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The hidden rationale behind IAG’s potential bid for Norwegian

Ishka examines why IAG may be planning to take over a vulnerable Norwegian Air Shuttle. more

13/04/2018

in Airline Profiles , Ishka insights , Aircraft Finance Market

Improving Azul benefits from Brazilian recovery

Macroeconomic recovery in Brazil helped Azul to return to the black in 2017. But is Azul in a position to leverage the growth in the market? Ishka studies Azul’s strengths and weaknesses in this ‘Airline Credit Profile’. more

11/04/2018

in Airline Profiles , Ishka insights

Jet Airways struggles to reduce debt pile

The continued confidence of shareholder Etihad Airways, is crucial to the airline’s future. more

06/04/2018

in Airline Profiles

‘No interest in current Alitalia’ say bidders

Administrators say the airline languishes in a state of ‘objective economic impotence.’ more

26/03/2018

in Lessors and Lease Rates , Airline Profiles , Ishka insights

Have airline yields recovered for North American carriers?

Ishka studies passenger yields across major North American carriers over the past eight quarters. more

20/03/2018

in Airline Profiles , Ishka insights

Airline profile: Aeroflot looks set to be a world cup winner

All the indications suggest Aeroflot is set to enjoy robust revenues as the carrier leverages off the recovery in Russia. more

11/02/2018

in Airline Profiles , Ishka insights

Is the worst now over for Russian airlines?

Ishka studies whether the Russian carriers can look forward to a positive 2018. more

01/02/2018

in Airline Profiles , Home , Ishka insights

Another one bites the dust – a review of defunct airlines in 2017

In this Insight Ishka summarises the airlines that failed during 2017. more

25/01/2018

in Airline Profiles , Ishka insights

The new kids on the block – a review of start-up airlines in 2017

Ishka summarises the airlines that came to life in 2017. more

22/01/2018

in Airline Profiles , Ishka insights

US airlines celebrate tax cut with worker bonus and fleet orders

The tax cut should accelerate already high levels of fleet investment and soothe labour relations. more

12/01/2018

in Airline Profiles , Ishka insights

North American airlines’ liquidity and their near-term obligations

Ishka studies liquidity management of North American carriers in the context of their near-term obligations, and analyses how many of these airlines may fund their incoming fleet. more

11/01/2018

in Airline Profiles , Ishka insights

How do North American airlines compare to European carriers in terms of labour productivity?

Ishka studies the labour productivity among North American carriers. more

19/12/2017

in Airline Profiles , Home , Ishka insights

Japanese traffic growth bodes well for ANA

The following report is an excerpt from Ishka Vista, a new 2018 aviation finance market forecast, containing more than 100 pages of commentary and analysis. more

17/12/2017

in Airline Profiles , Ishka insights

How will LATAM face the growing threat of LCCs?

The following report is an excerpt from Ishka Vista, a new 2018 aviation finance market forecast, containing more than 100 pages of commentary and analysis. more

07/12/2017

in Airline Profiles , Ishka insights

Airline liquidity – the outliers

As a follow-up to a previously published Insight on airline liquidity, Ishka examines the airlines with the strongest and weakest liquidity positions. more

06/12/2017

in Airline Profiles , Home , Ishka insights

What next for airberlin’s leased fleet?

Ishka identifies the grounded aircraft formerly leased by airberlin as lessors seek to find them new homes. more

05/12/2017

in Lessors and Lease Rates , Airline Profiles , Ishka insights , Premium , Aircraft Finance Market

Is China Southern expanding too rapidly?

The following report is an excerpt from Ishka Vista, a new 2018 aviation finance market forecast, containing more than 100 pages of commentary and analysis. more

30/11/2017

in Airline Profiles , Home , Ishka insights

Global airline leverage levels improve by 7.5%

As part of a series of Insights looking at key financial metrics at a global level, in this week’s Insight Ishka studies the evolution of airline leverage levels between 2012 and 2016. more

29/11/2017

in Airline Profiles , Ishka insights

US airlines save billions under Trump tax changes

A proposed cap on corporate tax deductions for net interest expense is unlikely to have any effect on US airlines, but a 15% reduction in the top rate will be a boon for carriers. more

24/11/2017

in Airline Profiles , Ishka insights , Regulatory and Accounting , Premium , Aircraft Finance Market

Has airline liquidity improved over the past four years?

Ishka looks at global airline liquidity levels between 2012 and 2016 to understand whether the record profitability witnessed during 2015 and 2016 has had any impact. more

21/11/2017

in Airline Profiles , Home , Ishka insights

Big three US carriers aren’t paying any corporation tax

The big three US carriers have been able to offset recent record profits thanks to years of previous losses. more

15/11/2017

in Airline Profiles , News , Ishka insights , Regulatory and Accounting , Premium

Norwegian’s Q3 results prove doubters wrong

Low-cost carrier Norwegian Air Shuttle has posted surprisingly robust third quarter results. more

31/10/2017

in Airline Profiles , News , Ishka insights , Premium , Aircraft Finance Market

Lessors move quickly to seize Monarch’s leased fleet

Lessors have acted swiftly to repossess aircraft from Monarch Airlines which was taken into administration last week. more

13/10/2017

in Lessors and Lease Rates , Airline Profiles , Ishka insights , Premium

Lessors wait to hear from toppled Monarch

Monarch’s collapse means lessors are preparing to have to remarket its fleet of A321 aircraft. more

02/10/2017

in Lessors and Lease Rates , Airline Profiles , Ishka insights , Aircraft Finance Market

Are lessors too complacent about South African Airways?

As South African Airways narrowly avoids defaulting for the second time this year Ishka asks whether lessors are perhaps too complacent about the potential risks facing the airlines. more

26/09/2017

in Lessors and Lease Rates , Airline Profiles , Ishka insights , Aircraft Finance Market

Kenya Airways seeks 5-year waiver on $1.9 billion Afrexim loan

Ishka examines Kenya Airways’ breach of terms on its $1.9 billion syndicated loan arranged by the African Export-Import Bank to fund 20 aircraft and its effort to obtain a payment holiday and lease reductions. more

18/09/2017

in Airline Profiles , Ishka insights

Update: Alitalia will not restructure leases until after sale

An update to our previous Insight. Alitalia will not restructure any leases until it knows who the new owner will be. more

14/09/2017

in Airline Profiles , Ishka insights , Aircraft Finance Market

Lessors adopt ‘wait and see’ approach to Alitalia

Lessors who have aircraft placed with Alitalia, the Italian flag-carrier currently in administration, are waiting to see what will happen to the airline before making any commercial decisions. more

06/09/2017

in Airline Profiles , Ishka insights , Aircraft Finance Market

Update: the scramble for airberlin’s assets

Ishka reviews the fallout from airberlin’s insolvency as competitor airlines bid for assets. more

31/08/2017

in Airline Profiles , Ishka insights , Aircraft Finance Market

Is Norwegian’s low-cost long-haul model sustainable?

Ishka compares Norwegian Air Shuttle with a regional rival low-cost carrier, Wizz Air, to understand just how expensive Norwegian’s long-haul ambitions are proving to be. more

29/08/2017

in Airline Profiles , Ishka insights

Will Brexit force the UK to drop out of the European open skies deal?

In a special guest insight piece, RDC Aviation Economics’ Tim Coombs, looks at the impact of Brexit on airlines and airports. more

21/08/2017

in Airline Profiles , Regulatory and Accounting

Lessors ponder fall out from airberlin’s collapse

Ishka reviews how the German carrier’s recent insolvency could impact Airbus aircraft lease rates. more

17/08/2017

in Lessors and Lease Rates , Airline Profiles

What went wrong with Etihad’s equity alliance strategy?

Etihad made a net loss of $1.87 billion in 2016, due partly to losses stemming from its stake in other airlines. Ishka examines Etihad’s equity alliance strategy to understand the flaws in the Gulf carrier’s strategy. more

07/08/2017

in Airline Profiles , Ishka insights

fastjet’s rough road to recovery

Ishka re-examines whether fastjet’s new strategy is enough to save the low-cost carrier. more

18/07/2017

in Airline Profiles , Ishka insights

European Airlines’ labour efficiency in two charts

Ishka’s analysis highlights the gulf in labour productivity between many of the major European carriers. more

28/06/2017

in Airline Profiles , Ishka insights

What’s next for Qatar Airways?

Qatar Airways, the Middle East’s fastest expanding carrier, is set to be the airline worst affected by the ongoing crisis in the Gulf. Ishka looks at how the airline could respond. more

14/06/2017

in Airline Profiles , Ishka insights

Is the boom period over for the ME3 carriers?

In this Insight, Ishka looks at the key developments and challenges affecting the ME3 (Emirates, Etihad & Qatar Airways) carriers. more

11/06/2017

in Airline Profiles , Ishka insights

Jet fuel hike hits US Q1 earnings

Is this the beginning of the end for cheap fuel? According to IATA, global jet fuel prices are on average 10.3% higher than they were a year ago. Ishka looks at how this has affected the largest North American and European carriers in the first quarter of 2017. more

07/06/2017

in Airline Profiles , Ishka insights , Aircraft Finance Market

North American FSCs post marginally weaker results

After enjoying record profitability during the past three years, the North American Full-Service Carriers (FSCs) collectively posted marginally weaker results in full year 2016 mainly on account of revenue pressures. more

05/06/2017

in Airline Profiles , Ishka insights

airberlin: is European airline consolidation finally on the cards?

European airlines have consolidated much more slowly than airlines in the United States. Following the bankruptcy of Alitalia, airberlin’s ongoing restructuring programme could spur the market in to action more

01/06/2017

in Airline Profiles , Ishka insights

Could Emirates slide into the red?

Ishka looks at whether Emirates’ 80% fall in profitability in 2016/17 suggests a more worrying long-term trend. more

16/05/2017

in Airline Profiles , Home , Ishka insights

How sustainable is LATAM’s return to profitability?

LATAM Airlines posted its first annual net profit in six years in 2016. Ishka looks at whether this profit is on the back of improving operations and whether it is sustainable. more

03/04/2017

in Airline Profiles , Ishka insights

Indian carriers’ fleet debt strategies reviewed

Ishka reviews how Indian carriers intend to fund their incoming aircraft. The top five domestic carriers by market share: IndiGo, Jet Airways, SpiceJet, Air India and Go Air, have firm orders for 876 aircraft as of January, 2017 more

03/02/2017

in Airline Profiles , Ishka insights

LCC comparison – WestJet versus IndiGo

In many ways, Canada’s WestJet and India’s IndiGo are very similar. Both airlines earn close to $1.5 billion and also generate identical net profitability margins. However, digging deeper there are some key differences between the two airlines especially in terms of per unit data. Ishka explores these differences to assess how the two airlines have adapted to their respective, and very different, operating environments. more

27/01/2017

in Airline Profiles , Ishka insights

Can the low-cost long-haul model be profitable?

Low-cost airlines revolutionised the aviation industry in the last ten years, driving prices down and forcing incumbents to compete. Now carriers like Norwegian and Air Asia X have applied the same low-cost model to long-haul flights. The challenge now is to deliver sustainable profitability. more

26/01/2017

in Airline Profiles , Regulatory and Accounting , Investor Education , Aircraft Finance Market

SpiceJet poised for explosive growth

SpiceJet appears to be a bellwether for the health of the Indian aviation market which is on track to become the third largest in the world in 2017. Two years on from a near bankruptcy, the carrier turned a profit of $31 million in 1H 2017, and plans to exploit the boom in domestic Indian traffic with a $10 billion deal for 92 Boeing 737 MAX aircraft signed in January. more

17/01/2017

in Airline Profiles

Qatar converts A320neo order to A321neos

Qatar Airways will trade in its 80-aircraft order for A320neos for the A321neo after engine problems on the smaller jet prompted the airline to refuse delivery in 2015. The airline is also considering switching the power plant from the Pratt & Whitney GTF to the CFM LEAP engine. The company said it is closing in on completing the acquisition of a 49% stake in Meridiana. more

09/01/2017

in Aircraft Asset Profiles , Airline Profiles

Fastjet gets Solenta cash infusion

As part of the final stages of its stabilisation plan, South African LCC Fastjet is selling 28% of its shares to commercial aviation firm Solenta for $28.8 million. It will issue a 95.6-million share placement in exchange for a special purpose vehicle that will own the right to place three aircraft under wet leases and receive discounts on services provided to Solenta.   more

09/01/2017

in Airline Profiles

Swiss expecting 12 CSeries this year

After taking delivery of its fifth Bombardier CS 100 at the end of December, SWISS is expecting a further 12 in 2017, a mix of the CS100 and CS300. They are part of a 30-aircraft order for 20 CS100s and 10 CS300s although five of the CS100s have already been converted to CS300s. more

09/01/2017

in Airline Profiles

Austrian denies it will be merged under Eurowings

Reports circulating at the end of the year indicated Austrian will be restructured as an LCC under the Eurowings brand but executives denied the reports as groundless citing its position as an established premium brand more

09/01/2017

in Airline Profiles

Ishka Conference Highlights 

Ishka’s Investing in Aviation Finance: Europe conference returned to London on April 11th-12th 2018.  Watch the highlights and hear what our delegates had to say about the event 

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