Latcharter Airlines has developed from a small, local charter airline in the Baltic to a medium-sized European Airline offering a diversity of services in the aviation sector.
Latcharter operations increased dramatically in 2007. The company grew its fleet by 450%, from two Airbus 320 aircraft to a total of nine aircraft, including two 767-300 aircraft. The two 767-300s are, incidentally, the first western-built wide body aircraft to be registered in the Baltic countries. The foundation of Latcharter Airlines’ operational model is to build on maintaining a strong home base in Riga and diversifying it with ACMI projects worldwide.
Latcharter Airlines’ operation can be split into three segments;
The first segment is the local Baltic charter market, where the company now operates two to three Airbus 320 aircraft on a permanent basis. This marks a significant increase from the single aircraft that operated out of Riga in the past. Flights out of Riga are predominantly on behalf of Tour Operators, although aircraft are also operating on an ad hoc ACMI basis for various European carriers.
The second segment is that of providing ACMI solutions on a worldwide basis. This was successfully introduced in 2007 with a project on behalf of Air Malta, based at East Midlands, UK. Furthermore, two 767-300 aircraft were introduced into the fleet and are operating on behalf of Virgin Nigeria, based at London Gatwick, UK.
The third segment is that of providing flexible aircraft solutions to airlines. The solutions that Latcharter Airlines provides are leased aircraft on sublease or variations of ACMI, such as for instance AM projects. One such project is Israir Airlines, where initially the aircraft operated on ACMI, then migrated to an AM solution and finally ended in an outright dry lease. Two A320 Aircraft are currently with Israir Airlines on dry lease. One Airbus 320 is on dry lease to XL France and another one is on dry lease to Hellas Jet in Greece.
In addition to these three segments, the company engages in Aircraft Trading activities when the opportunity arises. A successful transaction was achieved during 2007 where one A320 Aircraft was purchased and then consequently sold on a sale/leaseback. With this flexible approach, Latcharter is able to supply a niche market with solutions that are currently in high demand.
The outlook for growth is positive. The intention is to expand operations in all three segments. The goal is also to increase market-share in the Baltic charter market using narrow body aircraft. A further milestone or step forward would be the introduction of a wide-body aircraft, operating charter flights out of the Baltics. The aim is to introduce a 767-200/300 aircraft later this year. Furthermore, there are great possibilities in the ACMI market. Latcharter will be able to greatly benefit from the wide-body market experience of Loftleiğir in this regard. Moreover, the company is always on the lookout for possible ACMI, AM or drylease opportunities (or variations thereof) that may arise. As already mentioned, flexibility and diversity are Latcharter’s strengths. Latcharter Airlines is now a recognized entity in this market, known for flexible, quality service.