Ishka insights: indispensable aviation data, analysis and opinion
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DAE and Genesis seal aircraft deals, Boeing's $11.83 billion net loss

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

28/01/2025

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

On Watch: Jeju Air parent pulls bond, Spirit extends equity offering deadline

This edition of On Watch covers recent updates on the following airlines: Jeju Air, FlySafair, Spirit, Rex, Kenya Airways, Riyadh Air, Wizz Air and Koala Airlines. more

20/01/2025

in Airline trends & analysis

Curtains drawn: The airline failures of 2024

In this Insight we take our annual look of those airlines that called time during 2024. more

20/01/2025

in Airline trends & analysis , Other

Transaction Update: SLBs, acquisitions, and orders kick off the year

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

13/01/2025

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

Quick Takes: Things you might have missed

Ishka takes a quick look at some things you might have missed over the last two weeks. more

30/12/2024

in Lessors & Asset managers , Airline trends & analysis

Spirit - GA Telesis A320 sale approved, Spirit's Chap 11 plan gets court approval, Pegasus Airlines' bumper 737-10 order

The court overseeing Spirit Airlines’ Chapter 11 bankruptcy has approved the sale of the remaining 18 aircraft of the 23-strong A320 family transaction with GA Telesis. more

19/12/2024

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

Air India discloses Airbus orders, Boeing resumes 737 MAX production

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

17/12/2024

in Airline trends & analysis , OEMs, Cargo & Engines

BNDES partners with Itasca to finance Azorra E2s, ALC's term loan, GOL files Chap 11 plan

Azorra has signed a R$1.1 billion ($182 million) financing agreement with Brazilian export credit agency BNDES to finance eight Embraer E2 jets to Azorra. more

16/12/2024

in Lessors & Asset managers , Airline trends & analysis , Aviation Banks and Lenders

Doric completes A380 sale, LATAM Airlines debuts first sustainability-linked loan

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

04/12/2024

in Airline trends & analysis , Aviation Banks and Lenders

Spirit enters Chapter 11

Spirit Airlines announced it has entered Chapter 11 bankruptcy proceedings, after months of speculation that the struggling airline would pursue a restructuring. more

18/11/2024

in Airline trends & analysis

Volatility for Australia & New Zealand’s Airlines

In this month’s ACP Extra, Ishka turns its attention to the Australian and New Zealand aviation markets more

12/11/2024

in Airline trends & analysis

Are current-tech aircraft lease rates actually sustainable?

Conversations around lease rate sustainability from last week's Ishka Aviation Investival: North America. more

23/10/2024

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

Boeing’s $10bn credit line, Wafra to buy Aquila, BA’s parts crisis and Azorra raises secured debt

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

21/10/2024

in Airline trends & analysis , Aviation Banks and Lenders

Why Spirit is looking at a potential Chapter 11 scenario

Rumours of Spirit Airlines pursuing a Chapter 11 restructuring have been swirling. more

14/10/2024

in Airline trends & analysis

Spirit’s Chapter 11 rumours, SpiceJet settles with lessors, United to lease 20 A321neos

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

07/10/2024

in Airline trends & analysis , Aviation Banks and Lenders

Capital Markets Update: lessors raise $4.2 billion in September

Lessors tracked by Ishka raised $4.2 billion in unsecured capital markets debt in September. more

02/10/2024

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

Which 2023 airline start-ups are still flying in September?

Following Ishka’s annual report highlighting the airlines that began operations in 2023, Ishka cast an eye as to the current state of these airlines... more

27/09/2024

in Airline trends & analysis

Alaska – Hawaiian merger goes through, Boeing unveils “best and final” strike offer

Ishka provides updates on the recent merger between Alaska Airlines and Hawaiian Airlines and the latest offer from Boeing to striking workers.  more

24/09/2024

in Airline trends & analysis , OEMs, Cargo & Engines

Aeroflot to settle with aircraft lessors, Fed official signals rate cut

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

Japanese carriers bolstered by international traffic growth

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

in Airline trends & analysis

Transactions slow as post-pandemic boom begins to level out

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

in Lessors & Asset managers , Airline trends & analysis

Phoenix prices debut lessor EETC, Embraer deliveries jump in Q2

Phoenix Aviation Capital (PAC) has priced a debut $242 million lessor EETC, PAC 2024-1. more

09/08/2024

in Lessors & Asset managers , Airline trends & analysis

S7 and Aeroflot pursue lessor settlements, Boeing to plead guilty in DOJ deal

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

On Watch: Go First’s ‘final’ extension, TAROM to leave Heathrow

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

in Airline trends & analysis

Middle East Review - LCC growth chipping away Emirates, Qatar Airways, and Saudia's market dominance

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

in Airline trends & analysis

On Watch: EASA upholds Pakistan International Airlines ban, Bonza fails to find a buyer

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

in Airline trends & analysis

Post-restructuring progress for Avianca, LATAM, and Aeroméxico - but regional challenges remain

Latin America’s major carriers – Avianca, LATAM, and Aeroméxico - have all made strong recoveries since emerging from Chapter 11 restructuring. more

15/05/2024

in Airline trends & analysis

On Watch: Bonza enters administration, SpiceJet faces a new insolvency challenge

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

in Airline trends & analysis

Brazil Review - GOL looks to scale back ops amid financial difficulties, Azul reduces debt through restructuring

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

in Airline trends & analysis

Central America Review - continued recovery threatened by political risk and supply chain disruption

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

in Airline trends & analysis

The list of 2023’s new airlines and start-ups

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

in Airline trends & analysis

On Watch: SAA privatisation collapses, Pacific Airlines suspends operations

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

in Airline trends & analysis

Latin America Review - domestic travel demand fuels post-pandemic recovery

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

in Airline trends & analysis

Nordic Market Review – Norwegian, Icelandair and Finnair credit profiles improve in FY 2023

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

in Airline trends & analysis

On Watch: Russia airline update, Sri Lankan government incentivises bidders

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

in Airline trends & analysis

Lynx Air declares bankruptcy, JetBlue – Spirit merger falls through

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

in Airline trends & analysis

Pressures remain on Vietnamese operators despite 2023 revenue recoveries

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

in Airline trends & analysis

On Watch: SpiceJet denied payment extension, VietJet barred from interfering in repossession efforts

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

in Lessors & Asset managers , Airline trends & analysis

Southeast Asian airlines' traffic and revenues in recovery, currency movements and fuel prices offset some gains

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

in Airline trends & analysis

Did you see it coming? Airline failures of 2023

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

in Airline trends & analysis

Thai Airways and Thai AirAsia seize demand recovery as rival Nok Air lags behind

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

in Airline trends & analysis

GOL files for Ch.11, Flair's unpaid taxes under scrutiny, SriLankan misses third bond payment

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

in Airline trends & analysis

Turkish carriers: SunExpress's expansion plans, THY rebrands lowcost subsidiary

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

in Airline trends & analysis

On Watch: Somaliland to acquire a stake in Ethiopian Airlines, new MRO to service Go First fleet as lessor dispute continues

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

in Airline trends & analysis