Olympic Air’s parent, Marfin Investment Group (MIG), announced the closure of former Olympic Airlines on 29-Sep-09 and launch of Olympic Air’s new website (Business Traveller, 29-Sep-09). Olympic Air is scheduled to launch services on 01-Oct-09, with 24 aircraft operating on 20 domestic routes and a network of ten international destinations. The carrier plans to expand its fleet to 32 aircraft by Northern Spring 2010, taking delivery of A319, A320 and Bombardier Dash 8-Q400 aircraft. The carrier’s new frequent flyer programme is Travelair Club.
Olympic Air set to launch services, as Olympic Airlines is shut down
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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".