LATAM Airlines Colombia, CEO, Santiago Alvarez at the CAPA Airline Leader Summit – Latin America & Caribbean 2024
LATAM Airlines Colombia, CEO, Santiago Alvarez spoke to CAPA TV at the CAPA Airline Leader Summit - Latin America & Caribbean 2024, in Trinidad & Tobago, about latest industry trends and company developments.
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Transcript
Santiago Alvarez:Brazil is right now growing, and this is the moment where LATAM should invest and try to capture the opportunity of growth that it is right now on the market. So that's the main reason of why we announced this a week ago with with President Lula. Now, this investment is all across the business. It will bring more employment to Brazil. It will bring more capacity to Brazil to cover the market in a much efficient way. Right now, LATAM Brazil is the first or is the leader in the market with around 40% of the capacity share. Right now, we're seeing a market that that's moving a lot. A new competitor entered the market in March, and we're seeing overcapacity. We're seeing that if you compare it with 2019, it's up today 30% the amount of seats available in the market. And we've been doing in the last 6 months some efforts in terms of stimulating the demand. And we're seeing that the load factors are around 78% to 79% in the industry. So it's a clear message that there is an oversupply there in the market. We're looking forward, very, very conservative approach. Right now we have 29 airplanes in the base and we're going to keep 29 for now and just wait and understand how the market will move in terms of capacity. Colombian market is big. It's a 50 million passenger a year market between domestic and international. So I think there's room for everybody, but the airlines have to be very clear in what the dimension should be, because everybody can participate. We need different models in the market for different types of customers. And so I really believe that, that there's a space for everybody. Thank you.
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