Jet Airways has acquired ownership of six Boeing aircraft and its engines against a bullet payment of $13,000,000. Its lessor, Fleet Ireland, had held back these six aircraft against dues. Jet has acquired the aircraft from the funds raised by selling its office building at BKC, Mumbai. The building was purchased by Brookfield Asset Management for Rs 490 crore.
Jet was grounded on April 18, 2019, over unpaid dues and was soon dragged to the NCLT by its lead lender. Earlier this week, Jet also announced its Q4 FY19’s results. In its 80-page-long results copy, it stated that Jet’s losses had increased significantly, from a loss of Rs 766.13 crore reported in FY18, to a loss of Rs 5,535.75 crore for FY19.
Meanwhile, its creditors are vetting the resolution plans submitted by two bidders — a consortia of UK-based financial advisory company Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan and a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi-based Imperial Capital Investments LLC, respectively.
The Mumbai bench of NCLT has set August 31 as the deadline to complete the CIRP process of Jet.
In its recent Q4FY19 results, the company said losses had “significantly increased” to Rs 5,535.75 crore in FY19 from Rs 766.13 crore in FY18.
Jet Airways share price closed higher on Friday after the cash-strapped domestic carrier announced it has acquired six Boeing aircraft and their engines.
Jet Airways has purchased six Boeing aircraft and their engines against a lump sum payment of $13,000,000. The company has raised funds from the sale proceeds of its Bandra-Kurla headquarters in June.
Jet Airways share price earlier today opened with a loss of 4.84%. However, the share erased early trend within minutes and hit upper circuit of 5% to an intraday high of Rs 29.25 on BSE against the last close of Rs 27.90. The stock has traded in a wide range of Rs 2.7. Stock price of Jet Airways, that suspended operations in April 2019, ended 4.84% higher at Rs 29.25 on BSE.
Jet Airways shares stand higher than 20, 50, 100 and 200-day but lower than 5-day moving averages.
A buyout option was exercised whereby the company made payment of USD 13,000,000 to acquire ownership of six aircraft and engines, as per the filing. “One of the end-uses contemplated by the NCLT order is that the company would exercise its buyout option under six different aircraft leasing arrangements, originally entered into in the year 2007,” the filing added.
The company, that is currently undergoing insolvency proceedings reported a loss of Rs 5,535.75 crore for FY19 on Wednesday, compared to loss of Rs 766.13 crore it reported for FY18. The airline’s total income declined by 2.6% YoY to Rs 23,314.11 crore from Rs 23,958.37 crore in the year-ago fiscal.
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Malaysia Airlines Operates More Than 200 Rescue and Repatriation Flights During RMCO, CMCO
KUALA LUMPUR – Malaysia Airlines Bhd (MAB) has succesfully conducted and still continuing its rescue and repatriation mission, transporting stranded citizens back to their home countries during the Recovery Movement Control Order (RMCO) in the country, as well as Conditional MCO in certain states.
To date, the airline has successfully operated 218 rescue and repatriation flights through scheduled and chartered services since March 2020, utilising its A380, A350, A330 and B737 aircrafts.
Adapting to Challenges
According to BERNAMA, the current situation has brought upon opportunities for the national carrier to fly to new cities outside its usual network, which include international destinations across Asia, the Middle East, Europe and even Africa such as Cam Rahn, South Sudan, Cairo, Turkmenbashi, Turkmenabat , Dili, Nadi, and Port Moresby where few commercial flights are available.
Group Chief Operations Officer, Ahmad Luqman Mohd Azmi said out of the 218 flights, 168 were charter services through strategic collaboration with government ministries and individual organisations.
So far, the airline has flown over 20,000 passengers safely back to their loved ones.
It has been a challenging yet exciting experience for us to operate in these new markets under the current circumstances, due to the ever-changing health and safety requirements, as well as strict border controls by the respective countries.
However, active engagements with the respective embassies, ministries, government agencies, organisations and regulatory bodies have made it possible,” he said in a statement today.
There was a positivity a few months ago with Malaysia opening up for domestic operations. However, with scheduled international passenger services are still suspended, the airline is trying to adapt the current situations and challenges. The carrier is facing trouble amid the pandemic, and it is continuing discussions with creditors about its ongoing restructuring process.
Encouraging Cargo Trend
Over the same period, the airlines’ sister company, MAB Kargo Sdn Bhd has worked closely with governments and non-governmental organisations (NGOs) to transport over 2,000 tonnes of medical equipment and disaster-relief provisions to impacted regions around the globe.
“This includes ventilators, surgical gloves, sterile isolation gowns and protection suits with goggles for various organisations via over 50 passenger-to-cargo (P2C) and cargo-in-cabin (CIC) flights. The CIC allows the airline to carry cargo on seats, overhead stowage compartments, closets and under the seats depending on the size of the boxes,” it added.
It said the MAB Kargo team toiled hard to ensure all shipments are delivered according to schedule, resulting in the gradual improvement of the company’s export throughput numbers.
The encouraging trend has eventually increased the numbers whereby the export throughput figures in August 2020 have now matched pre-COVID-19 level, contributed by the reopening of more economic sectors and the usage of P2C flights to compensate the loss of belly capacity.
Ahmad Luqman said the demand for medical equipment worldwide has kept its aircraft flying and the cargo terminals busy.
Our freighter schedules are adjusted to meet customers’ requirements. Despite lesser flights in the network, we continue to support the value-chain of day-to-day business and ensure minimal disruptions, he said.
Malaysia is still under the Recovery Movement Control Order (RMCO) and Conditional MCO in individual states. Subsequently, the nation’s borders remain closed to foreigners, and citizens are unable to leave amid the global health crisis.
Despite its troubles & the COVID-19 pandemic, Malaysia Airlines pledged to do its best to serve passengers across the globe. It will nonetheless be hoping that current conditions will be improving over the next few months.
Air Canada Adding Doha To Its Route Network With A Boeing 787-9
While we’ve seen many Middle Eastern carriers offering direct non-stop services to North America, it’s much more rare to see it happen the other way around. But it looks like from December 2020, Air Canada will be operating service to Doha, Qatar using its flagship Boeing 787-9 Dreamliner.
What we know about this route so far
According to Routesonline, Canada’s largest airline will launch service from Toronto Pearson International (YYZ) to Doha’s Hamad International Airport (DOH). This service will begin in mid-December – just over a month and a half away from now.
The flight details are as follows:
- AC058: The outbound flight will depart Toronto at 20:10 local time and arrive in Doha at 16:40 (local) the next day.
- AC059: The return journey will depart Doha at 08:40 local and arrive in Toronto at 15:05 (local) the same day.
Flying this route will be the airline’s 787-9, which offers 30 business class seats, 21 seats for premium economy service, and 247 in economy class.
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Why haven’t we heard anything from the airline yet?
Interestingly, we haven’t seen a press release from Air Canada yet, as new services like this would normally be accompanied by. However, Routesonline suggests that this service is pending government approval – which may indeed be the reason.
Alternately, rather than the news coming out over the weekend, it will be announced first thing Monday morning in a Canadian time zone.
Regardless of the ‘why,’ we can confirm that reservations are now available, as is witnessed by the screen capture below:
Competing with Qatar Airways
The service indirectly competes with Qatar Airways in terms of a direct flight to Qatar. Currently, the Middle Eastern carrier flies direct to Montreal from its Doha hub using the A350-1000. However, when it comes to offering direct flights to Doha, it’s just these two.
You wouldn’t expect this route to do well given how small of a country Qatar is. It’s not a huge destination, even in the best of times. However, when using Toronto as a gateway to North America and Doha as a gateway to other Middle East destinations, this route could be successful.
While the two airlines are part of different alliances, we’ve already seen them offer flights with one another as part of various itineraries.
Using Doha to Vancouver as an example, Qatar Airways has flown passengers to Montreal while Air Canada carries them on the Montreal-Vancouver sector. If we look at Toronto to Kuwait, Air Canada takes passengers to Doha, and Qatar Airways will take them from Doha to Kuwait.
Do you have any interest in this new Air Canada route? Let us know in the comments.
Simple Flying contacted Air Canada regarding this new service but did not receive a response at the time of publication. Flight information was obtained from RoutesOnline.com
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