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LATEST NEWS
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Monday, August 2nd, 2021
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Air Lease Corporation (ALC) has announced long-term lease placements for ten used Airbus A320-200 aircraft with Allegiant. The aircraft are scheduled to deliver to the airline beginning in fall 2021 through Summer 2022.
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“Bringing these ten aircraft into Allegiant’s fleet provides a number of advantages aligned with our unique business model and goals,” said Robert Neal, Allegiant’s Senior Vice President for Corporate Finance and Treasurer. “As young, sharklet-equipped sister ships, they will not only afford efficient induction into our all-Airbus fleet, but will also provide years of utilization beyond the typical life of previously-operated aircraft. This transaction will be a valuable component of our fleet plan for 2022 and beyond.”
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The SIA Group has posted its financial performance for the first quarter FY2021/22. An increase in both passenger and cargo flown revenue resulted in Group revenue increasing by SG$444 million (+52.2%) year-on-year to SG$1,295 million. Cargo flown revenue grew by SG$214 million (+32.4%), as the calibrated resumption in passenger flights contributed to an increase in cargo capacity (+46.9%) and loads carried (+68.2%). Cargo load factor increased 11.3 percentage points to 89.1%, while yields moderated from the exceptionally high levels during the same period last year. Overall, the strong cargo revenue performance for the first quarter reflected the healthy demand fundamentals and an ongoing capacity crunch in the sector.
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The Group recorded a first quarter operating loss of SG$274 million, an improvement of SG$763 million (+73.6%) from the SG$1,037 million operating loss recorded last year. The Group reported a net loss of SG$409 million for the quarter, an improvement of SG$714 million (+63.6%) against last year. This was primarily driven by better operating performance and the absence of non-cash impairment charges relating to the liquidation of NokScoot.
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The SIA Group completed the issuance of the Rights 2021 Mandatory Convertible Bonds, which raised SG$6.2 billion in additional liquidity, during the quarter. In total, the Group has successfully raised SG$21.6 billion in fresh liquidity since April 1, 2020.
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Alaska Airlines has named 34-year airline veteran Toni Freeberg Managing Director of Sales effective immediately. Freeberg assumes the role currently held by Mark Bocchi, who will retire from Alaska Airlines in October after 40 years.
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In her new role, Freeberg will set the strategy and oversee corporate and specialty sales, and further champion the integration into the oneworld global alliance. As Managing Director of Sales, she will drive Alaska Airlines' West Coast international initiatives and corporate partners, travel management companies, and small business programs. Additionally, she'll work with airline- and corporate customers to create partnerships that reduce the climate impact of corporate business travel.
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In June 2021, passenger traffic continued to recover, despite the ongoing and widespread impact of the COVID-19 pandemic. Frankfurt Airport (FRA) served some 1.78 million passengers in the reporting month. This represents an increase of nearly 200% versus June 2020. However, this figure is based on a low benchmark value recorded in June 2020, when traffic was down amid surging COVID-19 infection rates.
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In the reporting month, the decline in COVID-19 incidence rates and the further lifting of travel restrictions continued to positively impact traffic demand. For the first time since the outbreak of the pandemic, Frankfurt Airport again welcomed more than 80,000 passengers in a single day, recorded on two separate days in June 2021.
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When compared with pre-pandemic June 2019, FRA registered another noticeable passenger decline of 73.0% in the reporting month. During the first half of 2021, FRA served some 6.5 million passengers. Compared to the same six-month period in 2020 and 2019, this represents a decrease of 46.6% and 80.7% respectively.
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In contrast, the growth momentum in cargo traffic at FRA continued despite the ongoing shortage of belly capacity normally provided by passenger aircraft. In June 2021, cargo throughput (comprising airfreight and airmail) jumped by 30.6% year-on-year to 190,131 metric tons – the second highest volume ever recorded in a June month at FRA. Compared to June 2019, cargo was up 9.0%. Aircraft movements climbed by just over 114% year-on-year to 20,010 take-offs and landings. Accumulated maximum takeoff weights (MTOWs) rose by 78.9% to about 1.36 million metric tons in June 2021.
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The Fraport Group’s airports around the world also recorded noticeable traffic growth in June 2021. At some airports, traffic increased by several hundred percent – albeit based on a sharply reduced traffic level in June 2020. Passenger numbers at all of the airports in Fraport’s international portfolio were still well below the pre-pandemic levels of June 2019.
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Slovenia’s Ljubljana Airport (LJU) welcomed 27,953 passengers in the reporting month. At the Brazilian airports of Fortaleza (FOR) and Porto Alegre (POA), total traffic climbed to 608,088 passengers. In Peru’s capital, Lima Airport (LIM) welcomed 806,617 passengers in June 2021.
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The 14 Greek regional airports served about 1.5 million passengers in June 2021. On the Bulgarian Black Sea coast, total traffic for the Twin Star airports of Burgas (BOJ) and Varna (VAR) rose to 158,306 passengers. On the Turkish Riviera, Antalya Airport (AYT) saw traffic grow to about 1.7 million passengers. The passenger volume at St. Petersburg’s Pulkovo Airport (LED) in Russia advanced to about 1.9 million. In China, Xi’an Airport (XIY) registered a traffic gain of 31.8% year-on-year to around 3.5 million passengers.
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In summary, both AYT and the Greek airports received almost as many passengers as our FRA home-base airport in June 2021, while twice as many passengers traveled via XIY. This demonstrates the dynamic performance of Fraport’s international airport portfolio.
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International Airlines Group S.A (IAG), the parent company of carriers Aer Lingus, British Airways, IAG Cargo, Iberia, and Vueling, the LEVEL brand and Avios, the IAG reward program, has released consolidated results for the six months up to June 30, 2021. Passenger capacity in Q2 was 21.9% of 2019 and continues to be adversely affected by the COVID-19 pandemic together with government restrictions and quarantine requirements. There was strong liquidity of €10.2 billion at the end of Q2, driven by successful conclusion of financing initiatives since the start of the year, together with cost actions and U.K. pension contribution deferral.
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Current passenger capacity plans for Q3 are for around 45% of 2019 capacity, but remain uncertain and subject to ongoing review. There was reported operating loss for Q2 of €967 million (2020 restated: operating loss €2,182 million) and operating loss before exceptional items €1,045 million (2020 restated: operating loss before exceptional items €1,370 million). Reported operating loss for the half year was €2,035 million (2020 restated: operating loss €4,052 million), and operating loss before exceptional items €2,180 million (2020 restated: operating loss before exceptional items €1,915 million). Exceptional credit before tax in the half year of €145 million on discontinuance of fuel and foreign exchange hedge accounting (2020: exceptional charge before tax of €2,137 million on discontinuance of fuel and foreign exchange hedge accounting and impairment of fleet). Loss after tax and exceptional items for the half year €2,048 million (2020 restated: loss €3,813 million) and loss after tax before exceptional items: €2,169 million (2020 restated: loss €1,972 million). Cash of €7.7 billion at June 30, 2021 up €1.7 billion on December 31, 2020. Committed and undrawn general and aircraft facilities of €2.5 billion, bringing total liquidity to €10.2 billion, with pro forma liquidity including the British Airways sustainability linked EETC financing executed in July at €10.8 billion.
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Luis Gallego, IAG Chief Executive Officer, said: “In the short term, our focus is on ensuring our operational readiness, so we have the flexibility to capitalize on an environment where there’s evidence of widespread pent-up demand when travel restrictions are lifted. This is reflected in Iberia’s and Vueling’s results. They were the best performers within the group in the second quarter reflecting stronger Latin American and Spanish domestic markets driven by fewer travel restrictions. We know that recovery will be uneven, but we’re ready to take advantage of a surge in air travel demand in line with increasing vaccination rates. We welcome the recent announcement that fully vaccinated travellers from amber countries in the EU and the US will no longer have to quarantine upon arrival in the U.K. We see this as an important first step in fully re-opening the transatlantic travel corridor.” (€1.00 = US1.18 at time of publication.)
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BOC Aviation has announced the placement of six used Boeing 787-9 Dreamliners with Norwegian carrier Norse Atlantic Airways (Norse). All six aircraft are powered by Rolls Royce Trent 1000 TEN engines and are scheduled for delivery in the fourth quarter of 2021.
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“We are pleased to expand our leasing relationships to include a lessor the calibre of BOC Aviation as we grow our fleet and continue to build our organization for take-off,” said Bjørn Tore Larsen, founder and Chief Executive Officer of Norse. “We very much look forward to welcoming customers on both sides of the Atlantic on board these state-of-the-art aircraft as soon as demand for transatlantic travel resumes.”
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Norse Atlantic Airways is a new low-cost long-haul airline, headquartered in Arendal, Norway. The company was launched in March 2021. Bjørn Tore Larsen is the founder, CEO, and the major shareholder of the airline.
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