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Aircraft registry being rebuilt after losing 85% of revenue

Kyle James, business development manager, left, and Tariq Lynch-Wade, director of operations, Bermuda Civil Aviation Authority, in Dubai (Photograph supplied)

After losing the majority of its aircraft registry revenue as a result of the war in Ukraine, the Bermuda Civil Aviation Authority continues endeavours this week to claw back as much of that income as possible.

A delegation is in the United Arab Emirates attending a leading aviation conference, Corporate Jet Investor Dubai 2023 (May 3-4) as an integral part of new attempts to restore the island’s aircraft registry.

BCAA representatives will continue those efforts at a second event, the European Business Aviation Convention & Exhibition in Geneva on May 25 and 26.

As a result of international sanctions imposed after the Russian invasion of Ukraine in February 2022, the BCAA suspended the airworthiness certificates of Bermuda-registered aircraft operated by Russian airlines, but have not de-registered any aircraft unless directed to do so by the owners.

In January 2020, there were 900 aircraft on the Bermuda Aircraft Registry. At present there are just 644. Of these, approximately 480 are in Russia.

As a result, since the start of the war, the BCAA’s revenue has dropped by approximately 85 per cent.

Despite this significant loss, the BCAA said it remains committed to growth and diversification, and is undertaking a number of initiatives to achieve those goals.

The organisation’s business development unit aims to diversify the Bermuda registry and to engage more deeply with existing clients. It has done substantial research and analysis to determine the most appropriate strategic direction.

Kyle James, business development manager at BCAA, stated: “The registry will never be static and will undoubtedly go through many phases.

“The current state is just another phase. We will remain competitive for business, but need to have visibility in the market and to develop in new regions.

“We also intend to develop partnerships with other stakeholders who are connected in the geographic areas that we are in, and those we are looking to enter.”

Attending industry conferences is an integral part of the BCAA’s strategy for growth, particularly at the two named events.

This week’s event, the CJI Dubai, is the market-leading conference for dealmakers and decision-makers concerned with developing and promoting business aviation in key areas around the world, including the Middle East and Africa.

Similarly, EBACE is the largest international conference and provides excellent opportunities for making connections and spreading the word about the Bermuda registry’s value proposition.

Engaging with the stakeholders who will be participating in these conferences and educating them on the benefits of registering in Bermuda will be vital to acquiring business in new markets.

In addition, the BCAA is making considerable efforts to raise its profile internationally by enhancing its social media presence, including on Facebook and LinkedIn and launching an e-newsletter.

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Published May 04, 2023 at 7:50 am (Updated May 05, 2023 at 7:51 am)

Aircraft registry being rebuilt after losing 85% of revenue

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