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- Hawaiian Airlines
3375 Koapaka Street, G-350
Honolulu, HI 96819
- Main hub
- Honolulu International Airport
- United States of America
- Business model
- Full Service Carrier
- Domestic | International
- Association Membership
- Codeshare Partners
- Air China
All Nippon Airways
Delta Air Lines
Hawaiian Airlines operates from hubs at Honolulu International Airport and Kahului Airport, on the island of Maui. The carrier provides a network of domestic services throughout the Hawaiian islands and to the mainland US as well as international services to Asia, the Pacific and Australia. Hawaiian utilise a fleet of narrow and wide-body Boeing and Airbus family aircraft.
Location of Hawaiian Airlines main hub (Honolulu International Airport)
Hawaiian Airlines share price
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Delta Air Lines and Virgin Australia are seeking re-authorisation for 10 years from Australian regulators for their joint venture. The US DoT initially took longer to approve the alliance but gave indefinite approval. Virgin continues to need Delta as a partner more than Delta needs Virgin, owing to the numerous connections from US gateways Virgin needs access to. The two will account for 25% of 2015's seat capacity compared to a much larger 56% for Qantas, with the remaining 19% held by United.
There have been limited developments from the smaller carriers, and Delta and Virgin have offered little growth. Nor in their application do they suggest further growth is on the horizon. Virgin Australia is short on long-haul aircraft and anyway is focused on its core domestic market. Delta has a much larger globe to tend to. United has made incremental changes while Qantas has grown the most. Given market dynamics, there is little prospect for a new entrant.
US airlines are putting up a tough and dramatic – with elements of farce – fight for a nighttime slot at Tokyo Haneda Airport. American and Hawaiian Airlines successfully convinced the US Department of Transportation (DoT) to review whether Delta’s use of the Seattle-Haneda route is in the public interest after Delta significantly decreased capacity over northern winter 2014/2015. American and Hawaiian have applied for the slot to serve Haneda from Los Angeles and Kona, respectively.
The posturing reflects the limited access US carriers gained to Haneda following the "Big Bang" in 2010. Overall the slot would be nice for the airline but is a small part of its network. Yet the intense fight comes as Delta battles weakness in Japan and plans an overall capacity pull-down in the market during 2015. Nonetheless, this spat over a single nighttime slot shows how intense the competition is likely to be when two Haneda slots at far more valuable daytime hours are made available to US carriers, subject to final negotiations.
Moderating growth, maturing markets and less intense capital commitments are some of the main drivers of Hawaiian Airlines’ positive outlook for CY2015 that includes margin expansion and cost control.
After rapid long-haul international expansion that commenced in CY2010, Hawaiian during 2014 has entered into a slower growth period that should provide space for the airline to continue strengthening its balance sheet and meet its stated liquidity and leverage targets.
As it takes a breather from its ambitious network transformation, Hawaiian is scrutinising the role new Airbus narrowbodies will play in its route structure once the aircraft come online beginning in CY2017.
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.
Hawaiian Airlines is keen to add and expand partnerships with Asian carriers, capitalising on opportunities as US majors have reduced domestic access to their foreign partners.
Hawaiian has already added codeshares with four Asian airlines over the last three years. It is talking to new potential Asian partners and could also expand some of its existing partnerships to include flights to the mainland US.
New and expanded partnerships for Hawaiian will further build up Honolulu’s status as a hub for Asia-mainland US traffic. Honolulu has already emerged as an alternative hub for Asia-US flows as Hawaiian Airlines has expanded its own long-haul network over the last five years from one to nine destinations. As Hawaiian slows down its own Asian expansion, partnerships should drive additional revenue and traffic growth and potentially support expansion of its mainland US network.
Hawaiian Airlines believes its long-haul international network could turn a corner in 2H2014 to become revenue positive on a unit level, a major accomplishment for geographies that have recorded negative results for the past year.
The main drivers for the improvement are network adjustments Hawaiian has made including eliminating service from Honolulu to Fukuoka and Taipei, and some flights the airline has introduced during the last four years reaching maturity.
At the same time a robust demand environment in North America is benefitting Hawaiian, which has re-deployed some capacity it cut from long-haul operations into seasonal flights to the US mainland from Kona and Lihue.
Hawaiian is also making other changes to its business as it starts to contemplate how it intends to allocate capital once it reaches positive free cash flow, which should occur in CY2015.