Jetrader - January/February 2012 - 3

from the president
Jetrader is a bi-monthly publication of the International Society of Transport Aircraft Trading (ISTAT). ISTAT was founded in 1983 to act as a forum and to promote improved communications among those involved in aviation and supporting industries, who operate, manufacture, maintain, sell, purchase, finance, lease, appraise, insure or otherwise engage in activities related to transport category aircraft. Jetrader is published for: International Society of Transport Aircraft Trading 401 N. Michigan Ave., Suite 2400 Chicago, IL 60611 USA Tel: 312.321.5169 Fax: 312.673.6579 E-mail:

Joe Ozimek, President International Society of Transport Aircraft Trading

Dear ISTAT fellow members, Happy 2012 to all of you! I hope you had a great holiday season and that this message finds you fully engaged in the excitement and opportunities that accompany the beginning of another year. ISTAT was pleased to help close out 2011 and start the holiday season with its inaugural ISTAT Holiday Receptions in New York and London in December 2011. These two events brought together more than 550 ISTAT members and guests in convivial settings, providing an opportunity for both professional conversations and friendly, holiday banter. The events were another example of ISTAT constantly exploring new opportunities to provide its members with additional benefits as the organization grows, a theme that we will continue in 2012. As I write this heading into the new year, global aviation is reasonably healthy. At the Dubai Air Show, 2011’s last major industry event, the manufacturers drew plenty of new product orders, and last year wrapped up with both major builders committed to plans to invest in the renewal of their successful single-aisle product lines, while market demand for their wide-bodied airplanes was high and their inventories in short supply. The financial markets, while being tested, seem to be responding well to our industry’s demands. The balance sheets of the world’s airlines are probably at their combined best in many years. And while IATA and other industry groups wisely offer a cautious view of what’s ahead, ours is truly a global industry where a hunger remains for the products and services we provide. The excitement of the new year also extends to our Society and the innovative things we’re looking for do for our members. Certainly the highlight of the spring is ISTAT Americas 2012, 18-20 March in Scottsdale (and moving back to Florida in 2013). Conference details are being finalized, but you can plan on it being bigger and better than last year’s record event, and that’s saying a lot. A major focus of our Board this year is to make our signature events, like the U.S., Europe and Asia meetings, even more beneficial to ISTAT members. Members will have the opportunity this year to visit an ISTAT chalet at the Farnborough Airshow in July. It will be our place to meet and greet, get out of the weather or just enjoy the kind of hospitality that the big airshow players have extended to its VIPs, but this time, it’s for the benefit of those of us in the Society! And from there, it’s on to other community-building events around the globe—in Asia, this year in Singapore, and then on in Europe, this time in Rome—along with our other regional activities along the way. As always, the year ahead will be interesting, and most likely not quite like we expected. I’m glad to have the opportunity to join you as ISTAT’s president once again in 2012 for the journey!

ISTAT BOARD OF DIRECTORS OFFICERS Joseph W. Ozimek President John W. Vitale Immediate Past President Daniel J. Pietrzak Vice President Marc Allinson Vice President/Treasurer Gregory A. May Vice President/Secretary DIRECTORS Ron Baur Anthony Diaz Jay Hancock Will Hudson Mark Pearman-Wright Douglas W. Runte Mike Skinner David Swan Jep Thornton Steven Townend Warren Willits Fred Klein Chairman, ISTAT International Appraisers Program Board of Governors ISTAT INTERNATIONAL APPRAISERS’ PROGRAM BOARD OF GOVERNORS Fred J. Klein Chairman/Senior Appraiser Philip Seymour Chairman-Elect/Senior Appraiser John Beekman* Richard Kruse* Bert van Leeuwen* Bruce Nicoletti* Olga Razzhivina Betsy R. Snyder* John Trevett Bill Bath Appraiser Fellow-Administrative Director, ISTAT International Appraisers’ Program *These individuals are not certified appraisers. ISTAT FOUNDATION BOARD OF TRUSTEES Warren Willits Chairman David P. Sutton Vice Chairman Joseph W. Ozimek ISTAT President John W. Vitale Immediate Past ISTAT President Marc S. Allinson Vice President/Treasurer TRUSTEES Julian Balaam Jon Batchelor Wolfgang Driese Todd Freeman Dean Gerber Thomas W. Heimsoth Vito La Forgia Dana J. Lockhart Ken Perich Marco Sterk Sonny Stern David Treitel INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING Ron Pietrzak Executive Director Ben Barclay Project Coordinator Cynthia Cortis Conference Manager Katie Walsh Conference Senior Coordinator Rebecca Holloway Senior Associate Marcia Daudelin Senior Marketing Manager

Jetrader 3

Jetrader - January/February 2012

Table of Contents for the Digital Edition of Jetrader - January/February 2012

A Message from the President
Aircraft Financing Ahead
Q&A: Bertrand Grabowski
Evolution of Engine Leasing
ISTAT Closes Out 2011 in Style
Aircraft Appraisals
ISTAT Members on the Move
Aviation History Index
Jetrader - January/February 2012 - cover1
Jetrader - January/February 2012 - cover2
Jetrader - January/February 2012 - A Message from the President
Jetrader - January/February 2012 - 4
Jetrader - January/February 2012 - 5
Jetrader - January/February 2012 - Calendar/News
Jetrader - January/February 2012 - Aircraft Financing Ahead
Jetrader - January/February 2012 - 8
Jetrader - January/February 2012 - 9
Jetrader - January/February 2012 - Q&A: Bertrand Grabowski
Jetrader - January/February 2012 - 11
Jetrader - January/February 2012 - Evolution of Engine Leasing
Jetrader - January/February 2012 - 13
Jetrader - January/February 2012 - 14
Jetrader - January/February 2012 - ISTAT Closes Out 2011 in Style
Jetrader - January/February 2012 - 16
Jetrader - January/February 2012 - Aircraft Appraisals
Jetrader - January/February 2012 - 18
Jetrader - January/February 2012 - ISTAT Members on the Move
Jetrader - January/February 2012 - Aviation History
Jetrader - January/February 2012 - 21
Jetrader - January/February 2012 - Index
Jetrader - January/February 2012 - cover3
Jetrader - January/February 2012 - cover4