AeroCentury Corp. Expands Credit Facility to $170 Million; Purchases Three Embraer 175 Jets
AeroCentury Corp announced that the participants in its credit facility, for which MUFG Union Bank is the lead participant and agent bank, have added a fifth participant to the lender syndicate and expanded the total revolving credit facility amount to $170 million from $150 million. The Company also announced that it had completed the purchase of a package of three Embraer 175 aircraft on lease to a U.S. regional carrier.
Alaska Airlines Plans to Launch in 30 More Markets by 2018
Alaska Airlines, the fifth-largest carrier in the U.S., said Wednesday it will launch in 30 more markets in the next six months. That expansion comes on the back of launching in 20 markets in the past nine months — plus inheriting other routes after completing its acquisition of Virgin America in December. The Seattle-based company says its expansion is going well. Out of the 20 markets the Alaska Airlines brand launched in the last nine months, 15 are already profitable.
Delta deepening longstanding partnership with Air France-KLM through 10% equity investment
Delta Air Lines is deepening its longstanding and industry-leading partnership with Air France-KLM Group with a €375 million investment to acquire 10% equity in the joint venture partner and a seat on the Air France-KLM Group Board of Directors. Additionally, Delta, Air France-KLM and Virgin Atlantic will launch a combined long-term joint venture, supported by a 31% investment by Air France-KLM in Virgin Atlantic, to offer customers the most comprehensive trans-Atlantic route network.
Delta to Stop Weekly Atlanta-Caracas Flights in September
Delta Air Lines said it would cut its once-weekly flights from Atlanta to Caracas, Venezuela, in the latest instance of a U.S. airline cutting operations with the embattled nation. “Delta will suspend its once per week service between Atlanta and Caracas, with the final southbound flight scheduled for 16 September.
Hawaiian Unveils Three New Year-Round West Coast Routes, Begins Sales for A321neo Flights
Hawaiian Airlines will expand its U.S. West Coast presence with the arrival of an A321neo fleet by adding three new non-stop daily routes early next year: Portland-Maui; Oakland-Kaua’i; and Los Angeles-Kona. The routes will offer guests more options for direct access to Hawaiian’s neighbor islands while enjoying the company’s award-winning, warm hospitality in the comfort of medium-haul, single-aisle A321neo aircraft.
Southwest Reports Second Quarter 2017 Profit
Southwest Airlines reported its second quarter 2017 results with net income of $746 million. The Company’s total operating revenues increased 6.7 percent, year-over-year, to a quarterly record $5.7 billion, driven largely by quarterly record passenger revenues of $5.2 billion. Demand for Southwest’s low fares remained strong, and the fare environment improved. The Company’s second quarter load factor of 85.6 percent was a quarterly record performance, with passenger revenue yield increasing 1.5 percent, year-over-year. Operating unit revenues (RASM) also increased 1.5 percent, year-over-year.
Spirit Airlines Reports Second Quarter 2017 Results
Spirit Airlines reported second quarter 2017 financial results. GAAP net income for the second quarter 2017 was $78.1 million ($1.12 per diluted share), or $79.1 million ($1.14 per diluted share)1 excluding special items. GAAP operating margin for the second quarter 2017 was 18.9 percent, or 19.1 percent excluding special items. The airline ended the second quarter 2017 with unrestricted cash, cash equivalents, and short-term investments of $969.6 million.
The U.S. will face a staggering shortage of pilots
Over the next two decades, 87 new pilots will need to be trained and ready to fly a commercial airliner every day in order to meet our insatiable demand to travel by air. That’s one every 15 minutes. Passenger and cargo airlines around the world are expected to buy 41,000 new airliners between 2017 and 2036. And they will need 637,000 new pilots to fly them, according to a forecast from Boeing.
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