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Gulfstream Rolls out G650

NEW GULFSTREAM JET

NEW G650 UNVEILED. ALREADY 200 ORDERS

Photo by: Art Ottimo

By JoAnn Merrigan

It’s sleek, shiny and if you believe everything they say, the fastest business jet ever.  Gulfstream Aerospace rolled out the new G650 Tuesday.

According to Gulfstream, the G650 offers the longest range, fastest speed, largest cabin and most advanced cockpit in the Gulfstream fleet.  The new model was unveiled in front of a crowd estimated by Gulfstream at about 7,000 people.  It got as much applause as a tall, good looking model on a New York runway, maybe more considering what the project may mean for the local economy and the stability of jobs at Gulfstream.

And despite a recession and some tough times, the G650 represents faith in the future. “Gulfstream is the largest employer, with 6,000 employees in southeast Georgia,“ says Pres Henne, senior vice president of Programs, Engineering and Test.  “Since1967, Gulstream has been a cornerstone of the local economy. The investment of 400 million dollars and the creation of an additional 1,500 jobs over the past three years represents an investment to the community by General Dynamics and by Gulfstream.  With the introduction of the G650, that tradition continues.“

Earlier this year, Gulfstream laid off 1,400 employees at a number of its locations, including Savannah and furloughed hundreds of others for four to five weeks.  (A total of 2,200 people were furloughed at the Savannah location.) Officials acknowledged at the time that the recession was finally hitting a company many had believed might be recession proof.  “Those layoffs ended in July so we’re through them and quite frankly it looks like we’ve weathered the storm, because things are picking up a bit,“ says Joe Lombardo, executive vice president, General Dynamics Aerospace group.

Lombardo says they have 200 orders for the new G650, which is expected to be tested and ready for service by 2012.  “I think most of our customers seem to have confidence that things will be improved by then so making orders now,“ says Lombardo.

Lombardo says that last year the aerospace industry got a “bad rap” after some CEO’s flew in private jets to Washington to ask for federal aid for their companies.  “The bad rap I think you would agree had died down substantially,“ he says.  “This is the result of a lot of education on our part and the part of associations to make sure that people, including those in Congress, understand the number of jobs affected by general aviation.“

Lombardo says it’s not just the thousands still employed at Gulfstream, but the thousands indirectly employed by providing parts, etc.

“So what does today’s announcement mean, it means jobs,“ Lombardo told us.  “It means we’re going to be able to support this community with more people, we’re the biggest donor for United Way as well as number of other charities.  This just underscores the importance that this community has (to us.)“

Henne told us “it’s sort of a statement by Gulfstream a statement by General Dynamics about the future. It’s a willingness to invest in an all new product.“

Lombardo says they as they ramp up the G650 line next year, they’ll look at what happens to the rate of productions for their existing products.  “Then we’ll see whether or not we move people.  We can’t say for sure now but our expectation would be to to the point where we would eventually be hiring people back.“

Why Jet Chartering Is Set To Soar

By John Dizard

Article Link: Click Here

Published: October 4 2009 10:10 | Last updated: October 4 2009 10:10

Ever since the first private jet collided with the accountants and the auditors, we have been hearing about how these aircraft are really, really, a productivity tool, certainly not a luxury good.

No indeed. Never mind the place of private jets in luxury market surveys, and their over-representation at the Aspen and Palm Beach County airports. To make the point, server farms full of pro formas and comparative cost what-ifs are running 24 hours a day around the world, just to be ready for any tax man’s surprise visit.

I am not an ideological opponent of business jet use, so the Congressional humiliation of auto executives, bankers, and other employees of newly state-owned corporations did not entertain me as much as it did others. However, the autos-da-fe, so to speak, along with the effects of the credit crunch on aircraft finance are, I believe, serving to finally rationalise the corporate jet market.

There are two keys to this transformation: the stigmatisation of jet use as conspicuous consumption and surplus capacity. The business of operating jets will change, as a consequence of greater liquidity and reliability in the chartering market.

At the moment, there are just over 2,000 used corporate jets for sale. That is about twice the total number of worldwide deliveries last year. “Backlogs” and “orders” in the business jet market are pretty soft numbers, since the manufacturers will do almost anything to avoid booking actual cancellations.

There have been ups and downs in the bizjet industry before, but this cycle is different, not just a bit deeper. With newer entrants such as Embraer and Honda, jet prices are going to stay under pressure even in a recovery. Furthermore, owners of aircraft in a capital constrained world will be under more pressure to schedule and use them more efficiently.

I think this will be good, if painful in the short term, for the industry. After all, commercial airline travel was once a luxury good. Now that it is a mass market, there are orders of magnitude for more aircraft, on tighter schedules, with much greater reliability and macroeconomic value. However, large commercial aircraft cannot accommodate all the travel requirements created by a decentralised world.

More business jet use, though, will be done through brokered charters. A seat, even a large size leather seat with a bigger work table, is going to be a commodity, and commodities prices are driven down to the marginal cost of production and distribution.

The mystique of ownership, whether of vacation homes or aircraft, will not be as supportable as it was when there were cheap put options written by the lenders.

Chartering jets has been a chancy thing in the past. The aircraft owners with whom you would deal were more interested in placing their planes than serving the customer. So well maintained, or new, or correctly sized aircraft were not reliably on offer.

The present overhang of plane supply has reduced that problem. Jet charter brokers, who work for the user rather than the owner, are now bigger factors than they were. They can be used to find newer, cheaper and better aircraft on the now more liquid offer side.

Click Here for Article Completion.

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Swine Flu Suspected Behind Rise in Private Jet Rental

Adam Gonn/The Media Line

Is swine flu behind the recent increase in private jet rentals in the gulf region?

One of the world’s leading private jet operators, International Air Charter, based in the United Arab Emirates, is reporting a 50% increase in demand over Ramadan for flights in Saudi Arabia.

The King Abdul Aziz International Airport which is the main airport in Saudi Arabia’s financial hub Jeddah and the main gate for pilgrims arriving to perform the Umrah, has been packed over the last three days according to local newspapers.

A statement from International Air Charter explained the surge in demand was due to “clients recogniz[ing] the strategic benefits of charter jet services, particularly in terms of convenience and time saving,” .

But with ever more frequent media reports of swine flu (N1H1 virus) related deaths, are clients choosing private jets over commercial flights for financial or health reasons?

“Whenever there is a global health scare there is a short term boost to private jet usage amongst the ‘well-heeled’ and their families, and this is the case at the moment” David J Bentley, an analyst with Big Pond Aviation, told The Media Line.

The Umrah is the part of the annual Hajj pilgrimage preformed during Ramadan, while the main Hajj is not until later this year many prefer to preform the trip during Ramadan.

So far four Saudi Nationals have died of swine flu and reports of people who have been diagnosed with the virus when returning home after a visit to Saudi are increasing.

While the effect of swine flu on the private jet market has been positive the same cannot be said for the commercial flight industry. On August 10, Iran Air, the national airline, announced they were canceling all their flights to Saudi over Ramadan due to swine flu. The decision affected some 300,000 passengers and represents a large part of the people who travel on Iran Air´s international routes.

The increases in demand however appears to be concentrated to Saudi as jet charter companies in the UAE are “not experiencing an increased demand”, reported Rafat Hamdani, a salesperson with UAE with Worldwide Air Charter, a UAE based private jet company.

The Chief Executive Officer of UAE based, low cost air-line Air Arabia was quoted as saying “swine flu is a bigger threat than the economy” to the airline industry.