But we are going to add the fourth airplane, we’ll look to figure out what we’re going to do with 708, which is the third 737, which came into service, but that aircraft was in fact flying a full line. So we will now move from three line full lines of flying to four full lines of flying. And Brad correct me if I’m wrong, but they do between like 100 and 120 hours a month, about 100, 120 hours a month in utilization. So you can work the math from that.
Savi Syth : That’s super helpful. And is that so — is it still kind of a mildly profitable business would you say or is it kind of still you need more scale to really drive profits there?
Jonathan Ornstein : No, we were fortunate that like the other major carriers DHL appreciate the fact that things have been difficult and so we’ve made the transaction structured so that our feeling is on a run rate basis going forward. We’ve been at break, no worse than breakeven. And again, we put a lot of money into the operation to start. So, obviously, we have a way to go to recoup our investment. But we now in the 737 business, we have a nice cargo business. And I think that over time, particularly now that we have 800s on certificate, it could be an opportunity for us going forward to grow that business, as cargo recovers, because there’s no doubt that things have slowed down right now.
Savi Syth : It makes sense. And if I might on the European JV, any updates on that? I know, it’s been six weeks probably not a lot new there, but just curious on how that’s progressing.
Jonathan Ornstein : We’re still working on getting the certificate finalized. And I think Mike you feel what we’ve done in March?
Michael Lotz: March or April.
Jonathan Ornstein : March or April. And then we looked at place a couple of regional jets out there, and we’re talking to a number of carriers about operating those aircraft. I think the feeling that we have is, I mean, it’s a very long-term project in that. We think that this could be a platform, for example, for us operate electric aircraft, which we think will be really in high demand in Europe, just given the direction things are going towards sort of environmentally friendly alternatives. And I think that we can continue to find a home for some of the regional jets out there that have been made excess sort of post COVID. And, particularly in the CRJ-900, or in Europe CRJ-1000, it’s just a matter of finding the right customer to make that happen.
So we continue to plug along, I think that we feel that it’s just going to be good to have an operating certificate. And to be frank, I mean, the backstop always was just the fact that we have a certificate is valuable for what we have invested in it, we think we can easily get, frankly, a multiple of that back, if we wanted, if we just were going to sell the certificate. So we’ve always used — utilize that method as a backstop. But we have wonderful partners over there, guys who have a tremendous amount of experience in Europe, who really is why we made the investment, because we had so much confidence in them. And I think, over time, we’ll be as well positioned to take advantage of opportunities that will develop in Europe, in particularly, given the gaps that have now occurred as a result of so many bankruptcies in the regional business over there.
And how it’s — the regional business is much different there than it is here in terms of a lot of small carriers flying multiple pieces of equipment, different types of equipment. I think that our approach will find some opportunity with some of the flag carriers to provide capacity purchase services over the long-term.
Savi Syth : Sounds appreciate the insights.
