Loftleidir Icelandic maintains a strong partnership with Air Niugini with two B767 and two B737 on AM contracts. The operation in 2020 was relatively high compared with some of the largest airlines in the Oceana region. The airline managed to fly half of 2019 flight hours in 2020, which is quite an accomplishment.
Through a subsidiary and an investing partner which hold a majority stake (51%) in Cabo Verde Airlines (CVA), Loftleidir Icelandic holds an effective 36% share. In 2019, CVA’s fleet grew from two aircraft to five, which led to new challenges when new destinations were added in Brazil, Nigeria, the USA and Europe. From the offset of 2020, when there were signs of achieving scale in the operation, COVID-19 struck and all operations were shut down in March after the government closed the borders completely on the 18th of March. That has undermined CVA’s financial foundations and shareholders’ negotiations on securing future financial sustainability are at an advanced stage.
In 2020, Loftleidir Icelandic continued with aircraft part trading, which started in 2019, focusing on procurement, teardown projects and commission-based sales for a third party, to provide its customers with an even wider range of solutions.