All Icelandair articles – Page 4
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NewsIcelandair focuses on cash preservation as pandemic resurgence bites
Icelandair transported just 14,000 passengers during December 2020, but even this figure was more than the October and November totals combined. Fourth-quarter revenues for Icelandair Group amounted to just $60 million to 31 December, down by more than 80%, while pre-tax losses for the period reached $97 million. It attributes ...
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NewsOptimistic Icelandair sees spring return for 737 Max
Icelandair Group is optimistic that it will be able to start ramping-up its network in the second quarter of this year, and intends to return its Boeing 737 Max fleet to service in spring. The company has six 737 Max jets which have been grounded for nearly two years. But ...
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NewsIcelandair Group to divest tour operator following hotel sale
Icelandair Group is to sell its tour operator subsidiary Iceland Travel, as part of the continuing concentration on its flight operations activities. The wholly-owned subsidiary had been classified, along with hotel firm Icelandair Hotels, as an asset held for sale in 2019. Icelandair Group sold a 75% share in the ...
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NewsIcelandair agrees sale-and-lease of two more 737 Max jets
Icelandair Group is selling a pair of Boeing 737 Max jets under a leaseback scheme, ahead their delivery next year. The two Max 9s are due to be introduced to the Icelandair fleet in the second quarter of 2021. Icelandair Group says it has entered an agreement with Sky Aero ...
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NewsIcelandair to withdraw and part-out batch of 757-200s
Icelandair Group is planning to retire four Boeing 757-200s over the next few weeks, which will be placed with part-out schemes. The company says some of the components will be cannibalised for its remaining 757s while others will be sold. Icelandair Group says the retirement is part of its broader ...
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NewsIcelandair uses Boeing compensation to offset new 737 Max expenditure
Icelandair Group is expecting to take delivery of three more Boeing 737 Max jets in the first half of 2021, and has reclassified part of the compensation received for the Max grounding as reduced capital expenditure on them. The company has not disclosed the scale of the compensation settlement reached ...
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NewsIcelandair plans for 30% capacity cut in summer 2021 schedule
Icelandair is expecting to operate a summer 2021 schedule with capacity down by 25-30% compared with last year. It is planning to serve 32 destinations – among them the Canary Islands resort of Tenerife, which is a new route for the carrier. Twenty-two of the destinations will be European. It ...
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NewsIcelandair sells three 757-200s for freighter conversion
Icelandair Group is to sell three of its Boeing 757-200s, which will be converted into freighters following the transaction. Disposal of the Icelandair aircraft will generate about $21 million in net proceeds, the company says. It has not identified the buyer of the twinjets. Two of the aircraft are 1994 ...
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NewsIcelandair Group receives strong response to share offer
Icelandair Group has received a strong response to its share offering, with an oversubscription reaching some 85% more than the planned allocation. The offering – initially intended to cover IcKr20 billion ($147 million) in new shares, through separate share batches of IcKr17 billion and IcKr3 billion – closed on 17 ...
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NewsIcelandair options broaden as crew duty schedules shift closer to limits
Icelandair’s new collective agreements with aircrew means pilots and flight attendants will work closer to theoretical maximum limits, and enable the airline to explore new network prospects. International regulations restrict pilots and cabin crew from operating more than 900 block hours per year. Icelandair says that, given the structure of ...
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NewsIcelandair: Keflavik hub stands to benefit as non-stop competitors retreat
Icelandair Group has warned that if its operation collapsed, the Reykjavik Keflavik hub would take years to rebuild and, as a result, would cause substantial damage to the country’s economy. The company, which is preparing a $150 million share issue, has outlined the bleak consequences of receivership to potential investors ...
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NewsIcelandair expects four-year recovery as it revises share issue
Icelandair Group expects to start its recovery ramp-up in the second quarter of 2021, but its conservative approach will not return the operator to pre-crisis levels until 2024. The company has detailed its position to potential investors as it prepares for a share offering intended to raise IcKr20 billion ($148 ...
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NewsIcelandair cuts back 737 Max order as part of final settlement
Icelandair Group is cutting four Boeing 737 Max jets from its order commitment and revising deliveries of the remaining six as part of a final settlement with the airframer over Max disruption. The company has detailed the settlement after concluding a series of agreements with creditors and stakeholders essential for ...
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NewsIcelandair seals new cabin crew pact as it reels from first-half losses
Icelandair Group has secured approval from its flight attendants for a new collective agreement, thrashed out after a stand-off which involved the airline’s dismissing, and then reinstating, its cabin crew corps. The agreement will remain valid until the end of September 2025 and rounds off the critical negotiations with personnel ...
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NewsIcelandair Group expects $100m second-quarter operating loss
Icelandair Group has revealed the extent of the coronavirus impact on the second quarter, indicating an operating loss of around $100-110 million. The company says its revenues for the three-month period to 30 June were down by 85% to some $60 million. Its operating loss in the same quarter last ...
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NewsIcelandair withdraws mass cabin crew lay-off after new deal emerges
Icelandair Group has reversed an extraordinary decision to dismiss all its cabin crew, after a swift resumption of negotiations resulted in another tentative collective bargaining agreement. The operator’s mass sacking of its flight attendants, which would have involved replacing them with pilots from 20 July, had initially spurred a strike ...
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NewsIcelandair cabin crew to ballot for strike after mass dismissal
Icelandair’s cabin crew union has called a ballot to vote for strike action following the failure of talks over a new collective agreement, after which the airline sacked all its flight attendants. The proposed strike would be indefinite and begin on 4 August, subject to a confirmation vote to be ...
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NewsIcelandair orders pilots to take over after dismissing all its cabin crew
Icelandair Group is dismissing its entire cabin crew corps and placing the responsibility for on-board safety with Icelandair’s pilots, after efforts to reach a new collective bargaining agreement failed. Cabin crew members with the FFI union rejected a tentative agreement on 8 July and Icelandair Group says subsequent talks have ...
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NewsTentative Icelandair cabin crew deal falls through
Cabin crew members at Icelandair Group have voted against a provisional collective bargaining agreement that was struck between the airline and flight attendant union FFI in June. The carrier says it will “evaluate its options” after union members “declined” the pact, an important part of its restructuring plan. Icelandair has ...
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NewsIcelandair delays share issue to August as crucial talks go on
Icelandair Group has deferred a planned share offering until August, as it strives to reach stakeholder agreements on which the stock issue is conditioned. The company had been aiming to seal these agreements by 29 June, a date already pushed back by two weeks from the original mid-June estimate. Icelandair ...