Friday, 5th September 2008

 

24 July 2008 - Tara Loader Wilkinson

Private jet backlog buoys the industry

The backlog of private jets, with orders until 2015, is set to keep the industry buoyant despite some corporations being forced to cut back on flights.

Mary Schwartz, global head of aircraft finance at Citi Private Bank, said: " There is still a very large backlog of jet orders, some out to 2015. That is not going away.

There may not be as many new orders and may be there will be more sales of pre-owned aircraft that will lower prices, but the backlog should help to sustain the market. "

Alex Hunter, director of UK-based The Private Jet Club, said the emerging markets are driving the demand for jets. He said: "There is still a high volume of orders being taken, to the point that manufacturers are struggling to keep up.

The demand for top of the range new jets is huge, particularly in growth areas which are unaffected by the crunch such as Russia, the Middle East and Singapore."

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