畢馬威：2022年航空業(yè)領(lǐng)袖報(bào)告

TheAviationIndustryLeadersReport2022:

RecoverythroughResilience

www.kpmg.ie/aviation

Forwhat’snextinaviation.

NavigatingChange.Together.

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1AirlineEconomicsAviationIndustryLeadersReport2022

CONTENTS

2ListofContributorsandAcknowledgements

4ForewordfromJoeO’Mara,HeadofAviation,KPMGIreland

6ChapterI

Airlines:GettingBacktoBusiness

20ChapterII

AircraftLeasing:ProvenResilience

41ChapterIII

CapitalisingonCargo

47ChapterIV

RightsizingtheFleet

50ChapterV

AviationandtheEnvironment

56FinalThoughts

THEAVIATIONINDUSTRYLEADERSREPORT2022

Forthefifthyearrunning,AirlineEconomicsandKPMGhavegainedinsightsintothecommercialaviationindustrythroughaseriesofin-depthinterviewswithmajoraviationleadersthatdelveintotherealchallengesfacingthesector.Thisreportdistilsthemainissuesandperspectivessharedbyindustryleadersinoneinsightfulannualpublicationduringoneofthemostdifficultperiodsfortheaviationindustry.

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2AirlineEconomicsTheAviationIndustryLeadersReport2022

AIRLINEECONOMICSRESEARCH

AviationIndustryGlobalLeadersReport-Contributors

THANKYOUTOALLOFTHOSEEXECUTIVESWHOGAVETHEIRTIMETOASSISTWITHTHISREPORT

THISLISTDOESNOTINCLUDETHEMANYINDUSTRYEXPERTS,BANKERS,AIRLINEANDLEASINGEXECUTIVESWHOPROVIDEDTHEIRCOMMENTSTOAIRLINEECONOMICS

BUTHAVEOPTEDTOREMAINANONYMOUS.

ThomasBaker

TomBarrett

PeterBarrett

HelaneBecker

ChiefExecutiveOfficer

ChiefExecutiveOfficer

ChiefExecutiveOfficer

ManagingDirector

AviationCapitalGroup

EngineLeaseFinanceCorporation

SMBC

Cowen

FredBrowne

ChiefExecutiveOfficer

AergoCapital

DavidButler

ChiefExecutiveOfficer

SeraphAviationGroup

KieranCorr

GlobalHeadofAviationFinance

StandardChartered

PatrickdenElzen

ChiefExecutiveOfficer

&FoundingPartner

ArenaAviationCapital

EamonnForbes

ChiefCommercialOfficer

TitanAviationLeasing

PatrickHannigan

ChiefExecutiveOfficer

CDBAviation

DarrenHulst

VicePresident–CommercialMarketing

BoeingCommercialAirplanes

MichaelInglese

ChiefExecutiveOfficer

Aircastle

VIEWALLVIDEOINTERVIEWSANDPODCASTSHERE

WWW.AVIATIONNEWS-ONLINE.COM/AVIATION-INDUSTRY-LEADERS-REPORT/

AirlineEconomicsTheAviationIndustryLeadersReport20223

AIRLINEECONOMICSRESEARCH

JohannJuan

SeniorDirector

FitchRatings

AengusKelly

ChiefExecutiveOfficer

AerCap

RobertKorn

President

CarlyleAviationPartners

AliBenLmadani

ChiefExecutiveOfficer

ABLAviation

RyanMcKenna

ChiefExecutiveOfficer

GriffinGlobalAssetManagement

PaulMeijers

EVP-CommercialAircraftLeasing,Trading&Financing

Airbus

JanMelgaard

ExecutiveChairman

FPGAmentum

JamesMeyler

ChiefExecutiveOfficer

ORIXAviation

TimMyers

JohnPlueger

MarjanRiggi

BetsySnyder

President

ChiefExecutiveOfficer

SeniorManagingDirector

Director

BoeingCapitalCorporation

AirLeaseCorporation

KrollBondRatingAgency

S&PGlobalRatings

VinodhSrinivasan

ManagingDirector,

Co-headoftheStructuredCreditGroup

Mizuho

MichaelSteen

ChiefCommercialOfficer|AtlasAir

WorldwideandPresident&ChiefExecutive

Officer|TitanAviation

FirozTarapore

ChiefExecutiveOfficer

DAECapital

AustinWiley

ChiefExecutiveOfficer

SKYLeasing

4AirlineEconomicsTheAviationIndustryLeadersReport2022

AIRLINEECONOMICSRESEARCH

RECOVERYTHROUGHRESILIENCE

WearedelightedtopresentyouwithourAviationIndustryLeadersReport2022:RecoverythroughResilience.Thereportcapturestheviewsofindustryleadersacrosstheleasing,airlineandbankingmarketsandincludesinputfromratingagenciesandanalystscoveringthesector.

OurreportlastyearlookedatthedevastationthatCOVID-19hadwreakedontheaviationsector,asitdealtwiththelargestexogenousshocktheindustryhaseverfaced,resultinginacollapseinglobalairtravel.

Thehopeatthistimelastyearwasthattheexpectedglobalvaccinerolloutwouldhelpdriveasharprecoveryandthatthestickinessofinvestorstotheaviationsectorwouldremainstrong.Alotofthesehopeshavecometopass,butchallengesstillabound.

AIRLINEPERFORMANCEANDAIRTRAFFICRECOVERY

Fromafinancialperspective,2021willbringglobalairlinelossesof$51bn.Whileasignificantimprovementonthe$137bnlossin2020,itwillstillrepresentthesecondhighestlossonrecord.

Widescaleairlinefailureshoweverhave,forthemostpart,continuedtobepreventedbythehugelevelsofgovernmentsupportprovidedandwhichnowexceeds$240bnsincetheonsetofthecrisis.Whiletherearethosethatquestionhowlongthesesupportscancontinue,thestrategicimportanceofairtravel,bothfromacommercialandsocialperspective,iswhathasdriventhisremarkablelevelofsupport.Whilethepandemic’simpactmaypersist,thisfundamentalfactremains.

Therecoveryinairtravelhasbeenmaterialbutithasalsobeengeographicallydisparate.Globalpassengernumbersgrewbyalmost30%to2.3billionin2021,howeverthisremainsjustoverhalfof2019’s4.5billionairtravellers.IATA’scurrentexpectationisthatitwillbe2024beforethefiguresreturnto2019levels.

Thisrecoveryhasbeenprimarilydrivenbylargedomesticmarkets(includingtheUS,China,Russia,Brazil)and,inthelatterhalfoftheyear,arecoveryintheEuropeanmarket,asthebenefitsoftheEUvaccinepassportandthereopeningoftransatlantictravelcouldbeseen.TheAsiaPacificmarketcontinuestobetheareacausingmostconcern,wherestringenttravelrestrictionshaveresultedintrafficlevelsremainingupto70%below2019levels.

Whatisevidentoverthecourseof2021isthatoncerestrictionslift,peoplearekeentoreturntotheskies.Variantsofconcern,suchasDeltaandOmicron,haveposedchallengestotherecovery.However,theclearlevelsofpent-updemand,andthegeneralbouncebackoftheglobaleconomy,driveoptimismthattherecoverywillcontinueapace.Amoregloballyco-ordinatedapproachbothtovaccineroll-outandhealthtravelpassportsisessentialindrivingthequickestpossiblerecovery.

Amorenuancedandconsideredapproachtonewvariantswouldalsobeadvisable.AsnotedbytheWorldHealthOrganisation,travelbansarenoteffectiveincontrollingthespreadofthevirus.IATAiscorrectwhenitstatesthatanyrestrictivemeasuresshouldbeproperlycoordinatedandriskassessed,andwheredeemednecessary,shouldbetime-boundandregularlyreviewed.

Fortheairlinesector,marketdisruptionwillcontinuetoprovidenewopportunity.Dozensofnewstart-upshaveemerged,seekingtobenefitfromtherecovery,withoutthefinancialscarsoftheirmoreestablishedcompetitors.Timewilltellinrelationtotheirrelativesuccess.

TalkingaboutoilpriceandinterestratevolatilityseemsalmostquaintgiventhechallengesofCOVID-19,butthesekeymetricswillreturntoprominenceasairlinescontinuetorampupactivitiesinlinewiththerecovery.Coupledwithrisinglabourcostsandongoingsupplychainissues,rampingupactivitywillnotbewithoutchallenges.

Likepreviousdownturns,therewillbewinnersandlosers.Oneexpectsthatthosefocusedonlow-costandshort-haultravelwillbebestplacedtoprosperinthenearterm.Asalways,inordertoexcel,operationalexcellenceisamustforairlines.

THEGROWINGINFLUENCEOFAIRCRAFTLESSORS

Thepandemichasbeenextremelychallengingforaircraftlessors,butthecrisishashighlightedtheresilienceoftheleasingbusinessmodel.Large-scale,well-runlessors,haveexpertlymanagedtheirownliquiditychallengesandhavebeenessentialpartnersinsupportingtheirairlinecustomersthroughthecrisis.Thissupportthroughoutthepasttwoyearshasdeepenedandstrengthenrelationshipsbetweenlessorsandairlines.

Airlinebalancesheetshavebeendecimatedbythepandemicandmostairlineswillbeseverelycapitalconstrainedfortheforeseeablefuture.Asaresult,lessorshavetakenonagreaterimportanceinfundingnewdeliveries.

Thelong-posedquestionofwhetherthepercentageofleasedaircraftcanbreak50%hasbeenanswered;thequestionnowishowhighthatpercentagecouldclimb.Eitherthroughtheirownorderbooksorviathesale-and-leasebackchannel,closeto60%ofnewdeliverieswerefundedbylessorsin2021.Theprevailing,thoughnotuniversal,viewcomingfromtheindustryleaderswespokewithwasthatthisisalevelthatcouldbesustainedoverthelongerterm.

PreviousdownturnshavedrivenlessorconsolidationanditwasnotasurprisetoseematerialM&Aactivityin2021.However,theremarkableAerCapacquisitionofGECAS,bringingtogetherthetwolargestplayersinthemarketandcreatingasuper-sizedleasinggroup,cameasashocktomost.Thefalloutfromthattransactionwillbeinterestingtoobserve,bothintermsofwhatwidermarketactivityitmaydriveandinrelationtothequestionsitraisesaroundtheimportanceofscale.

Whiletherewasconsensusthatmorelessorconsolidationislikely,itisalsoacknowledgedthatreadysellersoflargeportfoliosarenotimmediatelyobvious.Thereisalsoanexpectationthatwewillcontinuetoseenewentrantsandindeedwealreadyhaveseensomeemergesincetheoutsetofthecrisis,mostlybackedbyUSprivateequity.Thechallengeforthosenewentrantswillbehowtheycompetewithestablishedlargerplayers,whomaybeabletoaccesscheaperfunds.Thesenewentrantsappreciatethischallengeandwillbelookingforinnovativewaystodrivereturns.

Theconsolidationthatoccurredin2021hasalsoresultedinsomehigh-qualityambitiousindividualsseekingnew

AirlineEconomicsTheAviationIndustryLeadersReport20225

AIRLINEECONOMICSRESEARCH

opportunities.Giventhosethatjointheleasingworldrarelytendtoleave,wewillbewatchinghowthisplaysoutin2022withinterest,particularlygiventhecontinuedflowofcapitalintothespace.

FINANCING

Thereisnogreaterevidenceoftheattractivenessofaircraftleasingthanthe$21bninunsecuredfundinginthecapitalmarketsthatAerCapwereabletoraiseincompletingtheGECAStransaction,adebtraisethatwasmorethanthreetimesover-subscribed.

AerCapwasnotaloneinaccessingtheunsecuredbondmarketsandatveryattractiverates.InvestmentgradelessorsincludingAirLeaseCorporation,Aircastle,AviationCapitalGroup,Avolon,BOCAviation,DAECapitalandSMBCAviationCapital,allhadsuccessfulunsecuredbondraisesduring2021,withover$32bnbeingraisedbylessorsduring2021.

Thequantumraisedandtheinterestratespreadsachievedbyeachoftheseinvestmentgradelessorshighlightboththeconfidencetheinvestmentcommunityhasintheleasingmodelandalsospeaktothematurityofaviationasaninvestibleassetclass.Evenaswemovetowardsarisinginterestrateenvironment,thereisawidely-heldbeliefinthelessorcommunitythattherewillbeacontinuedabilitytoobtainattractivespreadsonunsecureddebtforlarge-scale,well-runleasingplatforms.

Thetraditionalaviationbankingmarket,whichretrenchedasthecrisistookholdin2020,madeacautiousreturnin2021.Wealsosawtheemergenceofanumberofnewnon-traditionallendingplatforms,asinvestorssoughttoplayinmultiplepartsofthecapitalstack.Itwillbeinterestingtowatchhowthistrenddevelops.

Theaviationasset-backedsecuritisation(ABS)market,whichhadbecomeakeypillarofaviationfinancefunding$10bnofaircraftpurchasesin2019,effectivelyshutteredinMarch2020.Itsreturnin2021wasmuchhopedforbutfewforesawhowstrongthemarketwouldcomeroaringback.Itspromptreturnisawelcomesuccessstory.

Structuralimprovementsrelatingtodebtservicecoverageratiosandagreaterfocusonqualityportfolios,resultedinfourteentransactionswithatotalvalueinexcessof$8.5bnbeingexecutedin2021,secondonlyto2019intermsofscale.Whilemostofthesetransactionsweredebt-focuseddealsandwehavenotyetreturnedtothepre-COVIDtradeableE-Notestructures,thereisabeliefthatequityinvestorswillreturntotheproductinamaterialwayin2022.

CLIMATECHANGE

Thethreatposedbyclimatechangecontinuestoloomlargeoveraviationandallstakeholderswithinthesectoracknowledgeandappreciatetheneedforimmediateaction.‘Flightshame’,theimpositionofenvironmentalrelatedtaxesandregulations,andtheincreasedEnvironment,SocialandGovernance(ESG)focusofinvestorsarerealconcernsfortheindustry.

Whileaviationcontributesaround2.5%ofglobalCO2emissions(asignificantamountlessthanwhatthepublicgenerallyperceives),itspathtoreducingitscarbonfootprintislessobviousthansomeothersectors.

The2050netzerotargetishugelyambitiousandwillbeachallengeforthesectortoachieve.Thebuildingblockstoreducingemissionsincludefleetrenewal,improvementsinoperationalefficiency,technologicalinnovation,sustainableaviationfuels(SAF)and,inthenearterm,carbonoffsetting.Someofthese

potentialtechnologicalfactors,suchashydrogenorelectric-poweredaircraft,arealongwayfrommakinganymaterialimpact.

Thereisclearconsensusthattheimmediatefocusshouldbeonsustainableaviationfuel(SAF),withIATAforecastingthatitwillbetheprimarydriverofemissionreductionsoverthenextdecadeandbeyond.However,therearekeychallengesrelatingtothecurrentlevelsofSAFsupplyanditscurrentprice,whichismorethanthreetimesthatofjetfuel.IncentivesareneededtoattractmoreproducersandinvestorstothespaceandgovernmentsneedtoplayanactiveroleinacceleratingthedemandforSAF.

FLEETFOCUS

Forthereasonsoutlinedaboveandgiventhenatureoftherecoverytodate,bothairlineandinvestorfocuscontinuestobeonnarrowbody,newtechnologyaircraft.DemandfortheA320neofamilyandthesuccessfullyreturned737MAXremainshighandthisisbeingreflectedinpricesandleaserates.Unsurprisingly,thewidebodymarketremainschallengingandwillcontinuetobeuntiltherecoverybecomeslessgeographicallyfractured.

Comingoffhistoriclowsin2020,bothBoeingandAirbusareseekingtoincreaseproductionratesinlinewiththeexpectedrecovery.However,bothmanufacturesneedtodothisinastagedmanner,astheygrapplewithglobalsupplychainissues.Rampingupisalotmorechallengingthanrampingdown.

Onesignificantpositiveduringthiscrisishasbeentheperformanceofcargoandthereisarelativelywidelyheldbeliefthatthepandemicdrivensurgeine-commercehasgivenrisetoasustainablestepchangeforthecargomarket.Longsubjecttoareasonabledegreeofvolatility,thispotentialstepchangeisattractingbothnewinvestorsandlessorstothespace.

INCLOSING

Overall,theindustryoutlookiscautiouslyoptimistic.Thelasttwoyearshavebeenthemostchallengingtimethataviationhaseverfaced,buttheresilienceoftheentiresectorhasbeenremarkable.

Thewidely-heldbeliefisthattheworstofthiscrisisisbehindus,andthataglobalisedvaccinerollout,coupledwithacoordinatedinternationaleffortinmanagingrestrictions,willdrivearecoverytowards2019airtravellevels.

Overthecourseof2021,wehaveseenthattheappetiteofthehumanracetotaketotheskiesisundiminished.Thequestioniswhen,notif,afullrecoverywilltakeplace.

Iwouldliketothankallthosewhogavetheirtimeandinsights,andIhopeyouenjoytheread.

JoeO’Mara|KPMG-HeadofAviationFinance

KIERANO’BRIEN

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ADVISORY

+35314102456KIERAN.OBRIEN@KPMG.IE

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HEADOFAVIATIONFINANCE

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ChapterI

Airlines:GettingBacktoBusiness

AirlineEconomicsTheAviationIndustryLeadersReport20227

AIRLINEECONOMICSRESEARCH

A

lmosttwoyearsonfromthebeginningoftheCOVID-19pandemic,theworldseemstobegainingtractioninthebattleagainstthevirus.Vaccinationratesareimpressiveandgrowing,althoughperhapstooslowlyinsomejurisdictionstocountertheimpactofdifferentvariantsthatarespreadingaroundtheworld,forcinggovernmentstointroducemorecountermeasuresandonceagainrestrictingtravel.ThelatestOmicronvariant–initiallyscaringcountriesintoreinstatingmanyrestrictionsontravelincludingmandatoryquarantine,testingandvaccinationcertificates–althoughmoreeasilyspread,isbeginningtolookmilderthanpreviousstrains,whichcouldsignalthebeginningoftheendforthecoronaviruspandemic.

ThehumancostoftheCOVID-19pandemichasbeensignificant.Globally,asofJanuary7,2022,therehavebeenalmost300millionconfirmedcasesofCOVID-19,including5.47milliondeaths.Thegoodnewsinthefightagainstthediseaseisthatgloballymorethan9.1bnvaccinedoseshavebeenadministeredgloballyasofJanuary5.Thelatestdatashowsthatalmosthalfoftheworldisfullyvaccinated(definedashavingreceivedtwodosesofaWHO-approvedCOVID-19vaccination)andthatmanycountriesarewellonthewaytoan80-90%fullyvaccinatedpopulation.

Theglobaleconomicimpactofthepandemicbeensubstantialbutnotasdeepasfirstfeared.Infact,mostglobaleconomicactivityhasreturned,oriscloseto,pre-pandemiclevelsinmanycountriesaroundtheworld,withsomeevenperformingabovepre-pandemiclevels.Thepromptandextensivefinancialsupportforcompaniesandindividuals,aswellastherapiddevelopmentandrolloutofvaccines,hasprotectedtheworldfromfallingintoadeepglobalrecession.Economicgrowth(measuredinGDP)fromthemiddleof2020exceededallexpectations(seeChart4;theblacklinetracksworldGDP).Therecoveryiswellunderway,strongheadwindsremain.Growthandvaccinationratesvarybetweenjurisdictionsandtheworldremainsfearfuloftheimpactofthenextvariantofconcern.AsUrsulavonderLeyen,PresidentoftheEuropeanCommission,noted:“Aglobalpandemic

requiresaworldefforttoendit–noneofuswillbesafeuntileveryoneissafe.”Eveninareasofgrowth,thespectreofinflationandrisinginterestrateshasaddedtothedelayedimpactonemploymentlevelsduetothecessationofgovernmentpayrollsupportschemes,whichmayyetderailthegainsmadethusfar.

Theaviationindustryhasprovenitsresiliencethroughoutthepandemic,anditsrecoveryisalsoprogressing,evenifintermittently.Airtravelisamongthefirstsectorsimpactedwhenevervariantsofconcernemergeandgovernmentsreacttoprotecttheircitizensandhaltthespreadofthedisease.AslockdownswereslowlyliftedinSpring2021,airlinesbegantoprepareforaninfluxofsummerbookings,onlytobethwartedbytheDeltavariantagaincausingtraveltobecurtailed.Reportsofsummerholidaymakersbeingstrandedabroadascountriesupdatedredtravellistsandimposedquarantinerestrictionsatshortnoticeeventuallydeterredpeoplefromtravelling.Indeed,USbordersremainedclosedtomostforeigntravellersuntilaslateasNovember.Astheendoftheyearapproached,airlineswereonceagainlookingforwardtocapitalisingonfestiveholidaybookingsastravellerssignedupforsummersunshinebreaks,skivacationsandtripstovisitfamily,onlytobedeterredagainbytheOmicronvariantthatemergedfromSouthAfricaandspreadthroughouttheUKandintoEurope,leavingborderclosuresinitswake.UKtravellerswerebannedfromtravellingtoFranceandtheNetherlandsenteredtotallockdownonDecember18,withrestrictionsonlyeasedonJanuary15,afterthefestiveperiod.InChina,anoutbreakinXi’anresultedinthetotallockdownofthecityfromDecember23,whichremainsinplaceinlinewithChina’sdedicationtoitsdynamiczero-COVIDstrategyespeciallyaheadoftheBeijingWinterOlympics.

Whileworryovervariantsofconcernisunderstandable,thelogicandeffectivenessoftravelbansisopentoquestion.EventheWorldHealthOrganisation(WHO)hasstatedthattravelbansarenoteffectiveincontrollingthespreadofthevirus.TheWHOnotedintheaftermathofthevariousOmicronrelatedrestrictionsthat:“Blankettravelbanswillnotpreventtheinternational

“Tohavearobusteconomy,youneedarobustairlineindustry,Theairlineindustryissoimportanttotheworld.Airfreightistheonlyreasonwe’vebeenabletodistributeabout10billionvaccinations,andbecausepassengerairlinesrapidlyturnedtocargotomovePPEaroundtheworld.”

HelaneBecker,

Cowen&Company

spread,andtheyplaceaheavyburdenonlivesandlivelihoods.Inaddition,theycanadverselyimpactglobalhealtheffortsduringapandemicbydisincentivizingcountriestoreportandshareepidemiologicalandsequencingdata.AllcountriesshouldensurethatthemeasuresareregularlyreviewedandupdatedwhennewevidencebecomesavailableontheepidemiologicalandclinicalcharacteristicsofOmicronoranyothervariantsofconcern.”

InrelationtotheseWHOcommentsandthegeneralreactiontoOmicron,WillieWalsh,theDirectorGeneralofIATA,reasonedthat“thegoalistomoveawayfromtheuncoordinated,evidence

8AirlineEconomicsTn9Avi6ji0nlnbu2j】V」96b9】2H9q0】jS0SSwww.6i】lin99O0n0miO2.O0m

AIRLINEECONOMICSRESEARCH

COVID-19Impact

Tn9On6】j2d9l0w2n0wjn9j0j6lnumd9】20tO62926nbb96jn2t】0mO0Vl0-rQ6nbjn9v6OOin6ji0n】6j92in】9Qi0n2

6nbiu】i2biOji0n26】0unbjn9w0】lb‘d629b0nb6j6t】0mjn9W0】lbH96ljn0】Q6niS6ji0n620tL6nu6】V己‘S0SS.

CHART1:TOTALCASESANDDEATHSFROMCOVID-19

158.2k

158.1k

316.7

k

k

m

7.5m

11.8

17.

3m

45.

4m

108.0

m

723.6

1.7

2

.4m

108.

8m

100million

TotalDeathsTotalCases

Source:WorldHealthOrganization

EasternMediterranean

SouthEastAsia

WesternPacific

120million

40million

80million

60million

20million

0million

Americas

Europe

Africa

m

7

.0%

.2

43.2

49.6

%

56

.4%

59.6

%

7

8.9%

0%10%20%30%40%50%60%70%80%90%

Percentageoffullyvaccinatedpersons

Source:WorldHealthOrganization

CHART2:REGIONALFULLYVACCINATEDPERSONS

WesternPacific

Africa

EasternMediterranean

SouthEastAsia

Europe

Americas

Global

31%

%

KOR

CHN

JPN

ESP

ITA

FRA

DEU

VNM

GBR

THA

BRA

IRN

TUR

USA

MEX

PHL

IND

RUS

IDN

PAK

BGD

83.182.6

78.6

75.2

74.3

73.6

71.2

70.3

69.7

66.2

66.1

61.8

61.5

60.4

51.5

45.3

44.7

43.6

41.9

32.9

32.5

01020304050607080

90

Source:WorldHealthOrganization

CHART3:COUNTRIESWITHTHEHIGHESTFULLYVACCINATEDPERSONS

AirlineEconomicsTheAviationIndustryLeadersReport20229

CHART5:AIRLINESTHATCEASEDOPERATIONSIN2021

Airline

Country

AirNamibia

Namibia

SkyRegionalAirlines

Canada

MangoAirlines

SouthAfrica

Interjet

Mexico

EthiopianMozambiqueAirlines

Mozambique

AirIcelandConnect

Iceland

Amaszonas

Uruguay

StobartAir

Ireland

AirAntwerp

Belgium

AtlantisEuropeanAirways

Armenia

FlyMySky

NewZealand

Orange2Fly

Greece

GreatDaneAirlines

Denmark

Alitalia

Italy

BluePanorama

Italy

ITA

Brazil

CHART6:AIRLINESTHATENTEREDBANKRUPTCYPROTECTIONORRESTRUCTURINGIN2021

Airline

Country

PhilippinesAirlines(PAL)

Philippines

HNA(parentofHainanAirlines)

China

GarudaIndonesia(restructuring)

Indonesia

AirAsiaX(restructuring)

Malaysia

CHART7:LEASINGCOMPANIESTHATENTEREDBANKRUPTCYORRESTRUCTURINGIN2021

Airline

Country

AeroCentury

US

NordicAviationCapital

Denmark

AIRLINEECONOMICSRESEARCH

AnnualGrowth%change

60

50

40

30

20

10

0

-10

-20

-30

-40

-50

-60

-70

-80

-90