Ishka insights: indispensable aviation data, analysis and opinion
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Restructuring Watch: Flybe fails (again)

UK regional airline Flybe collapsed into administration on 28th January, nearly three years after it first entered administration in March 2020 and less than a year on from its relaunch in April 2022. more

31/01/2023

in Airline trends & analysis

On Watch: Jet Airways takeover appealed, Indian carriers’ engine woes continue

An appeal has been launched against yet-to-relaunch Indian carrier Jet Airways’ proposed ownership transfer to the Jalan-Kalrock Consortium, which had previously been given the go-ahead in 2021. more

26/01/2023

in Airline trends & analysis

South Korean passenger traffic improves, China reopens borders

Ishka reviews the performance of South Korean airlines in 2022, including Korean Air and Asiana, and their recovery from the impact of the pandemic. more

23/01/2023

in Airline trends & analysis

The (still short) list of airline failures in 2022

Ishka summarises the airlines that met their end in 2022, predominantly due to insolvency as well as those who could no longer operate flights due to their required licensing being lost or withdrawn. more

20/01/2023

in Airline trends & analysis

Airlines repay $13bn of pandemic state aid

24 airlines tracked by Ishka have repaid $13.15 billion in Covid-19 related state aid as of 11th January 2023. more

11/01/2023

in Airline trends & analysis

Turkish carriers post strong performances despite weakened Lira, China begins to ease travel restrictions  

Ishka reviews the performances of airlines in Turkey, where despite adverse Turkish currency movements Turkish Airlines, Pegasus, and SunExpress posted strong Q3 results. more

09/01/2023

in Airline trends & analysis

Airline bonds Q4 2022: End of year rise after muted year

Unsecured debt issuances by airlines jumped to $16.155 billion in Q4 2022, exceeding every other quarter in the year and gaining nearly 36% on Q4 2021. more

06/01/2023

in Airline trends & analysis , Capital Markets

European LCCs report solid Q3, but inflationary and currency pressures remain

Ishka takes a look at the major European LCCs - Ryanair, Wizz Air, easyJet and Jet2, and reviews their performance during the September 2022 quarter. more

12/12/2022

in Airline trends & analysis

On Watch: SpiceJet looks to renegotiate contracts amid losses, Finnair cuts jobs

Indian carrier SpiceJet has continued to post negative financial results, recording a loss of RS 8.38 billion ($102 million) for Q3 2022. more

07/12/2022

in Airline trends & analysis

Continuing Covid restrictions exacerbate ongoing losses for ‘Big 3’ Chinese Airlines

The ‘Big 3’ Chinese airlines – China Southern, Air China, and China Eastern – have continued to report heavy losses during the third quarter following substantial losses in the first and second quarters of 2022. more

28/11/2022

in Airline trends & analysis

Unsecured debt data sheet: Q4 QTD airline bond issuances

Unsecured bond issuances by airlines rose dramatically in the first half of Q4 2022, already exceeding the combined total of Q2 and Q3 2023. more

25/11/2022

in Airline trends & analysis , Capital Markets

New airline state aid remains low, Air France-KLM repays $1bn of state support

Ishka estimates that as of 22nd November 2022 governments have introduced $212.7 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $223.02 billion. more

22/11/2022

in Airline trends & analysis

Jet Airways’ costs mount ahead of relaunch, LATAM passes Chapter 11 finish line

Indian carrier Jet Airways has met with additional problems, including a court order increasing the monetary amount of claims against it, hindering the airline’s return to service. more

18/11/2022

in Airline trends & analysis

Major European airline groups benefit from strong demand

The three major European airline groups, Lufthansa Group (LH), Air France-KLM, and IAG, all reported healthy profits in Q3 2022 thanks to strong demand. more

14/11/2022

in Airline trends & analysis

Cebu and PAL show signs of recovery as Philippine traffic improves

Ishka examines the recovery of airlines in the Philippines - including Cebu Pacific and Philippine Airlines. more

31/10/2022

in Airline trends & analysis

LATAM sets date to emerge from two-year Chapter 11, airlines warn of 'tough winter' ahead

LATAM states it will finally exit Chapter 11 bankruptcy on 3rd November, meaning it will have spent 892 days in the process. more

19/10/2022

in Airline trends & analysis

Airline state aid picks up with $570m granted over past six weeks

Ishka estimates that as of 18th October 2022 governments have introduced $212.69 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $222.87 billion. more

18/10/2022

in Airline trends & analysis

Higher costs for Southeast Asian airlines threaten operating improvements

The operating environment for airlines in Southeast Asia has rebounded positively in 2022, although headwinds persist in the form of record high fuel prices and unfavourable currency movements. more

17/10/2022

in Airline trends & analysis

Airline bonds Q3 2022: Slowdown continues with new record-low quarter

Unsecured bond issuances by airlines slowed for the second consecutive quarter in Q3 2022, as issuances both inside and outside of China dropped further from what were already record-low levels since 2019. more

06/10/2022

in Airline trends & analysis , Capital Markets

Pandemic restrictions cause FY 2022 losses for Australasian carriers

Ishka reviews the FY22 performance of select airlines from Australia and New Zealand, together a region which saw some of the longest and most severe pandemic restrictions. more

03/10/2022

in Airline trends & analysis

Finnair announces fleet reduction, SAS secures DIP financing approval

Finnair has announced its intention to reduce its fleet as part of a strategy to reduce costs. more

28/09/2022

in Airline trends & analysis

Inflationary pressures and currency movements dampen Latin American airlines’ recovery

Ishka reviews the H1 2022 performance of select Latin American airlines. more

19/09/2022

in Airline trends & analysis

SAS looks to slash its fleet, aha! enters Chapter 11

US regional airline aha! Has ceased operations, after its parent company ExpressJet filed for Chapter 11 bankruptcy on 23rd August. more

07/09/2022

in Airline trends & analysis

Airline state aid wanes with single confirmed package over last month

Ishka estimates that as of 6th September 2022 governments have introduced $212.12 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $222.65 billion. more

06/09/2022

in Airline trends & analysis

US LCCs boost revenue growth over 2019 levels

Ishka examines the recent quarter performance of the US ultra-low-cost carriers - Spirit, Frontier, Allegiant, and Sun Country. more

05/09/2022

in Airline trends & analysis

Alaska, Southwest, and JetBlue exceed pre-pandemic Q2 revenues

Ishka reviews Alaska Airlines and Hawaiian, along with LCCs Southwest and JetBlue. more

22/08/2022

in Airline trends & analysis

Air Transat secures final loan, Hainan Airlines seeks emergency support

Ishka estimates that as of 11th August 2022 governments have introduced $212.11 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $223.11 billion. more

11/08/2022

in Airline trends & analysis

Lessors move to deregister SpiceJet Aircraft, ALC confident on SAS narrowbodies

India’s Directorate General of Civil Aviation (DGCA) has been asked by two separate leasing firms to deregister four Boeing 737-800s operated by SpiceJet. more

09/08/2022

in Airline trends & analysis

Flight cancellations disrupt European LCCs’ recovery

Ishka reviews the effect of flight disruptions on the credit profiles of Ryanair, easyJet, Wizz Air, and Jet2. more

08/08/2022

in Airline trends & analysis

Major US carriers post Q2 profits

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 more

26/07/2022

in Airline trends & analysis

SAS strike ends, Thai Airways submits revised restructuring plan to court

SAS and SAS Scandinavia pilots’ unions have agreed on new 5.5-year collective bargaining agreements, which will see SAS resume flights “as soon as possible.” more

22/07/2022

in Airline trends & analysis

Airline bonds Q2 2022: Record-low issuances amid summer travel chaos

Airline unsecured bond issuances slowed down further during the second quarter of the year to $4.87 billion, of which only $751 million was issued outside of China. more

15/07/2022

in Airline trends & analysis , Capital Markets

Freight business softens Covid blow for Asia Pacific carriers

Ishka reviews some of the key combination carriers in Asia Pacific, where in parts passenger traffic has been virtually non-existent most of 2021. more

12/07/2022

in Airline trends & analysis

Pilot strike pushes SAS to file for Chapter 11 bankruptcy

Scandinavian Airlines (SAS) has filed for Chapter 11 bankruptcy in the United States, citing multiple factors including the impact of Covid-19. more

06/07/2022

in Airline trends & analysis

EC approves SATA’s restructuring aid, Chinese airlines allocated support

Ishka estimates that as of 5th July 2022 governments have introduced $211.89 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $220.66 billion. more

05/07/2022

in Airline trends & analysis

15-year-old aircraft values, PIF launches AviLease, Chinese airlines commit to large A320 family orders

This is the 78th in a series of supplements to Ishka’s ‘Transaction Economics’ service which delivers ‘the Ishka View’ on events that have a bearing on aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

04/07/2022

in Aircraft values, Lease Rates & Returns , Airline trends & analysis

Emirates and Qatar Airways see improving fortunes

Ishka takes a look at airline recovery in the Middle East, where Emirates and Qatar have seen improvements in their financial positions. more

29/06/2022

in Airline trends & analysis

LATAM and Garuda have plans approved, Comair collapses

LATAM has its Chapter 11 plan approved, while Garuda obtains confirmation of its PKPU process. more

28/06/2022

in Airline trends & analysis

ESG data sheet: SAF offtakes vs airline 2030 commitments

Ishka examines airlines with both sustainable aviation fuel (SAF) offtake agreements and 2030 SAF use targets. more

17/06/2022

in Airline trends & analysis , Investor Briefings

Slow start to recovery in Southeast Asia

As Southeast Asian markets begin to recover, Ishka takes a closer look at two operators in the region – Thai Airways and AirAsia Group, both of which are in the process of substantially restructuring their businesses. more

13/06/2022

in Airline Profiles

Thai AirAsia X enters restructuring, Garuda secures third extension

Southeast Asian carriers are once again in the spotlight after Thai AirAsia X filed for bankruptcy protection on 17th May 2022 and Garuda Indonesia secured an extension to its restructuring proceedings for a third time. more

09/06/2022

in Airline Profiles , Aircraft Finance Market

Southeast Asian airlines show signs of recovery

This week Ishka reviews the performance of airlines in Southeast Asia, with a focus on Thai AirAsia, Cebu Pacific, and Philippine Airlines. more

30/05/2022

in Airline Profiles

Chinese airlines lag behind in covid recovery

Airline operations in Asia Pacific and China were particularly impacted in 2021, which resulted in sizable losses in the region. more

16/05/2022

in Airline Profiles

LATAM nears restructuring finish line, Aeromexico and Hainan Airlines post Q1 losses

LATAM has successfully negotiated with several of its dissenting creditors, bringing its closer to obtaining court approval of its restructuring. more

12/05/2022

in Airline Profiles

Latin American airlines’ north-south recovery divide

This week Ishka reviews the performance of the main airlines serving the southern part of the Latin American region, including the major aviation markets in Brazil and Chile. more

03/05/2022

in Airline Profiles

Airline bonds Q1 2022: Unsecured issuances slow outside of China to only $1.8bn

Airline unsecured bond issuances outside of China slowed down during the first quarter of the year in the wake of rising inflation, monetary tightening, and the fallout of Russia’s invasion of Ukraine. more

22/04/2022

in Airline Profiles , Capital Markets

Mexican LCCs boosted by strong US traffic

This report is the seventy-fifth in a series of supplements to Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

19/04/2022

in Airline Profiles

Aeromexico emerges from Chapter 11, LATAM sets its sights on 2022 exit

Aeromexico emerged from Chapter 11 bankruptcy process on 17th March 2022, after 20 months of financial restructuring. Elsewhere, LATAM continues to be at odds with some of its unsecured creditors. more

08/04/2022

in Airline Profiles , Aircraft Finance Market

Rising fuel costs put pressure on ticket prices

This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

04/04/2022

in Airline Profiles