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Stay connected with market changes and enjoy complimentary access to expert opinion and analysis from Ishka’s trusted team of analysts. Access Ishka View Extra reports covering two core categories:

• Airline Credit Profiles

• Transaction Economics (aircraft values, lease rates and transactions)

Plus: access ESG & Sustainable Aviation reports from March 2022 to Oct 2023. For the latest Sustainable Aviation Intelligence, visit Ishka SAVi | ishkaglobal.com/savi

Latest Report in Airline Credit Profiles

Ishka View Extra: Airlines Credit Profiles report

This week we turn our attention to the Middle East, and review the recent performance of some of the LCC’s serving the aviation market in the region, including flydubai, flynas, Air Arabia, Jazeera Airways and Salamair.

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Transaction Economics

17/05/2024

Ishka View Extra: Transaction Economics report

RISING DEMAND FOR SPARE ENGINES AMID MRO BOTTLENECKS … You don’t see many of these – large orders for spare engines. But AerCap, noting the strong demand environment for engines, has just done so. Aircraft don’t fly so well without them...

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Airline Credit Profiles

10/05/2024

Ishka View Extra: Airlines Credit Profiles report

This report focuses on Latin America’s major carriers – Avianca, LATAM and Aeroméxico. All have made strong recoveries since emerging from Chapter 11 restructuring but, as may already be anticipated based on recent Extras covering the Americas...

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Transaction Economics

03/05/2024

Ishka View Extra: Transaction Economics report

“SKY-HIGH” PRODUCTION CHALLENGES … The recent spate of orders for the COMAC C-919 have highlighted the challenge the Chinese OEM faces in terms of ramping up production to meet the required delivery schedules between now and 2031...

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Airline Credit Profiles

26/04/2024

Ishka View Extra: Airlines Credit Profiles report

Following on from Central America, attention focuses on Brazil. Some of the core themes are similar to the outlook for Brazilian carriers – namely robust current passenger demand hedged by regional volatility and country concerns.

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Transaction Economics

19/04/2024

Ishka View Extra: Transaction Economics report

AIRCRAFT SECONDARY MARKET STILL HOT … The shortage of new deliveries from the major OEMs continues to drive more interest in the secondary market. Not only are older, parked aircraft being brought out of retirement, but the placement of aircraft coming off lease has become much easier, such is the demand to cover for late or delayed deliveries of new equipment...

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Airline Credit Profiles

12/04/2024

Ishka View Extra: Airlines Credit Profiles report

In this week’s Airlines Extra, we review developments in Central America and in particular at ultra-low-cost carrier Volaris in Mexico and the full-service carrier, Copa Airlines in Panama. As pointed out in the previous extra, airlines from Latin America have benefitted from the robust recovery in traffic across the region and the Americas as a whole.

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Transaction Economics

05/04/2024

Ishka View Extra: Transaction Economics report

AIRCRAFT CAPACITY RESTRAINS CONTINUE … It’s a sign of the times – one airline has announced it will not be tearing down some used E190s as the market is strong enough to demand their continuing utility in service, while other entities are tearing down A380s and B787s...

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Airline Credit Profiles

2/04/2024

Ishka View Extra: Airlines Credit Profiles report

Latin America Review – passenger traffic across Latin American markets recovered strongly in 2023, driven largely by a full recovery in the domestic markets, nevertheless there were casualties along the way.

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Transaction Economics

22/03/2024

Ishka View Extra: Transaction Economics report

AVIATION’S RESILIENT RECOVERY … The president of Japan Airlines, Yuji Akasaka, recently noted that the airline believes it has completely come out of the negative effects of the pandemic, an observation that today probably applies to many if not most of the surviving airlines that had to endure the challenges of global travel restrictions...

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Airline Credit Profiles

15/3/2024

Ishka View Extra: Airlines Credit Profiles report

This week we review the key trends in aviation in the Nordic region. Like the rest of Europe, traffic recovery was robust and helped the major carriers to return to profitability in FY 2023 except SAS which is operating under Chapter 11 restructuring and remained in the red...

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Transaction Economics

08/03/2024

Ishka View Extra: Transaction Economics report

FLEET UPDATING WITH NEW ORDERS … American has been on another spending spree, adding more A321neos, B737 MAX and E175s in support of its fleet evolution, while other carriers have also upped their interest in the ‘LR’ and ‘XLR’ versions of the A321...

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Airline Credit Profiles

01/03/2024

Ishka View Extra: Airlines Credit Profiles report

Vietnam Aviation Market Review: Airline credit profiles remain under pressure despite robust revenue recovery. Passenger traffic and revenues recovered well in Vietnam in 2023 edging closer to pre-pandemic levels. However, the credit profiles of the country’s three main carriers...

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Transaction Economics

23/02/2024

Ishka View Extra: Transaction Economics report

CARGO DEMAND SOFTENING… The recent cargo market softening is having its repercussions on the large widebody market. Commitments and conversions are being re-assessed in the light of current demand falling short of near-term expectations...

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Airline Credit Profiles

16/02/2024

Ishka View Extra: Airlines Credit Profiles report

Southeast Asia Market Review: Traffic and revenues exhibit robust recovery, however unfavourable currency movements and high fuel prices offset some of the gains. Continuing on with the coverage of the Southeast Asian aviation market, this week we review developments in the Malaysian, the Philippines and Indonesian markets...

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Transaction Economics

12/02/2024

Ishka View Extra: Transaction Economics report

VALUES POSITIVE OUTLOOK 2024… It may be the Lunar New Year, but we still have the same capacity constraints and supply chain issues as last year. The OEMs have their plans covering the next few years’ production and with the current levels of demand, we can see which aircraft models will be the well sought after assets in the coming years...

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Airline Credit Profiles

02/02/2024

Ishka View Extra: Airlines Credit Profiles report

As part of our coverage of the Southeast Asian aviation market, we start with a review of the Thai market. While flag carrier Thai Airways recorded a profit across the first three quarters of 2023, Thai AirAsia saw revenues exceed pre-pandemic levels in both the second and third quarters...

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Transaction Economics

26/01/2024

Ishka View Extra: Transaction Economics report

It has been a week of mixed news for Boeing. While the manufacturer has delivered its first B737 MAX to China since 2019 (to China Southern, following clearance by the CAAC) and has received FAA clearance to return any grounded B737 MAX 9s to service once their inspections are completed...

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Airline Credit Profiles

19/01/2024

Ishka View Extra: Airlines Credit Profiles report

This week we turn our attention to the Turkish aviation market. The country’s largest airlines, Turkish Airlines, Pegasus and SunExpress have leveraged the strong leisure demand and traffic that was present during the summer quarter, reporting among the strongest top and bottom-line results in the industry in Q3 2023...

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Transaction Economics

15/01/2024

Ishka View Extra: Transaction Economics report

A BUMPY START TO THE YEAR… They were not the types of accidents you would want to see ever, never mind in the first ten days of a new year, but two have drawn attention to some of aviation’s more serious concerns. The loss of a JAL A350-900 through collision with a Japanese Coast Guard Dash 8-300 at Haneda Airport, tragically led to five fatalities out of six crew on the Dash 8...

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Airline Credit Profiles

04/01/2024

Ishka View Extra: Airlines Credit Profiles report

Happy New Year to all readers! We start the year by sharing our views and analysis on the European LCCs. Unlike the US LCCs, most of whom have had a relatively subdued and challenging 2023 as pointed out in recent Extras, the major European LCCs have enjoyed robust profits and cash flows.

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Transaction Economics

15/12/2023

Ishka View Extra: Transaction Economics report

The annual Ishka Vista forecast is being prepared for release in early January 2024. It turns out that last year’s predictions were pretty much on the money. Will we be able to do the same for next year? We take this opportunity to offer Seasons Greetings and...

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Airline Credit Profiles

08/12/2023

Ishka View Extra: Airlines Credit Profiles report

In the previous Extra, we highlighted how some of the major US airlines performed during the third quarter of 2023. This week, we do the same for the European airlines. The major European airlines performed significantly better than their US peers in Q3 2023.

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Transaction Economics

04/12/2023

Ishka View Extra: Transaction Economics report

FLEET REFRESHING CONTINUES… In the past weeks we see a significant shift towards fleet modernisation and efficiency. Airlines and leasing companies are increasingly favouring newer, more fuel-efficient aircraft models, such as the Airbus A320neo family aircraft, and...

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Airline Credit Profiles

24/11/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… This week we have summarised how the major North American airlines performed in Q3 2023. In what is historically the busiest quarter of the year for most airlines, many airlines struggled and fell into the red.

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Transaction Economics

20/11/2023

Ishka View Extra: Transaction Economics

DUBAI AIR SHOW HIGHLIGHTS ‘DELIVERY SLOT’ RACE… The extensive ‘orderfest’ that has spilled out of the Dubai Air Show continues the airline-led momentum towards a ‘delivery-slot grab’ – airlines are racing to secure access to new aircraft production slots, and where these are not available, they are turning to lessor orderbooks to fulfil...

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Airline Credit Profiles

10/11/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Airlines Extra, we review developments in the Australian commercial aviation sector. The market is dominated by Qantas and its subsidiaries, however the flag carrier now finds itself in the midst of a major public relations and governance crisis...

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Transaction Economics

03/11/2023

Ishka View Extra: Transaction Economics

IT'S ALWAYS DOWN TO SUPPLY AND DEMAND… Lease placements from lessor orderbooks, and sale and leasebacks of aircraft delivered to airlines, are happening at a brisk pace and in a competitive environment, with both lessors and airlines looking to find the right assets or the right homes, at a price that works...

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ESG and Sustainable Aviation

03/11/2023

Ishka View Extra: ESG and Sustainable Aviation report

The eleventh edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during September and October 2023. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Airline Credit Profiles

30/10/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… Continuing on from recent editions of the Airlines Extra which looked at the performance of China’s Big 3 and some Tier 2 carriers, this week we look at some of the other major Chinese airlines including subsidiaries of the Big 3 such as Air Macau, Shenzhen...

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Transaction Economics

23/10/2023

Ishka View Extra: Transaction Economics report

HIGHS AND LOWS IN PRODUCTIONS AND DELIVERIES… While they are in the process of being addressed, production and delivery issues with new build aircraft continue to dictate market activity. Some airlines are placing orders far in advance to ensure access to...

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Airline Credit Profiles

13/10/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS…Following on from the previous Ishka View Extra where we reviewed the air travel recovery in China in 2023 and took a closer look at the country’s three major airlines, in this week’s edition we review some of the smaller Tier 2 airlines from the market, Spring Airlines...

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Transaction Economics

06/10/2023

Ishka View Extra: Transaction Economics report

QUEING FOR AIRCRAFT ORDERS… It’s been a good time lately for aircraft orders, with Airbus, Boeing and COMAC on the receiving end of some hefty commitments. Of these, deliveries are as soon as 2024 and stretch into the early 2030s, showing that airlines are positioning to...

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Airline Credit Profiles

03/10/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… In this week’s Ishka View Extra, we review how air travel has recovered in China in 2023 so far following the easing of ‘zero-COVID’ earlier in the year and the impact on the three main Chinese airlines. While domestic travel has been quick to recover...

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Ishka View EXTRA
Transaction Economics

25/09/2023

Ishka View Extra: Transaction Economics report

AIRLINES SHIFT TO LEASING…? Indian airlines like IndiGo and Air India are setting up leasing arms in Gujarat International Finance Tec-City (GIFT City), indicating that airlines are recognising the value of financial flexibility and asset management in an increasingly competitive...

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Airline Credit Profiles

15/09/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… In this week’s Airlines Extra, we review how the major Turkish airlines - flag carrier Turkish Airlines, Pegasus and SunExpress, have performed in 2023 so far. All three carriers reported robust demand in Q2 2023, translating to a profitable second quarter.

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Transaction Economics

08/09/2023

Ishka View Extra: Transaction Economics report

A380 SURPRISE COMEBACK… With the restricted availability of aircraft, a surprise come back of A380 seems to be a theme among flag carriers. Airlines such as Emirates and Lufthansa are showing continued confidence in the aircraft, intending to operate it for longer...

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ESG and Sustainable Aviation

05/09/2023

Ishka View Extra: ESG and Sustainable Aviation report

The tenth edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during July and August 2023. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Airline Credit Profiles

01/09/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… In this week’s Airlines Extra, we continue our review of the US carriers, turning our attention to the LCCs. While the LCCs have continued to return capacity more aggressively and grow their revenues at a stronger pace than their full-service peers...

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Transaction Economics

30/08/2023

Ishka View Extra: Transaction Economics report

BOEING MAX MIXED FORTUNES… As airlines and lessors develop their fleets and portfolios, Boeing’s B737 MAX is receiving mixed messages. Dubai Aerospace Enterprise's (DAE) acquisition of almost the whole portfolio of B737 MAX aircraft ordered by China Aircraft Leasing Group...

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Airline Credit Profiles

18/08/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… In this week’s Airlines Extra, we cover the US aviation market where airlines have reported strong Q2 2023 results. It is not just the robust travel demand that has driven the strong results, all airlines also benefitted from a reduction in fuel costs during the quarter...

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Transaction Economics

16/08/2023

Ishka View Extra: Transaction Economics report

SECONDARY MARKET MOVES UP A GEAR… lessors are selling assets at above book value, a sign of strong demand and an investor landscape that is prepared to pay a premium to build out portfolios. It is an active secondary market, with a shift in transaction volumes compared to the last few years.

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Airline Credit Profiles

04/08/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… In this week’s Airlines Extra, we turn our attention to Europe’s three major airline groups, Air France-KLM, IAG and the Lufthansa Group. All three recorded a profit in H1 2023 after reporting strong second quarter results. IAG led the recovery...

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Transaction Economics

31/07/2023

Ishka View Extra: Transaction Economics report

CAN WE BUILT IT? IN TIME….Between them, Airbus and Boeing have a commercial backlog of over 12,700 aircraft orders, and with orders still coming in weekly as airlines secure delivery positions into the late 2020s and beyond, both OEMs are aware of the need to up their production...

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Airline Credit Profiles

24/07/2023

Ishka View Extra: Airlines Credit Profiles report

KEY TAKEAWAYS… This week in the Airlines Extra, we turn our attention to the European aviation market. To begin with, the three major LCCs: Ryanair, Wizz Air and easyJet. While Ryanair returned to profitability in FY 2023 (ending March 2023) Wizz Air remained deep in the red...

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Transaction Economics

14/07/2023

Ishka View Extra: Transaction Economics report

PASSENGERS MAY BE BACK BUT CARGO TRAFFIC CONTINUES TO SOFTEN… As passenger air travel numbers approach pre-pandemic levels, air freight traffic seems to be showing a softening trend. Notably, Amazon is curtailing some of its air freight operations after years...

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Airline Credit Profiles

07/07/2023

Ishka View Extra: Airlines Credit Profiles report

This week we review the performance of two of the largest regional carriers in the US, SkyWest and Republic Airways. Both airlines have generally performed better, financially, than the mainline US carriers during the pandemic, largely due to their unique business models, which provide...

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Ishka View EXTRA
ESG and Sustainable Aviation

12/07/2023

Ishka View Extra: ESG and Sustainable Aviation report

The ninth edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during May and June 2023. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Transaction Economics

30/06/2023

Ishka View Extra: Transaction Economics report

PARIS AIR SHOW REVEALS… Ishka reports on the aircraft orders announced at the Paris Air Show in this week’s Ishka View Extra: Transactions report. However, we did note the limited extent of ‘net new’ orders – excluding IndiGo, Flynas, Akasa and a handful of other small orders...

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Airline Credit Profiles

23/06/2023

Ishka View Extra: Airlines Credit Profiles report

This week we review select airlines from Thailand in the Ishka View Extra. As is now well-reported, Southeast Asian airlines have been severely affected by the pandemic over the past three years. But the situation is improving and air traffic in Thailand has shown positive recovery in the...

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Ishka View EXTRA
Transaction Economics

19/06/2023

Ishka View Extra: Transaction Economics report

THE SHAPE OF THINGS TO COME…three major observations from this past week provide an indication of the shape and speed of change in our industry, based on forthcoming technological developments. Firstly, Tecnam have postponed their all-electric P-Volt aircraft...

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Airline Credit Profiles

09/06/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we take a closer look at the Q1 2023 performance of two of Latin America’s largest operators, LATAM and Avianca. While the former only emerged from Chapter 11 in late 2022, two and a half years after...

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Ishka View EXTRA
Transaction Economics

05/06/2023

Ishka View Extra: Transaction Economics report

EXPECTATIONS FOR PARIS AIR SHOW ORDERS… are high. As described later in this bulletin, hundreds, perhaps over a thousand orders and commitments could be revealed as airlines position themselves for market growth and fleet replacement in the 2025-2030 timeframe...

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Ishka View EXTRA
Airline Credit Profiles

26/05/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to the Latin American market and take a closer look at Mexican carriers, Volaris, Viva Aerobus and Aeroméxico as well as Panama’s Copa Airlines, a major carrier serving the Central America region and operating a hub...

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Ishka View EXTRA
Transaction Economics

22/05/2023

Ishka View Extra: Transaction Economics report

This is the 100th Edition of the Ishka View Extra: Transaction Economics (TE Extra). Little did we appreciate in those uncertain days when the TE Extra was launched in March/April 2020, that the aviation market would require the kind of re-boot that has happened since mid-2021.

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Ishka View EXTRA
Airline Credit Profiles

12/05/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we continue our coverage on the Southeast Asian market and turn our attention to the Philippines. After several years of disruption, Southeast Asia has experienced a robust recovery in air traffic in recent months...

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Ishka View EXTRA
Transaction Economics

09/05/2023

Ishka View Extra: Transaction Economics report

ATTENTION RETURNS TO ENGINE MANUFACTURERS….the spotlight lately has been shining on the engine manufacturers that are facing challenges in supporting both new aircraft production rates and existing airline operations...

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Ishka View EXTRA
ESG and Sustainable Aviation

05/05/2023

Ishka View Extra: ESG and Sustainable Aviation report

The eighth edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during March and April 2023. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Airline Credit Profiles

27/04/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to Vietnam. After several years of disruption, the Southeast Asian market has experienced a robust recovery in air traffic in recent months with Vietnam leading the way. But the earlier disruption has resulted in sizeable losses...

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Ishka View EXTRA
Transaction Economics

21/04/2023

Ishka View Extra: Transaction Economics report

Supply chain constraints are increasingly likely to roll over into 2024 if not beyond, which is evident from the current and forecast aircraft production and delivery profiles for the major OEMs. The current growth in traffic globally, and the market rebound in Asia is therefore...

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Ishka View EXTRA
Airline Credit Profiles

14/04/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to airlines in Australia and New Zealand. The Australian and New Zealand aviation market has seen robust recovery since mid-2022 with airlines reporting a robus set of results...

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Ishka View EXTRA
Transaction Economics

06/04/2023

Ishka View Extra: Transaction Economics report

CHINA IS (ALMOST) BACK… China’s ‘big 3’ airlines are expected to accelerate deliveries while also bringing back the B737 MAX. With more than 100 deliveries expected in 2023-2025 timeframe from each of Airbus and Boeing, the OEMs have more...

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Ishka View EXTRA
Airline Credit Profiles

31/03/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we continue with our coverage of the US carriers, turning our attention to Alaska Air Group (AAG), Hawaiian, Southwest and JetBlue. While AAG and Southwest managed to return to profitability in full year 2022...

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Transaction Economics

27/03/2023

Ishka View Extra: Transaction Economics report

THE WET-LEASE IS TRENDING THIS SEASON… With delivery delays compounding a traffic rebound in most parts of the globe, airlines are seeking to ensure capacity is available. With the summer season approaching we see new trends emerging...

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Airline Credit Profiles

20/03/2023

Ishka View Extra: Airlines Credit Profiles report

This week in Ishka View Extra, we turn our attention to the US and take a look at the country’s three mainline carriers, Delta, American and United and review their performance for the full year 2022 and Q4 2022. All three airlines returned to...

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Ishka View EXTRA
Transaction Economics

10/03/2023

Ishka View Extra: Transaction Economics report

FIRST COMMERCIAL 787S TO BE DISMANTLED…Only ten years old but potentially more valuable today as a source of parts. Such is the fate of a couple of B787-8s. Meanwhile, financiers and lawyers confide they are preparing for a busy April and May 2023...

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ESG and Sustainable Aviation

08/03/2023

Ishka View Extra: ESG and Sustainable Aviation report

The seventh edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during January and February 2023. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Airline Credit Profiles

03/03/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to Canada. The domestic market has seen an influx of several new airlines, mostly LCCs, over the past few years. We take a look at how the country’s well-established airlines are positioned...

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Ishka View EXTRA
Transaction Economics

24/02/2023

Ishka View Extra: Transaction Economics report

THE RECOVERY MEETS CAPACITY CONSTRAINTS… India’s traffic may only just be returning to 2019 capacity levels, but the airlines there have got a very positive outlook judging by the recent orders and commitments made or in discussion.

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Airline Credit Profiles

17/02/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we continue to analyse developments among the Chinese carriers, concurrently turning our attention to airlines in Japan and their third quarter results. While Chinese airlines are demonstrating a positive recovery momentum...

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Ishka View EXTRA
Transaction Economics

10/02/2023

Ishka View Extra: Transaction Economics report

PRODUCTION AND DELIVERIES… This week, it’s all about the metal. One OEM, Boeing is spooling up production and making headway by adding a fourth assembly line for the B737 MAX. Having won orders in recent months, the challenge is to deliver on time...

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Airline Credit Profiles

06/02/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to airlines in China and Hong Kong. With China finally easing its zero-Covid policy, domestic airlines in China have begun building capacity close to pre-Covid levels. However, with travel restricted...

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Ishka View EXTRA
Transaction Economics

30/01/2023

Ishka View Extra: Transaction Economics report

NEW YEAR EXPECTATIONS HIGH… – A New Year brings with it new developments. One important development announced last week has been the NASA led initiative for Boeing to work on the development and test-flying of a "full-scale Transonic Truss-Braced Wing (TTBW)...

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Airline Credit Profiles

20/01/2023

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we review the performance of South Korean airlines in 2022. With passenger traffic gradually building recovery momentum, the air cargo market, which was a saving grace for Korean Air and Asiana, seems to have come under pressure...

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Ishka View EXTRA
Transaction Economics

16/01/2023

Ishka View Extra: Transaction Economics report

NEW YEAR, OLD FRIENDS, NEW FACES – The A380 and B737 MAX are making return appearances this year, with Emirates already scaling up their A380 operational fleet to over 80 aircraft, while China Southern has finally performed passenger flights with the B737 MAX again...

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Airline Credit Profiles

06/01/2023

Ishka View Extra: Airlines Credit Profiles report

Wishing a very Happy New Year to all readers! As we end 2022 and begin 2023, the biggest developments are being driven by China. After three years of severely restricted travel regulations, most of the COVID-related travel restrictions in the country...

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Ishka View EXTRA
ESG and Sustainable Aviation

January 2023

Ishka View Extra: ESG and Sustainable Aviation report

The sixth edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during November and December 2022. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF...

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Ishka View EXTRA
Transaction Economics

19/12/2022

Ishka View Extra: Transaction Economics report

FAREWELL TO ONE, HELLO TO ANOTHER – as reported later in this issue, the last B747 to be built has been rolled out of the Boeing factory, a B747-8F freighter, which is expected to deliver early in 2023, marking the end of a successful and ground breaking aircraft programme...

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Airline Credit Profiles

08/12/2022

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to the major European LCCs - Ryanair, Wizz Air, easyJet and Jet2, and review their performance during the September 2022 quarter. Like their full-service peers, all have reported a solid quarter, despite disruptions...

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Ishka View EXTRA
Transaction Economics

05/12/2022

Ishka View Extra: Transaction Economics report

END OF YEAR TRADES – a number of portfolio movements are occurring between established players before 2022 comes to an end, with Aergo acquiring Seraph and its portfolio, DAE completing the acquisition of a SKY fund and its portfolio and Macquarie AirFinance...

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Airline Credit Profiles

28/11/2022

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we review the Chinese Big 3 airline performance this year and how the ongoing losses have impacted their balance sheets and their prospects in the near term. Unlike most other jurisdictions, China continues to adopt a relatively strict approach...

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Ishka View EXTRA
Transaction Economics

21/11/2022

Ishka View Extra: Transaction Economics report

NEW AIRCRAFT PRODUCTION TRAILS AIR TRAFFIC RECOVERY… While some airlines are bringing mothballed aircraft back into service, and others are retrofitting whole fleets to extend their lives and to keep their cabins relevant for today’s markets, another group of airlines...

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Ishka View EXTRA
Airline Credit Profiles

14/11/2022

Ishka View Extra: Airlines Credit Profiles report

This week we review the performance of the three major European airline groups, Lufthansa Group, Air France-KLM and IAG. All reported healthy profits in Q3 2022 thanks to strong demand. Higher airfares offset higher operating expenses including high fuel prices, as well as...

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Transaction Economics

07/11/2022

Ishka View Extra: Transaction Economics report

AIR CARGO MARKET – SOFTENING?… Air cargo volumes declined 5% year on year (y/o/y) in September and 8% y/o/y in October, making it eight consecutive months of decline, based on weekly market data as reported by Air Cargo News...

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ESG and Sustainable Aviation

November 2022

Ishka View Extra: ESG and Sustainable Aviation report

The fifth edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during September and October 2022. The ESG Extra delivers the Ishka View on developments including regulation, sustainable finance, and SAF.

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Airline Credit Profiles

28/10/2022

Ishka View Extra: Airlines Credit Profiles report

We continue with our coverage on airlines from Southeast Asia in this week’s Ishka View Extra. In the previous issue, we highlighted how the operating environment for airlines in Thailand, Malaysia, and Vietnam has rebounded positively in 2022 as COVID-related travel restrictions...

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Transaction Economics

24/10/2022

Ishka View Extra: Transaction Economics report

MOMENTUM CONTINUES WITH CARGO AIRCRAFT FLEET GROWTH…The section that writes itself in the TE Extra – Situation report continues to be the ‘Cargo Corner’. Airlines and lessors are continuing to ramp up and position themselves for cargo operations...

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Airline Credit Profiles

17/10/2022

Ishka View Extra: Airlines Credit Profiles report

In this week’s Airline Situation Report, we provide an update on certain airlines from Southeast Asia. The operating environment for airlines in Southeast Asia has rebounded positively in 2022 with most countries now free of any travel restrictions for fully vaccinated tourists...

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Transaction Economics

03/10/2022

Ishka View Extra: Transaction Economics report

AND THEN THERE WERE THREE?... After years of Airbus and Boeing competing mainly with each other in the mainstream narrowbody space, COMAC is a step nearer to joining in the game, having achieved CAAC type certification for its narrowbody C919...

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Airline Credit Profiles

26/09/2022

Ishka View Extra: Airlines Credit Profiles report

This week we review the FY22 performance of select airlines from Australia and New Zealand. With the two countries maintaining strict border controls for most of the pandemic, international travel to and from the region has been severely curtailed since the COVID-19 pandemic...

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Transaction Economics

19/09/2022

Ishka View Extra: Transaction Economics report

IS THE THREAT OF A GLOBAL RECESSION IMPACTING CARGO DEMAND?... A global recession will eventually dampen passenger demand and have an impact on travel. The cargo market tends to feel it first however, in its metrics, and we are seeing the implications of this...

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Airline Credit Profiles

12/09/2022

Ishka View Extra: Airline Credit Profiles report

KEY TAKEAWAYS… In this week’s airline situation report, we review the H1 2022 performance of select Latin American airlines. Overall, it was a mixed picture - most airlines reported strong topline figures but relatively weak results at operating and net levels, mainly owing to...

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Transaction Economics

05/09/2022

Ishka View Extra: Transaction Economics report

RUSSIA RESHAPING THE GLOBAL FLEET… There has been a hard-hitting observation from Aeroflot, who are committing to a fleet renewal programme using domestically produced aircraft, that Boeing and Airbus aircraft “are unlikely to ever be delivered to Russia again”...

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ESG and Sustainable Aviation

September 2022

Ishka View Extra: ESG and Sustainable Aviation report

This September 2022 issue covers developments during July and August 2022, except for announcements during the 2022 Farnborough Airshow. For those announcements, see the Farnborough Airshow special edition of this series published in early August 2022...

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Airline Credit Profiles

29/08/2022

Ishka View Extra: Airline Credit Profiles report

In this week’s ACP Extra, we examine the recent quarter performance of the US ultra-low-cost carriers - Spirit, Frontier, Allegiant and Sun Country. All four airlines, like the other US carriers, were profitable at an EBITDAR level during the second quarter of 2022, but Allegiant and...

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Transaction Economics

22/08/2022

Ishka View Extra: Transactions Economics report

AIRCRAFT AVAILABILITY TIGHTENING AS TRAFFIC LEVELS GROW… The summer season continues to deliver positive signs, with traffic bouncing back from the worst effects of the pandemic, and with airlines being in a better place regarding revenues and cashflow...

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Airline Credit Profiles

15/08/2022

Ishka View Extra: Airline Credit Profiles report

Following on from our review of the three largest US full-service carriers - Delta, American and United - in July, this week we review the Q2 2022 performance of the country’s other mainline carriers, Alaska Airlines and Hawaiian, along with LCCs Southwest and JetBlue...

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Transaction Economics

08/08/2022

Ishka View Extra: Transaction Economics report

B787 DELIVERIES RESUME... The US FAA has now approved the resumption of deliveries of the B787. After the long production pause, deliveries will help some airlines address their capacity shortage issues. Boeing seems to be making progress, the Farnborough show...

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ESG and Sustainable Aviation

04/08/2022

Ishka View Extra: ESG and Sustainable Aviation report

This is a special edition in Ishka’s ESG Extra supplement series dedicated to 2022 Farnborough Airshow sustainability announcements. It delivers ‘The Ishka View’ on aviation` Environmental, Social, Governance (ESG) and other Sustainability developments...

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Airline Credit Profiles

01/08/2022

Ishka View Extra: Airlines Credit Profiles report

Recent months have seen increasing flight disruptions across Europe driven by labour shortages across many parts of the industry, including airline cabin crew, security, and ground handling staff at airports. Airlines and airports, having reduced headcount heavily...

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Transaction Economics

25/07/2022

Ishka View Extra: Transaction Economics report

FARNBOROUGH: THE HEAT IS ON… and not just in weather terms. Farnborough delivered a welcome update on developments in the aviation sector. The traditional Airbus v Boeing order battle was relatively muted, we also saw first-hand some of the potential eVTOL and...

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Airline Credit Profiles

18/07/2022

Ishka View Extra: Airlines Credit Profiles report

The three major full-service carriers in the US, Delta, United and American, have all generated profits in the second quarter of 2022 despite ongoing operational challenges emanating from labour shortages, airport disruptions and inflation...

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Transaction Economics

11/07/2022

Ishka View Extra: Transaction Economics report

BACK TO THE FUTURE... It’s the Farnborough Air Show, week commencing July 18th, and the first chance in a long while for many of us in the industry to get acquainted again with the latest developments and technologies that will make the travel experience safer, greener...

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Airline Credit Profiles

04/07/2022

Ishka View Extra: Airlines Credit Profiles report

This week we review some of the key combination carriers in Asia Pacific. Passenger traffic has been virtually non-existent in many parts of Asia Pacific for most of 2021, however the combination carriers with their large and well-established cargo units have been able to successfully...

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Transaction Economics

27/06/2022

Ishka View Extra: Transaction Economics report

CHINA MAKES ITS MOVE…the country’s major airlines have committee to nearly 300 more A320neo family aircraft in a move that indicates that Chinese markets are preparing for an improvement in the operating environment...

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Airline Credit Profiles

20/06/2022

Ishka View Extra: Airlines Credit Profiles report

This week we turn our attention to the Middle East and review two of the region’s largest carriers, Emirates and Qatar Airways, both of whom have seen a meaningful and positive turnaround in their financial positions. We also review Royal Jordanian and its recovery so far and...

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Transaction Economics

13/06/2022

Ishka View Extra: Transaction Economics report

AIRCRAFT INNOVATION IN THE SPOTLIGHT – As we approach the first physical Farnborough Air Show for four years, attention is switching to the metal - the OEMs and their products, and not just to new variants of existing models but to new, innovative and forward looking...

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Airline Credit Profiles

06/06/2022

Ishka View Extra: Airlines Credit Profiles report

In continuation of the theme of the previous Situation Report on the Southeast Asian market, this week we take a closer look at Thai Airways and AirAsia Group, both in the process of substantially restructuring their businesses. The extent of disruption in the region...

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Transaction Economics

30/05/2022

Ishka View Extra: Transaction Economics report

WET LEASE MARKET PROVING VERY HOT THIS SUMMER – demand for air traffic has picked up for most holiday destinations this summer as travellers await their escapes. However, many airlines seem to be facing aircraft and staff shortage problems...

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Airline Credit Profiles

23/05/2022

Ishka View Extra: Airlines Credit Profiles report

Following on from the previous Airlines Situation Report which covered the Chinese aviation market, this week we turn our attention to the Southeast Asian region. This region’s airlines have been among the worst affected by the pandemic, with limited air travel recovery...

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ESG and Sustainable Aviation

20/05/2022

Ishka View Extra: ESG and Sustainable Aviation report

The reports by the Transport Committee, the Department for Business, Energy and Industrial Strategy (BEIS)- backed ATI, and the positive conclusion of the UK SAF mandate consultation foreshadow an active remainder of the year for UK legislation tackling the decarbonisation of aviation...

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Airline Credit Profiles

9/5/2022

Ishka View Extra: Airlines Credit Profiles report

This week we turn our attention to airlines in China and Hong Kong. Unlike other regions, airline operations in Asia Pacific and China were more disrupted in 2021 (especially in the second half) than in 2020 and as result losses remained sizeable in 2021...

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Airline Credit Profiles

25/4/2022

Ishka View Extra: Airlines Credit Profiles report

Following on from the previous edition of our Airline Situation Report, this week we review the performance of the main airlines serving the southern part of the Latin American region, including the major aviation markets in Brazil and Chile....

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Airline Credit Profiles

17/03/2022

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to the US and take a look at the country’s three mainline carriers, Delta, American and United and review their performance for the full year 2022...

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Airline Credit Profiles

17/03/2022

Ishka View Extra: Airlines Credit Profiles report

In this week’s Ishka View Extra, we turn our attention to the US and take a look at the country’s three mainline carriers, Delta, American and United and review their performance for the full year 2022...

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Ishka View EXTRA
ESG and Sustainable Aviation

03/07/2022

Ishka View Extra: ESG and Sustainable Aviation report

The decision by the Dutch government will have a big impact on operations to, and from, Amsterdam Schiphol Airport, one of Europe’s largest international hubs. According to IATA, the airport has already handled 280,000 movements in 2022, putting it on track to...

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