The Appraiser of the Year
Airline Economics Aviation 100
Global Leaders Awards Winner 2026
Why Cirium Ascend Consultancy?
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The appraisers provide the valuations and analysis needed to understand market outlook, evaluate risks, and identify opportunities.
Independent, objective and transparent, our team is committed providing appraisals the industry can rely on.
Unmatched Accuracy
Ascend Consultancy research applies sophisticated modelling and robust analysis to extensive data, ensuring value and lease rate opinions align closely to the market.
Worldwide Presence
Based across three continents with access to top tier market participants around the world, our team combines a regional presence with a truly global perspective.
Market-Leading Expertise
As the industry’s largest team of ISTAT/ASA certified appraisers, we provide thousands of valuations to leading airlines, top lessors, major banks, MROs, OEMs and regulatory bodies.
Thank you for voting for Cirium Ascend Consultancy as Appraiser of the Year 2026
Stephen Burnside
Global Head of Consultancy
“Receiving Appraiser of the Year for the 11th time is a meaningful endorsement of the institutional quality valuations capacities we have built over decades. It reflects the trust our clients and industry partners place in our independent analysis, the quality of our data, and the dedication of our global team.
“Over the last decade alone, we have captured more than 17,000 commercial aircraft and engine market data points, spanning pricing, lease rate, maintenance costs, and other value drivers that underpin thoroughly researched valuations. In a complex and rapidly evolving market, our focus remains on delivering insights the industry can rely on, year in and year out.“
Expert aviation insights and valuations
Improve the insight and analysis of aircraft investments, financial strategies, residual risk
analysis by working with a global team of independent consultants and analysts.
A year at Cirium Ascend Consultancy
9
ISTAT/ASA Certified Appraisers
>700
Reports delivered
>8,000
Assets desktop
appraised
>1.1 million
Asset values delivered
to the market
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Rob Morris
Global head of consultancy
Rob’s 30 years of experience as a commercial aviation analyst has made him one of the most in-demand and respected experts in the industry. Prior to joining Ascend by Cirium, Rob was vice-president, marketing and analysis at BAE Systems Asset Management in Hatfield, where he was responsible for market and strategy analysis in support of the regional aircraft lessor’s business winning process. Rob has also worked in the aerospace team at the UK Government’s Department of Trade and Industry, where he managed all aspects of market analysis and forecasting in support of the UK’s investment in a wide range of commercial aircraft and aero-engine programs. He began his aviation career in 1990 as a marketing executive at British Aerospace (Regional Aircraft).
Stephen Burnside
Global Head of Consultancy
Stephen Burnside is Global Head of Consultancy at Cirium Ascend Consultancy. Stephen joins Cirium from Rolls-Royce, where he served as Chief Economist and VP of Strategic Intelligence, using a wide range of strategic and real-time data and analysis to inform decision-making. With a wealth of experience and a particular focus on digitisation, as well as a proven track record in delivering key insights and solutions within the aviation sector, Stephen is set to lead Ascend Consultancy into its next phase of growth and innovation.
George Dimitroff
Head of valuations, ISTAT Appraiser
George is an ISTAT Certified Appraiser who oversees all value and lease rate opinions, and leads the annual future value and lease rate forecasting process. He has worked with the majority of lessors, banks, manufacturers, a number of airlines, and previously worked at Airbus and United Airlines.
Chris Wills
Head of consultancy operations, ISTAT certified senior appraiser
Chris facilitates management of the global teams, delivery, valuations, methodology, operating procedures, training and strategic planning. Chris is a Senior ISTAT-accredited appraiser, with focus on commercial aircraft, helicopters and flight simulators.
Joanna Lu
Head of consultancy Asia
Joanna is a trusted advisor to governments, regulators, investors, OEMs, airlines and airports. She is experienced in providing high quality advisory services and helping clients to find solutions in addressing the most complicated issues. Joanna specializes in airport planning and design, airline and airport strategic planning, OEM market studies, network development, environmental impact assessment and cargo market analysis. Joanna has intricate knowledge of industry regulations in the global aviation market, in particular, Asia.
Chris Seymour
Head of market analysis
Chris joined Ascend by Cirium in 1985 after taking a Business Studies degree at City University, London. In the early 1990s, he joined the expanding consultancy arm of the business, undertaking aircraft valuations and market studies. He was instrumental in developing the helicopter valuation side of the business. As head of market analysis, Chris works in the team that produces the Flight Fleet Forecast and has developed the new Global Helicopter Forecast. He is editor of Market Commentaries and is also a speaker and moderator at aviation conferences
Richard Evans
Senior Consultant
Richard Evans is a Senior Consultant. He applies his expertise working on advisory and valuations projects across the entire commercial aviation sector. Richard joined the consultancy team in 2014 after 27 years with Rolls-Royce, where he was previously head of market analysis in its civil aerospace division. At Rolls-Royce, he was responsible for published industry forecasts and provided analysis of major airline and aerospace industry trends. Richard is well known and widely respected for his informed industry views. He is currently chair of the European aerospace analysts group, FEAMA, and is a fellow of the Royal Aeronautical Society.
Max Kingsley-Jones
Head of Advisory
Max, who has spent over three decades in the commercial aviation industry, joined the advisory team at Ascend by Cirium in September 2020. Between 2015 and 2020, Max headed up the editorial operation at FlightGlobal as executive director of content. He was appointed as editor of Flight Airline Business in December 2010, having spent 14 years with Flight International, where he ultimately became deputy editor. Max enjoyed a decade working at Ascend’s predecessor Airclaims between 1986 and 1996 in consultancy, analysis and editorial functions. He also had a short spell with Aviation Week magazine in 2010 as International Air Transport Editor.
Michael Lapson, CFA
Senior valuations consultant, ISTAT certified senior appraiser
Michael is a senior-accredited appraiser with ISTAT and is based in Cirium’s New York office. Michael has focused on appraisal of commercial fixed-wing aircraft and spare engines since he joined the team in 2010. Prior to joining Ascend by Cirium, Michael was a consultant in the shipping port industry.
Tony Brooks
Senior valuations analyst, ISTAT certified appraiser
Tony has worked in Ascend by Cirium for over 20 years and is a trusted advisor to banks, lessors, operators and lawyers for whom he covers valuations of all aircraft types. He is an ISTAT Certified Appraiser and is a qualified Certified Civil Expert Witness from the Cardiff University Law School. He specializes in expert witness cases, especially those where a diminution in value due to damage history is contested.
Daniel Hall
Senior valuation consultant, ISTAT certified appraiser, ASA senior appraiser
Daniel is dual certified as both an Accredited Senior Appraiser with the American Society of Appraisers (ASA) and a Certified Appraiser with ISTAT. Based in Ascend by Cirium’s New York office, Daniel has a comprehensive knowledge of the commercial and business aviation sectors.
Daniel is involved in aircraft appraisals and valuations, consulting and business development, market insight and thought leadership. Daniel works with the major players in aircraft finance including banks, manufacturers, leasing companies and airline operators. He is a regular speaker at industry conferences. After graduating from Loughborough University with a BSc in Air Transport Management, Daniel joined Ascend’s London team in 2010.
Thomas Kaplan
Senior valuations consultant, ISTAT certified senior appraiser
Thomas is an ISTAT Certified Senior Appraiser based in Ascend by Cirium’s New York office where he focuses on the commercial aviation market, advising clients on asset values and business decisions. He began his career in the aviation industry in 2005 working for a components manufacturer supplying the major players in Montreal’s aerospace industry including Bombardier and Pratt & Whitney Canada. He has since lived in Dubai, where he worked as a management consultant for A.T. Kearney, in London with Ascend by Cirium, and in Hong Kong where he spent 8 years serving clients across the APAC region and leading the valuations practice there. Thomas holds a mechanical engineering degree from McGill University and an MBA from Columbia Business School.
Sara Dhariwal
Senior aviation analyst, Lead appraiser – helicopters & AAM
Sara joined Ascend by Cirium in 2016, after six years in the EMEA sales team managing relationships with the majority of EMEA lessors and aircraft traders. Sara specializes in commercial aircraft and helicopter valuations, but is also responsible for liaising with the market regarding developments and providing thought-leadership input. Sara holds a BAHons in Business from the University of Westminster and a CIRM from the Institute of Risk Management.
Lalitya Dhavala
Valuations manager
Lalitya works in the Heathrow office as a Valuations Manager.
Prior to joining Cirium, Lalitya was based in Abu Dhabi, UAE, where she worked in aviation insurance loss adjusting conducting claims adjustments, technical reviews, incident investigations across commercial, business, fixed and rotary wing sectors, and developing business in the Middle East. She holds a Bachelors in Aerospace Engineering and a Master’s degree in Aviation Safety.
Lalitya recognized early on the importance of continuing professional development and networking, and to this end, she volunteers for the Royal Aeronautical Society as a Council Member and as Chair of the Membership Services Board. She is also passionate about improving diversity in the industry, and was recognized by IATA as the 2021 Highflyer for D&I.
Eleni Maragkou
Valuations Analyst
Eleni joined Cirium as a Valuations Analyst, responsible for delivering valuations reports, market research and consultancy services to clients worldwide.
Eleni has an extensive experience in the aviation industry and business internationally to provide, accurate and timely, data analysis to clients.
Holding a Bachelor in Aviation Management and a Master of Science in International Business and Entrepreneurship from both Coventry University and University of Glasgow, respectively.
Youcef Berour Minarro
Principal valuations analyst, ISTAT Appraiser
Youcef is an ISTAT Certified Appraiser based in Ascend by Cirium’s London Heathrow office.
Prior to Cirium, Youcef worked with an array of clients including lessors, financiers, lawyers, operators and OEMs delivering fixed-wing aircraft valuations for a variety of assets including commercial aircraft, business jets and light GA aircraft. In addition to fixed-wing assets, Youcef has experience valuing intangible airport landing slots and has served as an expert witness in court concerning the diminution in value due to damage history. Youcef holds a Bachelor of Science (BSc) Honours Degree in Aircraft Engineering from Kingston University, London. Youcef completed the EASA B1 Aircraft Engineering License course at KLM UK Engineering Technical College in conjunction with his degree.
Robert Norton
Consultancy operations manager
Robert joined Ascend by Cirium in 2016, initially working in the operations support team. In 2020 Robert joined the valuations team and currently specializes in aircraft valuations, as well as undertaking research and analysis into the helicopter market. Prior to Cirium, Robert worked across a variety of industry sectors including travel and logistics. Robert holds a BSc (Hons) in Business Administration from the University of Wales, Cardiff.
Lionel Olonga
Senior valuations analyst
Lionel joined Ascend by Cirium in June 2016 and is currently working towards a specialization in fixed-wing aircraft and engine assets, as well as supporting Ascend by Cirium’s portfolio and lease encumbered valuation capabilities. Prior to joining Cirium, he worked as Portfolio Analyst for Allianz Insurance, where he was involved in pricing and risk modeling of commercial lines business. Lionel holds a Bachelor’s degree in air transport operations and Management from City University London.
Yinan Qin
Senior Aviation Analyst
Yinan joined Cirium Ascend Consultancy in September 2024, based in the New York office. Before joining Cirium, Yinan worked as an aviation consultant, providing strategic advisory and consulting services to airlines, lessors, and institutional investors across the global aviation industry. Her project experiences include airline credit assessment, airline restructuring advisory, asset transaction due diligence, market research, and investor strategy advisory. Yinan earned an M.A. in Statistics from Columbia University and an Honors BComm in Finance from The University of British Columbia. She is fluent in English and Mandarin and conversational in Japanese.
Thomas Sweeney
Senior Valuations Analyst
Thomas is a Senior Valuations Analyst at Cirium Ascend Consultancy in London, specialising in independent valuations of commercial aircraft and helicopters, as well as deriving values for new and emerging types. Since joining in 2023, he has focused on building robust value assessments, developing fleet forecasts, and producing clear written analysis for clients across the aviation industry.
Thomas holds a Master of Arts (Honours) in International Relations and International Law from the University of Edinburgh.
Toshimitsu Sogabe
Aviation Consultant
Toshi has over 16 years of experience in aircraft finance / leasing, most recently pursuing and managing mid-life aircraft transactions at Kayan Aviation, where he was heading the structured finance team before joining Cirium in December 2023.
Prior to this he was a founding member of the aircraft operating lease business at Mitsubishi HC Capital (formerly Mitsubishi UFJ Lease & Finance), where he was involved in the acquisition and post-merger integration of Jackson Square Aviation (JSA), managing mainly Capital Markets / Risk aspects of the business. He has ultimately contributed to doubling the size of JSA’s aircraft portfolio four years post-acquisition, while maintaining one of the “best in class” aircraft portfolio amongst the aircraft leasing industry.
He has a B.A. (International Liberal Studies) from Waseda University.
Herman Tse
Valuations manager
Herman has had wide experience in aviation, including stints at a ground handling agency, airport authority and cargo airline before joining Cirium in November 2018. He focuses primarily on advisory services. His expertise is in airport and airline strategic planning, air network development, fleet planning and aviation market analysis. He is also passionate in aviation education and is a lecturer of an aviation degree program in Hong Kong.
Herman holds an MBA and Master degree in Engineering Enterprise Management from The Hong Kong University of Science and Technology and BSc (Hons) Aviation Technology with Pilot Studies from University of Salford. He is also a Project Management Professional (PMP). Herman is based in Hong Kong.
Alex Vathylakis, PhD
Principal valuations analyst, ISTAT appraiser
Alex joined Ascend by Cirium in April 2018, after spending two years with Cirium’s fleet and finance data research team. While he focuses on appraisals of commercial aircraft, he is further developing his specialization in turboprop aircraft and simulators through valuations and advisory projects.
Alex is also an EU patent holder for a concept on the reduction of aerodynamic noise, developed during research for his PhD in Aerospace and Aviation Engineering.
Johnny Yung
Senior Aviation Analyst
Johnny had wide experience in aviation finance & aircraft leasing, most recently originating aviation finance and aircraft leasing business at Standard Chartered Aviation Finance before joining Cirium in November 2024. His expertise is in aviation finance/ leasing transaction, financial modelling and credit analysis.
Johnny holds B.S.Sc in Economics from The Chinese University of Hong Kong. He is based in Hong Kong.
Yiru Zhang
Senior valuations analyst
Yiru is certified as an Accredited Appraiser (AM) with the American Society of Appraisers (ASA). Based in Cirium Ascend’s New York office, Yiru is primarily involved with commercial, business aircraft, and engine valuations, and is responsible for delivering desktop appraisals, market analysis and market commentaries. Yiru is also developing her specialism in the Air Advance Mobility (AAM) sector.
Before joining Cirium in 2021, Yiru completed her Bachelor’s in Aviation Supply Chain Management in both Civil Aviation University of China and Embry-Riddle Aeronautical University, and Master’s in Aviation Finance from Embry-Riddle Aeronautical University. She also holds an aviation finance and leasing certification under the ISTAT University program. Yiru speaks multiple languages including Chinese (both Mandarin and Cantonese), English, and Korean.
Yuanfei Zhao (Scott)
Senior aviation analyst
Scott joined Cirium in November 2018 as a client support executive, and moved to the consultancy team in July 2019 as an Aviation Analyst. Scott holds both a bachelor’s degree and a postgraduate diploma in aviation management from Massey University of New Zealand. Scott has six years of aviation experience with mainland China airlines, in the area of airline operational standards management, fleet planning and aircraft financing, with a primary focus on managing aircraft operating leases. Scott has project management experience in aircraft operating lease negotiation, lease extension, end of lease return and lease novation, along with a range of interactions with airlines, lessors, legal counsels and insurers in the industry.
Sabrina Ng
Senior Valuations Analyst
Sabrina joined Cirium Ascend Consultancy in May 2025, based in the Hong Kong office. Before stepping into this role, she worked with aircraft lessors in airline marketing, specializing in the APAC region. She brings a wealth of experience in aircraft leasing, financial modelling, and relationship management to the team.
Sabrina holds a BSc in Quantitative Finance from The University of Hong Kong. She speaks native Cantonese, fluent English and Mandarin, and is conversational in Japanese.
Sofia Zoidou
Senior Consultant
Sofia joined Cirium Ascend Consultancy in May 2025. She brings 17 years of financial structuring, credit and market research experience from previous roles in banking, maritime and reinsurance. Before joining Cirium, Sofia led the EMEA Transportation sector coverage for the in-house corporate research and advisory function of Japanese bank SMBC in London. She developed affinity with aviation whilst specialising in credit and market risk analysis for strategic new business projects and portfolio management. Sofia started her career in financial services in 2004 and holds an MSc in Accounting & Finance from the London School of Economics.
Daniel Clegg
Valuations Analyst
Daniel joined Cirium Ascend Consultancy from MUFG Bank after five years as an Aviation Portfolio Manager, notably managing the bank’s asset-based aviation exposure from the start of the global lockdowns resultant from the Covid 19 pandemic. Prior to this Daniel worked for the law firm Vedder Price LLP supporting lawyers in the Global Transportation Finance department.
Solayappan Ganesaan
Associate Valuations Analyst
Working out of Cirium’s London office, Ganesh brings a strong foundation in advanced analytics and a keen understanding of aviation market dynamics. He applies data-driven approaches to aircraft valuations and market intelligence, leveraging statistical modelling and industry insights to support decision-making.
Prior to joining Cirium, Ganesh worked at EXL, where he supported global clients in deploying analytical solutions across marketing and operations functions.
He holds a Master’s degree in Business Analytics from the University of Maryland and a Bachelor’s degree in Instrumentation and Control Engineering from NIT Trichy.