Jet firm predicts blue skies next spring
Business aircraft are taking to the skies again as many economies around the world improve – but a surplus of jets delivered just before the recession means the equivalent of 2,750 jets remain in hangars.
An excess of jets is depressing prices for planes, particularly older ones, and clouding the outlook for manufacturers such as Bombardier, Gulfstream and Cessna.
A global survey of private aircraft showed a 2pc decline in the hours flown in the first quarter, from a year ago.
Flight hours in Asia, Europe and the Middle East rose in the past year through March, but declined in the US and Latin America, according to the survey by Jet Support Services Inc (JSSI), a Chicago-based company that supplies service and support for aircraft.
But demand should "bounce back" in the spring, said Neil Book, chief executive of JSSI. "As the overall economy ramps up, we expect to see overall flight hours increase more quickly," Mr Book added. (Reuters)