was even having
some slowdowns in the mid-2010s
when passenger commercial aircraft
were booming. So, it's not completely
surprising that freight is doing so
well right now when the rest of the
market is suffering. But, of course,
e-commerce is a huge driver in what
has helped stabilize the freighter
aircraft values. Pre-COVID, at the end
of 2019, you saw that freight capacity
was starting to outpace the actual
freight tonnes, so there was concern
about softness. As soon as COVID hit,
when there was a lot of belly space
taken away from the passenger side
and a lot of need for immediate medical
supplies, which obviously require air
freight rather than shipping, it really
helps to hold up the values for those
aircraft. But I think it's also been
beneficial for passenger airlines in the
18

* T H E O F F I C I A L P U B L I C AT I O N O F I S TAT

of their 777-200ERs and taking out the
seats in order to fly cargo only. These
are airlines that don't have dedicated
cargo aircraft, but they are able to
sell what would typically be the belly
freight on the main passenger deck.
That's a huge thing that I think will help
keep some of these passenger airlines
afloat for longer than they would have
otherwise had cargo also plummeted.
Then, for the dedicated cargo carriers,
the growth of Amazon and others like
FedEx, DHL and UPS has definitely
helped hold up the values for the freight
aircraft. And that also helps other areas

fleet to support. I think that's kind of
an obvious answer - cargo - but
it is still is important to give them a
shout-out.
On diversity and inclusion:
The industry has a long way to go,
to be completely honest with you.
ISTAT has done a commendable job
in lifting women up; they've made an
effort to make sure that they're on
panels. There's a lot of representation
when I go to conferences now; it's
definitely a different industry, but
there's still a ways to go. And it's
not just conferences. It really is the
day-to-day experiences that a female
in this industry has versus a male.
To give you an example from my
standpoint: We do a lot of cold calls,
because while I have a network of
people I can rely upon and call for
values, sometimes I'll be looking at
an aircraft type where I don't know
anybody in the industry who's traded
this aircraft, especially if it's a niche
type. So, when I first started working
here, Bob Agnew and David Tokoph
would be like, " Just pick up the phone
and call people. They're great. They're
nice. " And I'm like, " No, they're not.
People are really rude. " And I don't
think they really understood that. I
have female analysts and I have male
analysts on my team, and we can have

There's a lot of representation when I go to
conferences now; it's definitely a different industry, but
there's still a ways to go. And it's not just conferences.
of commercial aviation. So, if we're
thinking about spare parts and engines,
while there are a lot of passenger
aircraft that are coming available, we
are seeing the values for some of the
engines haven't completely bottomed
out because there's still a freighter

them go and do cold calls to people.
Unfortunately, when a female does
a cold call to somebody, it's usually
calling a male. And a lot of times you
get hung up on. I've had people say,
" Why are you calling me? Never call
me again, " and then just hang up



ISTAT Jetrader - Spring 2021

Table of Contents for the Digital Edition of ISTAT Jetrader - Spring 2021

ISTAT Jetrader - Spring 2021
From the President
News & Events
Perspectives: Q&A With Abdol Moabery
Voices of Aviation
On the Rise
ISTAT Foundation
Appraisal: Boeing 737-900ER and Airbus A321-200
At a Glance: Joel Wagner
From the Vault: Favorite Moments from the Past Five Years
Advertiser Index
ISTAT Jetrader - Spring 2021 - Intro
ISTAT Jetrader - Spring 2021 - ISTAT Jetrader - Spring 2021
ISTAT Jetrader - Spring 2021 - Cover2
ISTAT Jetrader - Spring 2021 - 1
ISTAT Jetrader - Spring 2021 - From the President
ISTAT Jetrader - Spring 2021 - 3
ISTAT Jetrader - Spring 2021 - 4
ISTAT Jetrader - Spring 2021 - 5
ISTAT Jetrader - Spring 2021 - 6
ISTAT Jetrader - Spring 2021 - 7
ISTAT Jetrader - Spring 2021 - News & Events
ISTAT Jetrader - Spring 2021 - 9
ISTAT Jetrader - Spring 2021 - Perspectives: Q&A With Abdol Moabery
ISTAT Jetrader - Spring 2021 - 11
ISTAT Jetrader - Spring 2021 - 12
ISTAT Jetrader - Spring 2021 - 13
ISTAT Jetrader - Spring 2021 - 14
ISTAT Jetrader - Spring 2021 - 15
ISTAT Jetrader - Spring 2021 - Voices of Aviation
ISTAT Jetrader - Spring 2021 - 17
ISTAT Jetrader - Spring 2021 - 18
ISTAT Jetrader - Spring 2021 - 19
ISTAT Jetrader - Spring 2021 - 20
ISTAT Jetrader - Spring 2021 - 21
ISTAT Jetrader - Spring 2021 - 22
ISTAT Jetrader - Spring 2021 - 23
ISTAT Jetrader - Spring 2021 - 24
ISTAT Jetrader - Spring 2021 - 25
ISTAT Jetrader - Spring 2021 - 26
ISTAT Jetrader - Spring 2021 - 27
ISTAT Jetrader - Spring 2021 - On the Rise
ISTAT Jetrader - Spring 2021 - 29
ISTAT Jetrader - Spring 2021 - 30
ISTAT Jetrader - Spring 2021 - 31
ISTAT Jetrader - Spring 2021 - 32
ISTAT Jetrader - Spring 2021 - 33
ISTAT Jetrader - Spring 2021 - ISTAT Foundation
ISTAT Jetrader - Spring 2021 - 35
ISTAT Jetrader - Spring 2021 - Appraisal: Boeing 737-900ER and Airbus A321-200
ISTAT Jetrader - Spring 2021 - 37
ISTAT Jetrader - Spring 2021 - 38
ISTAT Jetrader - Spring 2021 - 39
ISTAT Jetrader - Spring 2021 - At a Glance: Joel Wagner
ISTAT Jetrader - Spring 2021 - 41
ISTAT Jetrader - Spring 2021 - From the Vault: Favorite Moments from the Past Five Years
ISTAT Jetrader - Spring 2021 - 43
ISTAT Jetrader - Spring 2021 - Advertiser Index
ISTAT Jetrader - Spring 2021 - Cover3
ISTAT Jetrader - Spring 2021 - Cover4
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