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<br /> 2018<br /> The Aviation Industry Leaders Report 2018:<br /> Navigating the Cycle<br /> www.aviationnews-online.com www.kpmg.ie/aviation<br /> Global Leaders<br /> in Aviation Finance<br /> KPMG in Ireland have been the leading advisers to the<br /> international leasing industry for over 30 years. No matter what<br /> stage your company is at, we have the expertise to help you.<br /> Find out more at kpmg.ie/aviation<br /> © 2018 KPMG, an Irish partnership<br /> CONTENTS<br /> 2 Foreword<br /> 3 Executive Summary<br /> 4 Chapter One: Lessors<br /> 20 Chapter Two: Regional Outlook<br /> 27 Chapter Three: Airlines<br /> 40 Chapter Four: Financial Institutions<br /> 48 Final Thoughts<br /> THE AVIATION INDUSTRY LEADERS<br /> REPORT 2018<br /> EDITORIAL TEAM<br /> Victoria Tozer-Pennington<br /> victoria@aviationnews-online.com<br /> CONTRIBUTORS<br /> Tom Woods<br /> SUBSCRIPTION ENQUIRI<a title="KPMG Report 2018 page 1" href="http://viewer.zmags.com/publication/5a11e229?page=1"> 2018 The Aviation Industry Leaders Report 2018</a> <a title="KPMG Report 2018 page 2" href="http://viewer.zmags.com/publication/5a11e229?page=2"> Global Leaders in Aviation Finance KPMG in Irelan</a> <a title="KPMG Report 2018 page 3" href="http://viewer.zmags.com/publication/5a11e229?page=3"> CONTENTS 2 Foreword 3 Executive Summary 4 Chap</a> <a title="KPMG Report 2018 page 4" href="http://viewer.zmags.com/publication/5a11e229?page=4"> FOREWORD NAVIGATING THE CYCLE 2017 was anoth</a> <a title="KPMG Report 2018 page 5" href="http://viewer.zmags.com/publication/5a11e229?page=5"> GDPR & Cyber Security Is your aviation business </a> <a title="KPMG Report 2018 page 6" href="http://viewer.zmags.com/publication/5a11e229?page=6"> Executive Summary The aviation industry is a majo</a> <a title="KPMG Report 2018 page 7" href="http://viewer.zmags.com/publication/5a11e229?page=7"> which is more than any product grouping</a> <a title="KPMG Report 2018 page 8" href="http://viewer.zmags.com/publication/5a11e229?page=8"> Lessors: The aviation leasing community has grown</a> <a title="KPMG Report 2018 page 9" href="http://viewer.zmags.com/publication/5a11e229?page=9"> A ircraft lessors are bullish </a> <a title="KPMG Report 2018 page 10" href="http://viewer.zmags.com/publication/5a11e229?page=10"> AIRLINE ECONOMICS RESEARCH rate has surpassed w</a> <a title="KPMG Report 2018 page 11" href="http://viewer.zmags.com/publication/5a11e229?page=11"> Middle East </a> <a title="KPMG Report 2018 page 12" href="http://viewer.zmags.com/publication/5a11e229?page=12"> AIRLINE ECONOMICS RESEARCH continuing between t</a> <a title="KPMG Report 2018 page 13" href="http://viewer.zmags.com/publication/5a11e229?page=13"> current “triple-C threat” – capacity, cost and co</a> <a title="KPMG Report 2018 page 14" href="http://viewer.zmags.com/publication/5a11e229?page=14"> AIRLINE ECONOMICS RESEARCH in the cycle, they a</a> <a title="KPMG Report 2018 page 15" href="http://viewer.zmags.com/publication/5a11e229?page=15"> but a lot of new capital will keep coming into th</a> <a title="KPMG Report 2018 page 16" href="http://viewer.zmags.com/publication/5a11e229?page=16"> AIRLINE ECONOMICS RESEARCH Avolon’s strong orga</a> <a title="KPMG Report 2018 page 17" href="http://viewer.zmags.com/publication/5a11e229?page=17"> factors, particularly in the sale-leaseback marke</a> <a title="KPMG Report 2018 page 18" href="http://viewer.zmags.com/publication/5a11e229?page=18"> AIRLINE ECONOMICS RESEARCH - 40-50 responses fo</a> <a title="KPMG Report 2018 page 19" href="http://viewer.zmags.com/publication/5a11e229?page=19"> AIRLINE ECONOMICS RESEARCH that capital marke</a> <a title="KPMG Report 2018 page 20" href="http://viewer.zmags.com/publication/5a11e229?page=20"> AIRLINE ECONOMICS RESEARCH regulatory pressures</a> <a title="KPMG Report 2018 page 21" href="http://viewer.zmags.com/publication/5a11e229?page=21"> AIRLINE ECONOMICS RESEARCH Lessor CEO Wish Lists </a> <a title="KPMG Report 2018 page 22" href="http://viewer.zmags.com/publication/5a11e229?page=22"> AIRLINE ECONOMICS RESEARCH on order that have a</a> <a title="KPMG Report 2018 page 23" href="http://viewer.zmags.com/publication/5a11e229?page=23"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 24" href="http://viewer.zmags.com/publication/5a11e229?page=24"> Regional Outlook: 22 Airline Economi</a> <a title="KPMG Report 2018 page 25" href="http://viewer.zmags.com/publication/5a11e229?page=25"> AIRLINE ECONOMICS RESEARCH A </a> <a title="KPMG Report 2018 page 26" href="http://viewer.zmags.com/publication/5a11e229?page=26"> REGIONAL OUTLOOK LESSO LESSORS RS 4.5 </a> <a title="KPMG Report 2018 page 27" href="http://viewer.zmags.com/publication/5a11e229?page=27"> BANKS BANKS 4.5 0 </a> <a title="KPMG Report 2018 page 28" href="http://viewer.zmags.com/publication/5a11e229?page=28"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 29" href="http://viewer.zmags.com/publication/5a11e229?page=29"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 30" href="http://viewer.zmags.com/publication/5a11e229?page=30"> AIRLINE ECONOMICS RESEARCH is a healthy deve</a> <a title="KPMG Report 2018 page 31" href="http://viewer.zmags.com/publication/5a11e229?page=31"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 32" href="http://viewer.zmags.com/publication/5a11e229?page=32"> Airlines: The airline industry is experiencing a</a> <a title="KPMG Report 2018 page 33" href="http://viewer.zmags.com/publication/5a11e229?page=33"> AIRLINE ECONOMICS RESEARCH A irlines are </a> <a title="KPMG Report 2018 page 34" href="http://viewer.zmags.com/publication/5a11e229?page=34"> AIRLINE ECONOMICS RESEARCH world with Norwegian</a> <a title="KPMG Report 2018 page 35" href="http://viewer.zmags.com/publication/5a11e229?page=35"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 36" href="http://viewer.zmags.com/publication/5a11e229?page=36"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 37" href="http://viewer.zmags.com/publication/5a11e229?page=37"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 38" href="http://viewer.zmags.com/publication/5a11e229?page=38"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 39" href="http://viewer.zmags.com/publication/5a11e229?page=39"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 40" href="http://viewer.zmags.com/publication/5a11e229?page=40"> GROWTH FRONTIERS DUBAI 2018 GROWTH FRON</a> <a title="KPMG Report 2018 page 41" href="http://viewer.zmags.com/publication/5a11e229?page=41"> GROWTH FRONTIERS NEW YORK 2018 GROW</a> <a title="KPMG Report 2018 page 42" href="http://viewer.zmags.com/publication/5a11e229?page=42"> Financial Institutions: Financial services firms </a> <a title="KPMG Report 2018 page 43" href="http://viewer.zmags.com/publication/5a11e229?page=43"> AIRLINE ECONOMICS RESEARCH T en years </a> <a title="KPMG Report 2018 page 44" href="http://viewer.zmags.com/publication/5a11e229?page=44"> AIRLINE ECONOMICS RESEARCH at Bank of China in </a> <a title="KPMG Report 2018 page 45" href="http://viewer.zmags.com/publication/5a11e229?page=45"> money to the airlines at very, very, low re</a> <a title="KPMG Report 2018 page 46" href="http://viewer.zmags.com/publication/5a11e229?page=46"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 47" href="http://viewer.zmags.com/publication/5a11e229?page=47"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 48" href="http://viewer.zmags.com/publication/5a11e229?page=48"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 49" href="http://viewer.zmags.com/publication/5a11e229?page=49"> AIRLINE ECONOMICS RESEARCH </a> <a title="KPMG Report 2018 page 50" href="http://viewer.zmags.com/publication/5a11e229?page=50"> AIRLINE ECONOMICS RESEARCH Final Thoughts </a> <a title="KPMG Report 2018 page 51" href="http://viewer.zmags.com/publication/5a11e229?page=51"> Considering M&A? KPMG has advised on almost all o</a> <a title="KPMG Report 2018 page 52" href="http://viewer.zmags.com/publication/5a11e229?page=52"> </a>