Finland’s flag carrier Finnair plans to reduce the number of aircraft in its fleet, as it aims to return to profitability.
The airline, which has long been connecting Europe and Asia, was forced to change its strategy following Russia’s invasion of Ukraine and the subsequent closure of Russian airspace, which caused substantially increased flight times to Asia.
Finnair’s plan of action to return to profitability includes the reduction of its fleet size, the introduction of new routes, and cost-cutting measures, it said in an emailed statement to AeroTime. The company declined to disclose the number of aircraft Finnair is planning to retire and when.
“It is too early to comment on the size of the future fleet, which aircraft we might retire, or what the timeline will be,” a spokesperson for Finnair told AeroTime.
Finnair currently has a total of 80 aircraft in its fleet with an average age of 12.1 years old, according to Planespotters.net data. The airline’s fleet includes 17 Airbus A350s, 15 Airbus A321s, 12 ATR 72s, 12 Embraer ERJ-190s, 10 Airbus A320s, eight A330s, and six A319 aircraft.
Finnair’s new strategy is set to reach the pre-pandemic comparable EBIT level of at least 5% from mid-2024.
New horizons?
“We do not have a unique geographical advantage anymore,” emphasized Finnair chief executive Topi Manner, during a briefing on the strategic change.
Despite losing its advantage after the Russian airspace closure, Finnair said it will not abandon its major destinations in Asia such as China, Thailand, Japan, and South Korea.
However, the airline highlighted that it would have to put more focus on route network expansion in India, the Middle East, and North America.