Aviation Industry Updates: August 15, 2023

Global Airline Cargo Demand Has Dropped 3.4% Compared To Last Year

KEY POINTS:

• Global air cargo demand has slumped by 3.4% due to the global inflation crisis and declining manufacturing output.
• Demand decline is at its lowest since February 2022, and there has been an improvement in the demand rate over the past six months.
• Despite the recovery of the airline industry from the COVID-19 pandemic, air cargo is being hit harder than maritime cargo due to pricing.

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Wheels-Up Unable To Continue Unless Funding Comes Through

KEY POINTS:

• Wheels Up (Teterboro) had expressed "substantial doubt" about its ability to continue operations should it not obtain additional funding in the near term, even though it has received a temporary lifeline in the form of a promissory note from minority shareholder Delta Air Lines (DL, Atlanta Hartsfield Jackson), while Airshare (XSR, Kansas City Downtown) intends to acquire its non-core aircraft management business.
• In a filing to the US Securities and Exchange Commission (SEC), Wheels Up Experience Inc. stated: "The potential investments and/or capital raise described above are subject to market and other conditions that are not within the company's control. Absent the ability of the company to obtain this additional funding in the near term, the company has concluded that there is substantial doubt about its ability to continue as a going concern for any meaningful period of time after the filing of this Form 12b-25." The private jet charter company had initially scheduled an earnings call for August 9 but announced that morning it would be postponed to another date.
• Asked for comment, a spokeswoman for Wheels-Up shared the following emailed statement with ch-aviation: "As previously disclosed, Wheels Up is evaluating strategic options to transform our business in close coordination with our financial stakeholders, industry participants, and advisors. Our priority remains continuing to deliver an extraordinary experience for members, and doing that safely, reliably and on time."

CH-Aviation

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Airlines Scramble To Avoid Cancellations After Massive Recall Of 1,200 Jet Engines

KEY POINTS:

• Several US-based airlines are reportedly working hard to avoid flight cancellations after Pratt & Whitney announced a massive recall of some 1,200 jet engines.
• JetBlue, Spirit, and Hawaiian are among the companies that are shifting ground crew and changing flight schedules after last month’s announcement by P&W that it was removing the Geared Turbofan (GTF) engines that were found to be tainted with microscopic contaminants in a metal piece of its core.
• The contamination is said to pose a danger that could cause cracks in certain parts of the engine, according to the company.
• The GTF engine, which is said to be used by dozens of foreign and domestic airlines, is one of two that can be fitted to the Airbus A320neo, which is the top-selling aircraft in the world.
• European carrier Wizz Air and India’s Go First are among the carriers that have had to ground aircraft as a result of the engine recall.

NY Post

Airlines Scheduled More Than A Billion Seats This Summer

KEY POINTS:

• The airline industry has seen an increase in seat capacity this year, with more than a billion seats scheduled in July and August.
• However, seat capacity is still down from the pre-pandemic levels, with the largest increase seen in Asia and the US.
• Some markets, such as Mexico and Greece, have shown significant improvement in seat capacity, while others, such as Germany, have seen declines.

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