High oil and kerosene prices contribute to collapse of Norwegian low-cost carrier Flyr, IBA Analysis says

Norwegian low-cost airline Flyr has entered administration just 18-months after starting operations. IBA Insight reveals that Fly operated a fleet of 12 leased aircraft (six Boeing 737 NGs and six Boeing 737 MAXs). Seven of these were owned by Air Lease Corporation. Flyr was a very seasonal operation, with its top city pairs featuring summer flights between Oslo and Alicante, Malaga, Barcelona and Rome, as well as domestic flights within Norway. The airline cut its capacity over the winter of 22/23 to save costs, but ultimately failed to raise the required financing to continue operations. Flyr’s demise follows shortly after Read more

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Stéphane Viala joins Ascendance Flight Technologies from ATR

Stéphane Viala

Ascendance Flight Technologies, the French start-up specialising in aviation decarbonisation, has named Stéphane Viala as Director of Engineering & Programme. As of February 1, 2023, Viala will oversee the technical management of the young aircraft manufacturer’s two flagship programmes: the STERNA modular hybrid propulsion system and the hybrid-electric VTOL aircraft ATEA. The aeronautical engineer from ISAE-ENSMA also holds a PhD in turbulence modelling from SUPAERO/ONERA. Viala was previously SVP Engineering and Head Of Design Organisation of French-Italian aircraft manufacturer ATR, which he joined in 2015. Before being appointed by ATR, Viala had been in various leading positions at Airbus for Read more

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U.S. Airlines’ December 2022 fuel cost per gallon down 5.3% from November 2022

Atlanta Hartsfield-Jackson International Airport ©AirTeamImages

The Department of Transportation’s Bureau of Transportation Statistics (BTS) has released U.S. airlines’ December fuel cost and consumption numbers indicating U.S. scheduled service airlines used 1.471 billion gallons of fuel, 5.3% more fuel than in November 2022 (1.398 billion gallons) and 5.2% less than in pre-pandemic December 2019. The cost per gallon of fuel in December 2022 (US$3.14) was down 18 cents (5.3%) from November 2022 (US$3.32) and up US$1.14 (57.0%) from December 2019. Total December 2022 fuel expenditure (US$4.63 billion) was down 0.3% from November 2022 (US$4.64 billion) and up 48.7% from pre-pandemic December 2019. Year-over-year increases in fuel Read more

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SkyWorks reports fourth-quarter 2022 activities

SkyWorks Holdings has released transactions and activities performed during the fourth quarter of 2022 for its Leasing and Asset Management and Investment Banking & Advisory Groups. Leasing & Asset Management Group activities included the following:On behalf of an institutional investor client, SkyWorks arranged the lease extension of two Airbus A319-100 aircraft on lease to American Airlines and arranged the sale of two Boeing 737-700 aircraft on behalf of a U.S.-based investor, on lease to a U.S. network carrier. SkyWorks concluded its role as backup-servicer for a large financial institution in respect of certain portfolio assets. Investment Banking & Advisory Group Read more

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Qatar Airways and Airbus settle dispute over A350 surface degradation

Qatar Airways Airbus A350 aircraft ©AirTeamImages

Qatar Airways and Airbus have reached an amicable and mutually agreeable settlement in relation to their legal dispute over A350 surface degradation and the grounding of A350 aircraft, avoiding a UK court trial. A repair project is now underway to get these aircraft safely back in the air. The details of the settlement are confidential, and the parties will now proceed to discontinue their legal claims. The settlement agreement is not an admission of liability for either party. This agreement will enable Qatar Airways and Airbus to move forward and work together as partners.

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Embedded Ventures closes first US$100 million fund

Embedded Ventures, an early-stage deep tech venture capital firm, has announced the first closing of its US$100 million (£81 million) inaugural fund. The minority-led firm takes a commercial-first approach to investing in early-stage start-ups with applications that can serve the Department of Defence, focusing on cutting-edge start-ups in Digital Engineering, Advanced Manufacturing and Space Operations. Co-founders Jenna Bryant and Jordan Noone both have non-traditional backgrounds and are more hands-on than the typical VC-firm, offering potential founders not just capital, but also their extremely talented and forward-thinking team. Co-founder and CEO Jenna Bryant shares what this inaugural fund close means for Read more

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Peter Gerber to become new CEO of Condor in 2024

Peter Gerber

German leisure carrier Condor Flugdienst GmbH (Condor), majority owned by Attestor Capital, has announced that the current CEO, Ralf Teckentrup, will be replaced in February 2024, as planned, by Peter Gerber. Gerber has held various positions in the Lufthansa Group over the past 30 years, including as a member of the Executive Board of Lufthansa Passenger Airlines, as CEO and CFO of Lufthansa Cargo, and most recently as CEO and CCO of Brussels Airlines. He is currently Chief Representative for European Affairs of the Lufthansa Group, while previously he had held the position of President of the German Air Transport Read more

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Boeing bids farewell to the “Queen of the Skies” with delivery of the last commercial 747

The last Boeing 747 in Atlas Air livery ©Boeing

With the delivery of the last commercial Boeing 747 to roll off the production line at its plant at Everett, Washington, the American planemaker is closing the final chapter in an over-fifty-year history of one of the world’s most iconic aircraft. The plane has been handed over to Atlas Air. The switch from airlines to smaller, more economical aircraft saw the last passenger 747 delivered some five years ago. According to analytics firm Cirium, there are only 44 747 jets currently in operation, down from 130 in service at the end of 2019. Many of these jets were grounded at Read more

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Swedish Armed Forces invest £15.5 million in engine test facility at GKN Aerospace

©GKN Aerospace

To ensure development and maintenance of the RM12 and RM16 fighter engines for the JAS 39 Gripen, the Swedish Armed Forces are investing in an extensive renovation and new construction of the engine test facility at GKN Aerospace in Trollhättan. GKN Aerospace currently develops and maintains the RM12 engine, while also building the same capability for the RM16. The engine test facility in Trollhättan is unique as it can replicate the same conditions that an engine is exposed to when flying at supersonic speeds.   The investment reinforces GKN Aerospace’s unique position and extensive experience in aero-engine support and means Read more

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Global Crossing Airlines secures US$5.0 million loan from long-term investor

Global Crossing Airlines Group (GlobalX) has secured an up-to US$5.0 million loan with a key long-term investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations. “GlobalX is fortunate to have a committed group of investors who continue to fund and support the expansion of our operating fleet. We took possession Tuesday, January 26, of our first freighter and expect to take delivery of an additional three aircraft over the next 45 days and this facility will give us the flexibility needed to continue our investments in crews, aircraft and operating systems required to deliver our Read more

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