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Ishka examines how Aeroflot's plan to agree insurance settlements could impact ongoing litigation from aircraft lessors. more
06/09/2024
in Lessors & Asset managers , Airline trends & analysis , Other
Japan’s two largest carriers JAL and ANA have reported strong financial performances in FY 2024, driven largely by the recovery of demand in the international segment. more
19/08/2024
Welcome to Ishka's Transaction Update, a report series looking at essential trends, recent deal flow and key announcements within aviation and aircraft leasing. more
12/08/2024
Phoenix Aviation Capital (PAC) has priced a debut $242 million lessor EETC, PAC 2024-1. more
09/08/2024
Lessors tracked by Ishka raised just over $1.4 billion in July. more
01/08/2024
Ishka summarises orders from Farnborough 2024. more
25/07/2024
in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines
Russian airlines are reportedly nearing new settlements with lessors over trapped aircraft, while Boeing is to plead guilty to criminal charges as part of a plea deal with the US DOJ. more
09/07/2024
in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines
Romanian flag carrier TAROM is set to leave Heathrow Airport in October after finding a buyer for its airport slots. In India, defunct LCC Go First has been permitted a final 60-day extension to complete the insolvency process, allowing additional time for investors to bid on the business. more
04/07/2024
This week Ishka turns its attention to the Middle East, and reviews 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. While demand remains elevated in the region, aggressive capacity deployment and new entrants in the market have put pressure on yields. That said, Emirates, Qatar Airways and Saudia continue to operate almost 40% of the region’s total capacity. more
28/06/2024
European regulators will uphold operational restrictions on Pakistan International Airlines until the implementation of "corrective measures" within the country's civil aviation authority. In Australia, Bonza appears to be heading towards liquidation following the firing of its employees and cancellation of all future services. more
13/06/2024
Latin America’s major carriers – Avianca, LATAM, and Aeroméxico - have all made strong recoveries since emerging from Chapter 11 restructuring. more
15/05/2024
Australian ULCC Bonza has suspended operations and entered administration following issues with cash flow and funding. In India, SpiceJet has had a fourth lessor open insolvency proceedings after the non-payment of $10 million in rental fees. more
10/05/2024
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. Others however, are unique to Latin America’s second largest economy. more
02/05/2024
Like South America, Central America has seen robust traffic recovery through 2023, with both low-cost and full-service carriers benefitting from the surge in demand. However, upcoming elections, regional instability, and capacity shortfalls may prove a challenge for future growth plans. more
15/04/2024
Supply chain constraints, high leasing fees, and limited access to new aircraft appear to be weighing on start-up carriers. Just 19 airlines launched operations in 2023, a significant drop compared to previous years. Notable newcomers to the market include Australia's Bonza, a relaunched Mexicana, and premium travel-focused BeOnd. more
12/04/2024
South African Airways is currently seeking a new strategic partner following the termination of its planned semi-privatisation deal with Takatso after three years of discussions. According to the South African government, the carrier currently has enough funds to keep operations running for up to 18 months. more
10/04/2024
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, including Viva Air and Ultra Air in Colombia and EQUAIR in Ecuador. more
07/04/2024
Like the rest of Europe, traffic recovery in the Nordic region 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. more
22/03/2024
Two years into Russia’s sanctions, Aeroflot Group [On Watch] is struggling to keep itself afloat as its limited international schedule and settlement payments begin to bite. more
15/03/2024
Canadian ULCC Lynx Air has become the first airline casualty of 2024, filing for bankruptcy on 22nd February after just two years of operations. In the United States, JetBlue and Spirit Airlines have officially announced the termination of their merger agreement amid regulatory hurdles. more
07/03/2024
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 remained under pressure. more
05/03/2024
SpiceJet [On Watch] has been denied further extensions on its outstanding debt payments to Credit Suisse and ordered by India’s Supreme Court to pay $1.25 million before March 15. more
22/02/2024
Ishka continunes its coverage of the Southeast Asian aviation market, and this week reviews developments in the Malaysian, the Philippines and Indonesian markets. more
19/02/2024
Ishka summarises the airlines that met their end in 2023, predominantly due to insolvency as well as those who could no longer operate flights due to their required licensing being lost or withdrawn. more
13/02/2024
Ishka reviews the Thai market. Thai Airways recorded a profit across the first three quarters of 2023 while Thai AirAsia saw revenues exceed pre-pandemic levels in both the second and third quarters. Nok Air’s recovery in 2023 has lagged that of the Thai domestic market. more
05/02/2024
Brazilian airline GOL Linhas Aéreas Inteligentes (GOL) voluntarily filed for Chapter 11 in the US Bankruptcy Court at the end of January in the Southern District of New York. The airline enters Chapter 11 with a financing commitment for $950 million in new debtor-in-possession financing more
01/02/2024
This week Ishka turns its 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. more
24/01/2024
Ethiopia will grant an undisclosed stake in its state-owned carrier in exchange for access to Somaliland’s coastline, both for commercial and military purposes. more
11/01/2024
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. more
05/01/2024
The deadline for submissions is the 15th of January. more
03/01/2024
in Lessors & Asset managers , Airline trends & analysis , Capital Markets , Aviation Banks and Lenders
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, which performed significantly better than their US peers in Q3 2023. more
12/12/2023
Turkish Airlines, Pegasus, and SunExpress reported robust demand in Q2 2023, translating to a profitable second quarter. more
18/09/2023
Ishka's Restructuring and Default List is a summary of in-court and out-of-court airline restructuring and default events that have occurred in or have continued into 2023. more
13/09/2023
With the exception of Allegiant, US LCCs have been unable to translate their strong topline growth to the bottom line. more
06/09/2023
Ishka research shows that 22 out of the 26 of the airline start-ups (84.6%) that began operations in 2022 are still flying at the start of September 2023. more
01/09/2023
in Aircraft values, Lease Rates & Returns , Airline trends & analysis
All three European airline groups have reported a good start to 2023 with robust demand continuing through the first half of 2023. more
14/08/2023
Unsecured bond issuance by airlines in Q2 2023 totalled $4.47 billion – the lowest second-quarter levels since Ishka’s analysis began in 2019. more
07/08/2023
Europe’s three largest low-cost carriers, Ryanair, Wizz Air, and easyJet, have all seen their passenger yields increase above pre-pandemic levels. more
24/07/2023
The Delhi High Court ruled on 5th July in favour of Go First’s lessors, allowing the companies access to the 30 disputed aircraft in order to perform inspections and maintenance. more
11/07/2023
Regional carriers are being especially impacted by the shortage of pilots in the US. more
10/07/2023
Ishka's capital market wrap-up is a summary of recent activity in aviation debt issuance. more
07/07/2023
in Lessors & Asset managers , Airline trends & analysis , Capital Markets
Ishka estimates that 32 airlines globally have repaid $54.44 billion of state aid debt out of the $98.53 billion total since 2020, including the repayment of loans and cancelling of remaining credit facilities. more
29/06/2023
Air traffic in Thailand has shown positive recovery in the first few months of 2023, as the situation improves in Southeast Asia following severe pandemic impacts over the past three years. more
27/06/2023
Ishka's summary of the 2023 Paris Air Show, where huge orders from Indian carriers were confirmed. more
22/06/2023
Ishka examines United’s recent EETC and compares how Chinese and Indian airlines differ in their use of widebodies for domestic routes. more
21/06/2023
Almost three years since filing for Chapter 11 restructuring, LATAM has reported its first quarterly result since completing its restructuring and exiting Chapter 11 in November 2022. more
12/06/2023
Go First aircraft are parked in Indian airports as lessors’ attempts to deregister their assets continue to be blocked by local authorities. more
06/06/2023
Ishka's market snapshot brings together key trends and figures in the aviation finance space. more
29/05/2023
in Lessors & Asset managers , Airline trends & analysis , ESG & Regulation , Capital Markets
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