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Join our exceptional people and find out why they're passionate about IBA

As a leading provider of aviation intelligence, market analysis, aircraft asset management and strategic and tactical guidance, we can't afford to sit back and wait for things to happen.

 

That's why our diverse, talented and inspirational people are forward-thinkers that are dedicated to delivering creative solutions and building trusted relationships with our global clients.

 

A career at IBA Group will enable you to perfect your talents, working with some of the most recognised aviation analysts, appraisers, technical managers and researchers in the industry. Come join our team of intelligent and passionate individuals.

How we can help

Aviation Data and Analytics

Banks and Other Financial Institutions

Leasing, Managing Aircraft and Engines

Aviation as an Investment

Operating Airlines

Aviation Litigation for Lawyers

Introducing IBA Insight, IBA NetZero & IBA Airlines – aviation finance’s one-stop shop for intelligence. You need quick, intuitive access to the most accurate commercial aviation data. Our products are designed to provide you with seamless and simple analysis, prompting better asset decisions, enhanced risk management, and a full understanding of aviation decarbonisation strategies.


Products

With our large team of award-winning ISTAT-qualified appraisers and over 30 years' proprietary data, IBA is a leading player in the valuations market. Working globally, we offer independent, impartial opinion and advice on the value of a range of asset types including aircraft, engines, helicopters, freighters and air cargo, landing slots and spares. Always striving to exceed clients' expectations, IBA's objective judgement supports the required security needed for loans, asset repossession, commercial development and remarketing.


Valuations

IBA works with leading aircraft and engine leasing companies from around the world. Our depth of industry knowledge informs our expert advice so we can support clients through the investment cycle, inspiring confidence at every stage of their journey. From valuations, fleet selection and portfolio development to redelivery and remarketing at lease end, we accompany clients through every risk assessment and asset management activity during the life of the lease.


Asset Management

Aviation investment can be an intricate affair and, with significant financial stakes involved, leaving things to chance is not an option. Whether you are investing for the first time or an established player in the market, IBA can help you cut through the complexities of the asset class to better understand investment opportunities. We can work with you to support portfolio development, diversification and to meet strategic needs.


Aircraft Under Management

For over 30 years IBA has worked with global and regional airlines providing valuation and advisory services, aviation data intelligence and aircraft and engine redelivery support. Working collaboratively on a variety of aviation projects spanning the world, we fulfil clients' additional resource requirements and provide project management support wherever and whenever needed.


Remarketing & Transitions

We take a resourceful approach to litigation support and dispute resolution, identifying thoughtful solutions that are tailored to our clients' legal strategy. Our access to over 30 years of proprietary aviation data, regular involvement in strategic M&A and aircraft management expertise affords us regular access to the typical areas of contention between parties. IBA assists clients directly or via their legal teams across many aspects ranging from insurance related settlement for aircraft damage or loss, to disputes between lessors and lessees - often at redelivery.


Litigation Support

Latest Insights

Aircraft Engine Values Update: Q1 2024
Articles

Aircraft Engine Values Update: Q1 2024

  In recent months, the aircraft engine market has continued to see a surge in demand for many engine types following quality issues on the newer generation engines, including the PW1100G, a focal engine in this commentary. These quality issues combined with a lack of spare engines and material for shop visit events, fuel inflated demand as we head into Q2 2024. As a result, IBA has increased its narrowbody engine market values. Furthermore, all aircraft engine product families continue to face above-average cost escalations resulting in higher cost of ownership which continues to prove a challenge for those invested.      The Pratt & Whitney PW1100G has had a difficult service entry, and the previous 12 months are no exception as it continues to navigate through a plethora of issues. Airworthiness Directives (AD) in place since 2023 potentially grounds hundreds of aircraft in 2024 because of the required powder metal inspections and the financial burden of the rework has been made public by the likes of stakeholder MTU. This combined with an existing lack of spare engines within the market is causing turmoil for Pratt & Whitney with a somewhat bleak outlook for the remainder of the year. Turnaround times for shop visits are also higher than expected, owing to component and labour shortages.    At Rolls-Royce, the Trent XWB engine has been at the centre of a dispute between the OEM and Emirates, with Emirates claiming reliability issues of the engine in harsh environments and wanting time on wing guarantees which prevented a substantial order of the engine from taking place at the Singapore Airshow in February 2024. Meanwhile, the Trent 7000 has experienced reliability problems like its sister engine, the Trent 1000, with time on wing limitations facing ongoing criticism from operators. Many operators are looking to prolong the life of some of their older aircraft fleets to mitigate the problems arising from the current generation of engines as well as extend current leases to cover the capacity shortfalls. Some examples of this include Hawaiian Airlines who have extended four A330 leases until 2026 to offset current engine issues as well as IndiGo, who has wet leased a Boeing 777 aircraft for an additional 6 months until June 2024. SGI Aviation has agreed to a 60-month lease term extension until September 2027 on a Boeing 777-300ER with a UAE-based carrier.     Rolls-Royce has made further improvements to the HPT blades on the Trent 1000 TEN which will ultimately improve durability. This new improvement was made available in Q4 2023. Earlier this year, Rolls-Royce reported that labour and supply chain issues are persistent and will be present for at least another 18 to 24 months (into 2026). There continues to be an increase in shop visit demand owing to deferred shop visits following the pandemic. As well as the need for scheduled maintenance, there have been additional pressures on MROs due to the high number of unscheduled shop visits. Consequently, spare engine demand has increased and this has pushed market values up as operators pay a premium to ensure they get their hands on the engines they need to prevent further loss of revenue and support lift. New technology engine values are aligned to OEM list prices and as such base and market values have increased.    Cost escalations continue to impact engines such as the General Electric CF34-10E engine powering the Embraer 190/195. The engine has come in for some criticism concerning the engine portion of total aircraft operating costs and it's having an equivalent cost base to the CFM56-7B. There have been positive signs for demand in the turboprop market, with engines such as the PW150A seeing increased demand despite the tighter control on the aftermarket by the OEM. Pratt & Whitney Canada has been focusing production efforts on the PW127XT engine. Since the PW127XT’s service entry, 76 engines have been delivered to 28th March 2024 according to IBA Insight.   Within the first quarter of 2024, the Singapore Airshow took place, which saw large engine orders being confirmed by many operators. Examples include Thai Airways who confirmed an order of 45 Boeing 787 aircraft all to be powered by the GEnx-1B: a change from the Rolls-Royce Trent 1000 engines powering its existing Boeing 787 fleet. There is a further order option for the operator of 80 aircraft. VietJet Air has signed a Memorandum of Understanding (Mou) with Airbus for the purchase of 20 A330-900 widebodies with 40 Trent 7000 engines. If finalised it will be their first ever widebody order.      The freighter market is also witnessing turnaround market conditions. For the narrowbody types in the market, the surge in capacity (fueled by aircraft return into passenger service post-pandemic) has been compounded by an unprecedented rate of conversion for Boeing 737-800BCFs, with the in-service fleet now over 250 aircraft when accounting for 737-800BDSF/SFs. This has of course pushed numerous 737-300BDSF/SFs and 737-400BDSF/SFs either out of service entirely or into other jurisdictions, some of which would be viewed as being higher risk. CFM56-3C1 market values and lease rates remain stable in the 737 Classic market. Engines with 4,000 – 5,000 cycles remaining until the next shop visit still achieve market values in the mid-USD 1 million, and all-inclusive monthly engine lease rates are fixed at USD 40k per calendar month.   The widebody market features factory-produced freighters and converted types. The only in-production freighters presently are the Boeing 767-300F and 777F, both of which must conclude their production runs by the end of 2027 due to CORSIA regulations. For the time being, both continue to be produced at a steady rate, the 767-300F of course being heavily dependent on FedEx, which is currently undergoing some streamlining measures as it navigates these difficult times; this included removing seven options for the 767-300F. Engines supporting widebody freight operations have seen stable to strengthening market values and lease rates.   Overall, the aircraft engine market will continue to experience headwinds in the coming years as it continues to grow and adapt to meet rising passenger demand in the aircraft engine market. The newer generation of engines are particularly affected by these headwinds because of the ongoing Airworthiness Directive that continues to ground hundreds of PW1100G engines and delays to new aircraft production impact existing airline fleet strategies. Operators will continue to look to offset lost revenue by turning to the current generation aircraft and engines in the interim and are likely to push back any early retirements.   

SW: April 24
Articles

SW: April 24

Environmental, Social, and Governance (ESG) issues are now seen as a key risk to aviation investments, and authorities worldwide are demanding more transparency and stricter reporting standards. It’s never been more important to understand the pathways to net zero emissions and their real-term impacts on all key players across the industry.   Each month, IBA’s ESG Consulting team share key insights and the latest news from the growing world of sustainable aviation.

Navigating Aviation Emissions Regulations
Articles

Navigating Aviation Emissions Regulations

The aviation industry is undergoing significant regulatory changes to reduce carbon emissions and transition towards sustainability. In the ever-evolving landscape, three major directives stand out for their potential to shape the industry's future: the EU Emissions Trading System (EU ETS), Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and Refuel EU.   These regulations, while complex, offer significant opportunities for the aviation sector to address its environmental impact and transition towards a more sustainable future. EU Emissions Trading System (EU ETS) From Cap-and-Trade to Carbon Cost   The EU ETS, a cornerstone of European environmental policy, operates on a cap-and-trade system, wherein airlines must surrender allowances for their carbon emissions. Over the years, the EU ETS has undergone gradual refinement to strengthen its effectiveness in curbing aviation carbon emissions. One notable development is the gradual reduction of allowances now equating to the right to emit one ton of CO2 annually. From 2026, airlines will face the full cost of emitting carbon, as free allowances taper down to zero on intra-EU flights where the cap has been steadily above 80% since 2012.   This shift is anticipated to impact airlines' bottom lines significantly, potentially leading to increased ticket prices. Morgan Stanley predicts a substantial rise in carbon costs, reaching €120 in 2027 and €135 per tonne by 2030. Additionally, there are ongoing discussions about including non-CO2 emissions in the ETS framework, which could further alter operational dynamics within the industry.   CORSIA A Global Offset Mandate   Designed to offset international flight emissions, CORSIA was developed under the International Civil Aviation Organization (ICAO) and sets baseline levels for emissions exceeding 85% of 2020 levels. While still in the voluntary phase, all regions have breached the baseline as of the start of this year. The mandatory phase of CORSIA is set to begin in 2027, with individual airlines becoming accountable for their emissions by 2030.   The convergence of CORSIA and EU ETS makes European carriers unique, facing heightened offset obligations. While CORSIA aims to create a unified approach to offsetting aviation emissions on a global scale, the EU ETS focuses specifically on regulating emissions within the European Union. This disparity of both frameworks may lead to increased costs for airlines operating within the EU, prompting questions about the distribution of financial burdens in the industry. Refuel EU Paving the Way for Sustainable Aviation Fuel   Part of the Fit for 55 package, and only just legislated in October 2023, Refuel EU’s primary goal is to address the EU's target of reducing net greenhouse gas emissions by at least 55% by 2030 under the three-strand regulation.   The first strand aims to reduce tankering by mandating 90% of yearly fuel must be picked up at an EU airport. This ensures that fuel is being picked up when required rather than at a cheaper price so airlines are not carrying extra weight by picking up cheaper fuel in countries outside of the EU.   The second strand of Refuel EU promotes sustainable aviation fuel (SAF) usage along with requirements for aviation fuel suppliers to blend 2% SAF and kerosene from 2025, increasing to 70% by 2050. IATA anticipates a surge in global SAF production, reaching 0.5% of global fuel consumption this year. For more on how SAF reduces aviation emissions and its viability, read here.   The third and final strand is the need for airports to develop the infrastructure needed to support SAF delivery detailed in the second strand. This is expected to be a major focus area for airlines this year.     The implementation of Refuel EU underscores a global shift towards sustainability, with significant progress observed in SAF production and distribution, particularly in the APAC region. Singapore has revealed its SAF blending objectives slated for implementation in 2026, alongside Airbus and Total Energy's collaboration to establish a sustainable hub in the country. Meanwhile, in Australia, LanzaJet has unveiled its partnership with Jet Zero, aiming to establish the first Alcohol-to-Jet (ATJ) plant in the region, converting ethanol into SAF. Partnerships and agreements, such as those between IAG and Twelve, signal increasing momentum towards incorporating SAF into aviation operations. Towards Net Zero: A Collective Effort While these regulations mark significant strides towards achieving net-zero aviation emissions by 2050, challenges remain. The aviation industry must maintain momentum through sustained collaboration and innovation. This includes securing off-take agreements for SAF, investing in production infrastructure, and advocating for supportive government policies.   Crucially, achieving net-zero emissions requires collective action across all sectors of the industry. From major airlines to smaller carriers, everyone must play a role in driving sustainability initiatives forward. By embracing this collective responsibility and working in tandem with policymakers, energy suppliers, and financial institutions, the aviation sector can pave the way towards a greener future.  


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