Norwegian 2017 full year and Q4 results: net loss was -299 million NOK (-£27.4 million)

Mortyman · Thu Feb 15, 2018 8:33 am

Norwegian reports 2017 full year results influenced by global expansion, fleet renewal and extraordinary COSTs

Norwegian today reported its full year and fourth quarter 2017 results. The net loss was -299 million NOK (-£27.4 million) in 2017, while the earnings before interest, taxes and depreciations (EBITDA) was 60 million NOK (£5.5 million). Significant costs related to increased fuel prices, wet lease and passenger care affect the results. Going into 2018, Norwegian is far better positioned with stronger bookings and a better staffing situation. Major investments have also been done in 2017 to prepare for future growth.

The company’s total revenue was almost 31 billion NOK (£2.8 billion) - an increase of 19 per cent compared to 2016. A total of 32 brand new aircraft entered the fleet, contributing to a production growth (ASK) of 25 percent. The load factor was unchanged at 88 percent. A total of more than 33 million passengers chose to travel with Norwegian in 2017, an increase of 13 percent compared to previous year.

For the fourth quarter, the net loss was 919 million NOK (£84.4 million). The total revenue was more than 7.8 billion NOK (£716.5 million), an increase of 30 percent from the same period last year, primarily driven by international growth as well as an increased traffic in the Nordics. Just over 8 million passengers flew with Norwegian this quarter, a growth of 12 percent. The load factor was 85.3 percent. Norwegian made major investments in the fourth quarter related to training of pilots and cabin crew on both its wide-body and narrow-body fleet to prepare for the growth in 2018.

“We are not at all satisfied with the 2017 results. However, the year was also characterized by global expansion driven by new routes, high load factors and continued fleet renewal. Through our global strategy, we contribute to local economic boost and increased employment at our destinations, as well as ensuring that more people can afford to fly - not least between the continents. In 2017, we received several major international customer awards, which would never have been possible without our dedicated colleagues at Norwegian,” said CEO Bjørn Kjos of Norwegian

“Norwegian is far better positioned for 2018, with stronger bookings, a growing network of intercontinental routes complementing our vast European network and not least, a better staffing situation. Our major global expansion reaches its peak in the second half of 2018, when 32 of our 42 Dreamliners on order will have been put into service,” Kjos continued.

For detailed information see PDF Attached to the article:

https://media.norwegian.com/uk/?_ga=2.2 ... ts-2417623

So various analysts expected a loss between 600 million NOK and 1000 million NOK. So this was worse than worst case senario. However the company has made clear from day one that the massive expansion would mean that the balance of the budget would take time. So far I'm not too concerned, but ofcourse they need to turn this around.

Travelmanager · Thu Feb 15, 2018 8:44 am

Interesting that their losses were half of the low end of analyst expectations. A key factor now is how they do in the winter of '18 now that they have launched all these new routes. They are heavily exposed to higher levels of further losses early this year before their profitable season begins.

pdp · Thu Feb 15, 2018 8:46 am

Expansion at the rate Norwegian is going is always painful for the profit numbers, what’s important is that they have money coming to the business as it comes out. Plenty of businesses that go bust can actually turn a profit, it’s whether they manage when that comes out so they don’t end up with a massive liability and no liquidity at the same time.

LupineChemist · Thu Feb 15, 2018 8:52 am

Reading through the actual results, this looks really, really bad for Norwegian.

As discussed here, the unit costs are rising while expanding. The expansion is supposed to drive down those costs since the expansion will also eat into your unit revenue. Normally the idea is to take the revenue hit but get more cost savings that the loss of revenue to increase profits, they are just going the complete wrong way. And those costs are rising even excluding fuel.

It appears they have improved their cash situation better than what I thought, but the only thing that seems to be doing well for them is "investments" which grew at a rate that seems ludicrously high. Anyone know what those investments actually are? I have a sneaking suspicion they might be involved with Bitcoin which might actually be able to keep them operating another few years. There was more than 1000% growth in a year there, that doesn't seem particularly healthy or sustainable either.

Mortyman · Thu Feb 15, 2018 8:57 am

CEO and Major Shareholder Bjørn Kjos have already described 2017 as "a crap year", and when the fourth quarter accounts were released on Thursday morning, the results was about as the boss had indicated.

After the first nine months of the year, Norwegian had built up a total profit before tax of 364.3 million NOK.

However, thanks to a pre-tax deficit of minus NOK 1.43 billion in the fourth quarter, pre-tax profit for the whole of 2017 ends at minus 1.07 billion NOK.

It is even weaker than analysts' expectation, which was that Norwegian would go -884 million NOK with pre-tax deficit in the fourth quarter.

Dahlgardo · Thu Feb 15, 2018 9:32 am

That looks bad for Norwegian.
It can't go on like that.

Kjos quoted delayed deliveries as a huge cost for them in 2017.
Is it really normal practice that Boeing or the engine vendor only has a very limited liability when they can't deliver on time?

armchairceonr1 · Thu Feb 15, 2018 9:41 am

Mortyman wrote:
CEO and Major Shareholder Bjørn Kjos have already described 2017 as "a crap year", and when the fourth quarter accounts were released on Thursday morning, the results was about as the boss had indicated.

After the first nine months of the year, Norwegian had built up a total profit before tax of 364.3 million NOK.

However, thanks to a pre-tax deficit of minus NOK 1.43 billion in the fourth quarter, pre-tax profit for the whole of 2017 ends at minus 1.07 billion NOK.

It is even weaker than analysts' expectation, which was that Norwegian would go -884 million NOK with pre-tax deficit in the fourth quarter.

You should also note that they revalueted their NOFI shares, which mean about 2000 million gain to their result. Now this is under investigation by FT:

Note 9 Other matters
In December 2017, the company received a request for information from the Financial Supervisory Authority in Norway (Finanstilsynet / "FT") regarding certain items in the financial statements for 2016 and the half yearly report for the first half of 2017. Norwegian replied to the request and as a result, agreements have been reached on most of the topics raised by FT without significant impact on the financial reports published by the company but with some agreed improvements and additional information to be provided in future financial reporting. The company is still in dialogue with FT regarding the accounting treatment of the company's investment in Norwegian Finans Holding ASA, specifically whether Norwegian still has significant influence over the investee. This assessment is not finalized at the time of publishing this quarterly report.
In our view, we do not have significant influence in NOFI. If, however, a final conclusion should be that such influence exists, the equity method of accounting according to IAS 28 would be applied to the investment. As of December 31, 2017, this would result in a reduction of the recognized value of the investment by NOK 1,993 million with a corresponding decrease in end balance equity. Effects of a change back to IAS 28 would also reverse financial gains in net profits of NOK 1,657 million, reverse fair value changes recorded in other comprehensive income of NOK 498 million and increase share of profit from associated companies by NOK 163 million.

LHRFlyer · Thu Feb 15, 2018 9:42 am

Here is the presentation for investors:

https://www.norwegian.com/globalassets/ ... tation.pdf

Not an expert on numbers, but it looks like they are hugely exposed to a rise in the fuel price.

jhz94 · Thu Feb 15, 2018 9:45 am

What is kind of worrying is that the EBT was -1,067.1 mn NOK for the full year which means that they without tax returns had a significant loss. And they most likely will have to revise their profit for the year as they probably will have to change how they count their ownership of Norwegian Finans according to e24. https://e24.no/boers-og-finans/norwegia ... k/24261385 (in Norwegian).

That means that they almost certainly will have to get a loss of 2 bn NOK in their balance sheet either this yer or in a reaudited results for last yeaar, and more significantly impact the equity with a loss of the same amount.

kanye · Thu Feb 15, 2018 9:55 am

Decreased yield, increased unikt costs and an operational loss of 2000 million NOK. Looks really bad.

AF022 · Thu Feb 15, 2018 1:30 pm

Is this the result of over expansion, or the some routes are really failing and they haven't pulled the plug because they have too many aircraft pouring in and don't know where to send them? If the 4th quarter 2017 was bad Q1 2018 is going to be horrible. The transatlantic market is very bad in winter except for buisness passengers, but buisness passengers don't take Norwegian do they?
Do they have a plan B or are they just forging ahead at any cost?

millionsofmiles · Thu Feb 15, 2018 4:37 pm

House of cards a la Braniff International (1982) and People Express (1986). A story too often told in this industry.

448205 · Thu Feb 15, 2018 4:53 pm

millionsofmiles wrote:
House of cards a la Braniff International (1982) and People Express (1986). A story too often told in this industry.

Yup.

It's not a crap year, it's a crap business plan that was doomed from the start.

How many times have we heard "It's different this time" It never is.

jimbo737 · Thu Feb 15, 2018 5:55 pm

What a mess.

When you strip out all the bravado, the 2017 bottom line is a -9.56% operating margin, with interest expense included as an expense, which it is. You can well imagine what happens to Norwegian if they decide to not pay their bankers all that interest on the monies they've borrowed. A lot of those airplanes, and the revenues associated with them, will go "bye bye" in the night.

Norwegian's break-even load factor in 2017 was a pathetic 95.9%.

Their 4Q was atrocious with an operating margin, (including interest), of -16.5% and a break even load factor of 99.4%

Anyone pouring any further capital into this destroyer of wealth scheme deserves to lose it all.

I see a spectacular flame out in their future.

Norwegian will continue as long as there deluded sources of funds who believe they can "expand into profitability". In the meantime, investors are simply subsidizing cheap airfares for lucky travelers.

LHUSA · Thu Feb 15, 2018 6:24 pm

Interesting commentary on this thread. I wonder.... with the downfall of PeopleExpress and Brannif, what were the true initial signs of their imminent demises? Aircraft repos? Sudden shutdown? Of course, I could look it up, but I think it would be interest to discuss on this thread.

LupineChemist · Thu Feb 15, 2018 6:52 pm

LHUSA wrote:
Interesting commentary on this thread. I wonder.... with the downfall of PeopleExpress and Brannif, what were the true initial signs of their imminent demises? Aircraft repos? Sudden shutdown? Of course, I could look it up, but I think it would be interest to discuss on this thread.

This is going to depend a lot on your definition of "imminent". I would say it's imminent now, but maybe not immediate. I would say with DI registered in the UK, maintaining the AOC with the UK CAA is probably the biggest deal and that being pulled could easily lead to a chain that sends the whole company crashing down.

I would think the European short haul operation might be able to be spun off at some point as that is a somewhat reasonable operation.

EightyFour · Thu Feb 15, 2018 8:18 pm

I like Norwegian, and I've always liked Kjos, but I can't see any way back from this mess. The short haul operation should be indeed profitable from what I've heard so hopefully at least that'll survive on.

LJ · Thu Feb 15, 2018 8:38 pm

AF022 wrote:
Is this the result of over expansion, or the some routes are really failing and they haven't pulled the plug because they have too many aircraft pouring in and don't know where to send them? If the 4th quarter 2017 was bad Q1 2018 is going to be horrible. The transatlantic market is very bad in winter except for buisness passengers, but buisness passengers don't take Norwegian do they? Do they have a plan B or are they just forging ahead at any cost?

They expect to have a lower unit cost in 2018. They forecast a unit cost which is NOK 0.02 below what they had for 2017.

LHRFlyer wrote:
Not an expert on numbers, but it looks like they are hugely exposed to a rise in the fuel price.

Not really, all their costs increased. Maintenance costs increased by the same percentage as their fuel bill. The fuel bill itself would have been higher if the USD/NOK wasn't in their favour (which was a gain of NOK 0.03 in unit cost if I'm not mistaken). Then again, aren't all airlines not exposed to fuel?

mcdu · Thu Feb 15, 2018 9:12 pm

LJ wrote:
AF022 wrote:
Is this the result of over expansion, or the some routes are really failing and they haven't pulled the plug because they have too many aircraft pouring in and don't know where to send them? If the 4th quarter 2017 was bad Q1 2018 is going to be horrible. The transatlantic market is very bad in winter except for buisness passengers, but buisness passengers don't take Norwegian do they? Do they have a plan B or are they just forging ahead at any cost?

They expect to have a lower unit cost in 2018. They forecast a unit cost which is NOK 0.02 below what they had for 2017.

LHRFlyer wrote:
Not an expert on numbers, but it looks like they are hugely exposed to a rise in the fuel price.

Not really, all their costs increased. Maintenance costs increased by the same percentage as their fuel bill. The fuel bill itself would have been higher if the USD/NOK wasn't in their favour (which was a gain of NOK 0.03 in unit cost if I'm not mistaken). Then again, aren't all airlines not exposed to fuel?

No. Many airlines buy fuel hedges to prevent against a spike.

vhqpa · Thu Feb 15, 2018 9:16 pm

Bit of a worry I'm supposed to be flying them OSL-TOS in November. Might book a refundable ticket on SAS as an insurance.

Kikko19 · Thu Feb 15, 2018 9:20 pm

More troubles for Norwegian? In Danish https://www.check-in.dk/mulig-bombe-und ... -regnskab/

JamesCousins · Thu Feb 15, 2018 9:23 pm

jimbo737 wrote:
Norwegian's break-even load factor in 2017 was a pathetic 95.9%.

Holy crap, their BREAKEVEN load factor was 95.9%?! Wow, something really has to change at Norweigen or there could be a couple hundred 737s up for sale...

LupineChemist · Thu Feb 15, 2018 9:56 pm

No reason to root against Norwegian, they are fundamentally good for consumers as they are definitely helping to keep prices down and flying more accessible, even on other airlines. It's just their model seems to be fundamentally unsustainable. It honestly may have been viable without the massive expansion and debt that goes with it as well as crashing their own yields.

I honestly hope them well, but if things don't change soon, I'll start advising my friends not to buy tickets more than a few weeks out with them due to financial risk starting next winter. FWIW the same advice I gave for AB and I'd still say not more than a few months out for AZ.

SuperTwin · Fri Feb 16, 2018 1:29 am

Nice little dumpster fire they’re stoking over in Oslo.

mcdu · Fri Feb 16, 2018 2:00 am

SuperTwin wrote:
Nice little dumpster fire they’re stoking over in Oslo.

Selling a product below their own cost results in a loss? Who would have guessed that would lead to the these results?

This a great news for the industry. Imagine what the results would be if Norwegian competed with crews that receceived the benefits of the country they are actually based in versus the alter ego offshoring of crews hired on contracts in Thailand and based in Europe?

airzona11 · Fri Feb 16, 2018 3:16 am

They are a high growth airline. As a passenger and aviation fan, hope that they can hit critical mass. Longhaul and domestic, shouldn't be the domain exclusive to legacy carriers. Disruption is a good thing for markets.

mcdu wrote:
SuperTwin wrote:
Nice little dumpster fire they’re stoking over in Oslo.

Selling a product below their own cost results in a loss? Who would have guessed that would lead to the these results?

This a great news for the industry. Imagine what the results would be if Norwegian competed with crews that receceived the benefits of the country they are actually based in versus the alter ego offshoring of crews hired on contracts in Thailand and based in Europe?

Is it any different than every other legacy using lower cost subsidiaries and regionals?

armchairceonr1 · Fri Feb 16, 2018 5:43 am

Norwegian's 2016 / EBIT excl other gains /(losses) was 1,142.7 million and 2017 it was -2,434.3 million. Their result go downhill very fast just now.

Yesterday:

Norwegian Finans Holding ASA : Chairman of the board, Bjørn H. Kise, will resign

The chairman of the board of Bank Norwegian AS and Norwegian Finans Holding ASA,
Bjørn H. Kise, will resign. Notice of extraordinary general meeting in the
companies will be sent as soon as possible to elect new board members.
Contact person: CEO Tine Wollebekk; 40 80 55 57

http://www.newsweb.no/newsweb/search.do ... eId=444399

Oykie · Fri Feb 16, 2018 6:22 am

mcdu wrote:
SuperTwin wrote:
Nice little dumpster fire they’re stoking over in Oslo.

Selling a product below their own cost results in a loss? Who would have guessed that would lead to the these results?

This a great news for the industry. Imagine what the results would be if Norwegian competed with crews that receceived the benefits of the country they are actually based in versus the alter ego offshoring of crews hired on contracts in Thailand and based in Europe?

Actually most, Non EU crew members are from the U.S. Flying Norwegian across the Atlantic feels more like a U.S. airline than a European airline.

LupineChemist · Fri Feb 16, 2018 6:33 am

airzona11 wrote:
They are a high growth airline. As a passenger and aviation fan, hope that they can hit critical mass. Longhaul and domestic, shouldn't be the domain exclusive to legacy carriers. Disruption is a good thing for markets.

If you had read the results you would see that their unit costs are going UP with expansion while their unit revenues are going down.

Further expansion will just make losses even worse.

LJ · Fri Feb 16, 2018 9:53 am

mcdu wrote:

No. Many airlines buy fuel hedges to prevent against a spike.

You don't see airlines hedging their entire fuel requirement anymore. Hedging 38% of the the required fuel for the first half of 2018 is not a small amount and surely reduces the exposure to fuel. If you read that the USD/NOK exchange rate had an impact of more than 20% of the fuel bill, one wonders if exchange rate risk is a more important variable for Norwegian. Moreover, as they cite exchange rate as having anlowering other effect on other costs (leasing and maintenance).

Mortyman · Fri Feb 16, 2018 9:56 am

armchairceonr1 wrote:
Norwegian's 2016 / EBIT excl other gains /(losses) was 1,142.7 million and 2017 it was -2,434.3 million. Their result go downhill very fast just now.

Yesterday:
Norwegian Finans Holding ASA : Chairman of the board, Bjørn H. Kise, will resign

The chairman of the board of Bank Norwegian AS and Norwegian Finans Holding ASA,
Bjørn H. Kise, will resign. Notice of extraordinary general meeting in the
companies will be sent as soon as possible to elect new board members.
Contact person: CEO Tine Wollebekk; 40 80 55 57

http://www.newsweb.no/newsweb/search.do ... eId=444399

Just to be clear, the chairman is resigning from the Bank Norwegian board, not resigning from the board of the airline itself.

teme82 · Fri Feb 16, 2018 10:03 am

Now I know why the former majority stake holder sold it's shares of Norwegian.... It would be miracle if they managed to recover from that any time soon. They cash situation isn't that good at all.

LupineChemist · Fri Feb 16, 2018 10:45 am

teme82 wrote:
Now I know why the former majority stake holder sold it's shares of Norwegian.... It would be miracle if they managed to recover from that any time soon. They cash situation isn't that good at all.

The cash situation is actually one of the few things that wasn't all that bad in the report. I don't think it's sustainable and I suspect a lot of it may be burning the furniture to stay warm from sell and lease-back, but there doesn't appear to be a cash crunch in the immediate future.

Nami · Fri Feb 16, 2018 12:06 pm

HSBC has downgraded Norwegian's target price from 110 to 50 NOK. A bit too much?

CrawleyBen · Fri Feb 16, 2018 12:14 pm

Norwegian have cut their short haul capacity by 25% from London Gatwick

Capacity on routes from Gatwick to Ibiza, Dubrovnik and Fuerteventura have been reduced by 50% whilst Larnaca, Chania and Lanzarote have been reduced by 10%. Tenerifefe capacity is cut by 10%.

Full article/details below

http://www.travelweekly.co.uk/articles/ ... city-by-25

Ben

Mortyman · Fri Feb 16, 2018 1:46 pm

CrawleyBen wrote:
Norwegian have cut their short haul capacity by 25% from London Gatwick

Capacity on routes from Gatwick to Ibiza, Dubrovnik and Fuerteventura have been reduced by 50% whilst Larnaca, Chania and Lanzarote have been reduced by 10%. Tenerifefe capacity is cut by 10%.

Full article/details below

http://www.travelweekly.co.uk/articles/ ... city-by-25

Ben

Yes, but back in December they bought 28 New slots at Gatwick:

https://uk.reuters.com/article/uk-norwe ... E71OQ?il=0

scbriml · Fri Feb 16, 2018 3:55 pm

Dahlgardo wrote:
That looks bad for Norwegian.
It can't go on like that.

How many billions of dollars did US airlines lose year on year before consolidation and lower fuel prices turned them to their current profitable state?

Dahlgardo · Fri Feb 16, 2018 4:20 pm

scbriml wrote:

How many billions of dollars did US airlines lose year on year before consolidation and lower fuel prices turned them to their current profitable state?

Bancruptcy protection by Chapter 11 has helped US legacies quite a few times.
Otherwise some of them would probably have been long gone.

Norwegian does not have the same option if they become insolvent or run out of cash.
On the other hand, Norwegian consists of quite a few entites that each on their own could go down without taking the others down too.
I would not be surprised to see Norwegian Longhaul close down this year.

armchairceonr1 · Fri Feb 16, 2018 4:42 pm

Dahlgardo wrote:
scbriml wrote:

How many billions of dollars did US airlines lose year on year before consolidation and lower fuel prices turned them to their current profitable state?

Bancruptcy protection by Chapter 11 has helped US legacies quite a few times.
Otherwise some of them would probably have been long gone.

Norwegian does not have the same option if they become insolvent or run out of cash.
On the other hand, Norwegian consists of quite a few entites that each on their own could go down without taking the others down too.
I would not be surprised to see Norwegian Longhaul close down this year.

No, I think they can't do this. They are very deeply married together and if one go bankrupt they are all gone.

jomur · Fri Feb 16, 2018 4:48 pm

scbriml wrote:
Dahlgardo wrote:
That looks bad for Norwegian.
It can't go on like that.

How many billions of dollars did US airlines lose year on year before consolidation and lower fuel prices turned them to their current profitable state?

Don't you mean before they went into Chapter 11?? Don't think Norwegian can benefit from doing that though...

scbriml · Fri Feb 16, 2018 10:27 pm

Yes, my point was, the scale of Nowegian’s losses is insignificant compared to historical losses by most legacies.

NozPerry · Fri Feb 16, 2018 10:33 pm

mcdu wrote:
SuperTwin wrote:
Nice little dumpster fire they’re stoking over in Oslo.

Selling a product below their own cost results in a loss? Who would have guessed that would lead to the these results?

This a great news for the industry. Imagine what the results would be if Norwegian competed with crews that receceived the benefits of the country they are actually based in versus the alter ego offshoring of crews hired on contracts in Thailand and based in Europe?

The only crew on a “Thailand” contract are the BKK crew

lightsaber · Fri Feb 16, 2018 10:38 pm

CrawleyBen wrote:
Norwegian have cut their short haul capacity by 25% from London Gatwick

Capacity on routes from Gatwick to Ibiza, Dubrovnik and Fuerteventura have been reduced by 50% whilst Larnaca, Chania and Lanzarote have been reduced by 10%. Tenerifefe capacity is cut by 10%.

Full article/details below

http://www.travelweekly.co.uk/articles/ ... city-by-25

Ben

Overall capacity increased. They're using slits for profits... Wise

mxaxai · Sat Feb 17, 2018 2:21 am

armchairceonr1 wrote:
Dahlgardo wrote:
scbriml wrote:

How many billions of dollars did US airlines lose year on year before consolidation and lower fuel prices turned them to their current profitable state?

Bancruptcy protection by Chapter 11 has helped US legacies quite a few times.
Otherwise some of them would probably have been long gone.

Norwegian does not have the same option if they become insolvent or run out of cash.
On the other hand, Norwegian consists of quite a few entites that each on their own could go down without taking the others down too.
I would not be surprised to see Norwegian Longhaul close down this year.

No, I think they can't do this. They are very deeply married together and if one go bankrupt they are all gone.

Indeed, just like the Airberlin bankruptcy also heavily affected their subsidiaries LGW, Belair and Niki. (Although those were could be sold as seperate entities).

CrawleyBen · Tue Feb 20, 2018 5:14 pm

Bjorn Kos is reported to have said he's keen for Norwegian to grow even further at Gatwick, but is hampered due to lack of available slots.

He's also reported to have said that the airline won't be expanding their London based ops elsewhere (Stansted etc) and will be focusing only on Gatwick.

Link to the article from ch-aviation here for anyone interested.

https://www.ch-aviation.com/portal/news ... acks-slots

Ben

Galwayman · Tue Feb 20, 2018 7:07 pm

That’s not a bad set of results looks like they’re about to turn a corner but the US3 and BA are almost giving away business seats transatlantic in November , December ... they’re clearly rattled and will do anything to crush Norwegian now

Mortyman · Tue Feb 20, 2018 7:18 pm

CrawleyBen wrote:
Bjorn Kos is reported to have said he's keen for Norwegian to grow even further at Gatwick, but is hampered due to lack of available slots.

He's also reported to have said that the airline won't be expanding their London based ops elsewhere (Stansted etc) and will be focusing only on Gatwick.

Link to the article from ch-aviation here for anyone interested.

https://www.ch-aviation.com/portal/news ... acks-slots

Ben

Wow that is strange. I mean back in December they bought 28 New slots at Gatwick:

https://uk.reuters.com/article/uk-norwe ... E71OQ?il=0

They need even more ?

ual777 · Tue Feb 20, 2018 7:54 pm

Galwayman wrote:
That’s not a bad set of results looks like they’re about to turn a corner but the US3 and BA are almost giving away business seats transatlantic in November , December ... they’re clearly rattled and will do anything to crush Norwegian now

It’s the low season. Transatlantic loads typically go off a cliff in the winter.

tphuang · Tue Feb 20, 2018 8:16 pm

Galwayman wrote:
That’s not a bad set of results looks like they’re about to turn a corner but the US3 and BA are almost giving away business seats transatlantic in November , December ... they’re clearly rattled and will do anything to crush Norwegian now

Please show me these give away j seats cause I would love to have some even in November .

Norwegian is crashing due to their own over expansion.

LOWS · Tue Feb 20, 2018 8:30 pm

Best Snyder (aka Cranky Flier) is out with a take.

http://crankyflier.com/2018/02/20/norwegians-awful-2017-shows-mounting-challenges-to-the-business/

Who is online

Popular Searches On Airliners.net