• The latest financial data show that the industry-wide profit margin remained broadly unchanged in Q3 compared to a year ago, at a robust 15.7% of revenues. All regions except North America posted annual increases in profitability.
  • Underlying industry-wide passenger yields have trended broadly sideways over the past 12 months or so. An increase in the US dollar, as well as weather-related disruption, have both influenced recent yield developments.
  • Global airline share prices increased by 4.6% in November – the biggest monthly gain since May – driven by a strong increase for North American airlines. Airline shares have outperformed the wider market over the past year.
  • Oil prices rose to a 17-month high of more than US$64/bbl during November, in anticipation of the recent agreement by OPEC and Russia to extend oil production cuts until the end of next year.
  • Once again, passenger and freight volumes both posted robust year-on-year growth in October, but the seasonally adjusted (SA) upward trends in each of the series have eased. The passenger load factor posted a record-high for the month of October (80.8%), while the SA freight load factor is maintaining levels last seen in late-2014.
  • Despite an ongoing spread in performance at a route level, stronger global trade conditions are continuing to support premium-class demand on markets to, from, and within the key manufacturing region of Asia.