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Found 11 results

  1. April 28, 2020 Avianca Holdings announced (22-Apr-2020) Holdings 2019 consolidated financial statement will include an explanatory paragraph indicating that “substantial doubt exists as to our ability to continue as a going concern”, which will be added by Avianca Holdings‘ independent auditors KPMG, in the absence of further information in support of Avianca Holdings‘ ability to meet obligations. https://blueswandaily.com/kpmg-substantial-doubt-exists-as-to-avianca-holdings-ability-to-continue-as-a-going-concern/
  2. 26-Feb-2020 8:35 PM Cerda reaffirms support for El Dorado expansion IATA said regional connectivity would be affected if Colombia’s capital had two airports. Expanding Bogota’s El Dorado airport would be a better economic option than building a second hub, the International Air Transport Association (IATA) has said. Reaffirming its position on plans to build a second airport which would handle some of the commercial passenger and cargo traffic, IATA said connectivity in the region would be affected if the Colombian capital had two airports. In a statement, IATA said: “The discussion about building a second airport has recently reopened. However, relocating part of civil aviation operations would be detrimental to El Dorado's competitiveness with respect to other key airports in the region." Peter Cerda, IATA Regional Vice President for the Americas, said increasing the size of the main hub at El Dorado is the most suitable option to meet the predicted growing demand of the next two decades. “As the country’s—and one of the region’s—main connecting airport, El Dorado, plays a crucial role in providing the necessary connectivity,” said Cerda. IATA analysis shows that at present, aviation contributes almost $7.5 billion to Colombia’s GDP. With the right economic conditions for air transport, it says that figure could rise to at least $12.5 billion by 2037. “In order for Colombia to fully reap the socio-economic benefits which aviation can provide to the country and its people, it is essential that its main hub airport El Dorado in Bogota be expanded to handle the predicted demand in the coming 20 years,” added Cerda. IATA said that the expansion of El Dorado could be facilitated by moving non-commercial air traffic that relies on the hub to an alternate location while work takes place. That move would allow for an “enlarging of existing passenger and cargo facilities” as well as “improving the airport’s operational stability”. An additional terminal and runway could possibly be built at the current site, it added. https://centreforaviation.com/members/direct-news/cerda-reaffirms-support-for-el-dorado-expansion-515170
  3. An executive of Colombia’s largest airliner Avianca sought at least $4 million in bribes to secure the purchase of 100 aircraft from Airbus, according to French authorities. The European aircraft manufacturer agreed to pay a $3.9 billion fine to French, British and American authorities after admitting to bribery practices throughout the world between 2004 and 2016. “The largest single order ever made in Latin America’s aviation history” One of these bribes was agreed with “Y,” a senior executive of Avianca’s mother companies Avianca Holdings and the Synergy Group of controversial businessman German Efromovich, Airbus’ General Councel John Harrisson admitted. French anti-corruption agency AFA said that this bribe was agreed ahead of the sale of 100 so-called A320neo aircraft in April 2015. The deal that at the time was hailed as “the largest single order ever made in Latin America’s aviation history” followed a bribery deal between Airbus’ international strategy and marketing branch, SMO International, with Y, the AFA found. The investigation revealed that from the end of 2013 it was envisaged that part of the remuneration meant for the commercial intermediary… would secretly be transferred to a senior executive of Avianca Holdings. The latter was a key intermediary for Airbus in the ongoing commercial negotiations between Avianca and Airbus on the sale of A320neo aircraft. French Anti-Corruption Agency The bribes agreed with “Y” Airbus admitted it began coveting a senior executive of Avianca Holdings and the Synergy Group in 2013. This executive should be granted “AAA treatment because we are campaigning with Avianca/Synergy,” the investigators found in a November 2013 email. In October 2014, “the senior executive of Avianca Holdings had requested a commission for his role in supporting the ongoing A320neo sales campaign to Avianca,” Airbus admitted to the authorities. This commission to Y would be deducted from the commission of Airbus’ sales intermediary in Colombia, a company executive referred to as X decided, another anonymous Airbus executive wrote SMO International in November that year. “What (X) said is that instead of the previous 20 we make 15, of which 5 for (Y). And, for the new contract, 4 for (Y) and 2 for the other.” Anonymous Airbus executive “This Airbus manager later confirmed that the figures referred to in this e-mail were “millions” [of euros] and that they concerned a payment being negotiated with the sales intermediary, part of which was to be paid to the Avianca Holdings executive,” the AFA said. Y never got the money he was promised as Airbus in 2014 froze payments to “Z,” the Colombian sales intermediary it had worked with since 2006. Airbus reported the bribery practices to British and French authorities in 2016 after an internal investigation ended the entire bribery scheme between SMO International, referred to as XX, and its partners in Colombia. You can tell (XX) that (Z) has not met his commitments to (Y) and the others!!! This resulted in an extremely difficult negotiation for our last operation. Anonymous Airbus executive All quiet in Colombia Airbus’ $3.9 billion fine dwarfs the $2.6 billion fine slapped on Brazilian engineering firm Odebrecht for its bribery practices in, among other countries, Colombia. Despite Avianca’s alleged involvement in one of the biggest bribery scandals of the century, the Prosecutor General’s Office announced no criminal investigation. Avianca, which is already embroiled in a corporate spying scandal, also remained quiet. https://colombiareports.com/colombias-avianca-embroiled-in-airbus-bribery-scandal/
  4. https://blueswandaily.com/avianca-ceo-the-situation-of-the-company-shifted-180-degrees/ February 3, 2020 Avianca CEO Anko van der Werff, via Avianca‘s official LinkedIn account, commented (30-Jan-2020) on Avianca‘s financial performance, stating: “We ended 2019 in the best way. The financial situation of the company shifted 180 degrees in comparison to Aug-2019”. Avianca CFO Adrian Neuhauser stated: “We succeeded in the negotiations with our investors after almost six months. Those funds were used to recompose us financially and we no longer have such debt”.
  5. Air China to launch service to Bogota in 2020: report August 5, 2019 Air China reportedly plans to launch service to Bogota from Shanghai or Beijing in 2020 (Reportur, 04-Aug-2019). Colombia Aerocivil DG Juan Carlos Salazar confirmed President Ivan Duque held discussions with the Chinese government and private companies on establishing direct Colombia–China connectivity, with the aim of launching services next year. https://blueswandaily.com/air-china-to-launch-service-to-bogota-in-2020-report/
  6. La colombiana Avianca Holdings comenzó el proceso para que Avianca Argentina deje de usar su marca Son dos empresas diferentes y la extranjera ya comenzó acciones para dar por terminado el contrato de licencia. La local, que no opera desde junio, presentó su concurso de acreedores la semana pasada Por Ximena Casas 22 de julio de 2019 xcasas@infobae.com La aerolínea de origen colombiano Avianca Holdings ya emprendió acciones para dar por terminado el contrato de licencia de marca que tiene con la empresa argentina Avian Líneas Aéreas, que opera en el mercado como Avianca Argentina. Los directivos de Avianca Holdings salieron esta semana a despegarse de la operación de Avianca Argentina, luego de que la aerolínea local presentara a la Justicia un pedido de convocatoria de acreedores el viernes pasado. Si bien comparten el mismo nombre, ambas compañías aéreas funcionan en forma independiente y, hasta el momento, comparten un acuerdo de utilización de marca y también a uno de sus socios. Pero ahora, frente a las dificultades financieras que atraviesa la operadora argentina, los directivos de Colombia buscan eliminar por completo ese acuerdo que los une. A comienzos de junio, Avian Líneas Aéreas pidió permiso a la Administración Nacional de la Aviación Civil (Anac) para dejar de operar por 90 días con el objetivo de reestructurar la empresa, su plan de rutas regulares y su modelo de negocios. Su situación financiera se había agravado debido a la quiebra de Avianca Brasil, de la que dependía. Finalmente, el viernes pidió el concurso de acreedores. "Tenemos un acuerdo de marca, pero somos empresas diferentes. Avianca Holdings lleva operando en el mercado casi 100 años y Avian Argentina recién empezó hace menos de un año. Estamos trabajando para explicar que la operación de Avianca Holdings continúa normalmente, con vuelos a Bogotá y a Lima", indicó Silvia Mosquera González, vicepresidente Senior de Ventas de Avianca Holdings que esta semana está en Buenos Aires. "El camino legal para el cese de uso del nombre Avianca se inició porque es importante preservar la marca", agregó la ejecutiva, y destacó que las dificultades de la empresa a nivel local están impactando negativamente en su negocio de vuelos internacionales que incluye dos vuelos diarios a Bogotá y un vuelo diario a Lima. A partir de la suspensión de la operación de Avianca Argentina, las ventas para los vuelos internacionales cayeron. "Por incertidumbre y por miedo, la gente decide no volar con nosotros. Desde la Argentina, muchos pasajeros conectaban por Bogotá para ir al Caribe y esa demanda nos ha caído bastante. Tratamos de compensar con otros puntos de venta para que vengan a la Argentina", indicó Mosquera. La Argentina representa un 3% de las ventas del grupo. En las últimas semanas, la "tarifa media" —la tarifa promedio que pagan los pasajeros por un pasaje— de los vuelos internacionales de Avianca desde Buenos Aires cayó un 15%. Las tarifas de los vuelos van cambiando según el nivel de ocupación. El impedimento de utilizar la marca es un proceso que la compañía ya aplicó con otra empresa de la región con la que tenía un acuerdo similar: Avianca Brasil. Como en el caso de la Argentina, la firma brasileña podía usar la marca en forma indefinida y con una renovación anual. "En el caso Brasil se le dieron seis meses para seguir usándola", explicó Mosquera. Además del acuerdo de uso de marca, ambas compañías —la colombiana y la argentina— comparten un accionista: el empresario Germán Efromovich. Los orígenes de Avian Argentina se encuentran en 2016 cuando Efromovich se quedó con Macair Jet, una firma de charters aéreos que había pertenecido al grupo Sideco, de la familia Macri. Efremovich también es dueño del 51% de Avianca Holdings, la empresa colombiana, pero hace algunos meses perdió el derecho a voto en la junta directiva de la compañía. ¿El motivo? Haber incumplido con las condiciones financieras del acuerdo entre BRW Aviation (su empresa y socio mayoritario de Avianca) y la aerolínea United Airlines. Las acciones de BRW habían sido incluidas en la operación como garantía de un préstamo de USD 456 millones. Con la posibilidad de perder el uso de la marca Avianca, la situación de Avian Líneas Aéreas es cada vez más complicada. La aerolínea había comenzado a volar rutas de cabotaje en la Argentina hace un año y medio: su primer vuelo salió de Rosario a Aeroparque en noviembre de 2017. Pero su llegada al mercado local estuvo marcada por varios reveses. En primer lugar, las denuncias judiciales por sospechas que vinculaban a los accionistas de la compañía con Mauricio Macri, que demoraron 14 meses el inicio de sus operaciones con un costo estimado en USD 15 millones. Luego, llegaron las dificultades financieras para Avianca Brasil, que formaba parte del mismo grupo empresario y que en diciembre de 2018 se declaró en bancarrota con deudas por unos USD 260 millones. Avianca Argentina llegó a transportar 215.000 pasajeros, con vuelos entre Aeroparque, Rosario, Mar del Plata, Río Hondo y Resistencia. A fines de diciembre debió devolver un Airbus 320 con el que tenía previsto iniciar vuelos internacionales a partir de marzo.
  7. United Airlines pilots say that since the Chicago-based carrier now controls the board of the Colombian airline Avianca, Avianca flying falls under the scope clause in their contract. The United chapter of the Air Line Pilots filed a grievance on June 6. In a report to members, Grievance Committee Chairman Joe Pedata wrote that under the scope clause, “Company flying must be performed by pilots on the United seniority list, and Avianca pilots are not on our list.” The scope clause in a pilot contract determine how much flying can be outsourced. United spokeswoman Megan McCarthy said late Tuesday, “The grievance is without merit. “Avianca Holdings remains an independent company and will continue to run their own airline,” McCarthy said. In May, United Airlines launched a management overhaul at Avianca Holdings, removing top shareholder German Efromovich from controlling the cash-strapped airline, Reuters reported. The move followed a default by BRW, Efromovich’s holding company, on a $456 million loan from United. Efromovich had controlled 51.5% of Avianca. United foreclosed on BRW and ceded voting rights to Kingsland Holding, which had been the second largest Avianca shareholder. Pedata wrote, “The transaction was many months in the making as United attempted to devise a scheme to avoid the scope provisions” in the contract. “Our belief is that, at this point, the company is no longer a simple creditor to Avianca, but rather in control of the corporation through the voting rights of Avianca's stock, which are now voted by Kingsland Holdings, a party designated by United,” Pedata said. The pilot contract defines company flying as "without limitation, all commercial flight operations of any sort whatsoever, whether revenue, nonrevenue, scheduled or unscheduled, conducted...by an entity managed by or under the control of the company.” Scope protection is a key topic as United and its pilots negotiate a new contract. The contract covering United’s 12,500 pilots became amendable Jan. 31, 2019. https://www.forbes.com/sites/tedreed/2019/06/18/united-pilots-say-avianca-deal-violates-scope-clause-in-their-contract/#545f5d194f0b
  8. Latin America’s second largest airline – Avianca Holdings – is facing one of the most tumultuous times in its 100-year history. The airline is navigating financial struggles and a CEO and board shake-up as its majority shareholder was unceremoniously removed as chairman. And although it has no formal ties to Avianca Brazil, the Brazilian airline’s misfortune has forced Avianca to stress that their operations are entirely separate. Now Avianca is in triage mode, but it does have the support from its prospective JV partner, United, which has a vested interest in ensuring that Avianca survives and thrives. Arguably, United’s Latin American strategy rests on Avianca’s rebound. Avianca and Avianca Brazil share a name but are completely separate entities The current iteration of Avianca Holdings is the result of the 2009 merger of Avianca and Taca. Avianca is Colombia’s flag carrier and is celebrating its 100th anniversary this year. Taca was the leading airline in Central America, and now under Avianca Holdings the group operates 12 airlines across Latin America. After the merger Synergy Group remained Avianca’s largest shareholder, and also used the Avianca brand to transition the Brazilian airline Oceanair to Avianca Brazil. But the two airlines always operated separately, and although there were discussions held about merging the two companies, nothing ever materialised. Avianca Brazil sought creditor protection in Dec-2018 and Brazilian regulators recently suspended the airline’s operations. There is a bit of a scuffle for Avianca Brazil’s assets, with Azul, LATAM and GOL all vying for various pieces of the airline, including valuable airport slots. Even though Avianca and Avianca Brazil are entirely separate entities, confusion still arises over their operations, and when Avianca Brazil sought creditor protection, Avianca had to clarify that it was not part of Avianca Brazil. The extent of their relationship was a limited codeshare. Avianca fights challenges from all sides, including a CEO and board shake-up Avianca posted a USD68 million loss in 1Q2019 and was recently downgraded by S&P after the ratings agency determined that it had taken the company longer than expected to refinance USD550 million in bonds due in 2020. The company’s former CEO, Hernán Rincón, has also abruptly left the airline, and more recently there’s been a shake-up in Avianca’s board. BRW Aviation, which holds Synergy’s controlling share of Avianca, defaulted on a USD456 million loan from United Airlines which was secured by BRW’s shares in Avianca. After the default, United opted to give Kingsland Holdings control of BRW’s shares. Kingsland is Avianca’s second largest shareholder and is led by Roberto Kriete, who was CEO of TACA. Mr Kriete and the head of Synergy, German Efromovich, have clashed over the years. With the transfer of power to Kingland, Mr Efromovich has been ousted as Avianca’s chairman and replaced by Mr Kriete. It is a dizzying cascade of events as Avianca works to fight currency challenges in its operating countries and regain profitability. It is also a tough blow for Mr Efromovich, who purchased Avianca out of bankruptcy in 2004 and was no doubt a guiding force through the merger with TACA. But Mr Efromovich and his brother José have other issues too. In addition to Avianca Brazil’s troubles, Bloomberg has reported that shipyards run by Mr Efromovich have shut down. United takes necessary steps to ensure that Avianca remains a strong JV partner United has stated that it is willing to lend Avianca an additional USD150 million - it has a vested interest in Avianca’s well-being. United, Avianca and Panama’s Copa Airlines are working to forge a joint venture covering routes from the US to Central and South America. Their proposed JV was in response to LATAM's attempt to create an immunised relationship with American Airlines covering flights from the US to Brazil, Chile, Colombia, Paraguay, Peru and Uruguay. The Chilean Supreme Court recently rejected the LATAM-American tie-up and a similar proposed JV between LATAM and IAG, agreeing with Chilean tourism and consumer groups that the JVs would be anticompetitive. Although the decision by the court is a blow to LATAM, it can push forward with other JVs, including Latin America’s largest aviation market, Brazil, and its third largest market, Colombia. United and Brazil’s third largest airline Azul have had discussions regarding a JV, which would give United an immunised relationship in that strategic market. Avianca is Colombia’s largest airline, representing 53% of the country’s system ASKs. Domestically, Avianca holds an approximate 55% market share. The proposed JV with Avianca would also give United a foothold in Latin America’s third largest aviation market. Colombia system ASKs by airline, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. LATAM Airlines Colombia is the country’s second largest airline and Colombia is one of the countries included in the LATAM-American proposed JV. Authorities in Colombia and Brazil have already approved the proposed partnership. United essentially needs a healthy Avianca in order to compete effectively with American once its JV with LATAM takes effect, and it has taken what it deems as necessary steps to steer Avianca in a direction towards recovery. Avianca's board changes were necessitated by Synergy's challenges An element of United’s pilot contract prohibits the company from holding a majority ownership in another airline, which necessitated the move to put Kingsland in control. It is not likely that United wanted to control another airline, but it obviously wants to maintain a certain level of influence over Avianca. There is little doubt that United did not want to be mired in a board shake-up at Avianca; but Synergy’s woes created some unusual circumstances that United needed to address quickly. https://centreforaviation.com/analysis/reports/south-america-united-airlines-takes-steps-to-rectify-aviancas-unrest-475767
  9. Ezra Fieser 23/05/2019 09h27 (Bloomberg) -- A Avianca era uma companhia aérea com 37 aviões antigos quando German Efromovich apostou na empresa e evitou sua falência em 2004. Ao longo de 15 anos, o empresário boliviano transformou o negócio em uma potência regional e na segunda maior companhia aérea da América Latina. Mas, apesar de todo o sucesso, a empresa com sede em Bogotá enfrenta novamente um período turbulento. As ações da Avianca acumulam queda de quase 75% desde a abertura de capital em 2011, e seus títulos são negociados em território "distressed" diante da expectativa de que a aérea vai ter dificuldades para refinanciar a dívida. O prejuízo da Avianca no primeiro trimestre foi o maior desde 2015. O maior responsável pela turbulência é o mesmo que, até pouco tempo, era tratado como herói: German Efromovich. O milionário self-made colocou em risco o futuro da companhia aérea no ano passado, oferecendo sua participação de 51,5% na Avianca como garantia de um empréstimo da United Continental Holdings. Sua holding, a BRW Aviation, rapidamente violou os termos do contrato e, como resultado, o controle de Avianca poderia passar para as mãos da United. Embora essa mudança provavelmente seja positiva para acionistas minoritários e detentores de bônus da Avianca, a atual incerteza criou uma miríade de problemas para a companhia, ao mesmo tempo em que um vencimento de US$ 550 milhões em bônus se aproxima no ano que vem. "Estamos muito preocupados com a instabilidade da empresa no momento", disse Jaime Hernandez, presidente do sindicato de pilotos colombianos ACDAC, que em 2017 fizeram uma greve de quase dois meses para exigir melhores salários e benefícios. "Éramos uma ótima empresa e, recentemente, a administração tem sido muito ruim para nossas operações, nossa reputação." Efromovich, que também é presidente do conselho da Avianca Holdings, disse em entrevista a uma rádio em Bogotá na terça-feira que não havia possibilidade de a United assumir o controle da empresa em breve. A situação da Avianca está "sob controle", disse à Blu Radio. Em resposta por escrito às perguntas da Bloomberg, Efromovich negou que os problemas em seus outros negócios estejam trazendo riscos para a Avianca, que não faz parte do empréstimo. "Tudo está alinhado com a United conforme o contrato de empréstimo. Não há nada para corrigir ", escreveu. A United disse que não assumiu o controle das ações da Avianca e que está trabalhando com a holding BRW. Situação pode mudar a qualquer momento Mas é uma opção que pode ser exercida a qualquer momento. A decisão acionaria cláusulas relacionadas à mudança de controle em vários empréstimos e que poderiam forçar a companhia a buscar US$ 1,5 bilhão para pagar credores, segundo analistas da corretora Corredores Davivienda, de Bogotá. O valor supera em mais de quatro vezes o montante que a empresa tinha em caixa no fim do primeiro trimestre. Mesmo que a United não assuma o controle da companhia aérea, apenas o fato de poder fazê-lo complica os esforços da Avianca para operar e obter financiamento. Os investidores estão cautelosos em emprestar para uma empresa que, a qualquer momento, pode ficar na corda-bamba por não ter recursos para pagar credores. A Avianca é apenas o mais recente desafio para Efromovich, que viu partes do conglomerado que construiu na América Latina com o irmão, José, ruir nos últimos anos. Seus estaleiros foram fechados. A Avianca Brasil entrou em recuperação judicial. E agora corre o risco de perder a Avianca Holdings. Empresário salvou Avianca da falência É uma reviravolta e tanto desde 2004, quando Efromovich era elogiado em toda a Colômbia por ter resgatado a segunda companhia aérea mais antiga do mundo. (O primeiro voo foi realizado em 1920, transportando passageiros entre os municípios de Barranquilla e Puerto Berrio.) Anteriormente controlada pela família mais rica do país, começou a perder dinheiro na esteira dos ataques terroristas de 11 de setembro e da recessão global que se seguiu. Efromovich comprou a Avianca, que estava em processo de falência, por US$ 64 milhões e assunção de dívida. Formado em engenharia mecânica e tendo estreado no ramo de aviação no Brasil, Efromovich dobrou o número de aeronaves operadas pela Avianca e logo começou a ter lucro. No ano passado, os 190 aviões da Avianca transportavam 30 milhões de passageiros, perdendo apenas para a Latam Airlines na região. A sorte de Efromovich começou a virar em 2014, no início da pior recessão do Brasil. O empresário fez um empréstimo com a Elliott Management para financiar as operações de seus estaleiros, mas que acabaram fechando. (Com a colaboração de Fabiola Moura e Pablo Gonzalez) https://economia.uol.com.br/noticias/bloomberg/2019/05/23/apos-salvar-avianca-efromovich-corre-risco-de-perder-controle.htm
  10. Changing market dynamics are driving several network adjustments at Latin America’s two largest airline groups – LATAM and Avianca Holdings. Those companies are navigating currency pressure and rising fuel costs, and as a result they are working to maximise the profitability of their respective networks. LATAM is opting to cut some long haul flights and service to Argentina, and instead will focus on regional international routes and growing service in Brazil’s domestic market as its competitor Avianca Brazil continues to shrink. Avianca’s adjustments include essentially exiting Peru’s domestic market and cutting some service to the US from its Bogotá hub. At the same time, the company is opting to add capacity from Bogotá to some larger domestic routes in Colombia and Chile. Airlines worldwide are constantly scrutinising their networks as demand patterns shift. For now, it appears that LATAM and Avianca see more opportunities within Latin America for fortifying their largest hubs. LATAM makes several route adjustments, including major cuts to Argentina LATAM Airlines Group is cutting eight routes in 2019 and adding nine new pairings. All the new routes are within South America and the cuts are largely focused on Argentina, along with some long haul markets that have weaker demand. LATAM executives recently explained that the company was cutting its international supply to Argentina by 20%. Argentina is in the midst of economic turmoil and its currency has plummeted, which has affected international inbound travel to the country. Government data show that international passenger levels fell year-on-year from Jun-2018 to Dec-2018, falling as much as 7% both in Oct-2018 and Nov-2018. Domestic passenger levels grew steadily in 2018, but there is little doubt that Argentina’s airlines battled weak yields. See related report: Argentina LCCs at risk if Ms Kirchner returns LATAM is cutting flights from its hubs in Santiago and São Paulo to Tucumán and Rosario. Data from CAPA and OAG show that it was the only operator on those flights. Chile’s Sky Airline ended service from Santiago to Rosario in Oct-2018. LATAM Airlines Group planned route changes in 2019 Source: LATAM Airlines Group. After LATAM ends flights from Rio de Janeiro to Miami its oneworld partner American will be the only airline operating on the route. Bogotá-Cancún is the most crowded route, with Avianca, Interjet and LATAM all offering flights on the pairing. Avianca also operates flights from Bogotá to Aruba. On the long haul routes that LATAM is eliminating, Lufthansa operates São Paulo-Munich and Alitalia offers service between São Paulo and Rome. LATAM increases Brazil capacity and adds new routes from Santiago and Lima LATAM believes opportunities exist to bolster connectivity within South America from its hubs in Santiago and Lima, its second and third largest bases measured by ASK deployment. LATAM Airlines Group system top ten hubs/bases/stations by ASKs, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. Of the nine new routes LATAM is launching, it only has competition on three of those pairings. Avianca has a 66% seat share between Lima and Cali, and Amaszonas operates between Cuzco and La Paz. Avianca Brazil and GOL have a 50-50 split on seats from São Paulo to Navegantes. Avianca Brazil is in the process of a bankruptcy restructuring and is continuing to shrink its network, and as a result LATAM believes that process is creating opportunities in the Brazilian domestic market. LATAM is boosting domestic capacity growth in Brazil in 2019 to 5% to 7%, from original projections of an increase of 2% to 4%. LATAM Airlines Group is shrinking its planned international growth from flat to a 2% increase, a reduction from previous estimates of a 3% to 5% expansion. The company’s overall capacity growth for 2019 now projected at 3% to 5%, versus previous estimates of an increase of 4% to 6%. Avianca cuts back much of Peru and some US longer haul service Avianca is also undertaking several network adjustments in 2019, cutting domestic routes in Peru due to their underperformance. The company has also explained that Peru has been a challenging market for Avianca for many years, noting that it was “not very lucky” with some of the slots it received in its efforts to create a schedule that was attractive to business travellers. The company is focusing on international operations from its Lima hub, which is Avianca’s second largest after Bogotá measured by ASKs. Avianca is maintaining services on domestic flights between Lima and Cuzco, a major trunk route in Peru. Avianca Holdings system top ten hubs/bases/stations by ASKs, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. Other routes that Avianca is cutting in 2019 include Lima-Mendoza, and Bogotá to Montreal, Boston and Chicago O’Hare. It is also eliminating service from Cartagena to Pereira and New York JFK. Of all the routes it is cutting in 2019, it only faces competition on two of the pairings – LATAM on flights from Lima to Mendoza, and Viva Air Peru and Aeropostal on services between Cartagena and Pereira. Overall, Avianca is suspending 16 routes but also stated that it was adding capacity on its routes from Bogotá, to Medellín, Cali and Santiago. Avianca is planning modest capacity expansion in 2019. Its current guidance shows a range of flat growth to a 2% increase. The company has faced a challenging start to 2019, and its CEO Hernán Rincón recently left Avianca. Additionally, it has adjusted its EBIT margin forecast downward from a range of 7% to 9%, to 5.5% and 7.5%. More changes could be on tap as demand patterns shift in Latin America Both LATAM and Avianca are making interesting network moves in 2019, cutting some longer haul services in favour of focusing on more promising flights within South America. The changes reflect each airline’s assessment in demand, and the conclusion that more profitable opportunities exist on regional international routes. There is no doubt that those airlines are studying more network adjustments as demand patterns continue to shift in 2019. https://centreforaviation.com/analysis/reports/avianca-and-latam-shift-focus-more-locally-475002
  11. 17-May-2019 2:07 AM Avianca Holdings interim CEO Renato Covelo commented (15-May-2019) on 1Q2019 operations and results, stating: "Avianca Holdings had a difficult start of the year". He proceeded to describe a "challenging environment" created by the foreign exchange pressures on fuel prices and "other obstacles". Mr Covelo added that the carrier was able to "advanced important strategic objectives… on several different fronts. These are initial indications of our success in stabilising our business, as we pivot from a growth-driven strategy to now focus on our core business units, namely our passenger, loyalty and cargo operations, with a strong emphasis on profitability and strengthened cash generation". https://centreforaviation.com/news/avianca-ceo-1q2019-a-difficult-start-of-the-year-in-a-challenging-environment-904555 Avianca reduces ‘average fares by 4.2% given the macroeconomic weakness’ in several markets May 17, 2019 Avianca Holdings attributed (15-May-2019) the USD18.5 million operating income (EBIT) in 1Q2019, with a 1.6% EBIT margin in 1Q2019 primarily to a 1.5% year-on-year decrease in total operating revenues as Latin American currencies devalued against the USD and average fare reduced by 4.2% resulting in a 6.2% reduction in passenger yields, reaching USD 8.6 cents. Avianca stated: “Avianca decided to reduce average fares by 4.2% this quarter given the macroeconomic weakness of several Latin American currencies”. Passenger revenues reduced by 0.1% while cargo and other revenues reduced by 8.4%, primarily due to the termination of a commercial agreement with Etihad and a reduction in chartered cargo operations. These effects were partially offset by an increase in regular cargo revenues due to a 2.4% increase in transported tons. Cargo and other revenues represented 15.7% of total revenues in the quarter. https://blueswandaily.com/avianca-reduces-average-fares-by-4-2-given-the-macroeconomic-weakness-in-several-markets/
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