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Dougherty Quinn ("DQ") was once again represented at
the Annual European Business Aviation Convention
("EBACE") in Geneva in May 2012. Attending were Paul
Blake, head of business development and Stephen Dougherty, senior
associate, both of whom work in DQ's specialist aviation &
yachting team.
Brian Humphreys, President of the European Business Aviation
Association (EBAA) confirmed that this year's show was the
largest ever, with a record number of exhibitors, the biggest
static display and the largest floor space. The event was attended
by 12,638 people from 99 countries. These figures were very similar
to last year's figures and were a significant increase from
those of 2010.
The general feeling at EBACE was that whilst the US and certain
Asian markets are showing signs of recovering, right now it remains
to the seen whether or not Europe will hold its own and recover in
the same way. Problems in the European financial markets have
obviously had a knock on effect to the European aviation industry
and this was certainly the talk of many of the attendees.
Whilst Cessna and Bombardier both launched new models, Hawker
Beechcraft was the only manufacturer that announced orders. It
announced that it had secured orders for 11 aircraft, the total
sales of which amounted to more than $120,000,000. The news from
Hawker Beechcraft was set against the context of its Chapter 11
status and the announcement by GS Capital Partners (a Goldman Sachs
company) and Onex Capital Partners that they were selling their
ownership stakes as part of a restructure under Chapter 11. The
future of the company will be of great interest to those in the
industry.
The Isle of Man Aircraft Registry continues to grow and to be
held in great esteem by those in the industry. Recent figures show
there are now nearly 500 aircraft registered on the Isle of Man
register. Whilst other registers may pose some competition to the
Isle of Man, many of those attending EBACE were quick to compliment
and comment on its flexibility and commercial approach, advantages
which will certainly hold it in good stead as it continues to grow
in the future. Furthermore, the new dedicated business aviation
centre currently under construction at the Isle of Man Airport is
due to be operational in August 2012. This facility will greatly
improve the business and private jet offering in the Isle of
Man.
DQ is seeing continuing growth in business in its shipping and
aviation & yachting teams with, as is inevitable in times of
global financial uncertainty, an increased number of distressed
finance transactions, repossessions and insolvencies. However,
against that backdrop, the level of enquiries for new registrations
coming into the Isle of Man for yachting and aviation is
encouraging, as is the increase in new supertankers on the Isle of
Man Ship Register.
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Early on in the year the figures showed that the hard work of both Transport Malta and the private sector service providers paid off; the Malta maritime register climbed to the summit within Europe, becoming the largest ship register out of the 27.
Located in the heart of a significant array of shipping routes, Malta’s strategic position has enabled the country to develop one of the largest and most reputable ship registers in the world offering a variety of international maritime services.
It is a criminal offence to leave the scene of an accident,
however minor.
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