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  1. Staff Writer May 7, 2020 6:12pm Delta Air Lines and LATAM Airlines Group and its affiliates have signed a trans-American Joint Venture Agreement that, once regulatory approvals where required are granted, will combine the carriers’ highly complementary route networks between North and South America, providing customers with a seamless travel experience and industry-leading connectivity. “Late last year, we set out to build the leading strategic alliance in Latin America together with LATAM, and while the industry landscape has changed, our commitment to this joint venture is as strong as ever,” said Delta CEO Ed Bastian. “Even as our carriers contend with the impact of COVID-19 on our business and take steps to protect the safety of our customers and employees, we are also building the airline alliance we know they’ll want to fly in the future.” “While we remain focused on navigating the COVID-19 crisis and protecting the safety and well-being of our passengers and employees, we also have to look to the future to ensure the best possible customer experience and support the long-term sustainability of the group,” said Roberto Alvo, CEO, LATAM Airlines Group. “Our bilateral strategic alliance with Delta remains a priority and we firmly believe that it still promises to offer customers the leading travel experience and connectivity in the Americas.” Since September 2019, Delta and LATAM have achieved various milestones in their framework agreement with customer benefits including: Codeshare agreements between Delta and LATAM’s affiliates in Peru, Ecuador, Colombia and Brazil that allow customers to purchase flights and access onward destinations in their respective networks and will be expanded to cover long-haul flights between the United States/Canada and South America, as well as regional flights. Delta and LATAM’s affiliates in Chile and Argentina also plan to sign codeshare agreements in the coming weeks. Frequent flyer benefits: Delta SkyMiles members can earn and use miles on LATAM flights, while LATAM Pass members can earn and use miles on Delta flights across their respective networks. Reciprocal top tier loyalty recognition is expected to be available during June 2020. Smoother connections at hub airports: Customers can easily connect between Delta and LATAM flights in hub airports where the carriers have collocated, including Terminal 4 at John F. Kennedy International Airport (New York City) and Terminal 3 at São Paulo’s Guarulhos Airport. Mutual lounge access: Eligible LATAM customers can access the Delta Sky Club in New York-JFK and eligible Delta customers can access LATAM’s lounge in Bogota/BOG. Expanded reciprocal lounge access at airports throughout the Americas is planned for June 2020. For more information, visit delta.com/us/en/airline-partners/latam or latam.com/en_us/about-us/latam-delta-alliance/
  2. Most airlines do not have a lot of time to focus on how the industry will be reshaped in a post-COVID-19 world. But there’s one overarching theme that emerges when they can take a step back and ponder how the industry will change after the crisis – markets will be smaller. The largest domestic airline in Brazil, GOL, believes that Latin America’s largest aviation market could potentially be smaller for some time after the pandemic ends, and that the crisis will force some airlines in the market to behave more rationally with capacity growth. For now, GOL is operating a skeleton schedule and has parked more than 100 aircraft. The airline also believes its planned international expansion will be delayed for some time. GOL’s competitor, Azul, which has also parked more than 100 aircraft, hopes to resume close to a normal operating schedule in Jul-2020, but as the crisis drags on it can only be speculated when any sense of normality will materialise. GOL and Azul join airlines worldwide in parking hundreds of aircraft Unlike some Latin American countries, Brazil has not totally shut down its domestic air routes. Instead, its airlines are operating bare bones schedules to keep an essential network in place. GOL and its rival Azul have both cut their capacity by 90%, and data from CAPA and OAG show that for the week of 20-Apr-2020, Brazil’s domestic ASKs will fall 89% year-on-year, before being planned to climb again in early May-2020. Brazil weekly domestic ASKs by year Jan-Jan: 2017-2020* Source: CAPA - Centre for Aviation and OAG. * These values are at least partly predictive up to 6 months from 13-Apr-2020 and may be subject to change. GOL is currently operating 50 daily flights from São Paulo Guarulhos International airport to the 26 state capitals in Brazil. In early March, before the effects of the COVID pandemic quickly wiped out air travel demand worldwide, GOL was operating approximately 750 flights per day. The airline has parked more than 100 of its Boeing narrowbodies, and CAPA’s fleet database shows that GOL is operating just 10 aircraft. GOL fleet summary as of mid-Mar-2020 Source: CAPA Fleet Database. GOL CEO Paulo Kakinoff recently stated that the airline is expecting to maintain that diminished schedule until early May. Recently, GOL’s domestic competitor Azul has cut its capacity by 90% from March 25 to April 30 and is operating 70 nonstop flights to 25 cities. Azul has stated that it hopes to resume close to a full operating schedule by July. CAPA’s fleet database shows that Azul has parked 124 aircraft and has just 30 in service. Azul fleet summary as of mid-Mar-2020 Source: CAPA Fleet Database. Azul executives have remarked that the company believes the COVID-19 crisis will be a “two-to-three month problem”, but they have also acknowledged that the crisis could last longer. However, Azul has also said: “We are actually starting to see governments kind of change tune a bit and realize that you can’t have a full shutdown for too long because it would be disastrous to the economy”. GOL close to a break even performance in its current network configuration GOL has essentially reduced its network to 10% of what it was before the crisis, and Mr Kakinoff explains that “automatically, we have also dropped our variable costs down to that same level”. The airline has also taken measures to slash its fixed costs, including a 50% reduction in its payroll and the deferral of lease payments. “The good news out of the essential network is that we are close to break even in cash related to that essential network operation”, Kakinoff said. “So we’ve brought down our cost to the level of our revenues. It means by operating this essential network, we are not burning cash.” GOL does not believe the COVID-19 crisis will trigger consolidation in Brazil Brazil lost one of its major airlines in 2019 when Avianca Brazil, which at one point had domestic passenger share of 15%, ceased operations. The country’s remaining airlines largely backfilled Avianca Brazil’s capacity. At one point in 2019 GOL expressed some concern about domestic capacity growth, but as the year came to an end the airline concluded that Brazil’s domestic growth in 2020 would be rational. Obviously the COVID-19 crisis has wiped out any previous projections for industry growth, and there is no certainty when – or if – demand will reach its pre-crisis levels. GOL, according to its company CFO Richard Lark, believes that Brazil’s market “on the other side of this” could potentially be smaller for a period of time. GOL does not believe that the COVID-19 pandemic will trigger any consolidation in Brazil’s market, but Mr Kakinoff has stated that a possible positive outcome of the crisis is that there could be “lessons learned by some players in the market...now you can see how toxic an overcapacity approach can be.” LATAM Airlines Brazil is the country’s second largest domestic airline behind GOL, and for Apr-2020 LATAM is continuing to operate to 39 destinations in the country, with reduced frequencies. Overall, LATAM Airlines Group is cutting its operation by 95% for Apr-2020. GOL is also adjusting its expectations for international expansion. At one point, the airline was planning to grow its international business to 25% of its total operations during the next couple of years. But obviously those plans will change; as stated, there continues to be uncertainty about when demand patterns will warrant the addition of new international routes. Brazil's economy slows to zero and the return of demand is unknown Brazil’s passenger growth was just 1.7% in 2019, after 3.3% growth in 2018. The country’s economy was starting to grow after a recession in the middle of the past decade. But now the country’s government has forecast zero economic growth for the country in 2020, and it is likely that a contraction could occur. Even if Brazil’s airlines do resume close to normal schedules in 1H2020, they will likely need to stimulate demand with much lower fares, because Brazilians will monitoring their discretionary spend due to a shaky economic environment. There is also the general and continuing apprehension about travel created by COVID-19, and it could take some time for the population to get comfortable travelling again. Airlines worldwide and in Brazil will need to resize in a post COVID-19 world Brazil is not the only market that will emerge smaller in a post COVID-19 world. There is little evidence that demand will reach any type of normal level until late 2021 or 2022, and the result will be that airlines will need to adapt to their new operating reality. Brazil’s market was largely rational prior to the onset of the crisis, but its airlines will need to resize their operations in order to maintain the ideal balance of supply and demand. https://centreforaviation.com/analysis/reports/draft-covid-19-brazils-aviation-market-will-shrink-after-the-pandemic-521177
  3. Latam registra dívida de US$ 8,91 bilhões, alta de 2,2% em 2019 Arthur Oliveira 18 horas atrás Latam registra dívida líquida de US$ 8,91 bilhões, alta de 2,2% em 2019 O Grupo Latam Airlines registrou uma dívida liquida US$ 8,91 bilhões. O montante representa um aumento de 2,2% em relação ao resultado no final do ano passado. O nível de endividamento da Latam chega a 4 vezes mais o valor do lucro antes de juros, impostos, depreciação e amortização (Ebitda, na sigla em inglês). No ano de 2019, o índice foi 3,9 vezes o valor. No resultado do quarto trimestre da empresa de linhas aéreas a dívida líquida atingiu R$ 7,2 bilhões, o que representa uma baixa de 3,9% em relação ao semestre anterior. No mesma comparação, o nível de alavancagem da Latam caiu caiu de 4,2 vezes para 4 vezes o Ebitda. A companhia resgatou US$ 262 milhões restantes do valor da principal das notas em circulação não garantidas Latam 2020, no último trimestre de 2019. A medida representa a redução de dos vencimentos da dívida de 2020 para cerca de US$ 1 bilhão. O saldo de caixa e equivalentes de caixa ficou em US$ 1,46 bilhão, valor 3,9% maior. Latam faz acordos para reduzir endividamento A companhia aérea vem tentando diminuir o nível de endividamento desde a fusão dos portfólios das empresas chilena LAN e da brasileira TAM. Para isso, ela apresentou alguns projetos para reduzir o valor da dívida. Nesse processo, a Latam fechou um acordo com a Delta Air Lines. A companhia americana adquiriu 20% da companhia por US$ 1,9 bilhão. Em troca, a empresa se comprometeu a assumir o pagamento de 14 aeronaves da Airbus 350 da Latam, com custo de US$ 2 bilhões. A Delta também assumiu a responsabilidade de arcar com os custos da implementação da parceria. No mesmo caminho, os núcleos da Latam na Colômbia, no Peru e no Equador fecharam acordos compartilhamentos de viagens aéreas. Ainda aguardando regulações, a subsidiária brasileira comunicou que começará a operar ainda neste semestre. É esperado que a sede chilena anuncie a medida ainda neste semestre. Em outro projeto, a Latam decidiu deixar a Oneworld no início de maio deste ano. A empresa começará a fazer acordos bilaterais com os membros do grupo. A Oneworld reuni entre as principais companhias: British Airways; Cathay Pacific; Finnair; Iberia; Japan Airlines; Malaysia Airlines; Qantas; Qatar Airways; Royal Jordanian; S7 Airlines; SriLankan Airlines. Fonte:https://www.sunoresearch.com.br/noticias/latam-divida-liquida-alta/amp/
  4. LATAM AIRLINES ADMITE INTERESSE EM ABRIR ROTA LISBOA-RIO DE JANEIRO Por Inês de Matos a 4 de Fevereiro de 2020 as 12:37 A LATAM Airlines está a estudar a abertura de novas rotas em Portugal, com Cinthia Louza, sales manager da LATAM Airlines para Portugal e Espanha, a admitir que a companhia pode vir a abrir uma nova operação entre a capital portuguesa e a cidade brasileira do Rio de Janeiro. “Pode haver novidades em abril, que é quando são divulgadas as novas rotas. Vamos ver, mas a ocupação do voo de São Paulo é bem alta e a rentabilidade é a melhor da Europa, isso pode levar a que, em breve, se coloque outro avião em Lisboa para operar para o Rio de Janeiro”, admitiu a responsável esta terça-feira, 4 de fevereiro, durante uma conferência de imprensa, em Lisboa. De acordo com Cinthia Louza, “os números justificam” a abertura de uma nova rota para Lisboa, que poderia até ser servida pelo B767, o avião que a companhia aérea utilizava na rota entre Lisboa e São Paulo e que foi substituído esta terça-feira por um A350 de nova geração e com maior capacidade. “Os números justificam, nem que seja com um avião menor, poderia até ficar o A350 na rota de São Paulo e o 767 na do Rio de Janeiro”, acrescentou a sales manager da LATAM Airlines para Portugal e Espanha, explicando que, além de turismo, o Rio de Janeiro tem também muito tráfego corporativo, motivos que justificam a abertura dessa ligação. Além do Rio de Janeiro, Cinthia Louza diz que a abertura de outra ligação desde o Nordeste, a exemplo de Salvador, na Bahia, também é uma possibilidade, ainda que mais difícil, já que a ‘alimentação’ dos voos seria mais complicada apenas com Portugal, motivo pelo qual, explicou, será mais provável que a LATAM Airlines venha a abrir uma rota para Salvador desde Madrid. “Penso que o Rio de Janeiro é mais possível, o Nordeste será mais complicado porque mesmo que seja um Lisboa-Salvador, dependemos da ‘alimentação’ da concorrência, não pode ser um voo só de Portugal, precisamos de uma porta de entrada da Europa para o Nordeste. Por isso, provavelmente, se se abrir um voo do Nordeste, talvez seja à partida de Madrid, porque existem outras companhias aéreas que facilitam a ‘alimentação dos voos’”, explicou. Em Portugal, a LATAM Airlines poderá ter ainda interesse a abertura de ligações entre o Porto e São Paulo, uma vez que, referiu ainda Cinthia Louza, seria possível “apanhar o tráfego das empresas do Norte e até do Norte de Espanha”, e não está descartada a abertura de um segundo voo diário para Lisboa, ainda que, para isso, a companhia precise de ter uma maior disponibilidade de aviões, nomeadamente A350. “Para isso precisamos de outro A350 ou então acabamos misturando os aviões e temos uma inconsistência de produto que se critica na concorrência e que nós também tivemos em alguns momentos e isso não é bom para os passageiros de business, porque estes são passageiros fiéis”, acrescentou, revelando, no entanto, que a LATAM Airlines conta já com oito destes aparelhos e espera o nono para breve, devendo receber mais até 2021. https://www.publituris.pt/2020/02/04/latam-airlines-admite-interesse-em-abrir-rota-lisboa-rio-de-janeiro/
  5. Nueva ruta directa Santiago - Frankfurt: LATAM lanza el primer vuelo sin escalas desde Chile a Alemania A partir del 30 de junio de 2020, LATAM Airlines Group operará la ruta tres veces por semana. Santiago (Chile), 5 febrero 2020 09:00 horas Hoy LATAM inició la venta de su nuevo servicio sin escalas entre Santiago y Frankfurt, convirtiéndose en la única aerolínea en ofrecer un vuelo directo entre Chile y Alemania. Desde el 30 de junio de 2020, LATAM volará tres veces a la semana sin escalas entre las dos ciudades, operados por aeronaves Boeing 787-8 con 30 asientos en Premium Business y 217 asientos en Economy. Con este nuevo itinerario, LATAM suma 10 vuelos semanales, tanto de forma directa como a través de su centro de conexiones en São Paulo/Guarulhos, a la quinta ciudad más grande de Alemania y uno de los centros financieros más relevantes de Europa. “Este vuelo directo entre Santiago y Frankfurt potencia la conectividad entre Chile y Alemania, mejorando significativamente el tiempo de vuelo”, asegura Nicolás Salazar, Vicepresidente Network, LATAM Airlines Group. Itinerario entre Santiago y Frankfurt El vuelo LA708 de LATAM Airlines Group saldrá de Santiago (SCL) los martes, jueves y sábados a las 21:20 (hora local) aterrizando en Frankfurt (FRA) a las 17:40 (hora local) del día siguiente. (Tiempo de vuelo: 14 horas y 20 minutos). El vuelo de regreso (LA709) saldrá de Frankfurt los miércoles, viernes y domingos a las 19:25 (hora local) y llega a Santiago a las 04:40 (hora local) del día siguiente. (Tiempo de vuelo: 15 horas y 15 minutos) LATAM Airlines Group opera a 145 destinos en 26 países. Junto a sus filiales, actualmente llega a siete destinos en Europa (Lisboa, Madrid, Barcelona, París, Londres, Frankfurt y Milán). Para más información y compra de pasajes, visite latam.com https://www.latam.com/es_cl/prensa/comunicados/LATAM-lanza-primer-vuelo-sin-escalas-desde-Chile-a-Alemania/
  6. Ligação da Latam terá escala mensal no país vizinho, que teme endosso à soberania britânica das ilhas 18.nov.2019 às 2h00 SÃO PAULO Igor Gielow O governo argentino pediu que nenhuma autoridade federal brasileira comentasse ou prestigiasse o lançamento de novo voo ligando São Paulo às ilhas Falklands, conhecidas no país vizinho como Malvinas. O motivo é o temor de uma crise política decorrente do estabelecimento da rota, que terá duas escalas mensais, uma de ida e outra volta, na cidade argentina de Córdoba. Ele será feito pela chileno-brasileira Latam e começa a operar na próxima quarta (20) com um Boeing 767-300ER. O pedido, informal, chegou por meio de canais diplomáticos e foi aceito pelo Itamaraty. A preocupação de Buenos Aires é que a eventual presença de políticos em eventos relacionados à inauguração do serviço passasse a impressão de que o Brasil endossa a soberania do Reino Unido sobre as ilhas. O Brasil reconhece o pleito argentino sobre o arquipélago e chama as ilhas de Malvinas. As Falklands foram objeto de uma guerra entre argentinos e britânicos, em 1982. Em decadência política, a ditadura argentina liderada pelo general Leopoldo Galtieri invadiu o arquipélago. A então primeira-ministra britânica Margaret Thatcher decidiu enviar uma força naval para retomar o território, o que conseguiu 74 dias depois da invasão. Como resultado, morreram 649 argentinos, 255 britânicos e três ilhéus. A ditadura argentina entrou em colapso a seguir. Pessoas que acompanharam o caso na diplomacia brasileira dizem que não havia nenhuma perspectiva de tal endosso de políticos ao lançamento ou ao voo em si, o que mostra o quão sensível ainda é a questão das Falklands no vizinho, em especial neste momento —o governo de Mauricio Macri foi derrotado nas urnas pelo peronista Alberto Fernández em outubro. Ao responder ao cumprimento britânico pela vitória, o futuro presidente iniciou seu texto dizendo que não renunciaria ao desejo de governar as ilhas. A questão é que a rota, na prática, é uma ligação disfarçada entre a Argentina e as ilhas. Não é algo inédito: a Latam opera desde 1999 um voo semelhante, que sai de Punta Arenas (Chile) e faz a mesma escala dupla mensal na argentina Río Gallegos. À época, houve uma chuva de críticas sobre o que seria um reconhecimento indireto de que as ilhas são britânicas. As Falklands foram incorporadas ao Império Britânico em 1833, e são hoje um território ultramarino de Londres. E o são por opção de 99,8% de seus cerca de 3.400 habitantes, segundo plebiscito realizado sobre o tema em 2013. A reivindicação argentina vem do fato de que, antes de 1833, o país foi um dos que disputou a colonização das ilhas —o primeiro assentamento local foi francês, em 1764. A inauguração da rota paulistana foi duramente criticada, especialmente por políticos peronistas como Rosana Bertone, a governadora da Província da Terra do Fogo. O voo inaugurado em 1999 e o novo foram estabelecidos em governos de oposição ao peronismo —Carlos Menem antes e Macri agora—, mas os governos peronistas dominados pela família Kirchner entre eles nada fizeram para suspendê-los. Desde 2016, já sob Macri, a Argentina e o Reino Unido vinham tomando medidas de confiança mútua sobre as ilhas. No fim de outubro deste ano, Londres devolveu a pequena estátua de Nossa Senhora de Luján, tomada dos soldados invasores argentinos que levaram a imagem da padroeira de seu país para as ilhas em 1982. O papa Francisco, que é argentino e próximo do peronismo, abençoou o objeto no Vaticano. Além da questão histórica, há interesses econômicos. A prospecção de petróleo no entorno das Falklands está travada devido ao fato de a Argentina reivindicar também as águas territoriais da região. Hoje, as ilhas são autossuficientes. Têm um Produto Interno Bruto anual equivalente a R$ 540 milhões, oriundos da pesca, da lã de suas 500 mil ovelhas e do turismo, mas o petróleo é o que chama atenção: as reservas sob o mar estão estimadas em 1 bilhão de barris —hoje o Brasil todo tem 12 vezes isso. O voo da Latam sairá duas vezes por mês de São Paulo, uma delas com escala em Córdoba, rumo ao aeródromo de Mount Pleasant. O lugar abriga os mais avançados caças do Hemisfério Sul, usualmente operando quatro modelos Eurofighter Typhoon. https://www1.folha.uol.com.br/mundo/2019/11/argentina-pede-discricao-ao-brasil-sobre-voo-sp-malvinas.shtml
  7. 02-Dec-2019 7:37 PM Las filiales del Grupo LATAM en Perú, Colombia y Ecuador firmaron acuerdos de código compartido con Delta, con entrada en vigencia para el primer trimestre de 2020. LATAM pondrá fin formalmente a sus acuerdos de código compartido con American Airlines el 31 de enero de 2020. LATAM Airlines Group (“LATAM”) anunció hoy que sus filiales LATAM Airlines Perú, LATAM Airlines Colombia y LATAM Airlines Ecuador firmaron acuerdos de código compartido con Delta. Estos códigos compartidos brindarán mayor conectividad hacia Estados Unidos a partir del primer trimestre de 2020 (sujetos a las aprobaciones regulatorias según corresponda). Los nuevos códigos compartidos representan el primer paso del acuerdo entre LATAM y Delta, anunciado el 26 de septiembre de 2019, que combinará las redes de destinos altamente complementarias de los dos grupos, proporcionando a los clientes una experiencia de viaje líder con una mayor conectividad a destinos en todo el mundo. LATAM y Delta están trabajando en una transición fluida que incluye el fortalecimiento de su acuerdo interlínea ya existente, el establecimiento de acuerdos que permitan el acceso recíproco a sus salones VIP y beneficios mutuos de viajero frecuente, al igual que el desarrollo de nuevos acuerdos bilaterales de código compartido. Los tres acuerdos de código compartido firmados hoy (2 de diciembre de 2019) con Delta ofrecerán a los clientes de LATAM la posibilidad de acceder a hasta 74 destinos en Estados Unidos y Canadá, abriendo además hasta 51 destinos para los pasajeros de Delta en Sudamérica*. A partir del primer trimestre de 2020: El código "LA" de LATAM Airlines Perú será incorporado a los vuelos de Delta a hasta 74 destinos en Estados Unidos y Canadá más allá de sus puntos de origen en Nueva York (JFK), Miami (MIA), Los Ángeles (LAX) y Orlando (MCO). Asimismo, el código "DL" de Delta se agregará a los vuelos de LATAM Airlines Perú a hasta 34 destinos en Perú y Sudamérica más allá de Lima (LIM). El código "DL" de Delta se añadirá a los vuelos de LATAM Airlines Colombia a hasta 13 destinos en ese país más allá de Bogotá (BOG) y Cartagena (CTG). El código "LA" de LATAM Airlines Ecuador se incluirá en los vuelos de Delta a hasta 55 destinos en Estados Unidos y Canadá más allá de Nueva York (JFK). Del mismo modo, el código "DL" de Delta se agregará a los vuelos de LATAM Airlines Ecuador a hasta cuatro destinos en Ecuador más allá de Quito (UIO). “Estos códigos compartidos marcan un hito importante en el trayecto de LATAM hacia ofrecer la mejor conectividad y experiencia de cliente en las Américas. Pronto, nuestros pasajeros podrán acceder a hasta 74 destinos en Estados Unidos y Canadá, lo que es sólo un ejemplo de la naturaleza complementaria de nuestras redes y uno de los varios beneficios futuros que traerá el acuerdo estratégico con Delta", dijo Enrique Cueto, CEO de LATAM Airlines Group. LATAM también planea establecer acuerdos de código compartido entre Delta y sus filiales en Chile y Brasil en 2020*, ofreciendo aún más conectividad entre Sudamérica y Estados Unidos. Fin de los acuerdos de código compartido con American Airlines LATAM pondrá término formalmente a todos sus acuerdos de código compartido con American Airlines el 31 de enero de 2020. Los clientes que hayan comprado boletos de American Airlines a través de LATAM antes de esta fecha para vuelos desde el 1 de febrero de 2020 en adelante tendrán derecho a los mismos servicios, sin cambios a sus condiciones de viaje o pasajes. Los acuerdos entre LATAM y American Airlines de viajero frecuente y acceso recíproco a los salones VIP se mantendrán vigentes hasta que LATAM deje oneworld. Salida de la alianza oneworld LATAM informó en septiembre de 2019 a oneworld y a sus socios de la alianza que dejaría oneworld dentro de un año, en línea con el plazo de aviso estándar. La compañía está evaluando una fecha de salida anticipada y cualquier cambio se comunicará oportunamente. Luego de su salida de oneworld, LATAM mantendrá sus acuerdos bilaterales con la mayoría de las aerolíneas de oneworld. Antecedentes del acuerdo anunciado el 26 de septiembre de 2019: ● Delta invertirá US$1.9 mil millones por una participación del 20% de LATAM a través de una oferta pública con un precio de US$16 por acción. La oferta pública se lanzó el 27 de noviembre de 2019 y durará 30 días. ● Delta también invertirá US$350 millones para apoyar la creación de la alianza estratégica contemplada en este acuerdo. ● Delta adquirirá cuatro aeronaves Airbus A350 de LATAM y ha acordado asumir los compromisos de compra de LATAM por 10 A350 adicionales con fecha de entrega a partir de 2020 al 2025. ● Delta tendrá representación en el Directorio de LATAM. ● La alianza estratégica está sujeta a todas las aprobaciones gubernamentales y regulatorias necesarias. *Sujeto a las aprobaciones regulatorias según corresponda. This press release was sourced from LATAM on 01-Dec-2019. https://centreforaviation.com/members/direct-news/latam-anuncia-nuevos-acuerdos-de-cdigo-compartido-con-delta-504560
  8. https://blueswandaily.com/latam-ceo-i-dont-believe-the-government-is-willing-to-continue-subsidising-aerolineas-argentinas/ November 15, 2019 LATAM Airlines Group CEO Enrique Cueto commented on changes to the Argentina market with the incoming government, stating: “I do not believe there will be a hard shift in the aviation policy” (Aviacion News/Reportur, 04/08-Nov-2019). He added that he believes “that probably some LCCs will leave either way”. Mr Cueto stated that the main point in the aero commercial policy in Argentina will be Aerolineas Argenti
  9. 15-Nov-2019 1:11 AM https://centreforaviation.com/news/latam-airlines-describes-promising-pricing-environment-in-spite-of-currency-pressures-955105 LATAM Airlines Group commented (12-Nov-2019) on operations in 3Q2019, stating that even though currencies across the region remained devalued, capacity adjustments in international routes are improving the pricing environment of operations, especially Brazil-US. Domestic operations in both Brazil and Spanish-speaking markets contributed 10% more ASKs during the quarter. Brazil domestic RASK increased by 24% in BRL and 23% in USD, while in the Spanish-speaking domestic markets RASK showed a 10% decline in USD, mainly as a result of the year-over-year devaluation of local currencies
  10. Slot allocation at airports worldwide is often a complex process, but the divvying up of Avianca Brazil’s slots in the wake of the airline’s demise has been particularly labyrinthine. An auction of the carrier’s assets was initially called off and then held, with LATAM Airlines Group and GOL emerging as the winners. But now it seems Brazil’s government has deemed that auction invalid. That could possibly benefit Brazil’s third largest airline, Azul, which refused to participate in the auction process. Azul has also tapped social media to make its case for slots at São Paulo Congonhas, a strategic airport for all airlines in Brazil. But the outcome of the drawn-out process remains anyone’s guess as Brazil’s domestic market becomes more concentrated after Avianca Brazil’s exit. The race for Avianca Brazil's assets has had many twists and turns Avianca Brazil sought creditor protection near the end of 2018 and subsequently its fleet dwindled as some of the airline’s aircraft were repossessed and others were returned to lessors. In May-2019 Brazilian regulator suspended the airline’s operations. The carrier was the fourth largest domestic airline in Brazil behind its competitors GOL, LATAM Airlines Brazil and Azul, and its market share before it sought creditor protection was between 13% and 15%. The wind-down of Avianca Brazil’s assets – mainly coveted airport slots – has been anything but predictable. Earlier in 2019 Azul forged a non-binding agreement to acquire significant assets of Avianca Brazil, paying USD105 million for 30 Airbus 320 jets and 70 airport slots that included slots at São Paulo Congonhas. Congonhas is a key market for business travellers taking the air shuttle to Rio de Janeiro Santos Dumont airport. Azul’s service from Congonhas includes Porto Alegre, Curitiba, and Belo Horizonte. Its share of departing frequencies is just a fraction of those of LATAM Airlines Brazil and GOL. As of late Jul-2019, Azul had a total of 87 frequencies from Congonhas. São Paulo Congonhas Airport percentage of weekly departing frequencies by airline: as of mid-Jul-2019 Source: CAPA - Centre for Aviation and OAG. After Azul declared its intentions, Avianca Brazil’s largest creditor, the hedge fund Elliot Management, struck a deal with LATAM and GOL for each company to offer USD70 million for Avianca Brazil’s assets at an auction originally scheduled for early May-2019. Avianca Brazil was divided up into seven segments to be auctioned off. After a legal challenge from Swissport Brazil, a court temporarily suspended the auction. Swissport claimed that the transfer of slots was prohibited. Azul then submitted a new bid for of USD145 million for slots pairs, including the slot pairs for shuttle service from Congonhas to Rio Santos Dumont. Before submitting its latest bid for Avianca Brazil’s slots, Azul’s management declared that “Congonhas would have been an incredible cherry on top of the cake for us to show our product to the market”. Brazil's government appears to have taken over Avianca Brazil's slot allocation In Jul-2019 an auction of Avianca Brazil’s seven units occurred, but Azul refused to participate, “because it did not believe in the legitimacy of the procedure”, according to The Rio Times. Both GOL and LATAM Airlines Brazil secured slots at São Paulo Guarulhos, São Paulo Congonhas and Rio Santos Dumont. After the auction, Azul launched a campaign highlighting the duopoly on the air bridge between Santos Dumont and Congonhas, noting that 95% of slots at Congonhas are held by LATAM and GOL. Data from CAPA and OAG comparing seat shares on the air bridge from mid-Jul-2018 to mid-Jul-2019 show that in 2018 Avianca Brazil’s seat share between Santos Dumont and Congonhas was 18.1%, compared with GOL’s 38.6% seat share and LATAM’s share of 43.3%. In 2019 GOL’s share was 51.8% and LATAM’s share was 48.2%. Brazil’s aviation regulator ANAC has reportedly deemed the auction of Avianca Brazil’s asset as invalid and has resumed the process of distributing Avianca Brazil’s slots. How that process will work is somewhat up in the air. ANAC has held consultations with aviation stakeholders regarding the allocation, but the outcome is far from predictable. But ANAC’s assumption of responsibility for the slot allocation should provide Azul some hope that it can gain additional slots at Congonhas. Brazil's domestic market remains stable after Avianca Brazil's exit As ANAC works to allot Avianca Brazil’s slots at Congonhas and other airports, domestic capacity growth in the country’s domestic market for the 5 months ending May-2019 was just 0.3%, with traffic growth of 2.1%. Domestic passengers grew 2.6% year-on-year, to 37.7 million, and GOL, LATAM Airlines Brazil and Azul all grew their respective passenger shares, with Azul’s share jumping 12.9% year-on-year to 25.7%. GOL remained the market leader, with a 34.4% share of domestic passengers – an increase of 3.9% year-on-year. LATAM Airlines Brazil’s market share increased 1.5%, to 31%. Avianca Brazil’s share fell from 12.9% to 8.3% and in ensuing reports released by ANAC, Brazil’s three largest airlines should report even greater gains in passenger share now that Brazil’s fourth largest airline has officially ceased operations. Brazil's domestic market is becoming more concentrated among three airlines The latest statistics from Brazil’s government show that from Jan-2019 to May-2019 GOL, LATAM Airlines Brazil and Azul had a combined domestic passenger share of 91%. Avianca Brazil was still operating limited services during part of that period, and now that the airline has completely ceased operations, Brazil’s domestic passenger share will become even more concentrated among the country’s three largest airlines. Azul is attempting to inject competition into one of Brazil’s busiest and lucrative domestic routes, but for now its ambitions remain in the hands of the country’s regulators. Want More Analysis Like This?
  11. SÃO PAULO Joana Cunha O presidente da Latam, Jerome Cadier, disse que está preocupado com a reputação do setor aéreo no Brasil. A crise de imagem emergiu na esteira da recuperação judicial da Avianca, que virou alvo de disputa entre as três maiores empresas aéreas brasileiras, interessadas em adquirir o que sobrou da empresa, aeronaves e funcionários, mas principalmente os slots (autorizações para pousos e decolagens) em Congonhas, para voar o rentável trecho RioSP. Em entrevista à Folha na semana passada, o presidente da Azul, John Rodgerson, afirmou que Latam e Gol se uniram para acabar com a Avianca e impedir a entrada da Azul na ponte aérea. São declarações que Rodgerson não pode provar, segundo Cadier, e maculam a imagem de um setor que deve sempre inspirar segurança. "Todo o discurso dele está baseado em mentiras. Ele leva o setor todo ao descrédito. Fica parecendo que é um setor que não é sério, que não tem regras", diz Cadier. O que o sr. achou das mais recentes declarações do presidente da Azul, de que a Latam e a Gol se uniram para provocar o fim da Avianca? Uma inversão da realidade. O que de fato aconteceu: em dezembro se decreta a recuperação judicial da Avianca e em março a Azul faz uma proposta de um leilão em que só ela, e nenhuma outra companhia, poderia participar. Semanas depois, a Elliott, principal credor da Avianca, negocia com a Latam e com a Gol uma outra forma de leilão, do qual a Azul também poderia participar. Mas ela não seria a única, teria de concorrer com Gol e Latam. Essa proposta alternativa é apresentada pela Avianca, aprovada pela assembleia de credores. Mas a Azul fez tudo o possível para barrar essa solução. Ela faz outra proposta, de novo uma proposta em que só ela pode participar e os outros não podem concorrer, surpreendentemente elevando preço. Para mim, a Azul quer levar a Avianca sem pagar. Como levar sem pagar? Esse discurso de que a Azul não consegue participar da ponte aérea porque duas empresas [Latam e Gol] não deixam é uma cortina de fumaça. É óbvio que todo o mundo quer mais concorrência. Eu entendo que o Cade [Conselho Administrativo de Defesa Econômica] e o consumidor queiram mais concorrência em tudo, não só na ponte aérea. O que o John [Rodgerson] esconde é: ele já tem 13 slots em Congonhas. A Avianca tem 21 slots em Congonhas. Desses, ela usava 13 para operar na ponte aérea. Mas ele afirma que precisa desses 13 slots lá para fazer voos para os hubs da Azul, não? Então a discussão não é de ponte aérea. A discussão é de conexão com os hubs. Por que ele está alegando que quer entrar na ponte aérea? Isso ele já pode fazer hoje. Mas ele não pode querer ter as duas coisas: conectar com os hubs e também competir na ponte aérea? O objetivo dele é levar os slots pagando o mínimo possível. Sem concorrência. [se a Avianca acabar], existe uma regra de distribuição de slots [igualmente para todas as empresas]. Mas ele quer que a Anac [Agência Nacional de Aviação Civil] ou o Cade mude as regras de distribuição. Porque ele não quer participar do leilão, que é caro. Mas a Anac tem dito que precisa respeitar as regras atuais de distribuição de slots. Não tem de cumprir a lei? Ele quer que mude a lei. Ele está tentando montar essa cortina de fumaça, dar argumento de que a concorrência não deixa ele operar na ponte aérea. Ele já pode. Mas, se ele coloca os 13 slots dele na ponte aérea, ele fica sem a conexão dos hubs? O maior hub dele é Viracopos, em Campinas. Ele quer a ponte aérea, mas ele prefere usar os slots de Congonhas para conectar voos de Confins ou de Porto Alegre etc. Mas, se o passageiro vem de Porto Alegre para Congonhas, você acha que depois ele viaja para a ponte aérea? Não precisa. Ele pode usar Viracopos. O passageiro pode fazer Porto Alegre a Viracopos e depois Viracopos para o Rio. Isso é a cortina de fumaça? Que ele defenda os interesses da Azul. Mas sem acusar e mentir. Sem acusar as outras companhias como se tivesse duopólio ou alguma combinação, como se a gente tivesse feito a proposta da Elliott. Ele inverte o argumento. Ele fala que foram a Latam e a Gol que fizeram uma proposta na assembleia de credores. A Elliott liga para a Latam e fala que quer que a gente participe do leilão nessa condição em que eu divido. "Vocês estariam interessados?" Imagina que eu vou falar: "Não, obrigado, vou deixar a Azul porque ela está preocupada com os empregos". É óbvio que eu, defendendo os interesses da Latam, vou querer os slots. Quero conectar mais cidades e ter mais voos. Vocês também vão contratar funcionários da Avianca? A gente já contratou. Mais do que ele está falando que contratou e vai contratar. Nós já contratamos 320 tripulantes da Avianca. Já estão voando. Já temos dois aviões liberados pelo juiz em abril. Ele [Azul] parou de transportar passageiro [da Avianca] no evento do leilão. Ele está preocupado com o setor, mas para de transportar passageiros da Avianca? E somos nós que estamos forçando para a Avianca quebrar? Até agora transportamos 30 mil passageiros. De graça. Todo o discurso dele está baseado em mentiras. Ele leva o setor todo ao descrédito. Fica parecendo que é um setor que não é sério, que não tem regras. Para o setor aéreo, que precisa estar ligado à ideia de segurança, uma crise de credibilidade pesa mais? Ele pode defender os interesses da Azul. Mas que não minta nem faça acusações que não pode defender. Essas acusações que ele está fazendo não se sustentam. Vai ter de provar. Onde a gente tem uma ação que force a quebra da Avianca? É um momento em que o setor passa por uma crise brutal, com prejuízo acumulado das quatro companhias juntas no ano passado de R$ 1,9 bilhão, com uma das companhias falindo. Eu confio em que os órgãos reguladores Anac e Cade entendam o que tem por trás do posicionamento da Azul. Não tem evidência nenhuma. É um momento muito frustrante pelo comportamento. A Azul lidera em voos regionais, para aeroportos menores, sem a concorrência de vocês. E eles dizem que vocês são bem-vindos para ir competir nessas rotas. Por que não vão? A demanda lá é limitada? A Latam tem a restrição do tamanho dos aviões. Tem aeroportos em que eu não consigo pousar [com aeronaves muito grandes que compõem a frota da Latam]. A não ser que eu tenha aviões menores. Por que eles estão sozinhos nessas rotas hoje? Porque ele comprou a concorrente deles [em 2012]. A Trip foi comprada por eles, que se dizem próconcorrência, mas compraram o competidor. Hoje eu não entro [nas rotas regionais] ou porque eu não tenho um avião que cabe ou porque não tem demanda. Aí passa de uma situação em que alguém está ganhando e tendo operação sustentável para duas empresas terem uma operação não sustentável. Por isso ele tem o monopólio virtual hoje em muitas das rotas que ele opera. Em 70% das rotas que ele opera, ele está sozinho. Vocês também discordavam no tema da abertura do setor ao capital estrangeiro? Ele é contra. Por quê? Porque não quer concorrência. Se ele tem essa posição de que quer concorrência, por que é contra capital estrangeiro? E ele era tão contra que conseguiu influenciar para que a regra virasse: "Pode aprovar o capital estrangeiro, mas tem de voar 5% das rotas regionais". [Em abril, comissão mista do Congresso incluiu mudanças na medida provisória de abertura do mercado ao capital estrangeiro]. A quem interessa isso? Isso torna mais difícil a entrada de qualquer companhia de fora. Eles saíram da Abear, associação do setor. Como avaliaram isso? A Abear nunca tratou de temas comerciais. Isso, sim, seria cartel. Slot de Congonhas é um tema que nunca foi tratado. Ele está brigando por causa do leilão da Avianca, que é um tema comercial, e sai da Abear . Ela trata de questões relacionadas à segurança de voo, se pode ou não operar com brigada de incêndio, roteiro de navegação. https://www1.folha.uol.com.br/mercado/2019/06/acusacoes-da-azul-sao-mentiras-que-levam-setor-aereo-ao-descredito-diz-presidente-da-latam.shtml
  12. La CEO de Latam confirmó que si no se resuelve el conflicto podría dejar de volar a Miami 6 de julio de 2019 • 16:20 El conflicto aeronáutico que ayer terminó con miles de pasajeros varados y malhumorados tiene su epicentro en una estrategia de Latam Argentina. "Trabajamos desde el mes de enero en este proyecto que se llama Interchange. Si no sale, lamentablemente nos vamos a ver obligados a dejar de volar a Miami. Si eso sucede, se perderá la mano de obra argentina", dice Rosario Altgelt, CEO de la filial local de Latam, que, telefónicamente, habló con LA NACION. Ads by El mercado está movido. Ninguna empresa las tiene consigo en la Argentina. A las cuestiones gremiales, la baja del consumo y la devaluación, se le sumó Interchange. -¿Cómo lo definiría? -Tiene que ver con poder intercambiar matrículas de aviones Boeing 767, que son los que operamos a Miami, con otros países donde Latam opera. -¿Por qué ahora? -La urgencia tiene que ver con que Estados Unidos ha cambiado ciertas reglas para los aviones que entran al país. Y estos aviones que nosotros tenemos no cumplen con esas reglas, por requisitos de navegación. -¿Qué requisitos? -Principalmente comunicación y navegación. La mejor manera que tenemos de poder seguir operando a Miami es hacer una inversión importante en aviones 767, mucho más nuevos de los que hoy vuelan, y que sean regionales. -¿Qué tan nuevos son? -Los actuales tienen alrededor de 22 años; los nuevos, entre 10 y 12 años de antigüedad. Tienen cabinas muy renovadas porque hay un proyecto de inversión en cabinas. Para nosotros es muy importante y lo que requerimos es que podamos matricular en la Argentina aviones de matrícula chilena, para ser operados por Latam Argentina, bajo el certificado de explotador de Latam Argentina, con tripulantes argentinos, mecánicos argentinos y despachantes argentinas. Lo único que cambia es la matrícula del avión. -Ustedes explican que ya no se puede tener un avión parado todo el día en Miami. Ahora bien, American, por caso, lo puede hacer. Manda un avión de Miami a Buenos Aires y lo deja todo el día acá. -Lo que pasa es que American manda un avión a Ezeiza que está asociado a un pool de aeronaves que la empresa tiene en Estados Unidos. Es un avión más de muchos. Nosotros, en la Argentina, tenemos solo dos aviones que lo único que hacen es ir y venir de Miami. -¿Ese esquema ya no se sostiene más? -No, es necesario conectarlo a una red que lo vuelva mucho más flexible. Por ejemplo, ante una contingencia en el avión de Miami, American puede mandar otro. Cuando lográs hacer este intercambio de matrícula, en promedio, los aviones llegan a volar 16 horas en vez de 9. Es una enorme diferencia de rentabilidad. -¿Qué expectativa tienen? -Hemos hecho un trabajo enorme con las autoridades, con todos los gremios y con nuestros empleados. -¿Y cómo fue la recepción? -Nuestros empleados quieren el proyecto. Hacemos reuniones en todos los niveles y la gente pregunta '¿cuándo sale Interchange?'. Y lo hacen porque saben que la ruta a Miami corre riesgo. -¿Se podría cancelar? -Sí. Nuestra gente la defiende porque está defendiendo su trabajo. -Los pilotos de Latam le pidieron a sus colegas del gremio que les autoricen esta modalidad, además de reclamar cierta independencia... -Un grupo de pilotos fue el que hizo escuchar su voz. Lo que le están pidiendo al gremio, simplemente, es que los escuchen. Le repito, para nosotros este proyecto es vital. -¿Qué pasaría si no sale? -A partir del primero de enero, nuestros aviones matriculados en la Argentina no podrán entrar a Estados Unidos. Por lo tanto, nos veríamos obligados a tomar la terrible decisión de cancelar la ruta. Y si esa ruta la deja de volar un equipo argentino, el trabajo se pierde, porque no hay un operador en el país que tenga aviones para reemplazarlos. Esa frecuencia se la llevaría una empresa americana. -¿Es posible que se forme un gremio de empresa como pasó en Flybondi y en Norwegian? -Nosotros creemos en Interchange. Yo no promuevo una fractura gremial de ese tipo. A mí me parece que los pilotos le están pidiendo al gremio que los escuchen. -Si se autoriza, ¿podrían sumarse otros destinos? -La industria aeronáutica de la Argentina tiene enormes posibilidades por delante y cuando se la mira hacia el futuro, sólo se ve crecimiento. Lo que tenemos que ver en esta industria es si a esa expansión la va a tomar una empresa argentina, con empleos argentinos, o alguna empresa europea o americana. -¿Y qué se necesita? -Para canalizar la demanda hay que sentarse con los gremios, las empresas públicas y las privadas, y hablar sobre cómo lo haríamos. Hay que dar pequeños pasos. -¿Qué le diría a Pablo Biró si se lo encuentra ahora en un café? -Tengo relación con él y la verdad es que me he juntado un montón de veces a hablar. Y de hecho he hablado de este proyecto; es natural dialogar con Pablo. Estos días estamos hablando menos porque, obviamente, se notan la resistencia y las diferencias que tenemos. Pero tengo relación con todos los gremios aeronáuticos. Nosotros sabemos que nuestros empleados están agremiados y eligen a sus representantes. Tenemos que seguir trabajando. -¿Es optimista? -Sí. Porque sólo falta que los organismos de control aéreo de la Argentina y de Chile firmen el acuerdo para la revisión conjunta de los aviones. Lo demás está autorizado por el Código Aeronáutico. Por: Diego Cabot https://www.lanacion.com.ar/economia/la-ceo-latam-confirmo-si-no-se-nid2265332
  13. 27 / 06 / 2019 LATAM Cargo has become the first cargo airline to offer a direct service between Scandinavia and Latin America by adding Copenhagen as a new destination to its network. The airline said the new weekly route cuts transit times by up to 48 hours by reducing the need for land transportation. The route will be operated with a B767-300F offering an estimated capacity of between 20-25 tons per flight. The main beneficiaries in the Scandinavian industry are pharma companies, car makers, and the oil and the paper sectors, although in the short term machinery and other businesses are also expected to play a major role. LATAM said it would consider increasing the capacity or frequency if there is enough demand. The round trip will increase connectivity between Scandinavia and different markets in Latin America with an outbound route that includes Copenhagen (Denmark), Viracopos (Brazil), Montevideo (Uruguay), Santiago (Chile), and Quito (Ecuador). The return will be via Miami (USA), Brussels (Belgium) and Copenhagen. Gabriel Oliva, LATAM Cargo Senior Vice President for North America, Europe and Asia, said: “As the cargo leader in Latin America, we have undertaken the responsibility of connecting the region with the world and vice versa. Proof of this are the more than 150 destinations currently offered by the LATAM Cargo Group. The size and strength of our network are the pillars that make us a strategic partner for our customers in providing the support needed to take their shipments to their final destinations in less time.” Copenhagen is the seventh route opened worldwide in the last 12 months and the second European route exclusively used for cargo opened by LATAM over the over the same period of time. Kaspar Andreas Nissen, air cargo specialist at Copenhagen Airports, said: “With the new route LATAM Cargo is now connecting Scandinavia to Latin America with a direct link. This will provide Scandinavian Shippers and Freight Forwarders with a smooth and efficient air freight operation directly to Latin America. “Adding a direct link is not only important to the handling and shipping of Pharmaceutical products, it is equally important to the Food Ingredients industry and Automotive Parts industry which also requires stringent and efficient transportation. Being a CEIV certified carrier LATAM Cargo will now offer a unique Pharmaceutical solution to South America, together with fast and reliable General Cargo solutions.” https://www.aircargonews.net/airlines/freighter-operator/latam-cargo-targets-pharma-and-automotive-with-new-copenhagen-freighter/
  14. There is no doubt that the shrinking of Avianca Brazil has altered market dynamics in Brazil’s domestic market, and the country’s three largest airlines believe Avianca Brazil’s bankruptcy will create opportunities for the country’s remaining carriers. GOL, LATAM Airlines Brazil and Azul have all been vying for Avianca Brazil’s assets but the government suspended an asset auction, including airport slots, and now the fate of Avianca Brazil is anyone’s guess. While the government drags its feet on rescheduling an auction or some other form of asset dispersal, Avianca Brazil continues to languish with Brazilian operators suspending the airline's operations. As the uncertainty over the fate of Avianca Brazil shows no signs of disappearing in the near future, Brazil’s airlines maintain a reasonably positive view of the domestic market, despite headwinds created by rising fuel prices and currency devaluation. Avianca Brazil's market share falls as its fleet shrinks Brazil’s domestic travel increased by 4.3% year-on-year in 1Q2019 on 3.4% capacity growth. GOL remain the domestic market share leader, with a 36% share. LATAM Airlines Brazil’s share slipped 2.8ppt year-on-year to 30.8%, and Avianca Brazil’s share plummeted 12.2% to 11.0% as its ASKs dropped 7.5%. Brazil domestic traffic share by airline for 1Q2019 Airline Domestic share GOL 36% LATAM Airlines Brazil 30.8% Azul 21% Avianca Brazil 11.9% Source: Brazil ANAC. Avianca Brazil sought creditor protection in Dec-2018, and since that time the airline has had some aircraft repossessed and has returned others to lessors. CAPA’s fleet database shows the airline has six aircraft in its operating fleet as of late May-2019 – down from an operating fleet of close to 50 aircraft. Avianca Brazil fleet summary as of mid-May-2019 Source: CAPA Fleet Database. The capacity reduction is in some ways strengthening an already rational domestic market in Brazil. Recently, executives from Azul remarked that at one point Avianca Brazil had approximately a 13% to 15% market share in Brazil, and “we believe that in all scenarios only about half that capacity will ever put back into the market, which I think is very healthy overall for Brazil”, said chief revenue officer Abhi Shah. LATAM Airlines ups 2019 Brazil domestic capacity as Avianca Brazil shrinks Citing a healthy demand environment and the “declines recently made by one of our competitors”, LATAM Airlines Brazil’s management have said that the airline is boosting its domestic capacity growth in Brazil in 2019 5% to 7%, from original projections of an increase of 2% to 4%. LATAM Airlines Group is shrinking its planned international growth to flat to a 2% increase, a reduction from previous estimates of a 3% to 5% expansion. The company’s overall capacity growth for 2019 is now projected at 3% to 5%, versus previous estimates of an increase of 4% to 6%. LATAM has agreed to forge leasing deals on 10 Airbus A320s that the lessor Aircastle reposed from Avianca Brazil and has not made a final decision about where those aircraft will be deployed. The company believes that opportunities exist in Brazil, as well as Chile, Peru and Colombia. Avianca Brazil's reorganisation has been mired in unpredictability Avianca Brazil’s bankruptcy protection has been complex and somewhat temperamental. Earlier in 2019 Azul forged a non-binding agreement to acquire significant assets of Avianca Brazil, paying USD105 million for 30 Airbus 320 jets and 70 airport slots that included slots at São Paulo Congonhas. Azul does not currently serve Congonhas, which is key market for business travellers taking the air shuttle to Rio de Janeiro Santos Dumont airport. See related report: Brazil aviation: positive outlook and Azul is still opportunistic Subsequently, Avianca Brazil’s largest creditor, the hedge fund Elliot Management, struck a deal with each of LATAM and GOL to offer USD70 million for Avianca Brazil’s assets at an auction originally scheduled for early May-2019. The company was divided up in seven segments to be auctioned off. After a legal challenge from Swissport Brazil, a court temporarily suspended the auction. Swissport claimed that the transfer of slots was prohibited. At the same time, Azul has submitted a new bid for of USD145 million for slots pairs, including the slot pairs for shuttle service from Congonhas to Rio. Prior to submitting its latest bid for Avianca Brazil’s slots, Azul’s management declared that “Congonhas would have been an incredible cherry on top of the cake for us to show our product to the market”. There has been no indication of a rescheduling of the auction, but Reuters is reporting that Elliot has opposed Azul’s latest bid, which further muddies the fate of Avianca Brazil. LATAM executives have stated that if there is no action for Avianca Brazil’s airport slots then the process would fall under current rules, which means they would be returned to a pool and distributed to the “current players”. As a result, Azul would lose out on an opportunity at Congonhas. Brazil's domestic market remains on solid ground, driven by sustained demand As the industry waits for the outcome of Avianca Brazil’s bankruptcy, the overall domestic market in Brazil remains solid despite rising fuel expense and currency pressure. LATAM has calculated that the BRL/USD average exchange rate for 1Q2019 was BRL3.77 per USD. Its Brazilian unit revenues denominated in the BRL grew 7.2% year-on-year in 1Q, but dropped by 7.2% measured in the USD. The company has seen fares increase and is forecasting double digit BRL unit revenue growth for its domestic operations in Brazil during 2Q2019. GOL’s year-on-year 2Q2019 unit revenue comps will be slightly inflated due to a trucker’s strike in Brazil during mid-May-2018 that pressured demand. But the airline is experiencing strong bookings and yields in Brazil’s domestic market. Azul has also commented it had experienced solid bookings in Apr-2019 and May-2019, noting a favourable balance between volumes and fares. Brazil's airlines should continue to maintain rational capacity growth Brazil’s domestic airlines have maintained a positive view of the domestic market over the past few months as the country slowly emerges from a recession. For now, it seems that those airlines are achieving a certain level of fare traction in the market as Avianca Brazil has now ceased operations. There is little doubt that at some point Avianca Brazil’s assets will be absorbed by the remaining airlines, and it appears those operators are aiming to maintain some degree of rational capacity growth in Brazil. https://centreforaviation.com/analysis/reports/brazilian-aviation-avianca-brazils-decline-assets-for-grabs-474772
  15. 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
  16. https://blueswandaily.com/latam-to-launch-nonstop-santiago-sydney-service/ May 3, 2019 LATAM Airlines Chile plans to launch three times weekly Santiago-Sydney nonstop service in Nov-2019, replacing the direct service operating via Auckland on those days (ETB Travel News, 02-May-2019). LATAM Airlines Group CCO Roberto Alvo stated: “In recent years we have expanded our services significantly and today we offer unrivalled choice for passengers on both sides of the Pacific… More Australians than ever are visiting South America, wanting to discover the many unique destinations of the region and we have seen equally strong demand from passengers travelling in the other direction, forging ever greater tourism and business links”. According to OAG, LATAM Airlines Chile operates Santiago-Auckland-Sydney service daily.
  17. https://blueswandaily.com/sydney-south-america-options-for-corporates-improve-as-latam-airlines-adds-nonstop-services/ May 15, 2019 SANTIAGO SYDNEY LATAM Airlines has unveiled plans to launch three weekly nonstop flights from Santiago to Sydney in Nov-2019. The Chile-based airline group currently serves Sydney with a daily flight via Auckland and plans to continue to operate Santiago-Auckland-Sydney four times per week after the new nonstop option is launched. Highlights: LATAM Airlines plans to upgrade three of its seven weekly Sydney flights from one-stop via Auckland to nonstop from Nov-2019; Corporates will now have the flexibility of nonstop Sydney-Santiago flights every day of the week virtually year-round when also factoring in the existing nonstop service from LATAM partner Qantas; Santiago is the only nonstop destination in Latin America from Sydney – as well as from Melbourne – but connections are available throughout the region using LATAM’s hub. Qantas is currently the only airline operating nonstop services between Santiago and Sydney. It operates the route with three to five weekly flights depending on the time of year. As Qantas and LATAM are codeshare partners, the new LATAM-operated nonstop service will provide customers a daily product most of the year. This is particularly important for corporates, who appreciate the flexibility of a nonstop flight every day of the week. Sydney-Santiago is not a huge corporate market but Santiago can act as a gateway to rest of Latin America including economic powerhouse Brazil. Santiago is LATAM’s main hub, resulting in quick one-stop connections from Sydney to destinations throughout the region. LATAM has not yet set a launch date or begun tickets sales for Santiago-Sydney nonstops but has stated the new service will launch in Nov-2019. While the new nonstop Sydney flights will increase its nonstop seat capacity from Australia the increase will be relatively minor because the airline is reducing capacity to Melbourne. The airline is cutting Melbourne-Santiago from five to three weekly flights in Aug-2019. It is further reducing Melbourne-Santiago capacity in Oct-2019 as it downgauges the route from 313-seat 787-9s to 247-seat 787-8s. LATAM launched Melbourne in Oct-2017 and initially operated the service three times weekly with 787-9s. It added two 787-9 frequencies in Dec-2018, resulting in five frequencies and 1,565 weekly one-way seats. The new thrice weekly 787-8 schedule for Santiago-Melbourne will generate only 741 weekly one-way seats, representing a 53% reduction compared to the current schedule and a 21% reduction compared to the first year of the Melbourne-Santiago operation. LATAM uses a mix of the 787-8s and 787-9s on the Santiago-Auckland-Sydney route depending on the time of year. It currently deploys 787-8s (based on May-2019 schedules) and the last couple of years has deployed -8s in the off-peak southern winter months and -9s the rest of the year. Qantas currently uses 364-seat 747-400s on its Sydney-Santiago flights. However, Qantas is phasing out its 747 fleet in 2020 which will likely result in the route being downgauged to 236-seat 787-9s in the next year, but it could add frequencies to Santiago as it switches to the smaller twin-engined type. It would be sensible for Qantas to at least introduce a fourth weekly flights during the off-peak winter months of May, June, August and September instead of the current schedule of three frequencies during this period. The additional flight would give Qantas and LATAM a combined daily schedule for this period and hence a daily year-round product. However, LATAM’s launch of nonstop services on the Santiago-Sydney route could prompt Qantas to decide against adding a significant number of frequencies. A year-round 787-9 product of four weekly flights with a fifth frequency during peak periods would result in about a 30% reduction in Qantas capacity compared to the current schedule but Qantas-LATAM combined nonstop capacity would be up by over 20%. LATAM configures its 787-9s with 30 lie flat business seats and 283 economy seats, including 51 extra legroom economy seats. Its 787-8s also have 30 lie flat business class seats but only 247 economy seats. LATAM does not have a premium economy product. Its business product on the 787 is in a relatively tight 2x2x2 configuration while economy is in the standard 3x3x3 configuration. Qantas’ 787-9s have 42 lie flat business class seats in the more preferred 1x2x1 configuration. Its 787-9s also have 28 premium economy seats in a 2x3x2 configuration and 166 economy seats in 3x3x3 configuration. The 747-400 Qantas now uses on the Santiago route has 58 lie flat business class seats, 36 premium economy seats and 270 economy seats.
  18. https://blueswandaily.com/capa-it-remains-to-be-seen-how-yields-are-faring-in-chile-with-the-lccs-market-stimulation/ May 7, 2019 CAPA – Centre for Aviation, in a report entitled: ‘Chile‘s LCCs JetSMART, Sky, spread across Latin America‘, stated (07-May-2019) that a quick snapshot of Chile’s domestic aviation market data shows that JetSMART’s thesis of passenger stimulation could be occurring in Chile. SKY Airline‘s domestic passenger levels grew 10.5% year-on-year in 2018 and LATAM Airlines Group‘s total passenger growth in Chile was 10.6%. Chile’s domestic passenger levels have expanded and even as LATAM‘s passenger share has decreased, its dominance remains intact. But it remains to be seen how yields are faring at Chile’s three largest airlines.
  19. https://economia.uol.com.br/noticias/estadao-conteudo/2019/05/05/uma-empresa-aerea-quebra-a-cada-dois-anos-no-pais.htm 2/8 São Paulo 05/05/2019 09h52 Luciana Dyniewicz Um leilão marcado para ocorrer na terça-feira, em um edifício próximo à Avenida Paulista, em São Paulo, colocará fim a mais uma companhia aérea brasileira. A Avianca Brasil será a 11.ª empresa do setor a encerrar as operações desde 2001 no País, que tem taxa de mortalidade de uma empresa a cada dois anos. Os casos de falência ou de recuperação judicial na aviação não são exclusividade do Brasil. Neste ano, outras nove empresas aéreas endividadas deixaram de voar no mundo, desde pequenas, como a sul-coreana AirPhilip, até companhias mais relevantes, como a Jet Airways, que chegou a ser uma das maiores da Índia. Nos EUA, American Airlines, Delta e United já tiveram de recorrer ao Chapter 11, o equivalente à recuperação judicial brasileira, mas acabaram sobrevivendo. Margens baixas, necessidade de injeções volumosas de capital, contratos de longo prazo com arrendadoras de aeronaves e vulnerabilidade ao preço do combustível --e ao dólar, no caso brasileiro-- estão entre os fatores que explicam a elevada taxa de mortalidade. "É uma indústria muito difícil no mundo todo", diz Jerome Cadier, presidente da Latam no Brasil. "Temos incerteza de curto prazo em relação à demanda e necessidade de tomar decisões de longo prazo, como o tamanho da frota. São decisões caras e difíceis de tomar." Foram basicamente duas dessas decisões que tornaram a situação da Avianca insustentável nos últimos anos, segundo analistas. Uma delas foi a de não enxugar a frota em 2015 e 2016, período mais delicado da aviação brasileira desde os anos 2000. Foram nesses anos que a crise econômica derrubou a demanda por transporte aéreo e os custos foram pressionados pela alta do dólar e do petróleo. Nessa época, muitos apostaram que a Gol seria a primeira a sucumbir - dado seu nível de endividamento -, mas uma renegociação com credores, aliada a um plano de devolução de aeronaves, garantiu a virada do jogo. Latam e Azul fizeram movimentos semelhantes em suas frotas e contaram ainda com novos recursos --a primeira vendeu uma participação para a Qatar e a segunda abriu capital. A Avianca, porém, não recuou no número de aeronaves, em uma tentativa de ganhar participação de mercado. Outra decisão equivocada foi a entrada no mercado internacional, em 2017. Um voo para o exterior tem um custo médio dez vezes superior ao de um doméstico. Se o avião não sai lotado, portanto, o prejuízo é grande. A operação internacional da Avianca queimou rapidamente o caixa da companhia, que já não tinha boa performance. Os resultados da empresa nunca foram dos melhores devido, em parte, ao fato de ela voar principalmente em rotas disputadas por Latam e Gol. A Gol foi a primeira companhia nacional a adotar um modelo de negócio de custo baixo, obrigando a Latam a ir por um caminho semelhante. Com aviões novos, mais eficientes e alta utilização da frota (em média voando 12 horas por dia, quando a média nacional era de 7 horas), a Gol estreou no mercado com um custo 40% inferior ao da Varig e da então TAM (hoje Latam). A Varig quebrou ao resistir ao corte de custos. A TAM se salvou justamente por fazê-lo - eliminou, mais recentemente, até a tradicional balinha de boas-vindas. Competição Gol e Latam se tornaram, assim, muito competitivas - o que tem dificultado a entrada de novas companhias no setor e feito novatas quebrarem no caminho, diz o especialista no setor aéreo André Castellini, sócio da consultoria Bain & Company. Para tentar ganhar passageiros em rotas dominadas pelas concorrentes, a Avianca apostou em preços inferiores para passagens compradas de última hora, apesar de oferecer um serviço muitas vezes superior - e mais caro -, como comida quente e espaço maior entre poltronas. A estratégia poderia funcionar para ganhar participação de mercado, mas não era sustentável no longo prazo. A Azul foi a única que conseguiu, até agora, entrar com sucesso no setor dominado por Latam e Gol. A receita foi fugir das rotas nas quais as duas estão presentes. Ajudou também o fato de ela começar a crescer quando a crise dava os primeiros sinais, obrigando Latam e Gol a focarem nas próprias operações, e não na concorrente. A questão é que atuar no mercado secundário é mais caro. Entrar no segmento da Azul tem, portanto, um desafio extra para uma possível nova estreante. As informações são do jornal "O Estado de S. Paulo"
  20. http://www.aviacionnews.com/blog/2019/05/ignacio-cueto-preocupado-por-la-situacion-economica-en-argentina-y-sus-efectos-sobre-la-subsidiaria-local/ Por SGR - 05/02/2019 En medio de un balance global positivo de los resultados del 2018 y las perspectivas para este año, el presidente de Latam Airlines, Ignacio Cueto, manifestó sin embargo su preocupación por el mercado argentino. “Sin duda, Argentina es una gran preocupación, por su economía, por su tipo de cambio y por la vulnerabilidad política que pueda tener en un año de elecciones”, afirmó el directivo. Cueto destacó en la Junta de Accionistas el alto nivel de costos que enfrenta la compañía en Argentina, que convierte sus operaciones en las más caras que tienen en el mundo, destacando la incidencia que tienen factores estructurales como la legislación laboral y el modelo de contratos. “Ojalá podamos seguir creciendo, pero necesitamos condiciones favorables y no que sea la economía más cara. Creo que debemos hacer grandes esfuerzos y conversar con la autoridad para tener un país mucho más competitivo”, aseveró Cueto. “Vamos a seguir siendo una compañía eminentemente argentina. Todos los trabajadores que hay allá -unos 2.400- son argentinos y va a seguir siendo así, y todo lo que podamos hacer va a ayudar a crecer a la empresa para que tenga una estabilidad laboral importante”, expresó Cueto.
  21. Em cumprimento à decisão proferida pelo Conselho Administrativo de Defesa Econômica ("CADE"), no Ato de Concentração n. 08012.009497/2010-84, e à decisão do Tribunal de Defesa da Livre Concorrência do Chile ("TDLC"), na Resolução n. 37/2011 do TDLC (em conjunto, as "Resoluções") , LATAM Airlines Group S.A. ("LATAM") informa que permutará até 04 (quatro) slots de aterrisagem e até 04 (quatro) slots de decolagem no Aeroporto Internacional de São Paulo/Guarulhos - Governador André Franco Montoro, localizado na Cidade de Guarulhos, Estado de Sao Paulo, Brasil ("GRU") (adiante referida "Permuta"), obedecidas ao menos as seguintes condições: Somente serão permutados slots em GRU com empresas (a) interessadas em utilizá-los em vôos diretos, sem escala ou conexão ("non-stop") na rota São Paulo – Santiago – São Paulo; e (b) com as quais LATAM não tenha qualquer vínculo societário ou de outra natureza que lhe permita exercício de influência relevante. As empresas interesadas na Permuta deverão solicitá-la por escrito à LATAM, indicando os horários de sua preferência. Os slots entregues por LATAM em virtude da Permuta poderão ter uma diferença máxima de 30 (trinta) minutos do horário indicado pelas empresas interessadas em suas respectivas solicitações. Os slots permutados somente poderão ser utilizados pela empresa que os adquirir para operar a rota São Paulo – Santiago – São Paulo em vôos non-stop. Eventual descumprimento deste requisito, ou de outros aspectos relativos à legislação aplicável, poderá importar na reversão da Permuta. A Permuta não poderá envolver qualquer tipo de remuneração ou compensação em favor de LATAM.
  22. Brazil’s two largest domestic airlines – GOL and LATAM Airlines Brazil – have reasonably solid outlooks for their performance in the country during 2019 as the country marches toward an economic recovery. Uncertainty remains over the fate of Brazil’s fourth largest airline, Avianca Brazil. The airline sought bankruptcy protection in late 2018, and recently Brazil’s third largest airline Azul stated that it had entered a non-binding agreement to acquire some of Avianca Brazil’s assets – aircraft and slots at some of Brazil’s key airports. If those plans materialise, capacity rationalisation should be maintained in Brazil’s domestic market; however GOL and LATAM could find a formidable competitor in some key airports in Brazil. Azul has a track record of making opportunistic acquisitions to accelerate its position in Brazil’s domestic market – the largest in Latin America. Brazil posts solid domestic passenger growth in 2018; 2019 is off to a good start In 2018 Brazil posted 3.3% growth year-on-year in domestic passenger numbers, compared with an increase of 2% in 2017 and negative growth of 7.8% in 2016. Nearly 94 million passengers travelled in Brazil’s domestic market in 2018, which was still below the 96 million recorded in 2015 before the country’s recession hit its low point. Brazil domestic passenger growth from 2013 through Jan-2019 Source: CAPA - Centre for Aviation and Brazil ANAC. The country’s tepid GDP growth of 1.1% in 2018 was largely driven by a truckers' strike and uncertainty over Presidential elections in Brazil. Its new President, Jair Bolsonaro, is largely viewed as business-friendly, and Azul has stated that the new administration appears to be taking all the right steps to promote the economic development of the country. Recently, GOL’s executives remarked that Brazil’s Central Bank was forecasting 2.5% GDP growth in 2019, and ABEAR, the association of Brazil’s airlines, estimates domestic air travel demand should grow 5% to 7%. GOL’s domestic traffic grew 3.1% in 2018 and load factors notched up 0.6ppts, to 80.8%. Its average fares increased 8% year-on-year and yields increased 7.7%. Brazil did face currency pressure in 2018, but the fluctuations largely affected international demand to North America and Europe. Both GOL and LATAM Airlines Brazil had reasonably positive views of Brazil’s domestic market at the end of 2018, and those views appear to be holding steady into early 2019. GOL and LATAM believe there are positive trends in the Brazil's domestic market GOL’s management has concluded that “business activities” were up year-on-year in late 2018 and early 2019, which was sustaining higher yields in the domestic markets. Additionally, the Carnival holiday was in Mar-2019 versus Feb-2018, which was positive for extending the the summer travel season in the country. Both GOL and LATAM Airlines Group have highlighted a certain level of capacity rationalisation in Brazil’s domestic market. Data from the Brazilian regulator ANAC show that domestic ASKs grew 4% year-on-year in Jan-2019. GOL has forecast that its domestic capacity will increase 2% to 4% in 2019, and LATAM Airlines Brazil expects its domestic ASKs to grow in the same range for the year. Azul is forecasting 16% to 18% domestic capacity growth. LATAM, which posted a 10.2% increase in domestic Brazil unit revenues in 4Q2018 (denominated in BRL, the result was a 6.2% decrease denominated in the USD), recently concluded that there are good trends in Brazil’s domestic market. However, “we believe that capacity discipline is very important to the market”, company executives recently stated. Data from Brazil’s ANAC and CAPA show that 2018 was the first year that Brazil’s domestic ASKs had increased above 1% since 2014. ASKs fell approximately 6% year-on-year in 2016 during a two-year recession in the country that began to wane in 2017. Brazil domestic ASK growth from 2013 through Jan-2019 Source: CAPA - Centre for Aviation and Brazil ANAC. Azul stresses its pursuit of Avianca Brazil's assets won't upset capacity balance In Dec-2018, Brazil’s fourth largest airline, Avianca Brazil, sought bankruptcy protection as lessors threatened to repossess the airline’s aircraft. Data from ANAC show that Avianca Brazil’s domestic traffic share fell to 11% to 12.9% in Jan-2019, and its ASKs fell 7.2% year-on-year. Brazil domestic traffic share by airline for Jan-2019 Airline Percentage share GOL 39% LATAM Airlines Brazil 30% Azul 20% Avianca Brazil 11% Source: Brazil ANAC. Azul has forged a non-binding agreement to acquire significant assets of Avianca Brazil, including 30 Airbus 320 jets and 70 airport slots for USD105 million. The Rio Times has reported that the deal could allow Azul to bolster its slots at the close-in, high-yielding domestic airport São Paulo/Congonhas airport, which would be a positive strategic development for the airline (it will also gain slots at other airports if the deal is approved). Data from CAPA and OAG show that presently (as of mid-Mar-2019) Azul accounts for 5% of departing frequencies at the airport. Azul is also reportedly hoping to gain slots at São Paulo Guarulhos and Rio de Janeiro Santo Dumont. São Paulo Congonhas: percentage of departing frequencies by airline, as of mid-Mar-2019 Source: CAPA - Centre for Aviation and OAG. Azul’s 16% to 18% capacity growth in 2019 includes some A320s that Avianca Brazil has already disposed of as part of its transformation plan, Azul executives recently explained. The company’s management stressed that it expected capacity rationalisation to remain intact if the proposed deal to acquire Avianca Brazil’s assets was finalised. It is a logical assumption, given that it is largely a transfer of assets designed to bolster Azul’s position in the domestic market. When Azul announced plans to purchase the regional Brazilian airline TRIP in 2012, Azul’s domestic market share was approximately 10%, and TRIP had a 4% share. The acquisition allowed Azul to obtain a higher share than it could have done through pure organic growth. Essentially, the acquisition of TRIP accelerated Azul’s growth by broadly four years. Azul has been opportunistic in Brazil's domestic market place Even as Azul believes its pursuit of Avianca Brazil’s assets will not materially affect the capacity balance in Brazil’s domestic market, in key markets GOL and LATAM will face a more formidable competitor with a more solid financial footing. Azul is marking more than a decade in service, and in that short period of time has been opportunistic in acquiring TRIP to bolster its position in Latin America’s largest aviation market. https://centreforaviation.com/analysis/reports/brazil-aviation-outlook-positive-trends-and-azul-still-opportunistic-464553
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