The most accurate way to capture data for aircraft carbon emissions and fuel burn globally
This data enables seat-by-seat emissions to be precisely tracked by management companies, corporate travel departments, aircraft finance firmsand airlines
London, 29 May 2024:Cirium, the leader in aviation analytics, has introduced the industry’s most precise independent standard for measuring aircraft emissions and fuel burn.
This groundbreaking and revolutionary methodology analyses each flight’s specific aircraft type and design specifications, combined with real-time operational data and flight conditions, ensuring unparalleled accuracy and reliability in emission tracking.
Cirium’s EmeraldSky seamlessly integrates Cirium’s comprehensive data, advanced analytics, and innovative techniques to achieve unmatched precision in measuring both current and forecasted CO2 flight emissions.
Unlike traditional carbon calculators that depend on broad estimates and loose assumptions – such as using pre-planned routes instead of actual flown paths, and ignoring variables like wind speed and direction – EmeraldSky provides emissions results based on the seat in a specific class of service and sets a new standard in aircraft emissions measurement.
Jeremy Bowen, CEO of Cirium, said: “Cirium’s mission is to establish the industry standard for accurate fuel burn and carbon emissions data to empower the aviation sector to deliver on its sustainability targets. Cirium’s world-beating methodology even considers each aircraft’s typical operating weight, passengers and baggage, cargo payload, and degradation in engine efficiency over time to provide the most accurate data available to help achieve aviation’s ambitious sustainability goals.”
Endorsed by airlines and industry stakeholders, EmeraldSky offers users access to both historical data for up to five years and predictive carbon footprint for the upcoming 12 months.
This robust data enables precise, independent assessment of each aircraft’s emissions, supporting more informed decision-making across the aviation sector. This ensures more precise flight emission reporting, which is critically important in meeting current and future climate regulations.
With superior data, EmeraldSky enables users to:
Undertake a thorough assessment of sustainable aircraft and fleet options
Identify opportunities for aircraft upgrades
Promote eco-friendly travel by providing sustainable flight options
Comply with emissions regulations and ESG reporting requirements
Evaluate investments in aviation carbon offset and elimination programs
Forecast the demand for sustainable aviation fuels (SAF)
Identify opportunities for aircraft upgrades.
In a world with an immense focus on the environmental impact of aviation, EmeraldSky’s rigorous approach is essential for accurate reporting and responsible aviation practices.
EmeraldSky supports Cirium’s ongoing mission to make a meaningful positive impact on the future of aviation and the environment, alongside the industry’s Net Zero targets.
About Cirium Cirium® is the world’s most trusted source of aviation analytics. The company delivers powerful data and cutting-edge analytics to empower a wide spectrum of industry players. It equips airlines, airports, travel enterprises, aircraft manufacturers, and financial entities with the clarity and intelligence they need to optimize their operations, make informed decisions, and accelerate revenue growth.
Cirium® is part of LexisNexis® Risk Solutions, a RELX business, which provides information-based analytics and decision tools for professional and business customers. The shares of RELX PLC are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX.
The European Commission recently took decisive action against 20 airlines for making invalid green claims, commonly known as “greenwashing” as stated in the European Commission April 30, 2024 press release – Commission and national consumer protection authorities starts action against 20 airlines for misleading greenwashing practices. These airlines were found to have exaggerated or misrepresented their environmental efforts, misleading consumers and stakeholders. This crackdown underscores the growing regulatory scrutiny and the urgent need for the aviation industry to adopt transparent and objective measures of greenhouse gas emissions.
The Implications of Greenwashing
Greenwashing not only tarnishes the reputation of airlines but also erodes public trust and investor confidence. It undermines genuine sustainability efforts and can lead to significant financial and legal repercussions. For the aviation industry, which is under increasing pressure to meet net zero targets by 2050, the ramifications are severe. Effective and credible climate action hinges on the ability to provide accurate data and transparent reporting.
The Need for an Independent Monitoring System
To counteract these issues and foster trust among all stakeholders, the aviation industry must implement an independent monitoring system that ensures reliable and scientifically accurate emissions data. Such a system would:
Enhance Transparency: Provide verifiable and science-based data that stakeholders can trust.
Support Regulatory Compliance: Align with international standards and regulations to avoid penalties.
Improve Customer Trust: Assure customers that the airline’s green initiatives are legitimate and impactful.
A Focus on Independent and Accurate Flight Emissions
Cirium is dedicated to advancing the industry towards its Net Zero goals by 2050 through its trusted and independent data analytics. To support this mission, it has developed Emerald Sky, an advanced methodology that integrates data, analytics, and innovative approaches to achieve unparalleled precision in measuring both flown and forecasted CO2 flight emissions.
Unlike traditional carbon calculators that rely on broad estimates and assumptions, Emerald Sky uses cutting-edge techniques and proprietary data to accurately calculate aircraft fuel-burn and CO2 emissions. This ensures more precise flight emission reporting, which is critical for meeting current and future climate regulations.
With Emerald Sky, Cirium aims to provide the industry with the accuracy and transparency it requires to achieve its environmental commitments.
Moving the Industry Forward
Airlines must move beyond merely stating intentions to reduce carbon emissions. It’s time to take ownership of their environmental impact and work towards tangible, scientifically backed results.
Addressing greenwashing and adopting a robust emissions monitoring system isn’t just a regulatory requirement—it’s a strategic imperative for building a sustainable future in aviation. Let’s work together to ensure our industry’s environmental claims are as high-flying as our planes.
Contact Cirium today to learn how to obtain an objective and scientifically accurate measure of greenhouse gas emissions. Cirium’s solution ensures sustainability efforts are transparent, credible, and aligned with global net zero targets.
Andrew Doyle, Senior Director – Market Development, Cirium
Please note: this is part two of a three-part series. Read part one and three.
According to Cirium’s proprietary Emerald Sky methodology and data analytics, of the 200 airline operators with the greatest CO2 emissions in 2019 – which together accounted for 93% of total emissions and out of which 185 remain in operation today – 81 are on track to have reduced their CO2 per ASK by more than the average 3.9% over the five years to July 2024. The most-improved carrier (Icelandair) is expected to register a reduction of more than 24% thanks to a major fleet replacement programme. Other carriers – for example British Airways, which is on track for an 8.1% decline – made decisions during the pandemic to phase out entire fleets of particularly fuel-thirsty aircraft, such as 747-400s.
Conversely, Finnair’s estimated CO2 per ASK is forecast to have increased by more than 10% between 2019 and 2024, but principally due to the non-availability of Russian airspace following that country’s invasion of Ukraine in February 2022.
This resulted in the Finnish flag-carrier’s A350 fleet using approximately 20% more fuel per ASK due to extended flight times to/from points in Asia, as captured by Cirium’s air minutes rather than great circle distance-based methodology.
The principal sustainability challenge facing the industry is that the forecast growth of the commercial airliner fleet will result in absolute CO2 emissions continuing to increase until supply of sustainable aviation fuels can be massively ramped up. Although aviation as a whole contributes a relatively small portion of global emissions, roughly 2% on latest international estimates, it remains in the spotlight precisely because of this lack of immediate alternatives to fossil fuel use, as well as the potential multiplier of greenhouse effects through cirrus cloud formation at altitude.
Check back next week for part three: The impact of changes to in-service fleets. Contact us to learn more about Emerald Sky.
Andrew Doyle, Senior Director – Market Development, Cirium
Please note: this is part one of a three-part series. Read part two and three.
In an era marked by significant incremental advances in engine technology and aircraft design, one might expect the commercial aviation industry to be on a clear flight path towards environmental sustainability. Yet, the reality is more complex and concerning. Despite these technological strides, the sector finds itself at a critical juncture, with greenhouse gas emissions projected to soar beyond previous levels, challenging the global commitment to combat climate change.
Latest forecasts from Cirium show that monthly carbon dioxide (CO2) emissions from scheduled passenger flights will hit an all-time high of 74m tonnes in July 2024, exceeding the pre-pandemic record of 73m tonnes set in July 2019. But there is good news. Over this five-year period, efficiency measured as CO2 per available seat kilometre* (ASK) will have improved by over 3.8%, thanks mainly to the increasing proportion of aircraft equipped with the latest engine technology.
July 2019 saw nearly 3.1m flights deliver 915bn ASKs at an average of just over 70g of CO2 per ASK. Cirium’s forecast for July 2024, based on published airline schedules linked to actual fleets, includes more than 3.2m flights providing almost 980bn ASKs at an average of a little under 68g of CO2.
*Assumes 75% of flight-level CO2 from widebodies is attributable to passengers, with 25% accounted for by belly cargo
This efficiency improvement would have been greater were it not the case that hundreds of Pratt & Whitney PW1100G-powered Airbus A320neo Family aircraft are grounded pending engine inspections, while deliveries of Boeing’s 737 Max models were constrained in the wake of the extended grounding of the type after two fatal crashes. General post-Covid supply chain issues and certification challenges also led to fewer latest generation widebodies entering service than had been envisaged back in 2019.
Check back next week for part two: Factors influencing airlines reduction in CO2 emissions. Contact us to learn more about Emerald Sky.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
Thomas Sweeney, Valuations Associate, Cirium Ascend Consultancy
In the current supply constrained environment, the majority of aircraft values are on an upward trajectory. All of our existing market analysis indicates that this constrained supply will continue for several years yet and potentially for the majority of this decade. Demand is projected to resume its growth trend, although there is some risk in this assumption. Having just experienced the extreme downturn of the pandemic we are well placed to assess the risk that each asset presents based both analysis of historical data and understanding of the market dynamics of that type.
To illustrate how various assets have performed, we plot the graphical distribution of Market-to-Base Value ratio around a balanced market, which is represented by a MV/BV ratio of one. Below are examples of these graphs for three different aircraft types on a 10-year horizon which demonstrate the full range from stable to highly volatile.
The Airbus A350-900 is an asset which has proved very popular with operators and investors. An efficient new generation aircraft, it is an optimal size for many operators’ long-haul networks and production has been more stable than for its competitor, the Boeing 787. This has resulted in relatively stable values for the type:
It is unsurprising that Market Values for the type have mostly been below Base, given that a large proportion of its in-production life has been taken up with the pandemic.
It is more noteworthy that Market Values have barely gone below 90% of Base.
It demonstrates the relatively low volatility of this type. Demand for this aircraft is high with a diverse operator base and it has had time to prove its performance. It is the largest in-production type at present, as the 777X continues to struggle in certification. This is driving the view that demand, and hence values, are unlikely to fall significantly in the near and medium-term.
The newest Boeing 737-700s (2012-2018) have a less stable profile, with Market Values showing significant time spent between 75% and 90% of Base:
The Boeing 737NG family has been a very successful programme and demand for this key narrowbody type can only fall so far. However, this variant of the family is one of the more volatile types. The smallest variant in a family is generally less popular as a consequence of its relatively poorer seat mile economics. The -700 is highly concentrated with Southwest Airlines, which has 380 aircraft, comprising over half of its in-service commercial fleet. These younger aircraft are both a smaller portion of the fleet and face faster depreciation and higher volatility as they are late in the production cycle, already being taken over by newer technology. Despite these aspects, the type retains the same engines as other more popular variants of the 737NG family and as such, is prevented from the extreme volatility that can be seen on other types.
The Airbus A380 is an example of a type that has shown very high volatility as scepticism over its economic viability became increasingly widespread over the past decade:
By now, the Airbus A380’s weaknesses are well known – such a large aircraft requires a high load factor to remain profitable and selling enough seats to maintain this load factor is challenging on all but the densest routes.
Its very high concentration in Emirates’ fleet, with which the type is almost synonymous, and very small operator base renders it difficult to trade on the open market.
The pandemic showed that the A380 was amongst the earliest aircraft types to be stored or retired and this is reflected in the third chart, where the Market Values fall below even 50% of Base.
In conclusion, understanding the value trends and market dynamics for different aircraft types is essential in the current supply-constrained environment. These types show that there isn’t one key factor in volatility. Both elements of the physical value of the asset, such as position in production cycle and technical capability, and economic value, such as an optimised size for high load factors and yields, play a part in volatility. A statistically rich historical dataset and understanding of the market position of each asset allows us to both quantify downside value risk and predict future volatility.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
Rob Morris, Global Head of Consultancy, Cirium Ascend Consultancy
Since the unfortunate 737-9 Max accident in January laid bare Boeing’s continued 737 production woes, we have been asked many times about the potential for COMAC to step up and fulfill single-aisle aircraft demand which is being frustrated by slow Boeing deliveries. The question is further magnified when considering Airbus’s own struggles to ramp A320 family production, which came close to averaging 60 aircraft per month in 2019 before reverting to less than 40 per month through the pandemic, up from the current 50 or so per month towards the planned target of 75 per month in 2026. As one senior leasing executive put it at ISTAT Asia in Hong Kong in early May “Boeing and Airbus have offered a window of opportunity for COMAC”. Another said “AB today becomes ABC in ten-years time”. In essence, the door is open for COMAC but can they step through it?
From a demand perspective, the opportunity certainly exists.
Our latest Cirium Fleet Forecast, published in November 2023, projects demand for more than 40,000 single-aisle and twin-aisle passenger jet deliveries over the next 20 years.
In the 20-year period 2000-2019 Airbus and Boeing between them delivered just under 19,600 commercial passenger jets (including five from the legacy McDonnell-Douglas range which Boeing had acquired in 1997, rendering 2000 the year that the large commercial aircraft market became the duopoly we know today). Hence, unless today’s duopolists are able to double their output through 2043, there is certainly headroom for a third player.
But can COMAC step up with the current C919 to exploit the opportunity in the commodity single-aisle space where that demand projection estimates almost 33,000 deliveries? The orderbook signals optimism, with 998 aircraft currently recorded as on firm order in Cirium’s fleet database to add to the five which have already been delivered. However, as the chart below illustrates that backlog is shown as scheduled for delivery through 2040, a far longer delivery horizon than any competing Airbus or Boeing single-aisle. Only 46% of the backlog is committed to six airlines, all of whom are domiciled in China. The remaining 543 aircraft are on order with 12 operating lessors, all of whom are Chinese owned and domiciled aside from BOC Aviation. These aircraft will need to find customer placements and it is unusual for a new aircraft programme to feature so many lessors so early in its genesis. This perhaps suggests how airlines are viewing the C919 for now, although the recent orders for 100 each from Air China and China Southern are likely to have a much firmer status than many of the lessor orders.
Cirium’s Fleet Forecast also signals optimism, with the current projection for just under 1,700 C919 programme deliveries through 2042. The vast majority of those deliveries are expected to be to domestic customers, with only around 250 aircraft expected to be sold to export customers largely in belt and road countries where political influence can drive sales campaigns. With more than 6,000 new single-aisle deliveries expected in China over the forecast period, C919 is expected to capture around 25% market share compared to Boeing’s 30% and Airbus’s 45%.
With that optimism, how is COMAC performing today as it strives to break into the single-aisle market, and how does that performance benchmark to the most recent successful market entrant which of course was Airbus in the late 1980s? Airbus delivered its first A320 to Air France in March 1988. COMAC delivered its first C919 aircraft to China Eastern Airlines in December 2022. 17 months later, COMAC have now delivered five aircraft to that single customer. Within 17 months of the first delivery of its A320 back in 1988, Airbus had delivered 49 units to nine different airlines in Europe, North America and Asia. Ten times as many aircraft delivered globally by Airbus more than 35 years ago when the market was inter alia much smaller than it is today. Airbus did have one significant advantage over COMAC today, in that since the 1960s Airbus’s partner companies in France and the UK had manufactured and delivered more than 630 passenger single-aisle aircraft, Caravelles, Tridents and One-Elevens, to almost 90 customers globally, facilitating aircraft support networks which Airbus was able to leverage to ensure their customers enjoyed dispatch reliability and performance necessary to establish the A320 family as a credible and global competitor to the then competing Boeing and McDonnell Douglas single-aisle aircraft. COMAC does not have that support network in place and thus has to work very hard to build it to support airline customers who will be expecting performance and dispatch reliability that benchmarks favourably against those delivered by the established Airbus and Boeing products.
How are the aircraft already delivered performing today? Cirium’s data shows that China Eastern’s five aircraft are presently scheduled on three domestic routes from Shanghai Hongqiao to Chengdu, Beijing and Xi’an.
Flight tracking data confirms that in April the aircraft operated a total of 398 flights, averaging 5.9 hours per day.
In the same month, all Boeing 737-8 Max and A320neo in service in China averaged 8.1 and 8.4 hours flown per day respectively, so C919 is clearly being scheduled and flown conservatively for now averaging around 70% of the Boeing and Airbus peers, as the aircraft starts to prove itself in operational service. However, there are already signs of improvement since as recently as February C919 was achieving only around 50% of the average daily hours of 737 and A320. There are also signs of improvement from a route perspective, with a C919 reportedly scheduled to operate a single Shanghai Hongqiao to Hong Kong return sector on 1 June 2024, with further reports that this will subsequently become a regular route for the aircraft type.
What about the future? As already noted, Cirium’s backlog indicates an expectation that COMAC will deliver more than 130 aircraft to customers in 2031. COMAC themselves have stated an intention to develop a production capacity of up to 150 aircraft annually within the next five years. COMAC are also developing a family of aircraft, somewhat akin to Airbus’s strategy with the A320 augmented with smaller and larger A319 and A321 variants. The shorter fuselage ‘plateau’ version was launched in February with an order by Tibet Airlines. At face value the potential to manufacture 150 aircraft annually by 2029 seems ambitious. It took Airbus more than ten years to achieve more than 150 annual deliveries, albeit the 168 A320 family aircraft delivered in 1998 did represent more than 30% market share in the then single-aisle market where Boeing delivered 324 aircraft that year and McDonnell Douglas (by then owned wholly by Boeing) delivered 42 aircraft. Cirium’s forecast projects delivery of around 1,800 single-aisle aircraft globally in 2029, so 150 aircraft from COMAC would represent less than 10% of the total market.
There is no doubt that the door is potentially open for COMAC to step through and join Airbus and Boeing in the large commercial aircraft market. However, this analysis suggests that the pace at which COMAC will walk through that door is relatively slower than Airbus walked through the same door more than 30 years ago. At present Boeing is clearly weakened, but with time Boeing will fix its issues and return the Boeing 737 family to a level of production some four times larger than COMAC’s stated intent in 2029. In the same timescale Airbus is likely to be producing its own A320 family at around six times the scale that COMAC intend.
The barriers to entry in the large commercial aircraft market have always been huge – potentially insurmountable for many as witnessed by Bombardier’s ultimately doomed efforts with its CSeries. COMAC are the latest challenger. COMAC does enjoy is a huge domestic market, where China will perhaps consume as many as 15% of all new single-aisle deliveries. It can leverage that domestic market to generate sales. But for now the relative pace of those sales seems set to be much slower than even Airbus achieved as it entered the market in the 1980s. Hence, it seems likely that it will be a very long time before AB today genuinely becomes ABC.
Alex Brooker, VP of Research, Development and Discovery, Cirium
In the heart of the Middle East, a quiet revolution is taking place. The region’s aviation industry, long a symbol of ambition and growth, is undergoing a remarkable transformation that promises to reshape the future of air travel.
With a commitment to innovation, sustainability, and passenger experience, the Middle East is poised to set new standards for the global aviation community. As global stakeholders gather for the Arabian Travel Market in Dubai this week, let’s explore the initiatives and specific regional opportunities.
At the forefront of this transformation is the United Arab Emirates, home to some of the world’s most renowned airlines and airports. Dubai-based Emirates Airline, a $29 billion entity, has consistently pushed the boundaries of what’s possible in aviation.
With a fleet of over 250 aircraft and a network spanning more than 140 global destinations, Emirates has leveraged the latest technologies to deliver an exceptional passenger experience. From in-flight entertainment systems to biometric security measures, the airline’s commitment to innovation has set a high bar for the industry.
But Emirates is not alone in its pursuit of excellence. Abu Dhabi-based Etihad Airways and low-cost carriers like flydubai and Air Arabia have also made significant strides in enhancing their services and expanding their reach. For pure operational performance, Oman Air won Cirium’s regional OTP award for 2023 and was placed 3rd globally. In March 2024, King Khalid International Airport (RUH) was the second most on time airport globally with an on time departure of 87.32%. These airlines and airports have recognized the importance of adapting to changing customer needs and embracing sustainable practices to ensure long-term success. To that end, minimising cancelled flights and delays is something everyone can agree is a positive step – in what has been a challenging month for aviation in the region overall.
Cirium’s Middle East and Africa OTP Regional Update – Published April 2024
Middle East & Africa witnessed a 12% surge in the number of flights canceled in March. The region had 1,950 flights canceled compared to 1,739 last month. Safair (FA) was still the undisputed leader in both the Middle East & Africa region and the low-cost carrier category in March.
The airline concluded the month with an outstanding OTP of 96.67%, up nearly three points from 93.96% in February.
This was also the highest performance score among all carriers across all global regions and all categories. Oman Air (WY) followed in second place, also with an impressive OTP of 93.32%. With a remarkable thirteen-point increase over last month’s performance, Royal Jordanian (RJ) climbed from seventh to third place this month with an OTP of 89.68%. Gulf Air (GF) remained in fourth place with an OTP of 88.35%, a 4-point increase over February’s OTP of 84.08%. Qatar Airways (QR) finished the month in fifth place with an OTP of 87.36%, a 4-point increase over the previous month’s OTP of 83.27%. Airports in the region also showed huge improvements in their performance this month. King Khalid International Airport (RUH) secured the second-place spot in the global airports category with an OTP of 87.32% following a 4-point increase from last month’s OTP of 83.13%. Kuwait International Airport (KWI) delivered an OTP of 87.32%, up nearly 7 points from February’s performance of 80.51%. Meanwhile, Izmir Adnan Menderes Airport (ADB) turned in an OTP of 91.61%, a 2-point increase over last month’s OTP of 89.57%.
Innovation Hubs Enable Collaboration
One of the most exciting developments in the region’s aviation industry is the emergence of innovation hubs like Emirate’s Ebdaa in Dubai. Ebdaa serves as a catalyst for creativity, collaboration, and sustainable energy. This state-of-the-art facility brings together the brightest minds from universities, technology suppliers, and startups to drive the development of cutting-edge solutions. From hydrogen-powered aircraft prototypes to advanced air traffic management systems, the groundbreaking projects emerging from Ebdaa are testament to the region’s commitment to shaping the future of aviation.
But innovation is not limited to the development of new technologies. The Middle East’s aviation industry is also pioneering new approaches to training and passenger experience.
Emirates, for example, has also embraced extended reality and immersive experiences to enhance the onboarding and training of its aircrew and employees. By providing realistic simulations of the working environment, these technologies are reducing training times and ensuring a smoother transition for new hires.
Similarly, Dubai International Airport, one of the world’s busiest, is leading the charge with its plans for a fully touchless, walk-through experience through 2024. Passengers will enjoy seamless check-in, security clearance, and boarding processes, thanks to advanced biometric technology. This initiative not only reduces wait times and enhances safety but also provides a more hygienic and convenient travel experience in the wake of the COVID-19 pandemic. Similar advancements are being implemented across the region, revolutionizing the way passengers navigate airports and interact with airline staff.
However, the rapid growth and innovation in the Middle East’s aviation industry are not without challenges. The region faces a shortage of skilled labour, with estimates suggesting that the UAE alone will require around 22,000 pilots and crew members by 2033. To address this issue, countries in the region are investing in training and development programs, partnering with educational institutions to nurture the next generation of aviation professionals.
Another challenge is the need for sustainable practices in the face of climate change. While the Middle East’s airlines and airports have made significant strides in reducing their carbon footprint, there is still much work to be done. The adoption of sustainable aviation fuels, the development of more fuel-efficient aircraft, and the implementation of eco-friendly ground operations are all critical steps in ensuring the industry’s long-term sustainability. To this end airlines and airports across the region are investing heavily in eco-friendly initiatives, such as the adoption of sustainable aviation fuels, the development of fuel-efficient aircraft, and the implementation of green ground operations. Etihad Airways, for example, has pledged to reduce its carbon emissions by 50% by 2035 and achieve net-zero emissions by 2050. These efforts are not limited to operational benefit but are also vital for securing the financial backing for the industry with many deals coming with “green strings attached”. Cirium has also invested heavily in this area and recently secured accreditation for Emerald Sky from the Rocky Mountain Institute for the first climate-aligned finance framework tailored for the aviation industry.
Despite these challenges, the mood in the Middle East’s aviation industry is one of optimism and determination.
The region’s leaders recognize the immense potential of the sector and are committed to investing in its future. From the ambitious plans of Saudi Arabia to the strategic partnerships being forged across the region, there is a sense of unity and purpose in driving the industry forward.
In the coming years, we can expect to see even more groundbreaking advancements emerging from the region. From the development of hydrogen-powered aircraft to the implementation of seamless, touchless travel experiences, the Middle East’s aviation industry is pushing the boundaries of what’s possible. As these innovations take flight, they will not only transform the way we travel but also inspire a new generation of entrepreneurs and innovators. The Middle East’s aviation success story is a testament to the power of vision, collaboration, and innovation. As the region continues to invest in its people, its infrastructure, and its technologies, it is laying the foundation for a brighter, more sustainable future. With its eyes fixed firmly on the horizon, the Middle East is ready to take the global aviation industry to new heights, one innovation at a time.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
The US Federal Reserve board has raised interest rates 11 times in a row since March 2022. It announced on May 1 that it would keep the policy interest rate unchanged. This was the sixth consecutive meeting at which there was no change to the federal funds rate target.
Since there is a certain degree of correlation between interest rates and lease rents, it is likely that rising interest rates have contributed to the rise in lease fees. However, there is room for discussion as to whether the increase in lease rent has been sufficient.
Source: Ascend Value Trends, Federal Reserve Economic Data (FRED)
The above chart shows that the market lease rates of Airbus A320neo and Boeing 737 Max jets have reached the $400,000-per-month mark. The lease rate of the A320neo was over $400,000 per month in 2015 but was subsequently on a downward trend before finally recovering to that level this year.
However, a review of interest rates during the same period shows that the yield on the 10-year US Treasury note was much lower in 2015 than the current level.
Similarly, lease rates for the previous-generation 737NGs and A320ceos, whose new-aircraft prices would have been lower by a few million dollars, were at their highest level of over $400,000 per month in 2007/08, yet the yield on the 10-year US Treasury note at that time was again below the current level.
Is the Extent of Lease-Rate Increases Insufficient?
The reasons that lease rates for new aircraft are currently at the same or lower levels than in the past, despite the higher financing costs, are presumably as follows:
(i) While demand for aircraft financing has been increasing, there are not enough sale-and-leaseback opportunities in the leasing market because of a lack of supply of next-generation aircraft, and therefore there has been excessive competition among lessors; and/or (ii) Leasing companies have high expectations for residual values, end-of-lease compensation and maintenance reserves when pursuing a transaction.
As for (i) above, the most recent monthly production rates of Boeing and Airbus highlight a clear shortage of next-generation aircraft. For single-aisle aircraft, Airbus averaged 46 per month in 2024’s first quarter, whereas Boeing averaged 12 in February/March. Although the speculative orders placed by a handful of lessors for the new aircraft were able to secure their pipelines, lessors generally see challenges in securing new aircraft transactions. Some lessors are considering a strategic shift to secure the top line by acquiring mid-life aircraft.
Regarding (ii), it is believed that some lessors are increasing their expectations in anticipating higher residual values at lease expiry as well as lease-end compensations, because of the rising maintenance costs for both next-generation and previous-generation equipment and the fact that the supply of next-generation equipment is not keeping pace with the demand. However, caution is required when considering whether this will become a mid- to long-term trend.
Cirium Ascend Consultancy will continue to monitor market changes in lease rates and any changes in lessors’ approaches to new sale-and-leaseback transactions.
Andrew Doyle, Senior Director – Market Development, Cirium
Unique insights into the previously opaque world of airframe maintenance checks and cabin retrofits are available following the launch of Cirium’s Ground Events Analytics. I used the new tool to take a look at the Chinese MRO market, the progress of Emirates’ massive Airbus A380 cabin refresh campaign and the impact of Boeing 787 delivery delays on demand for 767 upgrades.
Lifting the Lid on China With Space-Based Tracking
The competitive landscape for maintenance, repair and overhaul operations in China has been challenging to map out in the past due to difficulties in sourcing comprehensive flight tracking data, but Cirium’s partnership with space-based ADS-B service provider Aireon means aircraft ground time locations and durations can be precisely monitored for the first time. By combining this tracking information with Cirium’s market-leading aircraft and MRO contracts data, our market experts and data scientists have been able to develop sophisticated algorithms to infer – with a high degree of confidence – when and where specific aircraft are undergoing scheduled maintenance events.
An illustration of the type of analysis that can be performed using Ground Events Analytics is shown in the tree map below, which ranks Chinese MRO providers by the total number of ground days per specific aircraft type logged during the 12 months to February 2024. In each case we can show the number of aircraft that underwent heavy checks and their median ground stay.
Getting to Grips With a Mammoth Retrofit Programme
Turning our attention to Emirates, the new tool shows the carrier has managed to complete cabin retrofits – including installation of all-new premium economy cabins – for at least 22 of its A380s out of a total of 67 scheduled to receive the upgrade. Detailing its plans for one of the industry’s biggest ever retrofit programmes in November 2022, the carrier said it aimed to induct one aircraft every eight days with each upgrade taking approximately 16 days to complete, meaning all 67 A380s would be modified and returned to service by the end of May this year.
Ground Events Analytics reveals that nine of the 22 aircraft confirmed to have been upgraded to date also underwent ‘C’ or ‘heavy’ maintenance checks during their ground stays.
The shortest tracked ground time was aircraft A6-EVF – which received a cabin retrofit starting in mid-May 2023 – at 23 days. The 22 aircraft upgraded so far join the final six A380s that were delivered to Emirates with the new cabins already installed.
Dreamliner Delivery Delays Hand New Lease of Life to Legacy Twinjets
Finally, I took a look at how the suspension of 787 deliveries between May 2021 and July 2022 likely impacted on plans by United Airlines to upgrade the cabins on its legacy 767 fleet. My chart shows a marked ramp up in retrofit activity for the older twinjet type in the face of delayed Dreamliner hand-overs.
Find out more about how Ground Events Analytics can help you monitor and predict future aircraft maintenance events.
In the competitive landscape of European air travel, Volotea Airlines distinguishes itself not only through its unique route strategy but also by its unwavering commitment to operational excellence and customer satisfaction. A recent discussion between Cirium’s Jim Hetzel, Director of Product Marketing and Eduard Diviu, Volotea’s Chief Operating Officer, sheds light on the airline’s strategic maneuvers and operational focus areas that contribute significantly to its high passenger approval.
Strategic Growth and Unique Route Selection
Volotea’s growth strategy is both ambitious and strategic, the airline has increased its fleet from 41 aircraft at the end of 2023 to 44 to start the summer season of 2024 and boost operations from around 70,000 to nearly 80,000 flights this year. Also, for this 2024, Volotea estimates reaching 450 routes and anticipates offering between 12.5 and 13 million seats (between 12% and 16% more than in 2023).
Unlike its competitors, Volotea zeroes in on connecting small and middle-sized cities, creating a niche market where it faces less competition and can offer more personalized service.
This approach not only meets the underserved demand but also fosters a loyal customer base appreciative of the direct routes to their preferred destinations.
Prioritizing Departure Performance
While Volotea believes in excellent arrival on-time performance (OTP), a cornerstone of Volotea’s operational strategy is its focus on departure performance where they have more direct control of factors impacting their operations. Understanding the pivotal role timely departures play in the overall travel experience and the downstream impact on arrival performance, the airline has set rigorous standards to minimize both delays and cancellations. This dedication is reflected in Volotea’s compliance with EU 261 regulations, demonstrating Volotea’s commitment to punctuality and reliability. The outcome is an impressive reduction in flight delays to a mere 0.26% of flight operations, a testament to the airline’s operational efficiency and passenger-centric approach.
Volotea leverages Cirium’s operational OTP data analytics to benchmark their performance against competitors in the region.
Balancing Operational Costs With Customer Satisfaction
Achieving a harmonious balance between maintaining low fares and operational costs while ensuring high levels of customer satisfaction is critical for any low-cost carrier.
With a smaller fleet size than many of their competitors, Volotea excels in this domain by optimizing aircraft utilization and managing operational complexities with finesse.
Despite the challenges posed by a limited number of spare aircraft and geographically dispersed bases in France, Italy, Spain and Greece, Volotea leverages its resources effectively to deliver exceptional service. The airline’s proactive stance on leveraging their spare resources not only for maintenance but also to swiftly address unforeseen disruptions minimizes the impact on passengers and maintains the airline’s reputation for reliability.
Leveraging Operational Efficiency for Enhanced Passenger Experience
Volotea’s strategic focus extends beyond just on-time departures to encompass efficient turn times and judicious use of spare aircraft. This comprehensive approach ensures minimal disruption, reduced cancellations, and keeps operational costs in check, allowing the airline to offer high value at the lowest possible cost as their customers demand. Such operational excellence directly correlates with positive passenger experiences, as evidenced by Volotea’s commendable NPS score of ~32 in 2023, an impressive improvement of 50% over 2022. Volotea’s passenger experience is further underscored by exceptional review across independent sources.
Volotea was awarded a four-star rating in 2024 and recognized by Skytrax -the industry’s most prestigious international air transport rating organization- in its global passenger satisfaction survey as the “Best Low-Cost Airline in Europe” at the 2023 World Airline Awards. The airline adds this accolade to its growing list of achievements, which includes consecutive wins for “Europe’s Leading Low-Cost Airline” at the World Travel Awards in 2021, 2022, and 2024. Furthermore, 92% of Megavolotea customers would recommend traveling with the airline, highlighting its high customer satisfaction rates.
Looking Ahead
As Volotea continues to navigate the skies of Europe, its commitment to operational efficiency, strategic growth, and customer satisfaction remains unwavering. Through a balanced operation that leverages full resource utilization and prioritizes punctuality, Volotea is set to soar higher, further cementing its position as a preferred choice for travelers seeking reliability, convenience, and value.
Volotea’s success story is a compelling example of how strategic planning, operational efficiency, and a customer-centric approach can converge to create a positive and memorable travel experience. As the airline moves forward with its ambitious plans, passengers can expect continued excellence in service, reaffirming Volotea’s status as a leading low-cost carrier in the European aviation space.
“Our goal is to consistently provide the best service to our passengers, enhancing their travel experience from booking to the end of their journey at very competitive rates.
Every year, we adjust our commercial program and operational set-up to maintain high utilization while ensuring top on-time performance (OTP) and reliability.
So far this year, our OTP15 exceeds 83%, and we are focused on maintaining this punctuality for the flights we operate during the summer season. In 2023, Volotea achieved a flight completion rate of 99.3%, ranking us among the top three airlines in Europe. This level of efficiency is achieved through our crews’ hard work and skill, who manage quick turnarounds, typically between 25 to 35 minutes, which is essential for our continuous improvement and customer satisfaction”. Eduard Diviu, Chief Operating Officer Volotea.
CIRIUM IS DELIGHTED TO BE SUPPORTING VOLOTEA’S OUT-OF-THE-BOX THINKING AND PROUD TO BE ITS DATA PROVIDER. TO LEARN MORE ABOUT CIRIUM’S POWERFUL DATA AND CUTTING-EDGE ANALYTICS, EXPLORE CIRIUM AIRLINE OPERATIONS.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
Diminution in Value is defined as “the calculation of damages in a legal dispute” and describes a measure of value lost due to a circumstance or set of circumstances. Where aircraft are concerned, this usually refers to an incident where the aircraft has suffered damage of some nature. The purpose of Aircraft Diminution in Value due to damage is to provide the claimant with a form of compensation for an incident which may affect the re-sale value of the aircraft.
We all see regular articles and news stories where aircraft sustain damage from airport vehicle collisions, during maintenance or even incidents on the production line.
Over the last 20 years we have provided reports involving aircraft which have been involved in a wide variety of incidents at different stages of operation or production.
OPERATIONAL STATUS OF AIRCRAFT AT POINT OF INCIDENT CIRIUM ASCEND CONSULTANCY DIMINUTION IN VALUE CASES
In fact, In the cases that we have been involved in to-date, over 80 percent have involved an aircraft not in operation at altitude. These include 36% involving a stationary aircraft (largely those involved in airport vehicle collisions), 27% have occurred on the production line at different stages of construction and 18% whilst in maintenance.
Misconceptions
One broadly held misconception is the view that when damage to an aircraft occurs, the cost of the repairs equates to the Diminution in Value and is paid out by the insurer. The repair cost in fact is totally separate from any potential loss in value due to damage history and is usually settled fairly quickly by the insurance company. A Diminution in Value claim can take years to settle through the Court or Arbitration process if not agreed at an earlier stage.
Another widely held view is that even though an aircraft is repaired back to a condition pre-incident and, in some cases, resulting in it being in a better condition than before, that there should therefore be no loss in value. One can also argue that this should also be the case where a damaged area is replaced with brand new components rather than instigating a repair. Unfortunately this is not always the case.
Damage history can be a bargaining lever in negotiations between a buyer and seller.
Even if there are no ongoing special inspections instigated as a result of the damage (which itself can sometimes seriously affect its value) a perception issue can remain with the aircraft over its lifetime. Damage history can be a bargaining lever in negotiations between a buyer and seller, the strength of which can depend on several factors, one being the market conditions at the time of the incident. In a situation with low availability the seller’s bargaining power will be greater as the buyer has less aircraft to choose from whereas in a market with high availability the buyer will have a higher choice of undamaged aircraft to choose from and so the seller may have to offer a larger discount due to the damage in order to sell the aircraft.
Look out for a Viewpoint article later on this year where I will be explaining the Diminution in Value subject in more detail including its purpose within the aviation industry, we’ll outline some more of the factors we analyse which determine to what extent, if any, a Loss in Value exists and we’ll also look at the methods used in dispute resolution.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
Youcef Berour Minarro, Principal Valuations Analyst, Cirium Ascend Consultancy
On the 29th March 2024, after over a year of delay and with particular uncertainty over recent months, Gulfstream’s new G700 which sits in the Long Range business jet segment received its FAA type certification which marked a key milestone towards customer deliveries. This milestone also marks a revenue recovery for the parent company, General Dynamics which claimed the delays faced by the longer FAA certification process, following the Boeing 737 Max incident, resulted in a loss of $1 billion in revenues and $250 million in earnings for 2023.
Once delivered, the 10X will be Dassault’s largest and longest range aircraft, competing directly with Bombardier’s Global 7500 and Gulfstream G700
In addition to receiving certification, Gulfstream also announced performance improvements for the G700, namely the take-off and landing distances which are now shorter than originally planned. With this positive development for the G700, we think this makes a good excuse to look into how the Long Range business jet market as a whole is doing and what we should expect for 2024.
Other OEM Developments
Following its FAA and EASA certifications in 2023, deliveries are now underway for Dassault’s Falcon 6X, two aircraft are now in service with production expected to ramp up this year. Cirium’s own new delivery forecast is predicting approximately 15 handovers this year before ramping up into 2025. Dassault’s in-development Falcon 10X which was originally scheduled for EIS in 2025, has now been delayed by two years to 2027, citing supply chain issues. Once delivered, the 10X will be Dassault’s largest and longest range aircraft, competing directly with Bombardier’s Global 7500 and Gulfstream G700.
Bombardier’s Global 8000 remains in-development having been re-launched in 2022 as a longer range variant of the Global 7500 (over 165 aircraft now in service). The 8000 is intended to replace the 7,700nm range 7500, which is certified up to Mach 0.925, and features the same fuselage/length. Performance gains will come from software updates on the GE Passport engines and optimisation of the empty weight allowing more fuel to be carried in the existing tanks. Bombardier is planning to offer a retrofit option to 7500 owners via a Service Bulletin (SB). The Global 8000 is expected to enter service in 2025.
The current in-service business jet fleet stands at over 23,000 aircraft, of which the Long Range segment accounts for almost 4,000 aircraft.
Fleet Size
The current in-service business jet fleet stands at over 23,000 aircraft, of which the Long Range segment accounts for almost 4,000 aircraft, or 17% of the whole business jet fleet. Aircraft in this segment typically feature over 5,000 nautical miles in range and are typically the flagship products for the various OEMs. The spread of OEMs in this segment is much more limited compared to the rest of the business jet fleet, the Long Range market is currently dominated by Gulfstream (49%), Bombardier Global family (28%) and Dassault (24%). The Gulfstream G550 is the most popular type in this segment, with 570 aircraft in service, followed closely by the tri-jet Falcon 900 family with 529 aircraft in service.
Source: Cirium Fleets Analyzer, In-service, April 2024
Inventory and Liquidity
Based on publicly listed availability, over a 12-month period in 2023, our analysis suggests that total inventory levels for Long Range business jet aircraft increased significantly in 2023 compared to 2022. At the beginning of 2023, there were around 160 Long Range business jets available for sale in the public domain, or just over 4% of the fleet. By the end of 2023, this figure increased to over 230 aircraft (50% increase). We are seeing a similar trend for the whole business jet fleet, with the Midsize segment showing the greatest increase in inventory levels over a 12 month period.
As at April 2024, there are currently 230 Long Range business jet aircraft for sale, which equates to 6% of the fleet for sale.
In terms of liquidity, Cirium Fleets Analyzer data shows a decrease in the total fleet transacted in 2023, around 20% less than 2022. So far in 2024, we have seen a relative slow down in second hand sales, and increased days on market for aircraft which suggests the market may be softening.
Source: Cirium Fleets Analyzer and Publicly Sourced Inventory
What Does 2024 Look Like for Long Range Category Values?
So far this year, inventory is still trending up while liquidity is trending down as aircraft appear to be sitting on the market for longer. We are seeing a general trend of pricing reductions when discussing with aircraft traders as it pertains to our aircraft value reviews. Already over the course of the first four months of this year, we have seen some softening in aircraft values during reviews. In this size category alone, we have conducted reviews across the Gulfstream G450, G550, V, and G650/G650ER types, observing reductions in Market Value opinion ranging from 2% to as much as 11%, although most notably by as much as 20% on the G450 as its market in particular has significantly slowed down since a reduction in charter operations. We should note that younger G650ER aircraft have seen values remain stable, while Bombardier’s Global 7500 has seen our opinions increase by 2-6%. We should not be surprised to see more of the same through 2024, and we’ll report our analysis to the market as it happens.
London, UK – 22 April 2024 – Cirium, the global leader in aviation data analytics, has formed a strategic partnership with Trees4Travel, a pioneer in merging technology with business objectives to further environmental sustainability. This collaboration boosts the travel industry’s ability to make environmentally friendly decisions by offering accurate insights into air travel emissions, both during the booking process and for ESG reporting.
The partnership is centered around the introduction of Cirium’s Emerald Sky, a groundbreaking and fully auditable aircraft emissions platform.
Unlike traditional carbon calculators relying on assumptions and estimates, Emerald Sky utilizes cutting-edge techniques and Cirium’s access to exclusive data to precisely calculate the fuel consumption and CO2 output of aircraft. It meticulously considers crucial factors including specific aircraft and engine configuration, age, flight duration (both physical taxi and airtime), and passenger and cargo load, providing a comprehensive calculation based on fuel burn as opposed to distance estimates. This precision in measuring aircraft CO2 emissions offers stakeholders valuable insights for developing far more effective CO2 reduction strategies.
Through this partnership, corporations will have the ability to modify travel practices by choosing flights with lower carbon emissions, which in turn helps reduce the environmental impact of business travel. It supports streamlined reporting on environmental efforts and accurately tracks progress towards achieving significant carbon reductions . As a result, Trees4Travel corporate customers can make smarter travel decisions, enhance their environmental disclosures and Environmental, Social, and Governance (ESG) reporting, and effectively benchmark their progress.
Trees4Travel is dedicated to promoting sustainable practices within the travel and events industries, encouraging a shift towards more regenerative operations. Cirium is committed to leading the aviation industry towards a net-zero emissions future by 2050 through dependable, independent emissions analysis
“This partnership is a critical milestone in Cirium’s mission to provide the most comprehensive and accurate flight emissions tracking in the industry.”
Jeremy Bowen, CEO of Cirium
“Cirium has significantly invested in the development of Emerald Sky, an advanced platform that leverages schedule information from over 900 airlines, updated 280,000 times daily, and fully auditable.”
“You cannot reduce what you do not measure – this collaboration takes carbon management to another level.”
Nico Nicholas, CEO of Trees4Travel
“We are absolutely delighted to offer Cirium’s leading technology – with the number of global air passengers expected to increase significantly over the next 30 years, together with corporate sustainability reporting regulations coming in thick and fast, Cirium’s scrupulous flight analytics being offered within our existing carbon calculators allows us to offer a whole suite of ultra sophisticated tools to measure emissions, from scope 1 to scope 4 (soon!). An important ‘string to our bow’ for both us and our TMC partners, backing that up with our nature and tech hybrid decarbonization programs means we have a world changing environmental offer,” says CEO Nico Nicholas of Trees4Travel.
About Trees4Travel Trees4Travel is an environmental ‘tech and business for good’ company, enabling the travel and events industries to transform and cultivate a regenerative approach to their activities by measuring, managing, and mitigating emissions, through simple, affordable, impactful climate contributions. A hybrid process of restoring forests, biodiversity, supporting communities, whilst simultaneously investing into clean energy projects and innovations, focusing on 15 of the 17 United Nations Sustainable Development Goals. Trees4Travel creates global partnerships to harmonise travel and events with the environment, to educate and build a more ethical, sustainable world for now and future generations to come. www.trees4travel.com
About Cirium Cirium® is the world’s most trusted source of aviation analytics. The company delivers powerful data and cutting-edge analytics to empower a wide spectrum of industry players. It equips airlines, airports, travel enterprises, aircraft manufacturers, and financial entities with the clarity and intelligence they need to optimize their operations, make informed decisions, and accelerate revenue growth.
Cirium® is part of LexisNexis® Risk Solutions, a RELX business, which provides information-based analytics and decision tools for professional and business customers. The shares of RELX PLC are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX.
Cirium Ascend Consultancy is trusted by clients across the aviation industry to provide accurate, timely, and insightful aircraft appraisals. The team provides the valuations and analysis the industry relies on to understand the market outlook, evaluate risks and identify opportunities.
The ACMI (Aircraft Crew Maintenance Insurance) market continued to show strong demand in Europe last year, with more than 130 wet-leases recorded in Cirium’s database during Q4 2023 involving passenger jets. Passenger demand remains strong, with latest IATA data indicating traffic grew more than 20% in February over 2023, which Ascend estimates to be more than 4% growth over February 2019.
The number of wet-lease transactions in Europe reached a new peak in 2023, with almost 700 transactions involving 368 different aircraft, with an average lease duration of two months.
Many aircraft were contracted for up to six months, covering the period of peak demand around the summer season, especially by leisure orientated airlines.
The chart below shows that in Q1 2024, there has already been 150 wet-lease transactions to European carriers.
While both traffic and aircraft utilisation continue to increase, the supply of new aircraft remains constrained due to the supply chain issues affecting production rate by OEMs, as well as the well-known issues with the Max and GTF.
To meet the growing demand in summer 2024, Fly2Sky Airlines has secured an ACMI contract for two Airbus A320s, registered LZ-MDI and LZ-FSD, from SkyUp Airlines Malta. Leading European ACMI operators include SmartLynx Malta with 27 aircraft and SmartLynx Latvia with 21 aircraft. Those two airlines are part of the Avia Solutions Group of airlines. CityJet will operate five CRJ1000s for Lufthansa, indicative that regional aircraft are also active in the European market. UK-based ACMI start-up carrier Ascend Airways, part of Avia Solutions Group, has received its air operators’ certificate from the Civil Aviation Authority (CAA) and has acquired its first 737 Max-8 in Q1 2024. A further new ACMI provider, Fly4 Airlines, which is 49% owned by TUI and 51% by Poland’s Enter Air, is launching services with leased, former TUI, Boeing 737-800s this summer.
Cirium Fleets Analyzer data shows that the mid-life jet trading market is active, increasingly global and with a diverse set of airline customers.
The chart below shows the fleet where the operator is an airline ACMI, ranging from youngest of 5 years (737 Max) to oldest 35 years (BAe 146) with a preference of 16-17-year-old A320s and 737s. These are the most popular aircraft for ACMI operations with 115 aircraft in service, proving that mid-life to older aircraft are still important assets flying.
ACMI leasing in Europe looks set for another good year in 2024, given the current and continuing supply-side constraints. ACMI leasing offers great flexibility, especially for the peak travel seasons in which we will see it play a vital role.
