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Analysis for Global

Delta Air Lines defends its capacity increases as special items trigger a drop in 3Q2014 profits

20-Oct-2014 11:41 PM

Delta Air Lines continues to trumpet capacity discipline even as it fields questions about a projected 2% rise in CY2015 supply, particularly increases in the trans-Atlantic where airlines are facing industry oversupply.

The airline assures that most of its trans-Atlantic push is directed to London in conjunction with its joint venture partner Virgin Atlantic, and its supply growth in the North Atlantic is in line with demand.

Overall Delta still remains on strong financial footing. But there are specific pockets of geography where is faces challenges that could create revenue pressure during 2015.

ANA and Cebu Pacific scoop top Asian airline awards at CAPA gala. Emirsyah Satar exec of the year

15-Oct-2014 1:25 AM

The CAPA Awards for Excellence in Aviation are awarded to airlines and airports that are not only successful but have also provided industry leadership in adjusting to a new environment. At a time of industry upheaval, our winners are adopting strategies that offer new directions for others to take up.

All Nippon Airways (ANA) has been named the CAPA Asia Pacific Airline of the Year at a gala reception at the CAPA Asia Aviation Summit in Singapore.

Hiroyuki Ito, Senior Executive Vice President of ANA, accepted the award from CAPA Executive Chairman, Peter Harbison. The CAPA Asia Pacific Airline of the Year is awarded to the carrier that has had the greatest impact on the development of the airline industry, established itself as a leader and the benchmark for others to follow.

New Australian domestic aviation and airfare research released

12-Oct-2014 10:12 AM

A new domestic aviation and airfare analysis today has been released to market.

The 37-page Australian Aviation and Airfare Analysis, produced by 4th Dimension, Flight Centre Travel Group's new business travel consulting division and CAPA - Centre for Aviation, provides an in-depth review of the domestic aviation industry and includes the results of a specialised airfare benchmarking analysis.

Including an evaluation of both the current and prospective market trends in Australia, the report focuses on areas such as domestic airline capacity, scheduling and performance.

4th Dimension General Manager Virginia Fitzpatrick said she was excited to be involved with an initiative that introduced a new approach to tracking and reporting of domestic fares and airfare procurement.

Goa launches a PPP tender for construction of a greenfield second airport

11-Oct-2014 2:16 PM

The State Government of Goa issued a tender document on 03-Oct-2014 for a PPP concession to develop and operate a greenfield airport at Mopa, which will be the second airport in the state. Mopa is located approximately 35km north of the state capital, Panaji.

The new airport will complement the existing facility at Dabolim, which will continue to operate after the Mopa airport opens, providing enhanced air connectivity to the state.

Tourism is one of the largest industries in Goa, with the state attracting 2.63 million domestic and 492,000 international visitors in 2013. Ease of access is critical to achieving sustained growth in visitor numbers.

However, there is also strong potential in outbound travel given that Goa has the highest per capita state domestic product in India.

Delta Air Lines trims 3Q2014 unit revenue targets due to overcapacity and other global challenges

6-Oct-2014 5:40 PM

Delta Air Lines has slightly adjusted its passenger unit revenue targets for 3Q2014 triggered by oversupply in some of its markets, unrest in the Middle East and the Ebola outbreak in Africa.

The airline has previously warned of tougher year-on-year comparisons in 3Q2014 after recording 7% unit revenue growth in 3Q2013. But despite the challenges that have cropped up during the last few months, Delta still predicts a strong performance in the quarter with double digit operating margin expansion and solid cost containment as demand in the US domestic market remains strong.

As it prepares to make trans-Atlantic capacity adjustments for the US winter time period in conjunction with its SkyTeam alliance partners, Delta is also making changes in it Pacific network by down-gauging Boeing 747s it operates to Tokyo and replacing them with smaller and more efficient aircraft.

LATAM Airlines Group plans an international push as it continues to leverage Sao Paulo

2-Oct-2014 9:30 PM

LATAM Airlines Group is making adjustments to its international network in late 2014 and 2015 as the macroeconomic conditions in some of its home markets remain weak. The changes also reflect the group's ability to leverage the combined fleets of LAN and TAM post merger as LATAM continues its efforts to shed inefficient aircraft as it phases out 39 jets during a two year period.

LATAM is increasing frequency to North America and adding service to Europe even as it has cited some pressure in those markets during the last year.

But the company appears wisely to be selecting markets that are largely shielded from competition that could help deflect any lingering economic weakness within South America.

Aeromexico and Volaris increase international spread to strengthen yields; and VivaAerobus follows

25-Sep-2014 8:30 PM

Mexican airlines Aeromexico and Volaris are sticking to their proclaimed strategies of deploying most of their capacity into international markets as the Mexican economy slowly rebounds from a sluggish 2013. Through the first eight months of 2014 each airline increased their international capacity and traffic significantly, betting that yields are stronger in international markets.

The competitive overlap between Aeromexico and Volaris on each airline’s top US transborder markets is not overwhelming, and Volaris has previously stated that it is targeting routes with a higher percentage of visiting, friends and relatives (VFR) travellers.

Aeromexico’s and Volaris’ rival VivaAerobus is also making a new transborder push during 2014, upping competition with Aeromexico and Interjet on some of its international services. It is tough to determine if the push is creating oversupply; but the international growth indicates Mexico’s airlines are attempting to counter weaker yields on the country’s domestic routes.

US investment grade airlines deliver consistent returns, and pledge to continue full steam ahead

24-Sep-2014 7:03 PM

It is no surprise that the two US investment grade airlines have recorded the most consistent shareholder returns during the past few years. Neither Alaska Air Group nor Southwest Airlines shows signs of slowing their shareholder reward schemes, reflected in Southwest doubling its dividend in May-2014 and Alaska’s consistent share repurchases and dividend pay-outs in 2013 and 2014.  

The two other US hybrid airlines Hawaiian and JetBlue have less definitive plans for the form their shareholder returns will take. But reflecting the increasingly vocal base of US airline shareholders, Hawaiian has declared it would outline some form of capital allocation by YE2014.

JetBlue appears to be the one US airline furthest away from offering a timeframe and structure of its shareholder rewards; but it is likely to be top of the airline’s agenda as a new CEO takes the helm in Feb-2015.

This is Part 2 of a two-part series examining US airline shareholder returns.


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