Hellenic Hotel Federation President Andreas Andreadis stated Greece may receive a 10% increase in tourist arrivals in 2010 due to political turmoil in North Africa (Bloomberg, 04-Mar-2011). Early bookings for the spring and summer season from UK, which accounted for 14% of the 15 million visitor arrivals in 2009, are more than 10% higher than in 2010. German reservations have risen as much as 5% while Russian bookings are up by around 20%. “It looks like we’re getting a part of the family business that was going to Egypt and Tunisia,” Mr Adreadis said.
Greece expects 10% increase in tourist arrivals in 2011 on North African strife
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Aegean Airlines cuts capacity for first time since Olympic Air acquisition; 2016 margin falls
In 2017 the Aegean Airlines Group will make its first cut in seat capacity and fleet numbers since 2012. This follows three years of rapid expansion by the group since its Olympic Air acquisition in 2013. Olympic's all turboprop fleet focuses on the domestic market but also helps to feed Aegean's international network, particularly through its Athens hub. Cuts will focus on the domestic market.
Aegean will also make an important longer term fleet decision in 2017, or early 2018. The majority of its aircraft leases will need to be replaced between 2019 and 2023, and it is weighing the options. Aegean currently operates Airbus narrowbodies, but will consider the Boeing 737MAX in addition to the A320neo family.
Aegean's last capacity cut was in 2012, the end of a four year period of losses when Greece was in a deep multi year recession. Since then it has made healthy profits, but while profitable its operating margin fell in 2016 for the second successive year. Greece has experienced rapid capacity growth from LCCs, led by Ryanair. A decline in Aegean's unit revenue over three years has now prompted a pause for what its Executive Vice Chairman has called "consolidation and readjustment".
Europe Fleet Outlook
Europe Fleet Outlook: Long haul strategies account for much narrowbody and widebody newgen fleet orders.