Charter Aircraft Toronto - Launching an air travel service when the COVID-19 pandemic has wiped out commercial aviation is ambitious, to put it charitably. But Toronto startup Momentum Jets says interest in private jets is strong because wealthy Canadians are looking for safer and more comfortable ways to fly, including those who have never flown before.
Momentum Jets also aims to expand access to the luxury of private flying from the ultra-wealthy to the well-heeled. Instead of chartering an entire flight, which is usually ordered by the hour and can cost between $10,000 and $250,000, Momentum will allow customers to purchase individual seats on a private jet for select routes.
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"We thought about how to make it more accessible to people," said Janelle Brind, vice president at Momentum Jets. A round-trip seat from Toronto-Montreal can cost between $600 and $800, while longer flights to islands like Barbados and Turks and Caicos can cost up to $5,000, roughly double the price of a business class seat.
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The company launched in October as an affiliate of Momentum Solutions, a company led by Toronto entrepreneur Stephen Arbiv, which provides aviation services for emergency and disaster relief, along with cargo transportation. The aircraft department does not own any planes, but buys planes from other companies. Momentum leases entire planes to clients, as do traditional private jet services.
But it also guarantees access to private jets to sell individual seats to a handful of destinations from Toronto, including New York, Miami and the Bahamas. It still means flying with strangers - just less so than on a typical commercial flight.
For the company, the margins are low, from 3% to 5%, according to Mr. Arbib. "This is a large-scale business," he said. But he and his managers are confident that demand is strong. Some Canadians are eager to travel, Ms. Brind said, but wary of crowded airports, long lines, security checks and sitting shoulder-to-shoulder with others on commercial flights. As a result, some people are considering flying private for the first time, which is faster, more comfortable and involves fewer interactions with other passengers.
"What we're seeing is a lot of upper-middle-class people saving up for a big-budget trip," Mr Brind said. She recently had one family looking to fly to Anguilla and another to Barbados. Since the islands are quite close together, Ms. Brind put both families on the same flight to split the costs. Some customers temporarily move to sunny destinations as a result of the epidemic and continue to work from there, instead of vacationing.
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In January, the company plans to offer flights exclusively to passengers over the age of 65, who will be required to present a negative COVID-19 test before boarding the plane. If necessary, Momentum Jets will refer customers to a company that provides in-home testing. "We wanted to offer flights that they would feel very confident on," Mr Brind said. However, travelers will have to comply with local rules when they arrive in destination countries, which may include a quarantine period.
The federal government advises Canadians to avoid non-essential travel, and even a pre-flight COVID-19 test is not foolproof because there can be at least a day or two gap between the test and the flight. Ms Brind said the company would ask customers to self-isolate during this time.
All in all, private flights are down in North America this year due to the pandemic. Private flight hours fell in April and March, but began a slow recovery. American airline services company Argus International expects private flight hours in December to total 300,772, a decrease of 21.5% compared to the same month last year.
For rival Air Charter Service, which has offices around the world, including in Toronto, the decline in private jets among executives traveling to work has been steep. "It was difficult because not all of our regular customers fly," said Andy Christie, the company's private jet manager.
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In the early days of the pandemic, private jets were in demand as wealthy people sought the fastest way to get home or escape to property in the Bahamas, for example. The travelers have mostly stayed put ever since.
But Mr. Christie said that interest from new customers helped offset the losses, and volumes were down only slightly overall. In Canada alone, he said the company has seen a 41 percent increase in new fliers, many of whom are looking for leisure travel.
The company is betting that those customers will continue to fly privately even after the pandemic and when commercial aviation recovers. "There are a lot of wealthy Canadians who have flown first class, and now they have the opportunity to fly private," Mr. Christie said. "It's a very sticky product."
This is why Momentum plans to expand with New York and London offices. "Covid has changed a huge amount of behaviour, and this will be one of the industries where behavior will change," Mr Brind said.
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She also has a greeting ready for first-time private jet customers: "Once you have Godiva chocolate, you never go back to Cadbury."
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