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Airlines see brighter outlook in 2024

SINGAPORE, 20 December 2023: The International Air Transport Association’s latest projections suggest airlines will declare strengthening profitability in 2023 and its forecast for 2024 signals the start of balance sheet stability. 

However, net profitability at the global level is expected to be well below the cost of capital in both years. Very significant regional variations in financial performance remain.

Outlook highlights 

The airline industry’s net profits are expected to reach USD25.7 billion in 2024 (2.7% net profit margin). That will be a slight improvement over 2023, which is expected to show a USD23.3 billion net profit (2.6% net profit margin).

In both 2023 and 2024, the return on invested capital will lag the cost of capital by four percentage points, as interest rates around the world have risen in response to the sharp inflationary impulse.

Airline industry operating profits are expected to reach USD49.3 billion in 2024 from USD40.7 billion in 2023.

Total revenues in 2024 are expected to grow 7.6% yearly to a record USD964 billion.

Expense growth is expected to be slightly lower at 6.9% for a total of USD914 billion.

Some 4.7 billion people are expected to travel in 2024, a historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019.

“Considering the major losses of recent years, the $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience. People love to travel, which has helped airlines come roaring back to pre-pandemic levels of connectivity. The recovery speed has been extraordinary, yet it also appears that the pandemic has cost aviation about four years of growth. From 2024, the outlook indicates that we can expect more normal growth patterns for both passenger and cargo,” said IATA’s director general Willie Walsh.

Outlook Drivers

Overall revenues in 2024 are expected to rise faster than expenses (7.6% vs. 6.9%), strengthening profitability. While operating profits are expected to increase by 21.1% (USD40.7 billion in 2023 to USD49.3 billion in 2024), net profit margins increased at less than half the pace (10%), largely due to increased interest rates expected in 2024.

Industry revenues are expected to reach a historic high of USD964 billion in 2024. An inventory of 40.1 million flights is expected to be available in 2024, exceeding the 2019 level of 38.9 million and up from the 36.8 million flights expected in 2023.

Passenger revenues are expected to reach USD717 billion in 2024, up 12% from $642 billion in 2023. Revenue passenger kilometres (RPKs) growth is expected to be 9.8% year-on-year. While that is more than double the pre-pandemic growth trend, 2024 is expected to mark the end of the dramatic year-on-year increases characteristic of the recovery in 2021-2023.

The high travel demand coupled with limited capacity due to persistent supply chain issues continues to create supply and demand conditions supporting yield growth. Passenger yields in 2024 are expected to improve by 1.8% compared to 2023.

Reflecting the tight supply and demand conditions, efficiency levels are high, with the load factor expected to be 82.6% in 2024, slightly better than in 2023 (82%) and the same as in 2019.

AirAsia X farewells chairman

KUALA LUMPUR, 20 December 2023: AirAsia X chairman Tunku Dato’ Mahmood Fawzy Bin Tunku Muhiyiddin stepped down last week after successfully turning around the airline post-pandemic.

AirAsia X chairman: Tunku Dato’ Mahmood Fawzy Bin Tunku Muhiyiddin.

He ended his service as chairman on 15 December 2023 after achieving a clear mandate to steer AAX out of financial crisis. Following his appointment, AAX has turned around its financial position from 12 quarters of losses to registering fifth consecutive quarters of net profit, recorded a positive shareholders’ equity, and demonstrated significant operational improvement across all other key metrics, as evidenced in the third quarter of this year.

AAX Non-Independent Executive Director and Founder, Datuk Kamarudin Meranun said: “We owe a huge debt of gratitude to Tunku Dato’ Mahmood Fawzy for his invaluable contributions to AAX’s growth and success post-debt restructuring. His vision and dedication have been instrumental in reshaping AAX as a world-leading low-cost mid-range airline, and we stand poised to continue our journey as a trailblazer in the aviation industry, leveraging the strong foundation laid under his stewardship. He will always be part of the AAX family, and we wish him the best in his future endeavours.”

Dato’ Fam Lee Ee, the current Deputy Chairman, will assume the role of acting chairman of the company until the board formalises the appointment of a new chairman.

MAG raises festive season flights

KUALA LUMPUR, 20 December 2023: Malaysia Aviation Group (MAG) is boosting flights to meet travel demands through March 2024, with the addition of 248 flights in its domestic and international network. 

The additional frequencies are scheduled for both Malaysia Airlines and Firefly, departing from KL International Airport Terminal 1 (KUL), Subang Airport (SZB) and Penang International Airport (PEN). 

Photo credit MHExplorer: More flights to explore with MH malaysiaairlines.com/mhexplorer.

MAG chief commercial officer for Airlines, Dersenish Aresandiran, commented: “Anticipating a surge in travel demand, the substantial increase in flight frequencies represents the airline’s strategic approach to meeting the expanding requirements of travellers, offering them a wider range of travel dates for added flexibility and convenience.     

“We urge travellers to plan and secure their seats early to ensure a seamless and enjoyable travel experience, particularly during peak travel seasons, including Christmas, Year-End and Chinese New Year celebrations.”  

Malaysia Airlines and Firefly are ramping up extra flights during the peak periods in December to meet heightened travel demands during the Christmas and New Year holidays.  

For domestic travel, Malaysia Airlines is increasing flights from its main hub in Kuala Lumpur to Sibu (SBW) from 10 to 12 weekly; Tawau (TWU) from 10 to 16 weekly and to Kuching (KCH) from 54 to 57 weekly. Additionally, Firefly flights from Penang to Kota Kinabalu (BKI) will increase from 14 to 15 weekly; to Langkawi (LGK) from 10 to 11 weekly and from SZB to Langkawi (LGK) from 12 to 13 weekly. 

International flights from Kuala Lumpur to Sydney (SYD)  will increase from 14 to 18 weekly; Melbourne (MEL) from 14 to 17 weekly; Amritsar (ATQ) from two to four weekly; Cochin (COK) from six to seven weekly and Narita (NRT) from 12 to 14 weekly. 

For the Chinese New Year festive period, the airline will increase the Kuala Lumpur to Singapore (SIN) route by two weekly, elevating the frequency from 56 to 58, specifically from 7 and 8 February 2024.

Air Arabia’s first flight to Phuket takes off

SINGAPORE, 20 December 2023: Air Arabia, a low-cost airline home based in Sharjah UAE, introduced flights to Phuket last week.

Air Arabia group chief executive officer Adel Al Ali commented on the new Sharjah-Phuket service: “We are pleased to launch Air Arabia’s first flight to Phuket and look forward to expanding our network of destinations to offer passengers affordable travel options. This launch underpins our dedication to providing travellers with convenient offerings while fostering growth in the travel and tourism industries in both counties.

Photo credit: AOTGA.

The new service operates four times weekly using an A321 with departures from Sharjah on Monday, Wednesday, Friday and Sunday.

The first commercial flight G9 687 took off at 2230 from Sharjah International Airport (SHJ) on 16 December 2017 and landed at 0755 at  Phuket International Airport. 

Airports of Thailand Ground Aviation Services (AOTGA) handles the airline’s ground services at Phuket airport.

Air Arabia Airlines serves 170 destinations across the Middle East, North Africa, Asia and Europe.

Norwegian Viva sails the Caribbean

SINGAPORE, 19 December 2023: Norwegian Cruise Line has confirmed the arrival of the all-new Norwegian Viva to the shores of San Juan, Puerto Rico, for a season of Caribbean sailings through April 2024.

The cruise line’s second Prima Class ship will homeport in San Juan and offer seven-day Caribbean voyages featuring calls at Tortola, British Virgin Islands; St John’s, Antigua; Bridgetown, Barbados; Castries, St Lucia; Philipsburg, St Maarten; and St Thomas and the US Virgin Islands. 

At the close of the Caribbean sailings in April 2024, Norwegian Viva will transfer to Europe to start the summer season featuring Mediterranean and Greek Isles itineraries.

(Source: NCL)

Celebrity Chef shapes Wow menu in the Maldives

THE MALDIVES, 19 December 2023: Amidst the idyllic setting at OUTRIGGER Maldives Maafushivaru Resort, culinary virtuoso Eyck Zimmer is set to be a celebrity guest chef on 22 and 29 January 2024. Today, he announced the menu for this exclusive culinary journey, which will enchant the palates of discerning OUTRIGGER guests.

Chef Zimmer will curate two extraordinary five-course dining experiences at the resort’s Art-i-san restaurant, collaborating with the esteemed Executive Chef Christopher Long and his culinary team.

Each meticulously crafted dinner will commence with a delightful amuse bouche, featuring snail and parsley tart with black garlic and garden herbs, setting the stage for an unforgettable culinary soiree. Guests will indulge in a decadent starter of crab “Mille Feuille” with avocado, pink pepper and caviar crème fraîche, followed by an aromatic carrot soup with Indian shrimp, orange confit and lime yoghurt.

The culinary odyssey continues with local fish tartare, calamansi with crispy chicken skin and bonito flakes, offering a harmonious symphony of flavours. A spectacular main course of quail and foie gras with aromatic passion fruit polenta, toasted sesame, and ginger juice elevates the dining experience.

The grand finale will enchant taste buds with a divine dessert – coconut and lime panna, crispy banana wonton, rum and raisin syrup and vanilla ice cream, expertly crafted to leave an indelible mark on the senses. To enhance the haute cuisine experience, a skilled sommelier will guide guests through meticulously curated wine pairings on both occasions.

John Allanson, General Manager of OUTRIGGER Maldives Maafushivaru Resort, said: “OUTRIGGER Maldives is honoured to present the sublime offerings of Chef Eyck Zimmer as his culinary accolades rank among the best in Europe, even the world.”

Hailing from Germany, Eyck Zimmer is one of the foremost luminaries in contemporary haute cuisine. His illustrious career has been acclaimed, including the prestigious Meilleur Ouvrier de Grande Bretagne in 2000, British Chef of the Year in 2006 and Portuguese Chef of the Year in 2008. The French government acknowledged his remarkable contributions to French culture and culinary excellence by bestowing the esteemed Chevalier du Mérite Agricole in 2014. Furthermore, he earned the distinguished title of Master of Culinary Arts from the Royal Academy of Culinary Arts of Great Britain.

Zimmer’s culinary journey has been punctuated by stints in some of the United Kingdom’s most renowned kitchens, including Claridge’s, The Dorchester, The Ritz and The Savoy. His culinary prowess has also left an indelible mark on five-star establishments in Switzerland, Portugal, Serbia and Germany.

Presently, Eyck Zimmer serves as the Director of Culinary at the illustrious Jockey Club in Hong Kong. His dedication to his craft is epitomised by the motto tattooed on his arm: “Born to cook. No plan B!”

In April, the resort hosted guest dinners by Eddie Scott, the MasterChef 2022 UK champion, further establishing OUTRIGGER Maldives Maafushivaru Resort as a distinguished epicurean destination.

And now, this January, guests at the OUTRIGGER Maldives Maafushivaru Resort will have the privilege of savouring the exquisite culinary creations of Eyck Zimmer, an icon of modern European haute cuisine.
Join OUTRIGGER Maldives Maafushivaru Resort for an unforgettable culinary journey, where the art of gastronomy meets the essence of barefoot luxury. For more information and bookings, visit OUTRIGGER.com

That’s a wrap for ice 2023

DUBAI, 19 Dec 2023: As a busy year of international travel draws to a close, the world’s largest international airline is revealing how passengers spent their time in flight, delving into data to dissect what exactly Emirates customers watched and listened to on journeys to and from 140 destinations around the world.

Most watched movies on ice in 2023

Customers craving top-notch entertainment are spoil for choice, with Emirates Ice offering more than 6,500 channels of on-demand movies, TV shows, music, podcasts, and even live TV to catch international news and sports. From the expansive 2,000 plus Hollywood and international movies available, and all the best movies of 2023, amongst the most watched movies by Emirates customers around the globe were; visually stunning sci-fi film, Avatar: The Way of Water, Ticket to Paradise – a rom-com starring George Clooney and Julia Roberts, and the enduringly popular action movie Top Gun: Maverick. Long haul customers worldwide also settled into box sets of movies, such as The Lord of the Rings complete trilogy and all four John Wick films.

After English language content, the top viewed international movies include two Bollywood action movies, Vikram Vedha and Bholaa, the French thriller La Syndicaliste, Korean drama Return to Seoul, and the 2023 Cannes Palme d’Or winner, Anatomie d’une chute from France. Arabic speakers tuned into Emirati film Khorfakkan – which depicts the 16th-century invasion of the city.

Kids and perhaps kids-at-heart tuned into a myriad of movies with the most popular choices in 2023 noted as Puss in Boots: The Last Wish, Tom & Jerry Cowboy Up! Teen Titans Go! & DC Superhero Girls and The Super Mario Bros. Movie.

Most binged box sets and TV on ice in 2023

On long flights, Emirates customers loved to binge a box set, with exceptionally high viewership recorded for all seasons of HBO Max’s Succession and both seasons of The White Lotus. Within the comedy genre, Emirates customers showed a preference for beloved sitcoms – Friends, Brooklyn Nine-Nine and The Big Bang Theory, while in drama – many travellers selected two historical dramas The English, and Women of the Movement, as well as suspense-filled drama Your Honour starring Bryan Cranston.

Finishing 2023 on a high with Emirates ice

For those jetting off for the holiday season and beyond, Emirates is closing out 2023 with the biggest movies of the year on ice. Customers can enjoy the top-grossing box office movie of 2023 – the fantasy-comedy blockbuster Barbie, available in French, German, Italian, Brazilian Portuguese, Japanese, Russian, Arabic and Chinese. Barbie is also available with ‘Closed Captions’ (CC) and ‘Audio Description’ (AD), offering accessibility to the visually impaired, with narration that describes what is happening on screen. Emirates offers up to 130 movies with AD and more than 250 with CC.

Action aficionados can catch Mission: Impossible – Dead Reckoning Part One, a high-stakes thriller partly filmed in the UAE, available on ice in up to 8 languages, or The Equalizer 3, starring Denzel Washington. Customers can even watch the entire trilogy on ice. Adrenaline enthusiasts will enjoy Gran Turismo, based on the true story of racing driver Jann Mardenborough, a successful gamer who becomes a real-life racer. ice also has an exclusive interview with Jann Mardenborough speaking about the making of the movie in the Emirates World podcast.

Kicking off world-class entertainment on ice in 2024

Looking ahead to 2024, Emirates customers can expect to see many exciting developments on ice from exclusive new content partnerships to new next-generation inflight entertainment systems that offer memorable cinematic and personalised passenger experiences on the incoming 50-strong fleet of A350s. In January, customers can tune into Expend4bles, plus the complete box set of all four movies, The Creator – a visually impressive sci-fi from the director of Rogue One and the hit kid’s movie Paw Patrol: The Mighty Movie. In February, ice will have Oppenheimer, the award-winning film from Christopher Nolan, Priscilla – Sofia Coppola’s biographical drama about the wife of Elvis Presley, amongst many more additions to the world’s largest entertainment library in the sky.

Find out what’s on ice

(Your Stories: Emirates)

Love cruising with more shoretime

SINGAPORE, 19 December 2023: Cruise fans prefer itineraries that offer extended stays in destinations, according to the latest insights released by MSC Cruises, the world’s third-largest cruise brand.

The Italian headquartered cruise line sheds light on five significant travel trends driving guest holiday decisions for 2024 and beyond in an end-of-the-year report.

Photo credit: MSC. MSC World Europa.

It concluded there was a heightened demand for products that offer extended stays in destinations, holidays rich in cultural experiences, upgraded adventures with touches of luxury, sustained enthusiasm for Europe’s vibrant cities, and a substantial experience-value return.

Linger for longer 

Cruise travellers increasingly desire more time in their destinations, and itineraries with extended or overnight port calls are gaining popularity. This extra time ensures guests can truly explore their destinations authentically and leisurely, allowing enough time to soak up unique cultures, savour local flavours and explore everything a destination has to offer.

Cultural exploration 

The new year sees a heightened eagerness among travellers to explore diverse cultures and experience new destinations. Travellers are no longer content with just visiting well-known tourist attractions; instead, they seek to experience destinations that reflect the local lifestyle.

Upgraded experiences

Globally, travellers increasingly seek more exclusive and luxurious experiences, aiming to transform their annual holiday into truly unforgettable and indulgent adventures resulting in lifelong memories.

European city escape

Travellers are more enthusiastic than ever to delve into the vibrant cities of Europe. These urban destinations offer a well-rounded appeal, featuring many historic sights, culinary experiences, diverse shopping options, renowned attractions, and immersive opportunities to engage with local culture.

Ultimate experience-value return

Cruising is gaining popularity among those who have never sailed, with more Gen-X and Millennials considering taking a cruise holiday for the first time. More and more individuals are recognising the inherent value of a cruise holiday compared to alternative land-based options. 

Couples, families or groups of friends can choose itineraries containing multiple must-see destinations. Those who sail with MSC Cruises can tailor their time ashore with different shore excursions to see the best of a destination. Once back onboard, they can enjoy different dining venues, see a different full-scale theatre production each evening and relax in outstanding wellness facilities – all with unbeatable value.

About MSC Cruises
MSC Cruises is the world’s third-largest cruise brand and the leader in Europe, South America, the Middle East and Southern Africa while expanding market share in the Caribbean, North America and Asia. 

(SOURCE: MSC Cruises)

Showtime for Phuket’s luxury boats

BANGKOK, 19 December 2023: Showcasing a lineup of luxury yachts, superyachts and private jets, the Thailand International Boat Show – A Luxury Lifestyle Event, is set to boost Phuket’s economy and high-end tourism from 11 to 14 January 2024.

Thousands of affluent yachting fans are expected to attend the show, generating a minimum of THB500 million for the Thai marine leisure and luxury lifestyle industries.

Thailand International Boat Show 2024 includes private jets.

With many boats and lifestyle brands exhibiting from around the world, organisers JAND Events aim to grow Phuket’s appeal as a destination for investment and business amongst the international community while also working closely with the Thai government and industry stakeholders to drive yacht tourism and cement Thailand’s position as Southeast Asia’s leisure marine hub.

“The show has become a platform that will drive sales and business for the marine and luxury industries and attract international investors keen to do business and live in Phuket,” commented JAND Event CEO David Hayes.

Innovations for the 2024 show include the inaugural Thailand Yachting Conference – a B2B platform for ideas exchange amongst local and international business people – and the Robb Report Thailand Best Of The Best Yachting Awards Gala – a celebration of the best yachts and brands.

By reducing the show’s environmental footprint and carbon offsetting, the Thailand International Boat Show A Luxury Lifestyle Event is the first to be carbon neutral.

In the water, Boat Lagoon Yachting will be displaying three Princess Yachts amongst several other brands at the show, with the highlight being the Princess Y95 – the largest boat showing for the first time in Thailand.

Simpson Marine has the largest in-water lineup with six boats, including a Sanlorenzo SX76, Lagoon 51 and Fairline Targa 45, amongst others, while Derani Yachts will be displaying three boats from the popular Axopar brand, as well as the striking Brabus Shadow 500 Cabin and a Greenline 40.

Other boat brokers with boats in-the-water include Asia Marine, Asia Yacht Agency, Asia Yachting, Extreme Marine (Thailand), Go Boating, Lee Marine, Leopard Catamarans, Northrop & Johnson, The Yacht Sales Co and V Yachts Asia.

The ‘Thailand International Boat Show – A Luxury Lifestyle Event’ will be held 11-14 January 2024 at Royal Phuket Marina and open daily from 1300 to 2000 except on Sunday, 14 January, when the show closes at 1900. For more information, visit www.thailandinternationalboatshow.com

ONYX’s Sharma brand expands

SINGAPORE, 19 December 2023: ONYX Hospitality Group will expand its serviced apartment brand, Shama, with five new properties across Asia, the hotel group announced recently.

In a press statement, the group “recognises the increasing demand for serviced apartments, particularly in the post-pandemic era, and is confident that these new additions will meet the needs of business, leisure, and the growing segment of ‘Bleisure’ travellers.”

Photo credit: ONYX. Sharma Central Hong Kong.

ONYX introduces five new Shama properties: Two in China (including Hong Kong), two in Malaysia, and one in Thailand, with opening dates for 2024. The group currently operates 16 Shama locations: six in Thailand and 10 in China (including six in Hong Kong). 

Shama openings in 2024. China, including Hong Kong – Shama Hub Metro South Hong Kong, Shama Hub Qiantang; Thailand – Shama Luxe Sathorn; Malaysia – Shama Medini Malaysia, Shama Suasana Johor Bahru.