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Q1 2019 Blue Book Updates

 

HeliValue$, Inc. held its review of The Official Helicopter Blue Book® on April 1, 2019.  Resale pricing adjustments were made for the following models: 
 

Model Change YOM Affected
Airbus AS-350B2

1989-2015
Airbus AS-3530B3

1997-2012
Airbus AS-350B3e (H125)

2011-2016
Airbus AS-355F1

1980-1991
Airbus AS-355F2

1982-1998
Airbus AS-355N

1997-2006
Airbus AS-365N2

1990-2003
Airbus SA-365C

1977-1981
Airbus SA-365N

1981-1986
Airbus SA-365N1

1987-1990
Airbus EC-155B1 (H155)

2002-2019
Bell 407

1996-2014
Bell 407GX

2011-2014
Bell 407GXP

2014-2018
Bell 427

2000-2011
Bell 430

1996-2008
Leonardo A109S

2005-2011
Sikorsky S-61N

1968-1979
Sikorsky S-76A

1979-1990
Sikorsky S-76C++

2005-2011

***Please Note:  Piston helicopter changes will be released in the upcoming weeks.  Due to a large number of transactions, it’s taking longer than usual to update pricing.

Resale pricing adjustments are based on actual sales transactions and current market conditions such as overall trends in asking prices, increase or decrease in supply, demand, and sales volume.  We obtain sales pricing data from owners and operators, lenders and lessors, brokers and equipment manufacturers worldwide. 

While we do review all models each quarter, frequently traded models are updated as soon as they begin to show variation from the previously published values.  Stay up-to-date on resale pricing changes by purchasing an annual subscription.  
 
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Market Comments

 

Light-Single Turbine Market

The light single turbine market has been very active across the globe in the first quarter.  The Corporate / VIP markets are going strong.  Nice low time machines are not lasting long on the market before they are grabbed up.  Well-equipped utility machines have been moving quickly and the requests keep funneling in from potential buyers.  EMS Operators continue to take new deliveries as they phase out older machines.   Some models have seen an increase in value as the quantity of well maintained, lower time aircraft continues to shrink.  Newer and more popular models such as the Airbus AS350B2, AS350B3, AS350B3e, and Bell 407, 407GX, 407GXP are models doing particularly well on the resale market.

Light-Twin Turbine Market

Values can only drop so far, one might say.  Since 2008 the Airbus AS355 series has seen a long run of falling values.  For the first time since then, we are seeing activity picking up and transactions starting to take place on some of the older AS355F1, AS355F2, and AS355N models.  Machines with good remaining times on the engines are selling first.  Airbus EC145T1 helicopters are still sought after in the U.S. EMS markets.  There were also a few trades of the Bell 427 and MD 902 models in the first quarter.

Medium-Twin Turbine Market

There’s not much to note in the medium market.  VIP aircraft seem to be the number one seller this past quarter.  Resale activity is low on the offshore side but leasing activity has been increasing.  With a shortage of available newer Leonardo AW139’s, there has been a shift into some of the older Sikorsky S76C++, and Airbus EC155B1 models that have been sitting idle with the lessors and operators.

Heavy-Twin Turbine Market

Contracts, contracts, contracts; we need more contracts.  The dark gloomy clouds that have been hovering over the heavy offshore market are beginning to break up.  We continue to see the supply of Sikorsky S92A’s dwindle down with the lessors.  S-92As currently advertised for sale are gaining interest from operators. 
 

It is no secret that the current financial situation with some of the large operators could possibly reshape the helicopter industry by year-end.  As bad as things may seem right now the future still looks promising for the offshore sector.   New contracts are being added, additional aircraft are being required.  Aircraft are being pulled out of storage to be put back to work, and Rig Counts are up from last year.  The slowing of manufacturer deliveries has greatly improved the used markets.  We are finally seeing stabilization with some of the platforms.  We will continue to see middle-aged aircraft being retiring early as the demand for helicopters has shifted to the more technologically advanced, efficient and cheaper to operate helicopters.  Profitability is everything today.
 

We hope to see the same trends going into the next quarter and even further.  We are all ready for the weather to clear.

By: Jason Kmiecik, President