Summary
- Aegean Airlines will wet lease two Airbus A320 aircraft from Cyprus Airways to extend its seating capability in 2024.
- The war in Israel has affected Cyprus Airways, leading to fewer passengers and flights, however the airline has managed to extend revenues and average fares.
- Cyprus Airways has needed to adapt its routes and business strategy, including suspending flights to Israel and Lebanon, in response to the conflict.
Greece’s Aegean Airlines will wet lease two Airbus A320 aircraft from Cyprus Airways so as to add additional seats to its network throughout 2024, with one aircraft already having temporarily operated services on behalf of the Greek carrier. The wet leasing of its two Airbus A320 would mean that half of the airline’s fleet would operate flights for other airlines.
Covering Aegean Airlines’ 2024 needs
In response to a press release shared by Paul Sies, the Chief Executive Officer (CEO) of Cyprus Airways, the war in Israel has affected the airline, with the carrier welcoming 41% fewer passengers and operating 12% fewer flights in November 2023 Yr-on-Yr (YoY). Nonetheless, the airline said this was offset by a rise in revenues and average fare growth of 21% and 115%, respectively, leading to a
Sies highlighted that Cyprus Airways routes to Dubai International Airport (DXB), Paris Charles De Gaulle International Airport (CDG), and Milan Malpensa Airport (MXP) performed higher, helping the airline compensate for the lack of traffic to/from Israel.
Cyprus Ministry of Interior’s statement detailed that in November 2023, 159,605 tourists arrived on the island, 6.5% greater than through the same month last yr. While the variety of arriving visitors typically drops significantly through the yr’s colder months, with tourist traffic starting to select up considerably in March, the war in Israel has impacted the island’s tourist arrival YoY growth. For instance, in September 2023, the YoY growth was 17.9%, and a month prior, it was 13.4%.
Detailing further, the airline said that it had suspended flights to Israel and Lebanon, while flights to Yerevan, Armenia, needed to be re-routed, leading to prolonged flight times. Cyprus Airways’ statement read. In consequence, the corporate has needed to adapt, including the introduction of a business class cabin.
Photo: Cyprus Airways
Sies said, adding that the airline has managed to secure additional Presidential flying contracts. With a brand new path to Brussels Airport (BRU) starting in February 2024, the CEO hoped that this is able to positively influence Cyprus Airways’ financial position.
Meanwhile, ch-aviation reported that Cyprus Airways will operate flights on behalf of Aegean Airlines with two of its A320s, registered as 5B-DDQ and 5B-DDR. While the previous has already operated some flights on behalf of the Greek airline, the previous will join its operations in March 2024.
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Airbus A220-based fleet
Along with the 2 A320s, Cyprus Airways also has two Airbus A220-300s. The pair is being leased from Air Lease Corporation (ALC), with the 2 aircraft being delivered to the lessor in June 2023. The airline received its A220s a month later after they arrived at Larnaca International Airport (LCA).
Photo: Cyprus Airways
Cyprus Airways and ALC announced the long-term lease agreement on the Paris Air Show in June 2023, with Sies remarking on the time that the A220 provides a brand new experience to the airline’s guests and offers significant savings in fuel burn and operating costs. Whether the airline is seeking to add more A220s to its fleet within the near term stays unclear to date.
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