Air Canada is shifting more capacity to the Asia-Pacific market, reducing its focus on Europe due to softer demand. Despite strong leisure travel demand to Europe, particularly in Mediterranean regions, the Asia-Pacific market is outperforming. The airline's decision to divert capacity from Europe to Asia has proven successful, with new routes like Montreal to Seoul and Toronto to Osaka performing exceptionally well.
(Image Source)
Air CanadaAir Canada is shifting more capacity to the Asia-Pacific market, reducing its focus on Europe due to softer demand. Despite strong leisure travel demand to Europe, particularly in Mediterranean regions, the Asia-Pacific market is outperforming. The airline’s decision to divert capacity from Europe to Asia has proven successful, with new routes like Montreal to Seoul and Toronto to Osaka performing exceptionally well.
(Image Source)
Image: Air Canada
Air Canada has reduced its Atlantic capacity growth projection by eight points for the year, reallocating those resources to the Pacific. The airline expects robust demand in Pacific markets to continue through 2024, while Atlantic capacity is projected to stabilize by the fourth quarter. For the rest of the year, Air Canada plans modest capacity growth, with year-over-year increases in available seat miles (ASMs) of 4-4.5% in the third quarter and 5.5-6.5% for the full year, down from an earlier estimate of 6-8%.
Although corporate travel is recovering, it remains 25-30% below 2019 levels. Air Canada expects to take delivery of 90 new aircraft over the next five years, including A220s, A321XLRs, and 787-10s, to support its growth strategy. The airline reported Q2 revenues of C$5.5 billion, a 1.7% increase year-over-year, but net income fell to C$410 million from C$838 million in the same quarter last year. The airline also improved its on-time performance by 10 points year-over-year, despite operating more flights and carrying more passengers.
Source: Air Canada
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