Low-cost carrier Germania has slipped into administration and cancelled all flights with immediate effect. The decision will see sister maintenance company Germania Technik Brandenburg also file for insolvency at Amtsgericht Berlin-Charlottenburg.
Business-to-consumer jet charter marketplace Victor has announced the signing of a strategic investment agreement with BP Ventures. BP’s investment arm has committed to invest $10 million as lead investor to Victor’s Series B fundraising round.
Revenue growth has recovered to pre-recession levels and the US airline industry is expected to maintain profitability in 2013, according to Tailwinds, a report on the airline industry from PwC. However, while the industry has become better at managing capacity and generating ancillary revenues, it faces rising costs for fuel, labour and maintenance.
Pinnacle Airlines has filed for bankruptcy protection as high fuel prices claim another victim in the travel industry. A fall in demand for travel in a sluggish economy also played a role in the decision, the carrier said in a statement on Sunday.
New research from Purple Parking today reveals that many of the major airlines have hiked up the price of transporting golf equipment.
United States-based airlines collected almost $5.7 billion from baggage fees and reservation change fees in 2010, according to the airline financial data released today. The figures, collected by the US Department of Transportation’s Bureau of Transportation Statistics, revealed airlines received $3.4 billion from baggage fees and $2.3 billion from reservation change fees in 2010.
British Airways has said it is “pleased” with an agreement to pay $89.5m in settlement for a civil lawsuit in the US over fixing the price of air cargo. The deal follows an investigation by the Department of Justice into a breach of anti-trust rules within the air transport industry between 2000 and 2006.
Sustainable profit is the key to future success of global aviation, according to head of the International Air Transport Association. Speaking at the aviation body’s 67th AGM in Singapore, Director General and CEO Giovanni Bisignani called upon the industry to build a sustainable future based on renewed leadership, continuous innovation, and co-operation.
Ryanair has reported record profits and passenger numbers for the year ending 31 March but warned that soaring fuel prices would lead to flat figures over the next twelve months and the possibility of it grounding aircraft.
Shares in the UK’s biggest domestic airline have nosedived 25 percent after it announced that full-year profits will come in short of expectations. Flybe blamed the failure to hit forecasts on high oil prices and a recent slowdown in consumer spending on air travel.
Political unrest in North Africa and the Japanese earthquake have dented Lufthansa’s first quarter earnings. But Europe’s largest carrier said its on-going cost cutting programme and solid demand for air travel will keep its full-year outlook on track.
Global passenger aviation fell in March due the Japanese earthquake, disruptions in the Middle East and higher fuel prices, however air freight continued to rebound strongly, according to the latest figures from the International Air Transport Association (IATA).