Ishka insights: indispensable aviation data, analysis and opinion
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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

Ryanair, Wizz Air and EasyJet : European LCCs start 2024 with solid credit outlook

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

in Airline trends & analysis

European airlines report double-digit margins in Q3 2023

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

in Airline trends & analysis

Turkish carriers post Q2 profits on the back of strong leisure demand

Turkish Airlines, Pegasus, and SunExpress reported robust demand in Q2 2023, translating to a profitable second quarter. more

18/09/2023

in Airline trends & analysis

Airline Restructuring and Default List ytd 2023 - September

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

in Airline trends & analysis

US LCCs push past pre-pandemic capacities but net margins remain depressed

With the exception of Allegiant, US LCCs have been unable to translate their strong topline growth to the bottom line. more

06/09/2023

in Airline trends & analysis

Which 2022 airline start-ups are still flying in September?

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

Leisure demand boosts strong first half of 2023 for European airline groups

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

in Airline trends & analysis

Airline Bonds Q2 2022: Lack of EUR and USD issuances contribute to muted quarter

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

in Airline trends & analysis , Capital Markets

Passenger yields up for European LCCs

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

in Airline trends & analysis

On Watch: Court ruling allows lessors access to Go First aircraft

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

in Airline trends & analysis

US regional carriers feel pilot pinch post pandemic

Regional carriers are being especially impacted by the shortage of pilots in the US. more

10/07/2023

in Airline trends & analysis

Data Sheet: Aviation capital markets wrap-up

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

Airlines repay $6.2bn more of pandemic state aid

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

in Airline trends & analysis

Thai carriers tussle for market share as passenger traffic recovers

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

in Airline trends & analysis

Paris Air Show summary: Indian carriers make up over 85% of all orders

Ishka's summary of the 2023 Paris Air Show, where huge orders from Indian carriers were confirmed. more

22/06/2023

in Airline trends & analysis , OEMs, Cargo & Engines

Why India needs more widebodies, United breaks EETC dry spell

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

in Airline trends & analysis , Capital Markets

Strong demand helps boost post-restructuring revenues for LATAM and Avianca

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

in Airline trends & analysis

On Watch: Trapped Go First aircraft prompt questions over India’s Cape Town compliance, lessors warn of lease premiums

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

in Airline trends & analysis

Cebu Pacific and PAL post Q1 profits, build on 2022 recovery

Following a gradual recovery in the second half of 2022, Southeast Asian airlines appear to have built further recovery momentum in 2023 so far, with an additional boost stemming from China’s reopening. more

15/05/2023

in Airline trends & analysis

Go First files for bankruptcy, blames Pratt & Whitney

Indian carrier Go First cancelled flights effective from 2nd May and filed for insolvency with an Indian court, blaming a lack of supply of Pratt & Whitney engines for grounding large parts of the airline’s A320neo fleet. more

05/05/2023

in Airline trends & analysis

Vietnam leads recovery in Southeast Asia

After several years of disruption, the Southeast Asian market has experienced a robust recovery in air traffic in recent months with Vietnam leading the way. more

02/05/2023

in Airline trends & analysis

Airlines repay nearly half of pandemic state aid debt

Ishka estimates that 26 airlines globally have repaid $48.2 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

27/04/2023

in Airline trends & analysis

Airline bonds Q1 2023: Slow start with Air France leading the way

Unsecured bond issuances by airlines returned to ‘normal’ post-Ukraine invasion volumes in Q1 2023, as issuances dropped back to mid-2022 after an exceptionally busy Q4 2022. more

25/04/2023

in Airline trends & analysis , Capital Markets

Australian and New Zealand aviation market rebounds from three years of losses

The Australian and New Zealand aviation market has seen a strong recovery since mid-2022 with airlines reporting a robust set of results in the first half of FY 2023 (ending 31st December 2022). more

17/04/2023

in Airline trends & analysis

On Watch: Repossessed aircraft stuck in Vietnam, Colombian aviation woes rumble on

Vietnam has been placed “on watch” by Aviation Working Group (AWG) as part of the UK entity’s Cape Town Convention compliance coverage, after Vietnamese courts blocked the return of several aircraft to a lessor earlier this year. more

12/04/2023

in Airline trends & analysis

US carriers post mixed results for 2022

While Alaska Air Group (AAG) and Southwest managed to return to profitability in full year 2022, Hawaiian and JetBlue remained in the red for the third year in a row. more

03/04/2023

in Airline trends & analysis

On Watch: Viva Air and Avianca merger approved – but too late?

The Colombian Civil Aviation Authority (Aerocivil) has approved the merger of Viva Air and Avianca, three weeks after Viva suspended its operations on 27th February. more

29/03/2023

in Airline trends & analysis

US carriers exceed 2019 revenues despite lower capacity

Delta, American, and United returned to profitability in 2022, with all three generating higher revenues than in 2019 - despite capacity being lower. more

20/03/2023

in Airline trends & analysis