P L E

S A M
Engine Values Book
Issue: 21 – February 2021
Driving actionable insight
APPRAISER APPRAISER from comprehensive,
OF THE YEAR OF THE YEAR
integrated aviation data
Aviation 100 Awards Aviation 100 Awards

APPRAISER APPRAISER
OF THE YEAR OF THE YEAR

www.iba.aero
Member of ISTAT
UK CAA Approval No. UK.MG.0622
Aviation 100 Awards Aviation 100 Awards
2012, 2018, 2020, 2021 2012, 2018, 2020, 2021
Engine Values Book – Issue: 21 – February 2021

Contents
Contents

CFM International International Aero Engine Rolls-Royce

CFM56-3 V2500-A5 AE3007
CFM56-5A RB211-524
CFM56-5B RB211-535
CFM56-5C RB183 Tay
Contents
CFM56-7B Trent 500
CFM-LEAP Trent 700
General Electric
CFM International Honeywell
International Aero Engine Trent 800
Rolls-Royce
CF34
CFM56-3 ALF502
V2500-A5 Trent 900
AE3007
CF6-80C
CFM56-5A Trent 1000
RB211-524
CF6-80E
CFM56-5B Trent 7000
RB211-535
GE90
CFM56-5C Trent XWB
RB183 Tay

E
GEnx
CFM56-7B BR175
Trent 500

L
CFM-LEAP Trent 700
Engine
GeneralAlliance Pratt & Whitney Pratt
Trent & Whitney Canada

P
Electric Honeywell 800
GP7200
CF34 JT8D-200
ALF502 PW100
Trent 900

M
CF6-80C PW2000 Trent 1000
CF6-80E PW4000-94 Trent 7000

A
GE90 PW4000-100 Trent XWB

S
GEnx PW4000-112 BR175
PW1000G
Engine Alliance Pratt & Whitney Pratt & Whitney Canada
GP7200 JT8D-200 PW100
PW2000
PW4000-94
PW4000-100
PW4000-112
PW1000G

T: +44 (0) 1372 22 44 88 W: www.iba.aero

 SAMPLE COPY
Engine Values Book – Issue: 21 – February 2021

Sample charts

Worldwide Market Share - Total Installed Population Total Installed Population

CFM International 27,156 40%
CFM International General Electric 14,482 21%
General Electric Rolls-Royce 8,575 13%
International Aero Engines 6,220 9%
Rolls-Royce
Pratt & Whitney Canada 5,184 8%
International Aero Engines
Pratt & Whitney 5,598 8%
Pratt & Whitney Canada
Honeywell 380 1%
Pratt & Whitney Engine Alliance 516 1%
Honeywell PowerJet 358 1%
Engine Alliance
Total 68,469 100%

E
Regional Jet Engine Marketshare Regional Jet Engine Marketshare

L
General Electric 6,492 43%

P
Pratt & Whintey Canada 5,184 34%
General Electric Rolls-Royce 2,600 17%
Honeywell 380 3%

M
Pratt & Whitney Canada
Powerjet 358 2%
Rolls-Royce

A
Pratt & Whitney 84 1%
Honeywell

S
Powerjet Total 15,098 100%
Pratt & Whitney

Narrow-Body Engine Marketshare Narrow-Body Engine Marketshare

CFM International 26,752 71%
International Aero Engines 6,220 17%
Pratt & Whitney 3,404 9%
CFM International Rolls-Royce 1,226 3%
International Aero Engines
Pratt & Whitney Total 37,602 100%
Rolls-Royce

T: +44 (0) 1372 22 44 88 W: www.iba.aero

 Engine Values Book – Issue: 21 – February 2021

Rolls-Royce Trent 900

Description: The fourth generation in the Trent family, the Trent 900 program, was launched in 2001 to A380 aircraft, two of which have been retired and scheduled for disassembly while two have entered
power the A380 and is the leading engine on the aircraft type. The engine is scaled up 10% from the storage and one has been leased to wet-leasing operator, Hi Fly. In February 2019, following months of
Trent 500 and features the same three-shaft architecture as the other members of the Trent family. It speculation, Airbus cancelled the A380 programme. Emirates, who placed an order for 20 aircraft with
features a swept fan, 3-D aerodynamics throughout the compressor and turbine sections, and contra- an option for a further 16 in a year earlier and had struggled to reach an agreement for the engines
rotation of the high pressure spool. Rolls-Royce claims that the Trent 900 engines generate only 40% with Rolls-Royce. This prompted the operator to switch orders from the A380 to the A330neo and
Rolls-Royce
Rolls-Royce Trent
Trent 900
900
of the CO2 per passenger kilometre of an average family car. A350 platforms, clearing the way for Airbus to cease production by 2021. Since the pandemic outbreak
The Trent 900 made its maiden flight on 17th May 2004 on Airbus’ A340-300 testbed and achieved the market for A380 engines has worsened and as such the underlying Base value curves and Market
engine
n 2001 to power certification
Description:
the A380 andTheisfourth in October
the leading
generation 2004.
engineinonthe
the The
Trent Trent
aircraft
family,900
type. entered
theThe engine
Trent service
900isprogram, with
scaled upwas
10% a thrust rating
from theinTrent
launched of
2001500 70,000
and features
to power the A380theand values
same have experienced
three-shaft
is the leading architecture athe
dramatic
engine on theasaircraft
other reduction
members
type. of the
The engine since
is Trentlast
scaled up publication.
family.
10%Itfrom theGiven
features a swept
Trent the
500fan,low
and 3-D utilisation
features ratethree-shaft
the same of architectu
Description: The fourth generation in the Trent family, the Trent 900 program, was launched in 2001 to power the A380 and is the leading engine on the aircraft type. The engine is scaled up 10% from the Trent 500 and features the same three-shaft architectu
pounds
gh pressure spool. although
Rolls-Royce
aerodynamics it
claims
throughoutis certificated
that to
Trent 900
the compressor up to
engines
and 80,000
generate
turbine pounds.
only 40%
sections, The
and of Trent
the CO2900 engine
per passenger
contra-rotation powered
kilometre
of the high theanfirst
ofspool.
pressure average these
claimsengines,
family car.
Rolls-Royce spare
that the Trent 900demand is set toonly
engines generate remain40%lowof theforCO2theperremaining life of theoffleet
passenger kilometre and with
an average operators
family car.
aerodynamics throughout the compressor and turbine sections, and contra-rotation of the high pressure spool. Rolls-Royce claims that the Trent 900 engines generate only 40% of the CO2 per passenger kilometre of an average family car.

E
eved engine certification
The Trent in October
900 madeof 2004.
its Theflight
maiden Trenton
900 entered
17th May service
2004 onwith a thrust
Airbus' ratingAirport,
A340-300 of 70,000
testbed and pounds although
achieved engine itcertification
is certificated tomoving
up to 2004.
in October 80,000
away pounds.
The The Trent
Trentthe
900 entered900 engine
service powered
with a thrusttherating
first scheduled
of 70,000 service
pounds ofofalthough
a Singapore Airlines'
itisisset
certificated to upintothe
80,000 pounds. T
scheduled service
The Trent 900 made its amaiden
Singapore Airlines’
flight on 17th MayAirbus
2004A380 from
on Airbus' Changi
A340-300 testbed andSingapore to London
achieved engine certification in October 2004. Thefrom
Trent 900aircraft sooner
entered service than
with expected
a thrust ratingthe availability
of 70,000 pounds engines
although to increase
it is certificated to up to 80,000 pounds. T
18, Singapore Airlines
Airbusreturned
A380 from their first five
Changi TrentSingapore
Airport, 900 powered A380 aircraft,
to London Heathrow twoonof18th
which have2008.
March been retired
In 2018, and scheduled
Singapore for disassembly
Airlines while
returned their two
first have
five entered
Trent storage and
900 powered A380one has been
aircraft, two leased to wet-leasing
of which have been operator,
retired and Hischeduled
Fly. In February
for disassembly while two have entered

L
Heathrow
Airbus A380on 18th
from March
Changi 2008.Singapore
Airport, In 2018,toSingapore Airlinesonreturned
London Heathrow 18th Marchtheir firstInfive
2008. Trent
2018, 900 powered
Singapore Airlines returnedneartheir future.
first five Trent 900 powered A380 aircraft, two of which have been retired and scheduled for disassembly while two have entered
placed an order2019,
for 20following
aircraft with an option
months for a further
of speculation, 16 in
Airbus a year earlier
cancelled and had
the A380 struggledEmirates,
programme. to reach an
whoagreement
placed anfor the for
order engines with Rolls-Royce.
20 aircraft Thisfor
with an option prompted
a furtherthe
16 operator to switch
in a year earlier andorders from thetoA380
had struggled toan
reach the A330neo for
agreement andthe
A350
engines with Rolls-Royce. This prompt
2019, following months of speculation, Airbus cancelled the A380 programme. Emirates, who placed an order for 20 aircraft with an option for a further 16 in a year earlier and had struggled to reach an agreement for the engines with Rolls-Royce. This prompt

P
eak the market for A380 engines
platforms, hasthe
clearing worsened and as such
way for Airbus theproduction
to cease underlying Base valueSince
by 2021. curves and
the Market values
pandemic have
outbreak experienced
the market for aA380
dramatic reduction
engines since last
has worsened andpublication. Given the low
as such the underlying Baseutilisation rateand
value curves of these engines,
Market values spare demand is seta dramatic
have experienced to reduction since last publ
platforms, clearing the way for Airbus to cease production by 2021. Since the pandemic outbreak the market for A380 engines has worsened and as such the underlying Base value curves and Market values have experienced a dramatic reduction since last publ
t sooner than expected
remain lowthe availability of engines
for the remaining is the
life of set to increase
fleet in the
and with near future.
operators moving away from the aircraft sooner than expected the availability of engines is set to increase in the near future.
remain low for the remaining life of the fleet and with operators moving away from the aircraft sooner than expected the availability of engines is set to increase in the near future.

A M
Current Market Value, Base Value, Typical CurrentEngine
RentalMaintenance
Rate (TCCR) &Indicators
QEC Engine Maintenance Indicators
Current Market Value, Base Value, Typical Current Rental Rate (TCCR) & QEC Engine Maintenance Indicators

S
Trent 970 Trent 970 Trent 970
Trent 970 Trent 970
Market Value (Dressed) Life Limited Parts (LLP) Cost$5,690,000 $11,149,000 Life Limited Parts (LLP) Cost $11,149,000
Market Value (Dressed) $5,690,000 Life Limited Parts (LLP) Cost $11,149,000
Base Value (Dressed) Average Cost of Overhaul $8,550,000 $8,125,000 Average Cost of Overhaul $8,125,000
Base Value (Dressed) $8,550,000 Average Cost of Overhaul $8,125,000
Mean Between Overhauls (MTBO)
Typical Current Rental Rate $145,000 30,240 FH Mean Between Overhauls (MTBO) 30,240 FH
Values in US Dollars (millions)
Typical Current Rental Rate $145,000 Mean Between Overhauls (MTBO) 30,240 FH
QEC Fleet Average Fligth Hour/Cycle Ratio
$600,000 8.8 FH/Cycles Fleet Average Fligth Hour/Cycle Ratio 8.8 FH/Cycles
Annual inflation of 2.0% assumed
QEC $600,000 Fleet Average Fligth Hour/Cycle Ratio 8.8 FH/Cycles

2024 2025
Engine Type 2026
Engine Model 2027CMV 20282021 20292022 20302023 20312024 20322025 20332026 2034 2027 2035 2028 2036 2029 2037 2030 2038 20312039 2040
2032 2041
2033 2034
Engine Type Engine Model CMV 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
$7.42 Trent$7.00
900 Trent$6.57
970 $6.13$5.69 $5.69$8.55 $5.25$8.20 $4.82$7.82 $4.40$7.42 $4.00$7.00 $3.61$6.57 $3.24$6.13 $2.89 $5.69 $2.56 $5.25 $2.97 $4.82$3.45 $4.03
$4.40 $4.73
$4.00 $4.20
$3.61 $3.24
Trent 900 Trent 970 $5.69 $8.55 $8.20 $7.82 $7.42 $7.00 $6.57 $6.13 $5.69 $5.25 $4.82 $4.40 $4.00 $3.61 $3.24
$7.42 Trent$7.00
900 Trent$6.57
972 $6.13$5.69 $5.69$8.55 $5.25$8.20 $4.82$7.82 $4.40$7.42 $4.00$7.00 $3.61$6.57 $3.24$6.13 $2.89 $5.69 $2.56 $5.25 $2.97 $4.82$3.45 $4.03
$4.40 $4.73
$4.00 $4.20
$3.61 $3.24
Trent 900 Trent 972 $5.69 $8.55 $8.20 $7.82 $7.42 $7.00 $6.57 $6.13 $5.69 $5.25 $4.82 $4.40 $4.00 $3.61 $3.24

s Derivatives - Trent 900 Airworthiness Derivatives - Trent 900

Airworthiness Derivatives - Trent 900
Issuing Authority
Issuing Authority
Descripition Descripition
EASA CAA DGAC FAA Descripition
EASA CAA DGAC FAA
Intermediate
2020-0041 Pressure Compressor Rotor Shaft - Inspection Intermediate Pressure Compressor Rotor Shaft - Inspection
2020-0041 Intermediate Pressure Compressor Rotor Shaft - Inspection
Oil Service Pipe Sealing Rings - Replacement
2018-0199 Oil Service Pipe Sealing Rings - Replacement
2018-0199 Oil Service Pipe Sealing Rings - Replacement
LPT Disc Seal Fins & Interstage Seals - Inspection/Replacement/Modification
2018-18-06 LPT Disc Seal Fins & Interstage Seals - Inspection/Replacement/Modification
2018-18-06 LPT Disc Seal Fins & Interstage Seals - Inspection/Replacement/Modification
LPT Exhaust Case & Support Assembly - Inspection/Replacement 2017-08-10 LPT Exhaust Case & Support Assembly - Inspection/Replacement
2017-08-10 LPT Exhaust Case & Support Assembly - Inspection/Replacement
Life Limit Reduction - Prevent Engine Failure 2017-08-11 Life Limit Reduction - Prevent Engine Failure
2017-08-11 Life Limit Reduction - Prevent Engine Failure
IPC Rotor Shaft 2015-02-20 IPC Rotor Shaft
2015-02-20 IPC Rotor Shaft
Inspection of the intermediate pressure compressor rear stub shaft (IPC RSS) piston ring
2013-05-04 Inspection of the intermediate pressure compressor rear stub shaft (IPC RSS) piston ring
2013-05-04 Inspection of the intermediate pressure compressor rear stub shaft (IPC RSS) piston ring
IP turbine seal fins and interstage seals inspection 2013-02-04 IP turbine seal fins and interstage seals inspection
2013-02-04 IP turbine seal fins and interstage seals inspection
Replacement of the fuel oil exchanger 2013-02-03 Replacement of the fuel oil exchanger
2013-02-03 Replacement of the fuel oil exchanger
IP turbine shaft rgid coupling splines inspection 2012-12-03 IP turbine shaft rgid coupling splines inspection
2012-12-03 IP turbine shaft rgid coupling splines inspection
SAMPLE COPY
SAMPLE COPY

T: +44 (0) 1372 22 44 88 W: www.iba.aero

Engine Values Book – Issue: 21 – February 2021

Definitions and Assumptions

ISTAT Definitions such as foreign object damage but it does include removals due to exhaust gas temperature (EGT)
deterioration or LLP life expiry.
All the data contained in this publication is in accordance with ISTAT definitions, which are included below.
Basic Overhaul Cost is IBA’s estimated figure for an average workshop visit carried out under a “time &
Base Value is IBA’s opinion of the underlying economic value of an engine in an open, unrestricted, materials” basis. This includes labour for teardown, inspection, repair costs, material replacement and
stable market environment with a reasonable balance of supply and demand, and assumes full a degree of LLP replacement.
consideration of its “highest, best use”. An engine’s Base Value is founded in the historical trend of
In most cases, the Base Value of an engine assumes its physical condition is average for an engine of its
values and in the projection of value trends and presumes an arm’s-length, cash transaction between
type and age, and its maintenance time status is at mid-life, mid-time (or benefiting from an above-
willing, able and knowledgeable parties, acting prudently, with an absence of duress and with a
average maintenance status if it is new or nearly new, as the case may be).
reasonable period of time available for marketing.
Airworthiness Directive (AD)
Market Value is IBA’s opinion of the most likely trading price that may be generated for an engine under Airworthiness Directives (ADs) have been included at the end of each section of the Engine Values
the market circumstances that are perceived to exist at the time in question. Market Value assumes Book. Recurring ADs are noted with a bullet and key ADs are further noted by the use of bold, red
that the engine is valued for its “highest, best use”, that the parties to the hypothetical sale transaction lettering. Key ADs, as defined by IBA, fall into one or more of the following categories:
are willing, able, prudent and knowledgeable, under no unusual pressure for a prompt sale, and that
ADs resulting from an uncontained failure

E
the transaction would be negotiated in an open and unrestricted market on an arm’s-length basis,
ADs that reduce the life of components, LLPs and primary components
for cash or equivalent consideration, and given an adequate amount of time for effective exposure to

L
ADs requiring a correction of operational problems
prospective buyers.

P
ADs requiring piece part inspection programs of LLPs and usually resulting in a restricted operational
Quick Engine Change (QEC) kit is defined as a collection of components and accessories installed into a life and/or driving components out of the engine at shop level
bare engine to reduce the time required for installation of the entire powerplant onto an aircraft.

M
These key ADs are usually associated with high costs in terms of operational disruption, higher
QEC kits can be categorised into three types: basic, neutral & full. A basic QEC includes all prime parts material investment, or higher shop visit rates with possible increases in cost of each shop visit.

A
and accessories required for an engine test. A neutral QEC can be considered to comprise the basic kit Disclaimer

S
plus sufficient specialist parts and accessories that will allow installation on an airframe but excludes IBA Group Limited (IBA) has prepared the enclosed Engine Values Book. The Engine Values Book is
any items relating to a specific aircraft or application. A full QEC comprises the neutral kit plus those subject to the disclaimer below.
items required for varying aircraft applications. In the case of basic and neutral, neither the thrust
IBA has no present interest in the engines being appraised for the purpose of the Engine Values Book.
reverser nor the nose cowl is included. Each engine type should be considered unique in its QEC
At the date of the Engine Values Book, IBA does not anticipate acquiring any
configuration and installation.
subsequent interest in the engines. Unless otherwise stated, IBA has had no prior interest in the
Values are shown as a range to bracket IBA’s view of neutral and full QEC kits and to reflect the engines. IBA’s appraisal of the engine is honestly held and the Engine Values Book shall be deemed
different make-up of each kit as the components and accessories vary depending on the type of aircraft advisory only, with such advice being solely to the extent noted in the Engine Values Book. To the
the engine will eventually power. fullest extent permitted by law, IBA assumes no responsibility or legal liability for any action taken, or
Typical Current Rental Rate (TCRR) is IBA’s opinion of the monthly lease rental as it relates to an arm’s length not taken, whether directly or indirectly by the Client or by any third party, with regard to the engines
transaction between a willing lessor and a willing lessee for a single engine transaction. Values are shown as and the Client agrees that IBA shall bear no such responsibility or legal liability in respect of the same.
a range to bracket IBA’s view of short-term (18 months) to long-term (5 years) duration of rental. To the fullest extent permitted by law, IBA, its associated companies, subsidiaries, directors, sub-
contractors, agents and employees are not liable for any oversights, errors or omissions in relation to
Maintenance Definitions the Engine Values Book.
Life Limited Part (LLP) Cost refers to IBA’s opinion of the basic cost of all of the engine’s life-limited
To the fullest extent permitted by law, in relation to the Engine Values Book, IBA shall bear no
parts (LLPs), assuming all-new parts.
responsibility for any interpretation applied, inference made or conclusion reached by the Client or any
Mean Time Between Overhauls (MTBO) represents IBA’s opinion of the average time, in flight third party.
hours, between major engine shop visits. This does not include unscheduled removals for reasons

T: +44 (0) 1372 22 44 88 W: www.iba.aero

Driving actionable insight from comprehensive, integrated aviation data

Immediate access to aircraft and engine fleets, liquidity, values,

lease rates, flight data and Carbon Emissions Calculator

65,000 35 Million 120,000 350+

Access to over 35 million Over 120,000 Managed by a team
65,000 aircraft airline flights aircraft events with over 350+ years
tracked per year added annually of expertise

Click here to BOOK A DEMO

iba.aero/iq POWERED BY

UK Office: IBA House, 7 The Crescent, Leatherhead,Surrey KT22 8DY T: +44 (0) 1372 22 44 88