Business aviation’s largely upward trajectory could be truncated due to recessionary fears spreading westward across the Atlantic to North America, according to early market indicators tracked by data specialist WingX. In a presentation to the British Business and General Aviation Association (BBGA) annual conference today, WingX managing director Richard Koe warned that the industry may soon have more aircraft deployed than can be supported by demand levels.

“The average number of hours flown per aircraft is currently between 60 and 65 flight hours per month,” he reported. “But we are starting to see a bit of a gap between the number of aircraft coming into the market and activity levels, and there is now concern about a potential recession in the U.S., and the charter market is where we will see the turn first.”

Aviation consulting group Altea also signaled today that the market may have reached a high point, predicting a drop in preowned aircraft values this year. “For example, 2024 saw asking prices for long-range large-cabin aircraft fall on average by 8%,” said Altea partner Andrew Butler. “If this year follows that same trajectory, the bizjet industry may find itself in a situation where it mirrors the flat market witnessed post-financial crisis circa 2010.”

Wheels Up is targeting further improvements in operating margins in 2025 as it steps up the renewal of its business aircraft fleet. In fourth-quarter results announced today, the private flight provider highlighted its highest-ever adjusted contribution margin of 19.3%, while driving its adjusted EBITDA loss down to $11.3 million on $204.8 million revenues, which have increased sequentially for the first time in the past seven quarters.

However, the fourth quarter also saw net loss widen by 8% year over year to $87.5 million as revenues dipped from the $246 million a year earlier.

Even so, the performance capped an improving year for Wheels Up, which reported full-year revenues for 2024 of $792.1 million and a net loss of $339 million. Revenues were far higher in 2023, at just under $1.25 billion, but with losses of $487 million.

CEO George Mattson believes the net profits that Wheels Up has been striving for since rebooting its business model with a new management team in 2023 are now within grasp. The company achieved breakeven in December as the first of the 17 Embraer Phenom 300s and Challenger 300s acquired from GrandView Aviation entered service.

Wheels Up has been tactically withdrawing these aircraft from service to refresh them with its corporate livery. The company expects this transition to be complete by early 2027 and that it will benefit from the greater efficiency of the younger aircraft. 

Global helicopter leasing firm Macquarie Rotorcraft Limited (MRL) was sold to SMFL LCI Helicopters (SMFLH), a joint venture formed in 2020 between Sumitomo Mitsui Finance & Leasing (SMFL) and LCI Investment. Terms of the purchase were not disclosed.

Established in 2013, MRL has a fleet of approximately 120 helicopters that operate in the offshore transport, aeromedical, search-and-rescue, and utility sectors. Under the new organization, which will be managed by Libra Group subsidiary LCI, the company expects that number will increase to more than 300 aircraft, including those in SMFLH’s fleet. SMFLH has focused on midsize twins such as the Leonardo AW139 and AW169, as well as the Airbus Helicopters H145.

LCI CEO Jaspal Jandu described two driver trends behind the purchase. The first is a recent Airbus Helicopters study that predicted demand for 16,000 new rotorcraft worldwide worth approximately $130 billion over the next two decades.

Under that assessment, Jandu notes that lessors will need access to equipment, finance, and experienced teams of people across multiple professional disciplines, which he believes will favor larger lessors with robust leasing platforms.

The second trend Jandu described as increasingly larger fleet requirements from SMFLH’s existing operators, particularly in the midsize-twin helicopter category. The acquisition of Macquarie will add six more helicopter types to the SMFLH fleet, along with 21 new customers and 14 additional countries of operation.

World Fuel Services and Platinum Business Aviation Centre have signed a 10-year agreement expanding their collaboration at Gold Coast Airport (YBCG) near Coolangatta, Queensland, Australia. Under the new arrangement, World Fuel will assume responsibility for managing and administering fuel retailing operations on the business and general aviation apron at Gold Coast starting this month.

The companies have worked together for six years, with World Fuel supplying fuel and equipment to support Platinum’s FBOs. This latest agreement marks the next phase of their partnership, with Platinum becoming a World Fuel agent. World Fuel will upgrade the airport’s aviation fuel facilities and provide fuel training to Platinum’s staff as part of the transition.

Platinum’s staff will continue to handle aircraft refueling and ground services, ensuring a seamless transition with no changes for customers. The partnership is designed to maintain high safety, quality, and service standards.  

World Fuel has been active in Australia since 2011 and began physical operations in the country in 2017 after acquiring ExxonMobil’s fueling operations at 88 airports worldwide, including 18 in Australia. Since then, the company has expanded its local network to 30 airport locations.

“Platinum Business Aviation Centre recognizes the vital relationship between an aircraft operator and an FBO,” said Davin Magee, managing director at World Fuel Services Australia. “This agreement highlights our mutual dedication to delivering superior service to aviation customers.”

Leonardo helicopters have gained significant market share in the offshore services market, not only for oil and gas exploration but also for renewable energy exploitation. This has driven demand for “modern, capable, and safe rotorcraft technologies,” according to the company.

Energy support operations are expected to continue growing during the next five years, with key drivers being wind farm support, harbor pilot shuttle flights, and dedicated search-and-rescue assistance.

“Sustainability is becoming more and more critical,” the company said, with more use of sustainable aviation fuel (SAF) helping mitigate CO2 impact. Five AW169s and four AW139s operated by HeliService flew transport operations for Vestas’ Baltic Eagle wind farm project. While helping with the program to build 50 wind turbines, the helicopters were powered by a 40% SAF blend, which offers a greenhouse gas reduction of 38% compared to jet-A.

In offshore service, nearly 500 Leonardo helicopters are flying, achieving the largest market share in terms of deliveries from 2014 through 2024—60% on average in the past five years. The global Leonardo fleet has flown nearly three million flight hours, including the light AW119 and AW109 models.

Of the global fleet of Leonardo helicopters, 14% are operated in the offshore energy market, but they log nearly one-third of the total annual flight hours. Compared with 2019, Leonardo helicopter numbers have grown 16% and flight hours have risen 25%.

The National Aeronautic Association (NAA) has announced five candidates competing for the 2024 Collier Trophy, including Gulfstream Aerospace's new G700 flagship. Established in 1911, this historic award recognizes outstanding aeronautical or astronautical innovations that have demonstrated significant real-world impact during the preceding year.

A diverse range of aerospace advancements were named 2024 finalists. The G700 made the shortlist for “pioneering model-based certification, elevating performance, advancing 100% neat SAF, and refining next-generation manufacturing.” After receiving FAA approval on March 29, 2024, the first U.S.-registered G700 was delivered about a month later. 

Another finalist for the 2024 Collier Trophy is Perlan Project’s Blue Condor glider, recognized for its contributions toward zero-carbon emission aircraft and research on hydrogen contrails, pioneering certification methodologies, and sustainable aviation fuel capabilities.

Skyryse, meanwhile, is among the fray for its Skyryse One system, which developed a fully-conforming production aircraft that can easily perform an automated hover.

NASA and Johns Hopkins Applied Physics Laboratory’s Parker Solar Probe was selected for creating “the first spacecraft to operate and deliver science from within the sun’s corona through revolutionary advances in aerospace and defense technology." The U.S. Space Force/Boeing X-37B spacecraft is completing the finalist roster for its innovative aerobraking techniques that enable it to “operate across multiple orbital regimes.”

The winner will be announced on March 25, and a formal presentation of the trophy will follow on June 12.

Private flight charter broker Chapman Freeborn has established an operations team in France as part of plans to expand its presence in the wider European market. The UK-based group announced three appointments based in the Paris area and the South of France.

Tiphanie Marie is now passenger sales manager for the French operations base, working alongside senior passenger charter broker Wajdi Zarra and reporting to Chapman Freeborn v-p of passengers for Europe James Edwards. The other appointment is Yoann Maugran as cargo sales manager.

Chapman Freeborn, which is part of the Avia Solutions Group, arranges private jet charters for business travelers and also books larger airliners for group travel. It has other offices in Europe, as well as in North America, Africa, Asia, and Australia.

In November, the group appointed Germany-based Bernardo Nunes as its COO in a move it said was part of a “long-term strategy targeting sustainable growth and stronger cultural, strategic, and operational leadership.”