CAPA's Aviation Outlook 2015: A year when everyone can make money - but liberalisation under threat

No commercial event in 2015 can have an impact as massive as the recent, continued, slide in fuel prices. Oil's fall from grace in 2014/15 will influence global airline profits more positively than any single event in modern history, at least for now.

The slump in price has been so rapid and so welcome that for most airlines it has been like winning the lottery. Even if the price does not descend as far as previous lows, most airlines have adjusted to being profitable with oil at USD100/barrel, so the windfall should flow straight to the bottom line.

But there will also be a great divide; some airlines have hedged aggressively and will be paying almost twice as much as some of their unhedged competitors - equivalent to a net margin of 10% and more, a massive differentiator.

This CAPA Outlook 2015 is based on the global report contained in Airline Leader, Issue 26. This 92 page report embraces detailed outlooks for every world region, prepared by CAPA's world leading analysis team.