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KLDC10
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Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 2:05 pm

From ATW Online: http://atwonline.com/airline-financials ... es-outlook
- Net profit of $26.2 million
- Net profit up 17% compared with same quarter last year ($22.4 million)
- 2Q Revenue up 12.6% to $331.4 million
- 2Q Expenses up 14.3% to $279 million
- International Traffic up 18%
- 7% Increase in Capacity
- 80.8% Load Factor
However, the airline has downgraded its full-year outlook, citing concerns over terror attacks in Europe and Brexit.

Some other interesting points:
- 24% more flights to be operated in 2016 compared to 2015
- Passenger numbers expected to top 3.7 million this year, compared to 3.1 million last year
- Two more Boeing 767-300 aircraft to enter the fleet next year, taking the total to four
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flyoregon
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 4:48 pm

Any idea how Portland is doing?
 
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Aeroflot777
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 4:57 pm

Upgraded KEF can't come soon enough. All this upward growth for the airline in one of the worst connecting airports (pax infrastructure-wise). It was a great place when the volume was much lower, but now should be avoided at all costs unless you want to be packed in the waiting areas like sardines with nowhere to turn or sit. That said, Iceland is in my top 3 favorite countries and I'm happy the airlines are doing well since it just boosts the economy. Here's to the next chapters in growth.
 
SCQ83
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 5:01 pm

Aeroflot777 wrote:
Upgraded KEF can't come soon enough. All this upward growth for the airline in one of the worst connecting airports (pax infrastructure-wise).


+34.3% for Q1 2016 :O http://www.kefairport.is/English/About- ... tics/2016/

So KEF in Q1 had as many passengers as the whole 2012.
 
Cointrin330
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 5:27 pm

What will Icelandair eventually replace their 757s with? More 767-300ER's or is the 787-8 or an A321-LR in the cards?
 
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spinkid
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 5:33 pm

Aeroflot777 wrote:
Upgraded KEF can't come soon enough. All this upward growth for the airline in one of the worst connecting airports (pax infrastructure-wise). It was a great place when the volume was much lower, but now should be avoided at all costs unless you want to be packed in the waiting areas like sardines with nowhere to turn or sit. That said, Iceland is in my top 3 favorite countries and I'm happy the airlines are doing well since it just boosts the economy. Here's to the next chapters in growth.


So,its like that all that time?

I flew KEF-JFK on Tuesday. Icelandair had almost everything delayed at least an hour. Our flight was delayed 2 hours. Looking at the JFK-KEF-LHR routes the past few days, they seem to be delayed quite often with the 767.
 
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piedmontf284000
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 6:36 pm

Nice work by Icelandair. However, I fear that they may be hitting their peak. KEF is bursting at the seams and the 767's are only making the situation worse. Geographically the airport is perfectly located between Europe and N.A. but I don't think even upper management could have envisioned the amount of passengers they would be receiving on a daily basis just a few years ago. With WOW expanding there as well, it will only get worse before it gets better. I also fear that the expenses are going to start to cut into Icelandair's bottom line. 2Q Expenses were up 14.3% to $279 million. With more aircraft coming...means more labor, more maintenance, more fixed costs, etc. This will only cut into their earnings. I wish them luck and I hope they can keep the momentum going but I am very skeptical.
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 6:43 pm

flyoregon wrote:
Any idea how Portland is doing?


Per this press release, Portland has been quite a success for the airline: http://www.icelandair.us/news/story/ice ... nd-oregon/
- Extended season, with flights almost year round
- Increase from two to four weekly flights
- Expanded partnership with Alaska Airlines

Cointrin330 wrote:
What will Icelandair eventually replace their 757s with? More 767-300ER's or is the 787-8 or an A321-LR in the cards?


In addition to the two extra Boeing 767-300s to arrive next year, Icelandair has placed orders for nine Boeing 737-8 and seven Boeing 737-9 aircraft. Deliveries are scheduled to begin in 2018. These aircraft are suitable for most existing European routes, but not for some of the longer North American routes. These aircraft, being smaller and more economical than the Boeing 757, could also be used to open up service to smaller markets which are not currently economically viable.

I would echo the sentiments of other posters; a lot of Icelandair's future success depends upon expansion at KEF.
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lavalampluva
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 6:52 pm

With current passenger volumes and an undersized facility I'm surprised that they haven't placed a cap on adding additional service.
Remind me to send a thank you note to Mr. Boeing.
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 7:05 pm

lavalampluva wrote:
With current passenger volumes and an undersized facility I'm surprised that they haven't placed a cap on adding additional service.


To put things into context, the majority of Icelandair traffic operates in a very predictable day-to-day pattern, namely that there are two main "waves" of arrivals and departures. Broadly speaking, Icelandair aircraft arrive from North America in the morning, turnaround and depart for Europe. In the afternoon, the situation is reversed. There are of course exceptions to that rule - some morning flights to North America for example, but generally speaking the operation is not comparable to say KLM at Amsterdam. There are very clear peaks, and this is when KEF is most crowded.

There's a difference too, between uncomfortable and unsafe. Transiting KEF during the busiest periods of operation is not necessarily comfortable, but so long as the terminal isn't so crowded as to be unsafe, operations and expansion can continue.
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SteveXC500
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 7:08 pm

KLDC10 wrote:
flyoregon wrote:
Any idea how Portland is doing?


Per this press release, Portland has been quite a success for the airline: http://www.icelandair.us/news/story/ice ... nd-oregon/
- Extended season, with flights almost year round
- Increase from two to four weekly flights
- Expanded partnership with Alaska Airlines

Cointrin330 wrote:
What will Icelandair eventually replace their 757s with? More 767-300ER's or is the 787-8 or an A321-LR in the cards?


In addition to the two extra Boeing 767-300s to arrive next year, Icelandair has placed orders for nine Boeing 737-8 and seven Boeing 737-9 aircraft. Deliveries are scheduled to begin in 2018. These aircraft are suitable for most existing European routes, but not for some of the longer North American routes. These aircraft, being smaller and more economical than the Boeing 757, could also be used to open up service to smaller markets which are not currently economically viable.

I would echo the sentiments of other posters; a lot of Icelandair's future success depends upon expansion at KEF.


Similar at MSP with nearly or year round daily service including some days with the 763.
I'm not sure how Delta's entry to this market has impacted Icelandair.
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 7:58 pm

I don't have exact figures on hand for MSP I'm afraid, but Delta is one of only two Skyteam carriers operating at KEF (the other being Czech Airlines). Their service very much caters to O&D, rather than transit traffic. In the latter category, Delta cannot properly compete with Icelandair at KEF - it seems that their load factors really depend on two things:
1) Attracting passengers from the MSP area who wish to travel to Iceland
2) Funneling sufficient amounts of other passengers through the MSP hub to fill up empty seats.

We should remember that Iceland is a rapidly expanding and increasingly popular tourist destination. Standalone flights like MSP-KEF on Delta can prove viable.
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lavalampluva
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Re: Icelandair 2Q Profit $26.2 Million

Sat Jul 30, 2016 11:24 pm

KLDC10 wrote:
I don't have exact figures on hand for MSP I'm afraid, but Delta is one of only two Skyteam carriers operating at KEF (the other being Czech Airlines). Their service very much caters to O&D, rather than transit traffic. In the latter category, Delta cannot properly compete with Icelandair at KEF - it seems that their load factors really depend on two things:
1) Attracting passengers from the MSP area who wish to travel to Iceland
2) Funneling sufficient amounts of other passengers through the MSP hub to fill up empty seats.

We should remember that Iceland is a rapidly expanding and increasingly popular tourist destination. Standalone flights like MSP-KEF on Delta can prove viable.

Delta is operating seasonal and seems as though flights are operating with high loads. Icelandair is year round, but operating 767 aircraft a few times a week, and during only the summer. Not sure how they're doing with the larger aircraft. Also how many of Delta passengers are staying in KEF and how many are connecting on other airlines to Europe.
Remind me to send a thank you note to Mr. Boeing.
 
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spinkid
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 3:22 am

lavalampluva wrote:
KLDC10 wrote:
I Also how many of Delta passengers are staying in KEF and how many are connecting on other airlines to Europe.


ALL of them are staying in KEF. Delta isn't connecting anyone through there.

Its a tough sport for Icelandair to try to roll their hub, that will mean longer layover, but it might make for more comfortable experience.
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 10:36 am

spinkid wrote:
ALL of them are staying in KEF. Delta isn't connecting anyone through there.

Its a tough sport for Icelandair to try to roll their hub, that will mean longer layover, but it might make for more comfortable experience.


Exactly, so Delta's primary aim seems to be to siphon off O&D passengers from Icelandair. In a market like MSP, where they have a hub and a loyal passenger base, that's probably not impossible.

As for changing the way they operate their hub, as you say, that would be rather difficult. Everything is based on connectivity at Keflavik - Icelandair is in the rather unique situation that they are experiencing massive growth, but still do not have a big enough fleet to offer the same kind of connections they currently do if they were to move to a rolling hub tomorrow.

It would also depend very much on the differing flight lengths to other European destinations. If we take the Glasgow flight, for example, the aircraft arrives (per timetable) in Glasgow at 10:30am, and then sits on the ground until 14:05. That's a long layover. But it is all based on connections at KEF.

I agree with you in principle though. I think that with an expanded terminal, an expanded fleet and changes to operations, Icelandair can remain successful in the future. It's certainly always a pleasure to fly them in my experience, and it seems they have the right people in charge.
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SCQ83
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 11:58 am

I think there is still a lot of potential for KEF.

While the portfolio of destinations is already quite impressive, there are many European cities that currently lack a link to KEF. And Iceland being so popular, it would be easy to stimulate.

For instance, Newcastle, Belfast, Marseille, Toulouse, Luxembourg, Eindhoven, Hannover, Lisbon, Porto, Bilbao, Valencia, Venice, Bologna, Athens... plenty of destinations that could work.
 
Someone83
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 12:55 pm

KLDC10 wrote:
There are of course exceptions to that rule - some morning flights to North America for example, but generally speaking the operation is not comparable to say KLM at Amsterdam. There are very clear peaks, and this is when KEF is most crowded.


While probably easier said than done, there should be some possibilities expanding this secondary wave to some extent. AFAIK Right now it is only connecting their main European destinations with the major American ones, in addition it provides some good O/D capacity

Using OSL and the other major Scandinavian cities they have a morning departure from here (and thus a morning arrival in KEF) that arrives between their two main waves at KEF (early morning and afternoon)
 
jeffrey0032j
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 4:43 pm

KLDC10 wrote:
flyoregon wrote:
Any idea how Portland is doing?


Per this press release, Portland has been quite a success for the airline: http://www.icelandair.us/news/story/ice ... nd-oregon/
- Extended season, with flights almost year round
- Increase from two to four weekly flights
- Expanded partnership with Alaska Airlines

Cointrin330 wrote:
What will Icelandair eventually replace their 757s with? More 767-300ER's or is the 787-8 or an A321-LR in the cards?


In addition to the two extra Boeing 767-300s to arrive next year, Icelandair has placed orders for nine Boeing 737-8 and seven Boeing 737-9 aircraft. Deliveries are scheduled to begin in 2018. These aircraft are suitable for most existing European routes, but not for some of the longer North American routes. These aircraft, being smaller and more economical than the Boeing 757, could also be used to open up service to smaller markets which are not currently economically viable.

I would echo the sentiments of other posters; a lot of Icelandair's future success depends upon expansion at KEF.

Are they still receiving or looking for second hand 757s in the short term?
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 5:47 pm

jeffrey0032j wrote:
Are they still receiving or looking for second hand 757s in the short term?


Planespotters.net (https://www.planespotters.net/airline/Icelandair) lists only two aircraft on order for the airline at present, both Boeing 767-300s. However, that does overlook the aforementioned Boeing 737 Max aircraft, so perhaps is not entirely accurate.

The site does note that Icelandair has taken delivery of three Boeing 757-200 aircraft this year, these are:
- TF-FIW
- TF-ISR
- TF-ISS

TF-ISV was also delivered in October 2015. This aircraft has taken the name 'Grabrok', replacing TF-FIY, which has been transferred to DHL and converted to a cargo aircraft registered G-DHKB. This was also the aircraft used to transport the Icelandic National Football Team to Paris earlier this year.

It can be difficult to keep track of which aircraft is which, because some 757s are acquired as a replacement for aircraft which are returned to the lessor, taking on the name of the former aircraft in the process, as was the case with TF-ISV/FIY. Always easier to look at the registration than the name if you're keeping logs.
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kelvin933
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 5:53 pm

jeffrey0032j wrote:

Are they still receiving or looking for second hand 757s in the short term?


Icelandair Group CFO said in the 2Q results webcast http://www.icelandairgroup.is/investors ... item901199 (sorry all in Icelandic) that Icelandair Group has acquired 3 763 and 2 757 aircraft this year, so they are still acquiring 757s. FI has also stated that the last 757 flights are expected to be in 2025.
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Someone83
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 6:20 pm

Just to follow up my last post and looking briefly at tomorrow August 1 as a snap view on Icelandair secondary wave.

With early departure from Europe, the following destinions have a 2nd flight arriving at KEF between 0900 and 0930 > CPH, OSL, ARN, MUC, CDG and HEL.

These connects well, with the follow flights departing KEF westwards at 1030 > BOS, IAD, JFK, SEA and YYZ.

In addition, some destinations with third daily flights such as CPH and ARN have an extra flight probably intended for OD.

The Icelandic experts with a deeper knowledge than me would know more than me regarding this, but it seems like Icelandair should be able to grow this 2nd wave, when the terminal shouldnt be that packed?
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 8:00 pm

Someone83 wrote:
Just to follow up my last post and looking briefly at tomorrow August 1 as a snap view on Icelandair secondary wave.

With early departure from Europe, the following destinions have a 2nd flight arriving at KEF between 0900 and 0930 > CPH, OSL, ARN, MUC, CDG and HEL.

These connects well, with the follow flights departing KEF westwards at 1030 > BOS, IAD, JFK, SEA and YYZ.

In addition, some destinations with third daily flights such as CPH and ARN have an extra flight probably intended for OD.

The Icelandic experts with a deeper knowledge than me would know more than me regarding this, but it seems like Icelandair should be able to grow this 2nd wave, when the terminal shouldnt be that packed?


It certainly seems like it would be a good place to start from. The connection times wouldn't be ideal on the return though. There are a few Icelandair flights which go towards Europe between 00:00 and 01:00 from KEF, mostly to Scandinavian destinations with Munich and Paris thrown in too. There are also a few flights which arrive from European destinations at that time, along with flights arriving from Boston, New York and Washington Dulles.

Speaking personally, I'm not sure arriving in Stockholm in the early hours is an appealing prospect, but it could work for some.
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hvusslax
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 8:30 pm

The growth potential of the second wave are a bit limited on the European side by nighttime curfews in a lot of European airports. The Europe-bound flights need to be departing from Iceland at around 0100 UTC.
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 10:57 pm

hvusslax wrote:
The growth potential of the second wave are a bit limited on the European side by nighttime curfews in a lot of European airports. The Europe-bound flights need to be departing from Iceland at around 0100 UTC.


Indeed. Per this (http://www.boeing.com/resources/boeingd ... sinki.html) page from the Boeing website, Helsinki is one of them, imposing restrictions on "noisy" aircraft between the hours of 00:30 and 05:30.

Of course, Frankfurt is the big one, which comes immediately to mind. Perhaps a rolling hub is the answer, as suggested by other posters, but then that would require quite significant fleet expansion to achieve.
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eaa3
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 11:31 pm

hvusslax wrote:
The growth potential of the second wave are a bit limited on the European side by nighttime curfews in a lot of European airports. The Europe-bound flights need to be departing from Iceland at around 0100 UTC.



Of course, they could push those flights forward a little bit, perhaps by 1 hour. Have them leave Iceland at around 2:00am, then land in Europe at around 7:20. That way you could include a London and other UK flights, which can't be done today due to curfews and the UK being an hour behind CET.
 
stlgph
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 11:33 pm

No, people, Keflavik is not Atlanta. It's not Dubai. It's not Dallas/Ft Worth.

It's not a rolling hub. It wouldn't work. C'mon, folks...

In the future look for more afternoon North America departures connecting to a late Euro-bank.
Icelandair also looking at morning departures from key N/A markets into KEF.
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Natflyer
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Re: Icelandair 2Q Profit $26.2 Million

Sun Jul 31, 2016 11:58 pm

Come on guys, these overnight flights already land after the night curfew,
KEF-HEL 0100-0720 (3hr time diff)
KEF-MUC 0030-0615 (2hr time diff)
So European curfews are not an issue.
Last edited by Natflyer on Mon Aug 01, 2016 12:08 am, edited 1 time in total.
 
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klm617
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Re: Icelandair 2Q Profit $26.2 Million

Mon Aug 01, 2016 12:07 am

Would love to see them add Detroit.
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Zkpilot
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Re: Icelandair 2Q Profit $26.2 Million

Mon Aug 01, 2016 4:42 am

Looks like they are picking up the final 2x NZ 763ERs to go along with some of their other ex-NZ 763ERs.
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hvusslax
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Re: Icelandair 2Q Profit $26.2 Million

Mon Aug 01, 2016 10:07 am

Natflyer wrote:
Come on guys, these overnight flights already land after the night curfew,
KEF-HEL 0100-0720 (3hr time diff)
KEF-MUC 0030-0615 (2hr time diff)
So European curfews are not an issue.


I am not following your line of thought here. Are you arguing against the proposition that European night curfews limit the options of Icelandair by pointing to a couple of routes that they do fly into Europe at night? They obviously do because the whole second wave wouldn't be a thing if they did not have any options on the European side. Both MUC and HEL happen to be some of the longest European legs in FI's European network and they are two and three hours ahead of Iceland in the summer so these are good options for Icelandair's second wave. It is the lack of the likes of AMS, FRA and LHR (or any British destination for that matter) that points to the limits of the "second wave".
 
KLDC10
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Re: Icelandair 2Q Profit $26.2 Million

Mon Aug 01, 2016 11:31 am

Zkpilot wrote:
Looks like they are picking up the final 2x NZ 763ERs to go along with some of their other ex-NZ 763ERs.


Correct. Ex-ZK-NCK and ZK-NCL, 19 and 18 years old respectively. Per Planespotters.net, both of these airframes have only ever operated for Air New Zealand. The two 767s currently in the Icelandair fleet (TF-ISN and TF-ISO), both started out in life with ANZ, but were subsequently leased and flown by airlines around the world before ending up at Icelandair.
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lesfalls
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Re: Icelandair 2Q Profit $26.2 Million

Thu Aug 04, 2016 7:30 pm

hvusslax wrote:
Natflyer wrote:
Come on guys, these overnight flights already land after the night curfew,
KEF-HEL 0100-0720 (3hr time diff)
KEF-MUC 0030-0615 (2hr time diff)
So European curfews are not an issue.


I am not following your line of thought here. Are you arguing against the proposition that European night curfews limit the options of Icelandair by pointing to a couple of routes that they do fly into Europe at night? They obviously do because the whole second wave wouldn't be a thing if they did not have any options on the European side. Both MUC and HEL happen to be some of the longest European legs in FI's European network and they are two and three hours ahead of Iceland in the summer so these are good options for Icelandair's second wave. It is the lack of the likes of AMS, FRA and LHR (or any British destination for that matter) that points to the limits of the "second wave".

Why would FRA be limited to not being part of the second wave? I see many flights arriving at FRA at 5 am.
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