Ishka insights: indispensable aviation data, analysis and opinion
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How rising engine LLP prices are increasing MRO costs

Lessors state that revised LLP escalation rates have increased expected maintenance costs for several common narrowbody engine types. Ishka presents a quick review of current MRO costs. more

20/11/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Restructuring: A review of SmartLynx Latvia’s creditors

SmartLynx Latvia owes over €238 million in total liabilities, according to creditor notices reviewed by Ishka. The majority, around €171 million, or 72%, is owed to entities linked to former parent Avia Solutions Group. more

12/11/2025

in Airline trends & analysis

On Watch: Caribbean Airlines placed ‘On Watch’, Rex sale advances

This edition of On Watch provides updates on Caribbean Airlines and Regional Express (Rex). more

06/11/2025

in Airline trends & analysis

Cap Markets October: American's $1.1bn EETC, Southwest’s $1.5bn bond, lessors issue $1.85bn of unsecured notes

October was a bumper month for airlines in the Capital Markets with American Airlines marketing a $1.1 billion EETC and Southwest Airlines pricing $1.5 billion in unsecured bonds.  more

04/11/2025

in Lessors & Asset managers , Airline trends & analysis , Capital Markets

SmartLynx Airlines undergoes Latvian restructuring

SmartLynx Airlines has entered legal protection proceedings on 28th October 2025, according to a filing in the Riga District Court. This follows the news that former parent, Avia Solutions Group, had divested it's stake in the Latvian AOC. more

03/11/2025

in Airline trends & analysis

AerCap Q3: the double-edged sword of Spirit’s Chapter 11

AerCap adds ex-Spirit Airbus orders to its own book - but also has to contend with rejected aircraft. more

31/10/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Remarketing Watch: October 2025

There are 270 aircraft being actively remarketed on sites tracked by Ishka in October 2025, a 15% drop compared to October 2024. more

28/10/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

On Watch: Abra targets US listing, Spirit secures DIP approval, SpiceJet settles with Carlyle Aviation

This edition of On Watch provides updates on Gol, Avianca, Spirit Airlines and Spicejet. more

20/10/2025

in Airline trends & analysis

Briefing: Lessors brace themselves for Spirit’s mass aircraft returns

US carrier Spirit Airlines filed a court motion to reject 87 additional aircraft leases, bringing the total number of rejections sought under its Chapter 11 process to more than 100 aircraft as lessors brace to see what the impact will be. more

06/10/2025

in Lessors & Asset managers , Airline trends & analysis

On Watch: Fly PLAY hits pause, TAP mandates privatisation, SriLankan faces creditor holdout, bid emerges for Australia’s Rex

This edition of On Watch provides updates on Fly PLAY, TAP Air Portugal, SriLankan Airlines and Rex Airlines. more

02/10/2025

in Airline trends & analysis

Spirit’s Chapter 11: DIP financing, AerCap agreement and the prospect of a merger

Spirit Airlines has secured $475 million in DIP financing and settled with AerCap to reject costly leases, as it continues its Chapter 11 restructuring. more

02/10/2025

in Airline trends & analysis

On Watch: Azul files restructuring plan as it rejects more than 30 lease agreements

Azul filed its Chapter 11 plan of reorganisation in the US Bankruptcy Court for the Southern District of New York as it seeks to eliminate more than $2 billion of debt and raise around $950 million in new capital. more

24/09/2025

in Airline trends & analysis

Transaction update: Embraer secures double E195-E2 order, GA Telesis acquires 16-aircraft portfolio

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

22/09/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

‘Dozens’ of Spirit aircraft could hit the market as part of second Chapter 11

Lessors confide that “dozens” of A320ceos could hit the market as a result of the Spirit’s second foray into Chapter 11 bankruptcy protection. more

09/09/2025

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

GA Telesis Spirit SLB terminated as Spirit returns to Chapter 11

Spirit Airlines' $519 million sale-and-leaseback agreement with GA Telesis has been terminated, according to a bankruptcy court filing. more

08/09/2025

in Lessors & Asset managers , Airline trends & analysis

Spirit returns to bankruptcy as restructuring efforts fall short

Spirit Airlines has entered Chapter 11 bankruptcy proceedings for the second time in 12 months, after its previous restructuring failed to prove sustainable. more

01/09/2025

in Airline trends & analysis

Cap Markets: CALC and ICBCIL only lessor debt issuers in August

A typically muted August saw just two lessor unsecured bond issuances for a total of $208 million raised for what was the lowest monthly total to date this year. more

26/08/2025

in Lessors & Asset managers , Airline trends & analysis , Capital Markets

Airlines told to issue earlier RFPs if they want JOLCOs, SMBC closes GAEL II fund

Ishka hears that some Japanese arrangers are asking for airlines to issue some RFPs up to a year in advance of delivery amid increased competition and deliveries. more

21/08/2025

in Airline trends & analysis

Challenge Airlines on its leasing needs, a look at Castlelake’s new lending arm

Ishka catches up with Challenge Group’s CFO, Daniel Ganem, and chief investment officer Michael Koish about their financing and leasing needs, and how market values are shaping up for 767s, and older 747s and 777s. more

19/08/2025

in Aircraft values, Lease Rates & Returns , Airline trends & analysis , Aviation Banks and Lenders

Transaction update: Tariff concerns push countries towards Boeing orders, new debt financing facilities launched

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

18/08/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

The 20 airlines which make up 60% of the total value of Airbus and Boeing's disclosed order book

Airbus and Boeing aircraft on order by disclosed, non-leasing customers worldwide sit at around $929.7 billion by Ishka current market values as of the midpoint of 2025 more

13/08/2025

in Airline trends & analysis , OEMs, Cargo & Engines

Sky Airlines put ‘On Watch’ ahead of repayment deadline, VietJet runs out of legal runway

This edition of On Watch provides updates on Sky Airlines, VietJet, Garuda Indonesia, Turkish Airlines and Air Europa. more

11/08/2025

in Airline trends & analysis

Briefing: Why shipping JOLCO investors are coming back to aircraft deals

Japanese investors are returning to aviation JOLCOs after environmental legislative changes, first introduced in 2023, have curbed the attractiveness of ship financings for some Japanese tax investors. more

01/08/2025

in Airline trends & analysis , Aviation Banks and Lenders

Tariff Tracker: Relief for Embraer as aircraft exempted from new 50% Brazil duties

A new executive order, signed by President Trump, exempts aircraft, aircraft parts and their components from the new 50% tariffs being introduced on most Brazilian goods. more

31/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Over half of Embraer backlog destined for US customers

A substantial number of Embraer orders are for US customers - and therefore at risk from increased US tariffs on Brazil. more

30/07/2025

in Airline trends & analysis , OEMs, Cargo & Engines

Boeing orders form part of new US tariff deals

Recent tariff deals made by the US administration have seemingly been a boost for Boeing. more

28/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

OEM backlogs: India and US make up a third of non-leasing orders

Ishka takes a look at the Airbus and Boeing backlog as of 30th June 2025. more

15/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Lessors Q2 trading update, Rolls seeks UK support for UltraFan, Scandinavian Airlines's Embraer order

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

10/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Briefing: US tariffs what we know so far

The United States has extended its tariff deadline until August as Ishka examines what has unfolded across the 90-day pause. more

08/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

On Watch: Garuda Indonesia lands $405m boost as T’way ownership changes hands

This edition of On Watch provides updates on Garuda Indonesia, Malysia Airlines, T’way Air, VietJet Air and GOL Linhas Aéreas. more

03/07/2025

in Airline trends & analysis

Jet fuel prices climb down after Israel-Iran ceasefire

Oil and jet fuel prices have climbed down from a peak following the de-escalation of the Israel-Iran conflict in the Middle East. more

27/06/2025

in Airline trends & analysis

London High Court rules in favour of lessors in $4.5bn aviation insurance dispute

A London High Court judge has ruled in favour of lessors, finding that losses from Russia’s invasion fall under war risk, not all risks, policies. more

12/06/2025

in Lessors & Asset managers , Airline trends & analysis , Other

Could AerCap be poised to benefit from potential Spirit Airlines Airbus cancellations?

Spirit Airlines has said it may seek to “postpone or cancel delivery” of certain aircraft currently scheduled for delivery as a result of the impact of tariffs on aircraft and parts costs. more

10/06/2025

in Lessors & Asset managers , Airline trends & analysis

JOLCO investors score win in English court

A judge in the English High Court has ruled in favour of Japanese investors in a dispute with VietJet over four Airbus A320s. more

30/05/2025

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

Quick Take: Azul files for Chapter 11, aviation groups push for tariff clarity and a US appeals court reinstates tariffs

Azul files for Chapter 11 bankruptcy protection as aviation industry groups urge recommitment to zero-tariff rules. Elsewhere, a US federal appeals court has reinstated President Trump’s tariff plans. more

29/05/2025

in Airline trends & analysis , OEMs, Cargo & Engines

Why European regulations are pushing aviation banks towards riskier deals

A group of French Aviation banks are in talks, through various channels, with the European Banking Authority (EBA) to delay or potentially modify part of the incoming Basel 3.1 banking regulations over concerns they are pushing banks to chase riskier deals, and could potentially deter some institutions away from the sector. more

16/05/2025

in Airline trends & analysis , Aviation Banks and Lenders

Tariff tracker: Air India targets 737 MAX aircraft rejected by China

Air India is negotiating with Boeing to acquire ten 737 MAX aircraft initially scheduled for Chinese airlines. more

25/04/2025

in Airline trends & analysis , OEMs, Cargo & Engines

On Watch: US carriers adjust forecasts, Spirit CEO departs, airBaltic restructuring fears

This edition of On Watch provides updates on Spirit Airlines, Air Mauritius, airBaltic and IAG Group. more

16/04/2025

in Airline trends & analysis

Mexican carriers delay aircraft deals in response to tariff uncertainty

Two Mexican airlines appear to be reacting to the uncertainty unleashed by the numerous tariffs introduced by the Trump administration by ‘pausing’ or delaying the introduction of additional capacity. more

11/04/2025

in Airline trends & analysis , ESG & Regulation

Delta outlines tariff impact, Trump pauses higher tariffs for most countries

Delta becomes the first major airline to acknowledge tariff impacts on its fleet plans. Meanwhile, the EU has paused its planned retaliatory tariffs as Trump raises duties on China to 125%, intensifying trade tensions. more

10/04/2025

in Airline trends & analysis , OEMs, Cargo & Engines

Korean Air confirms order for 40 widebodies, BOC Aviation strikes major deals with Boeing and Airbus

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

09/04/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Airlines go early with RFPs to target Japanese investors

Airlines and lessors are initiating earlier RFP processes amid intensifying competition among lessors for SLB mandates and between lenders (and some lessors) for financing mandates. more

31/03/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Airline trends & analysis

Age is just a number: Why older A320ceo leases rates are converging

Ishka looks to see why age is becoming less important when airlines are sourcing narrowbody capacity. more

28/03/2025

in Lessors & Asset managers , Airline trends & analysis

AerCap CEO spells out tariff cost, more lessors look to part out A320neos

AerCap’s CEO, Aengus Kelly, explained that under a ‘worst-case’ scenario new tariffs could increase the cost of a Boeing 787 by an additional $40 million. more

14/03/2025

in Airline trends & analysis , OEMs, Cargo & Engines

Lessors team to buy A330 portfolio, JSA orders 50 Airbus narrowbodies

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

11/03/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Lessors warn US tariffs could impact aircraft prices

A panel of aircraft lessor CEOs at ISTAT Americas this week discussed how the inflationary impact of new US tariffs could ultimately increase the cost of new aircraft. more

05/03/2025

in Lessors & Asset managers , Airline trends & analysis

Who were the new airlines of 2024?

This report examines 13 airlines that commenced operations in 2024. more

28/02/2025

in Airline trends & analysis

On Watch: Spirit rejects new Frontier bid as Portuguese government moves to sell 49% of TAP

This edition of On Watch covers recent updates on the following airlines: Spirit Airlines, GOL, Azul, JetBlue, TAP Air Portugal and Air Europa. more

24/02/2025

in Airline trends & analysis

Southwest and BBAM close major sale/leaseback for 36 B737-800s, JSA strikes deal with Cebu Pacific

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

17/02/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines