NAC Nordic Aviation Contractors Changes Name
Nordic Aviation Capital (NAC) is the new name of NAC Nordic Aviation Contractor, the world’s largest independent regional aircraft lessor. The name change and new corporate identity, launched to coincide with last week’s ISTAT European Conference in Prague and the ERA annual gathering in Manchester, is a better reflection of the company’s mission. “This year – our 18th year of operations – seemed an appropriate time to implement a new corporate identity,” said Jan Melgaard, CEO, joined NAC as CEO this year from Volito Aviation AB. Formerly he was co-founder and president of Sigma Aircraft Management and during 1987-1999 he was the first vice president of PK Airfinance, a leading aircraft financier, now owned by GE Capital.
Since its founding in 1990, Nordic Aviation Capital has built up a significant portfolio of primarily turboprop aircraft, but also some jets in a fleet that currently stands at 80. NAC is helps carriers finance aircraft where access to aircraft financing is very limited, or simply non-existent. Nordic Aviation Capital also provides aircraft to well known carriers such as SAS, US Airways and TACA; regional carriers including Wideroe, Aer Arann and Cimber Air, as well as providing aircraft to airlines in emerging markets such as its recent deal placing 10 ATR 42 aircraft with UTair in Russia.
“The turboprop is back in vogue,” said Melgaard, speaking in Manchester. “In a market where oil prices currently are around $90 a barrel, after peaking at almost $150, the trend for turboprops looks set to continue. Even larger carriers are eyeing them and it is no surprise that there are plans for larger models to enter the market.”
SAS, part of Star Alliance, recently renewed leases on five Fokker 50s with NAC for another two years. Last month, NAC purchased six Saab 2000 aircraft from Germany’s Egon Oldendorff oHG. The aircraft were purchased with leases attached to Carpatair of Romania, which now boasts one of the world’s largest Saab 2000 fleet. Other September transactions included the purchase of four ATR42-300s from Aeromar of Mexico and the sale of a Fokker 50 to Largus Aviation AB in Sweden
The company reported that new or old, turboprop demand is very strong because turboprop aircraft are now required for a diverse variety of missions beyond mainline airlines to carriers providing capacity for oil and gas projects, corporate shuttles and cargo operations, said . As a result, demand is high for good quality turboprop aircraft and prices are still rising. Currently, it is very difficult source popular models like the ATR 42 and Dash 8-300 aircraft.

Nordic Places ATR 42
Nordic Aviation Capital A/S completed a lease transaction on one ATR 42 aircraft to Pantheon Airways in Greece. Following the approval of the European Commission, Pantheon is the new entity to be privatized in order to take over the flight operations of Olympic Airlines.

Four Weeks, 24 Aircraft with New Livery
Commercial aircraft painting company Leading Edge Aviation Services (LEAS) completed the conversion of nearly two dozen ExpressJet aircraft to Continental Express livery in just four weeks. The deal is part of ExpressJet's immediate reintroduction to the Continental brand, which will see 22 planes returning to its signature blue and gold palette by September 31st, 2008.
"This is an incredible feat not only in terms of capacity, but quality as well," said LEAS CEO Michael Manclark. "There is no one else in the airline painting business with the drive, passion and ability to make so much happen in so little time. It's a testament to the strength of our facilities, and the strength of our people. We're thrilled to achieve yet another major milestone in our industry and to assist ExpressJet and Continental Express with this transition."
Since the first ExpressJet planes rolled into its painting hangars on September 3, LEAS crews worked around the clock to meet an aggressive delivery schedule of seven aircraft per week. Driven by production in the company's Victorville, CA and Greenville, MS facilities, the deal is the latest in a string of commercial service milestones which includes the mainline Continental brand, for which the company has painted more than 600 aircraft since first partnering with the airline in 1994.