Helicopter operating leasing ranking 2014: Top of the Ops
Less than five years after the launch of Milestone Aviation Group it is astonishing how fast the market for dedicated helicopter operating lessors has grown.We are asked a lot to provide a ranking for operating leasing companies.
This ranking below shows our (slightly educated) estimates for the different leasing companies (many do not give guidance) at the end of 2014. Please let me know if you disagree with these estimates.
Portfolio at end of 2014: $2.8 billion
Number of helicopters at end of 2014: 168
Orders and options: $3 billion (131 helicopters)
Shareholder: GE Capital Aviation Services
2. Waypoint Leasing
Portfolio at end of 2014: $1 billion
Number of helicopters: 100
Orders and options at end of 2014: $1 billion
Shareholders: MSD Capital, Soros Fund Management, Cartesian Capital Group.
3. (Joint) Lease Corporation International
Portfolio at end of 2014: $ 260 million
Number of helicopters: 15
Orders and options at end of 2014: $1.3 billion
Shareholders: Libra Group, KKR
3. (Joint) Macquarie Rotorcraft
Portfolio at end of 2014: $260 million
Orders and options at end of 2014: $270 million
5. Lobo Leasing
Portfolio at end of 2014: $200 million
Shareholder: GSO Capital Partners
6. Amur Helicopter Services
Portfolio at end of 2014: $100 million
Number of helicopters at end of 2014: 41
Shareholders: Amur Capital
7. Vector Aerospace
Portfolio at end of 2014: $80 million
Number of helicopters at end of 2014: 12
Shareholders: Airbus Helicopters
8. Infinity Leasing
Portfolio at end of 2014: $33 million
Number of helicopters at end of 2014: 6
Shareholders: Perella Weinberg Partners Asset Based Value Strategy and Hawke Aerospace Holdings
Rankings are always fun but most significantly it shows that at the end of 2014 helicopter leasing companies had already financed helicopters worth more than $4.6 billion and had placed the same amount in orders and options with AgustaWestland, Sikorsky and Airbus Helicopters (Bell received its first order this year).
Whilst this growth is impressive, only Milestone would make it into the top 2015 commercial aircraft lessors (without Gecas). But as we all know, size is not everything and despite increased competition, the helicopter leasing market is less competitive compared to commercial aircraft. And more rational.