||Currently Not Operational
||+30 210 35 50 500
||+30 210 356 8184
Click below for data links:
OLY-2005-01 2004 STATS
OLY-2013-10 - ATHENS DOMESTIC ROUTES
FORMED AND STARTED OPERATIONS IN 1957. NATIONAL AIRLINE. FORMERLY OLYMPIC AIRWAYS (OLY). D B A "PANTHEON AIRWAYS." DOMESTIC, REGIONAL AND INTERNATIONAL, SCHEDULED, PASSENGER & CARGO, JET AIRPLANE SERVICES.
ATHENS INTERNATIONAL AIRPORT
190 19 SPATA, GREECE
GREECE (HELLENIC REPUBLIC) WAS ESTABLISHED IN 1822, COVERS AN AREA OF 131,957 SQ KM, ITS POPULATION IS 10.5 MILLION, ITS CAPITAL CITY IS ATHENS, AND ITS OFFICIAL LANGUAGE IS GREEK.
Olympic Airways began flying in 1957 under the ownership of shipping magnate Aristotle Onassis. He offered free DC-3 flights to travelers to ease their fear of flying. Olympic began flying its first jet airplane service in 1960 with de Havilland Comets, and soon after began code sharing with British European Airways (BEA).
During the 1960s, Olympic Airways added Boeing 707s and 727s to its fleet. It replaced its aging Douglas DC-3 and DC-6s in 1971 with twin-turboprop Nihon Aircraft Manufacturing Corporation YS-11As. It ended up flying 10, naming them after Greek islands. In that same year, it created Olympic Aviation, a subsidiary airline to serve the Greek Islands.
At one point, Olympic flew to nearly 70 cities, about half of them domestically, and employed 8,500 people.
In January of 1973, Alexander Onassis, the son of Aristotle, died in a plane crash and soon after, Onassis sold his interest in the airline, which ended up under state control.
Management problems, labor unrest, increasing debt and financial losses mounted. In 2003, the government restructured the company and renamed it Olympic Airlines, only to have that carrier finally cease operations in September 2009. After almost 35 years of state ownership, the Marfin Investment Group (MIG) purchased portions of Olympic Airlines, and the airline was reborn as Olympic Air (OLY), a carrier about 35% smaller than the original.
In 2010, Olympic (OLY) and Aegean Air (CRM) proposed a merger, but the merger was blocked for anti-competition reasons. The (MIG) is now in the process of selling 100% of its shares to Aegean (CRM), and is currently waiting for approval by the European Competition Commission.
JANUARY 1993: 1992 = +18.5% (RPK) PASSENGER TRAFFIC, +11.6% PASSENGERS (PAX), -6.3% (FTK) FREIGHT TRAFFIC.
9,824 EMPLOYEES (INCLUDING 1,587 FLIGHT CREW (FC) & 1,478 MAINTENANCE TECHNICIANS (MT)).
MAY 1993: 1 737-484 (PW717) DELIVERY. 5 ORDERS (JANUARY 1995) 737-484.
JANUARY 1994: 1993 = -$507 MILLION (NET LOSS). LAST 6 MONTHS = -5.1% PASSENGERS (PAX).
JULY 1994: THE EUROPEAN COMMUNITY (EC) APPROVES THE GOVERNMENT'S $2.3 BILLION AID.
1ST 6 MONTHS = +12.6% (RPK) TRAFFIC, +9.7% PASSENGERS (PAX), +17.3% (FTK) FREIGHT TRAFFIC.
JULY 1995: 1ST 6 MONTHS = -$30 MILLION (-$244 MILLION).
JANUARY 1996: 1995 = +$26.97 MILLION (-$305.77 MILLION): -6.1% (RPK) TRAFFIC, +2.5% PASSENGERS (PAX), -12.5% (FTK) FREIGHT TRAFFIC.
MARCH 1996: PROFESSOR RIGAS DOGANIS, CHAIRMAN & CEO, FIRED - RETURNED TO HIS CRANFIELD COLLEGE CHAIR IN ENGLAND. PROFESSOR NICHOLAS BLESSIOS, CHAIRMAN; & JORDAN KARADZAS, CEO
APRIL 1996: 1ST QUARTER = +0.8% PASSENGERS (PAX), .485 MILLION (.477 MILLION). ON USA ROUTES, +16% (RPK) TRAFFIC, ON NORTH AFRICAN ROUTES +19% (RPK).
CANCELLED 2 ORDERS A300-600R (CF6-80C2).
JUNE 1996: PLANS TO TRANSFER TECHNICAL OPERATIONS TO NEW, ATHENS SPATA, INTERNATIONAL AIRPORT.
APOSTOLOS KAYIAS, NEW DIRECTOR TECHNICAL SERVICES; AND JOHN VAMVAKAS, DIRECTOR ORGANIZATION & TRAINING.
AUGUST 1996: PANAIOTIS MAKRIS, MANAGER PRODUCTION PLANNING & CONTROL (WAS GEORGE MOISIDIS WHO IS NOW MANAGER AIRCRAFT MAINTENANCE (WAS APOSTOLOS KAYIAS WHO IS NOW DIRECTOR TECHNICAL SERVICES). STEVE DIMITRIADIS IS TEMPORARY ACTING MANAGER ENGINEERING (WAS PANAIOTIS MAKRIS). APOSTOLOS TSIALTZOUDIS, MANAGER AIRCRAFT OVERHAUL (WAS SENIOR SUPERINTENDENT ENGINEERING). JOHN PANANAKIS, MANAGER DEVELOPMENT PLANNING (WAS GEORGE MOISIDIS).
OCTOBER 1996: NEGOTIATING SALE OF 727-200'S WITH A USA COMPANY.
JANUARY 1997: DECISION ON FLEET RENEWAL SELECTION IS EXPECTED IN MARCH 1997.
1996 = +$46.64 MILLION (+$57.21 MILLION) (NET PROFIT).
FEBRUARY 1997: POSSIBLE REPLACEMENT OF 4 747-200'S WITH 747-300'S, EX-SINGAPORE AIRLINES (SIA).
AIRBUS (EDS) CLOSES REPRESENTATIVE'S OFFICE.
MARCH 1997: STEVE DIMITRIADIS WAS ACTING, NOW MANAGER ENGINEERING. LOCAL MEDIA, SAYS GOVERNMENT IS READY TO FIRE NICOLAOS BLESSEOS, CHAIRMAN, JORDAN KARATZAS, CEO, AND MILTIADIS TSAGARAKIS, MANAGING DIRECTOR. IT WOULD BE THE 31ST UPPER MANAGEMENT CHANGE SINCE 1975.
MAY 1997: 9,140 (INCLUDING 1,503 FC & 1,870 MT).
JULY 1997: TO BUDAPEST, BUCHAREST, BELGRADE, & MOSCOW (737).
AUGUST 1997: 2/2 ORDERS A340-300, 2 CLASS 32C, 267Y, TO REPLACE AGING 747-200'S (PLANS TO HAVE 6 BY 2000).
SEPTEMBER 1997: RELOCATION COSTS, TO MOVE TO NEW, SPATA INTERNATIONAL AIRPORT IN 2000 = $400M (CANNOT AFFORD).
(LOI) 4/4 ORDERS 737-800'S (2000). LEASES 727-200 (20792), FROM SAFAIR (SFA) FOR 2 MONTHS.
AUGUST 1997: ACCDT: 727-200 ADVANCED, WRITTEN OFF (W/O), LANDING AT THESSALONIKI, AQUAPLANED, STEERED OFF RUNWAY, GEAR COLLAPSED, LEFT WING BROKE = 8/12 ALL OK.
OCTOBER 1997: 8,625 EMPLOYEES.
PLANS TO SHIFT TO ALL-BOEING FLEET FOR SHORT-HAUL OPERATIONS. SINCE 737-800'S ARE NOT AVAILABLE UNTIL 2000, WILL LEASE SEVERAL 737'S IN THE INTERIM. TO PHASE OUT 3 727-200'S, 11 737-200'S & 6 A300B4'S, AND REPLACE WITH 25 737-800'S BY 2004. RETURNS 727-200 (QB119) TO SAFAIR (SFA).
DECEMBER 1997: NEW CHAIRMAN, PROFESSOR E FTHENAKIS, RESIGNS AFTER ONLY 12 DAYS IN OFFICE.
-103 EMPLOYEES (MANAGERS, ENGINEERS & TECHNICIANS) LEAVE COMPANY, FOLLOWING 2ND PHASE OF RESTRUCTURING PLAN.
+2/2 ORDERS A340-300. $408M, 4/4 ORDERS 737-800'S (/00), TO REPLACE 727 & 737'S.
JANUARY 1998: NEW, INTERNATIONAL AIRPORT "ELEFTHERIOS VENIZELOS" AT SPATA, IS SCHEDULED TO BE OPERATIONAL BY 2000.
GOVERNMENT APPOINTS THEODORE TSAKIRIDIS, CHAIRMAN, PRESIDENT & DIRECTOR GENERAL, REPLACING PROF NICHOLAS BLESSEOS, & CAPTAIN MILTIADIS TSAGARAKIS. APOSTOLOS TSIALTZOUDIS, MANAGER AVIONICS & ELECTRICAL DIVISION MAINTENANCE, REPLACED KOSTAS POULOS, WHO RETIRED.
FEBRUARY 1998: 1 737-300 (CFM56-3C1) (28669), (LOT) POLISH AIRLINES 3 MONTH LEASED.
MARCH 1998: A300B4-103 (105), SOLD TO AIRCARGO CAPITAL.
APRIL 1998: GOVERNMENT THREATENS TO FIRE -7,347 EMPLOYEES, IF THEY RESIST AIRLINE RESTRUCTURING.
7,347 EMPLOYEES (INCL 952 FC & 1,614 MT).
1 737-33R (2887-28869), EX-WESTERN PACIFIC AIRLINES (WPA), 4 YEAR LEASED.
MAY 1998: THEODORE TSAKIRIDIS, CHAIRMAN, GENERAL DIRECTOR & NOW ALSO CEO.
JUNE 1998: 5 737-400'S (CFM56-3C1) (24703; 24704; 24709; 25371; 26281), EX-PAN AM (PAA), (ILF) 4 YEAR LEASED.
JULY 1998: APOSTOLOS KAYIAS, GENERAL DIRECTOR TECHNICAL OPERATIONS.
AUGUST 1998: EUROPEAN COMMISSION (EC) TO PROVIDE STATE AID, OF $115M, $75M IN 1998, & $40M IN 1999, FROM AN ORIGINALLY APPROVED $1.74B, INCLUDING GUARANTEES FOR NEW AIRPLANES.
6TH 737-400, (ILF) 4 YEAR LEASED. DID NOT RENEW LEASE, FOR 4 A300B4'S AIRPLANES OWNED BY GREEN ISLAND CO.
SEPTEMBER 1998: 737-400 (24915), EX-MALAYSIA AIRLINES (MAS), QATAR ISLAMIC BANK LEASED.
OCTOBER 1998: 1ST 6 MONTHS = 3.85B RPK (-7.9%), 69.95M FTK (-1.5%), 2.88M PAX (-11.5%).
2 727-284'S (20005; 20006) SOLD AND PARTED OUT.
DECEMBER 1998: PLANS TO MOVE TO NEW, INTERNATIONAL AIRPORT AT SPATA, IN 3/01, FROM ATHENS HELLENIKON.
FEBRUARY 1999: MASSIVE PERSONNEL RESTRUCTURING INCLUDING: GEORGE ZIGOYANNIS, CHAIRMAN, REPLACING THEODORE TSAKIRIDIS, NOW CEO.
2 A340-300 DELIVERIES, WILL REPLACE 747-200'S, ON ROUTES TO NORTH AMERICA, AUSTRALIA, THE FAR EAST, & SOUTH AFRICA.
MARCH 1999: THEODORE TSAKIRIDIS, CEO, RESIGNS.
(LOI) WITH GECAS (GEH) FOR 1 A300-600R ($390K/MONTH). PLANS TO RETIRE 4 747-200'S BY END OF 1999. DEFERS DELIVERY OF 8 737-800'S.
APRIL 1999: 6,596 EMPLOYEES. SITA: ATHVSOA.
JUNE 1999: BRITISH AIRWAYS (BAB) CONSULTANCY DIVISION, IS ONE OF SEVERAL AIRLINES (LUFTHANSA, UNITED AIRLINES (UAL), & AMERICAN AIRLINES (AAL), TRYING TO WIN MANAGEMENT CONTRACT, TO ATTEMPT TO REVIVE STRUGGLING OLYMPIC AIRWAYS (OLY). (BAB)'S "SPEEDWING" DIVISION, WINS 2 & 1/2 YEAR, CONTRACT, BY TEAM OF 12 EXPERIENCED EXECUTIVES, LED BY ROD LYNCH, WHICH GIVES (BAB) THE OPTION TO PURCHASE 20% OF (OLY). (OLY) EMPLOYEES, STAGE ONE DAY STRIKE, IN PROTEST AT (BAB) TAKEOVER, OF (OLY) MANAGEMENT.
JULY 1999: ROD LYNCH, TAKES OVER AS CEO.
SEPTEMBER 1999: FISCAL YEAR (FY) 1998 = +$5.2M. 1ST 8 MONTHS = 5.71B RPK (-.8%), 63.40M FTK (-19.3%), 4.36M PAX (+.5%).
TECHNICAL OPERATIONS DIVISION: CONTACT: J VAMVAKAS, DIRECTOR TECHNICAL OPERATIONS; HANGARS FOR 1 WIDE BODY, & 4 NARROW BODIES AIRPLANES; "A" - "D" CHECKS FOR 727'S, 737-200'S, 737-400'S, 747-200B'S, & A300B4/600'S; INCLUDING STRIP PAINT, AND COMPOSITES REPAIR. (firstname.lastname@example.org).
PLANS TO GET RID OF 747'S BY END OF 1999 AND 737-200'S BY END OF 2000.
OCTOBER 1999: SPEEDWING SENDS LETTERS TO HOMES OF ALL 8,800 EMPLOYEES, WITH THEME, "WE ARE HERE TO WORK WITH YOU AND HELP SAVE THE AIRLINE."
1998 = -$132M (-$25.1M): 5.32B RPM (-7.6%), 641.3M FTM (-7.6%).
SPEEDWING RECOMMENDS SELLING 11 737-200'S, & 4 747-200'S. 2 A340-313X'S (280, SX-DFC; 292, SX-DFD) DELIVERIES.
DECEMBER 1999: ALL 747-200'S TO BE GROUNDED IN 1/00. TO MAINTENANCE REPAIR & OVERHAUL (MRO) FOR MODIFICATIONS & OVERHAUL, PRIOR TO SALE OR LEASE.
FEBRUARY 2000: 1999 = 2.62M INTERNATIONAL PAX.
(http://www.olympic-airways.com.gr). SITA: ATHVSOA.
MARCH 2000: RESUMES SERVICE TO BELGRADE.
LOCAL MEDIA, STATES OLYMPIC AIRWAYS (OLY) WILL TRADE IN 2 727-200'S, 11 737-200'S, & 4 747-200'S TO GECAS (GEF), IN RETURN FOR 11 ORDERS (6/01) 737-700 & 4 ORDERS (2/02) 737-800, (GEF) 10 YEAR LEASED. CANCELS PREVIOUS 8 ORDERS 737-800. 3RD A300-600, (GEH) 5 YEAR LEASED.
APRIL 2000: TO BENGHAZI (3/WEEK). IN 6/00, TO MANCHESTER (3/WEEK) & TO TEHRAN (3/WEEK). IN SUMMER, THESSALONIKI - MUNICH. IN 6/00, TO BOSTON VIA MANCHESTER (A300-600R).
6,584 EMPLOYEES (INCL 835 CA, & 1,005 MT).
1 A300B4-605R (CF6) (603), EX-CHINA NORTHWEST AIRLINES (CNW), (GEH) 8 YEAR LEASED.
JUNE 2000: BY MUTUAL AGREEMENT, BRITISH AIRWAYS (BAB) SPEEDWING, CLOSES ITS DEAL WITH OLYMPIC AIRWAYS (OLY) PREMATURELY, & WILL NOT TAKE A 20% STAKE IN (OLY).
DIONYSSIS KALOFONOS, CHAIRMAN & CEO, EX-HEAD GREEK CIVIL AVIATION AUTHORITY.
TO MANCHESTER (737-400) & NONSTOP TO BOSTON (A340-300).
CANCELS 11 ORDERS 737-700'S, AND 4 ORDERS 737-800'S, INCLUDING TRADE-IN OF 2 727'S, 11 737-200'S & 4 747'S.
AUGUST 2000: 1999 = -$27.32M: 8.44B RPK (-1.9%); 103.27M FTK (-8.3%); 6.36M PAX (-1.6%); 6,584 EMPLOYEES (-.2%).
OLYMPIC AIRWAYS (OLY)'S $107.5M DEBTS, PUT OPENING OF NEW ATHENS ELEFTHERIOS VENIZELOS AIRPORT, IN SPATA IN JEOPARDY.
OWES $2.4M TO BRITISH AIRWAYS (BAB) SPEEDWING, FOR CONSULTANCY PROJECT.
2 A300B4-200'S (058;, 103) PARTED OUT.
SEPTEMBER 2000: CODE SHARING WITH SRILANKAN (LNK), COLOMBO - SYDNEY, AND MAY EXTEND TO EUROPEAN POINTS.
OCTOBER 2000: 1ST 6 MONTHS = 3.96B RPK (+5.7%); 58.27M FTK (+31.1%); 3.05M PAX (+4.2%).
NASSOS ARIS, GENERAL MANAGER TECHNICAL OPERATIONS, REPLACES APOSTOLOS KAYAS, WHO HAS MOVED TO THE NEW "SPATA" AIRPORT OPERATIONS. M FYTOS, DIRECTOR QUALITY ASSURANCE & QUALITY CONTROL. NASSOS BINIS DIRECTOR PRODUCTION PLANNING & CONTROL, REPLACING PANAIOTIS MAKRIS. SOTIRIS KOURANTIS, DIRECTOR AIRCRAFT MAINTENANCE REPLACES GEORGE MOISIDIS. EMANUEL MICHALAS, DIRECTOR ENGINE & COMPONENT WORKSHOPS. ANGELOS THEODORAKOPOULOS, DIRECTOR AVIONICS & ELECTRIC MAINTENANCE, REPLACES APOSTOLOS TSIALTZOUDIS. G MOISIDIS & A TSIALTZOUDIS, NOW ADVISORS TO N ARIS.
NOVEMBER 2000: BILL VAINAS, CORPORATE DIRECTOR QUALITY ASSURANCE.
DECEMBER 2000: (FAA) SAFETY OVERSIGHT RATES GREECE CATEGORY 2. THIS WILL PREVENT OLYMPIC AIRWAYS (OLY), FROM ADDING SERVICE TO USA, UNLESS UNDER A WET-LEASE FROM A USA CARRIER, OR FROM SOME OTHER CATEGORY 1 COUNTRY AIRLINE.
(OLY) IS CURRENTLY LOOKING FOR A BUYER, DUE TO SEVERE FINANCIAL DIFFICULTIES. ALSO THREATENED, IS THE MOVE, AND OPENING, OF THE NEW INTERNATIONAL ATHENS AIRPORT, AT SPATA. IN 2004, GREECE WILL BE HOSTING THE SUMMER OLYMPICS.
CYPRUS AIRWAYS (CYP), MAY MAKE A BID FOR 25% STAKE IN (OLY).
JANUARY 2001: OLYMPIC AIRWAYS (OLY)'S DEBTS EXCEED $100M, AND WILL RUN OUT OF CASH BY 2/01. FACES HEAVY COSTS, DUE TO ITS RELOCATION, TO NEW ELEFTHERIOS VENIZELOS AIRPORT AT SPATA, DUE TO OPEN IN 3/01. AIRPORT CONTRACTORS HAVE STOPPED WORKING ON (OLY)'S FACILITY AT SPATA, UNTIL (OLY) PAYS ITS BILLS.
APRIL 2001: 7,030 EMPLOYEES (INCLUDING 835 CA, & 1,005 MT).
JUNE 2001: CODE SHARE WITH AIR MALTA (MLT), FROM ATHENS AND THESSALONIKI, TO MALTA (737-200/-300).
MAY ACCEPT BID BY AXON (AXO), FOR A 65% STAKE.
11 737-200'S TO BE PHASED OUT BECAUSE OF NOT MEETING EUROPEAN UNION (EU) REGULATIONS ON ENGINE NOISE.
JULY 2001: SITA: ATHVSOA.
727-230 (1021-20790, /74) PARTED OUT.
OCTOBER 2001: EUROPE'S (EC) OK'S CONTINUED OPERATIONS OF 12 737-200'S FOR ANOTHER 3 YEARS (PREVIOUSLY SCHEDULED FOR RETIREMENT, PRIOR TO 3/02).
NOVEMBER 2001: 3RD Q = 748.1M RPK (-12.4%); 11.9% ASK; 74.6% LF (-.4); 7.26M FTK (-37%).
2 727-230 (20790; 918) SOLD TO AERO NUSANTARA (NOK).
JANUARY 2002: 2001 = 8.43B RPK (-5.2%); 94.06M FTK (-23.9%); 6.14M PAX (-8.7%).
2001 TOP 50 WORLD AIRLINES - PASSENGER TRAFFIC B RPM:
1 UAL 116.60; 2 AAL 106.15; 3 DAL 97.60; 4 NWA 73.11; 5 BAB 64.24; 6 AFA 59.54; 7 CAL 58.76; 8 DLH 56.76; 9 JAL 50.77; 10 USA 45.93; 11 SWA 44.50; 12 SIA 42.76; 13 QAN 42.14; 14 ACN 41.49; 15 KLM 35.76; 16 ANA 33.16; 17 CAT 27.81; 18 TII 27.43; 19 IBE 25.64; 20 KAL 23.73; 21 ALI 22.45; 22 MAS 22.29; 23 AMW 19.06; 24 VAA 17.65; 25 VAR 16.02; 26 CHI 16.00; 27 EAD 14.37; 28 SAS 14.26; 29 ANZ 13.54; 30 SAA 12.70; 31 SVA 12.56; 32 BEJ 12.39; 33 ASA 12.23; 34 JAS 10.06; 35 THY 9.35; 36 AMX 8.51; 37 PAL 8.36; 38 GIA 8.15; 39 CMA 7.99; 40 ELA 7.79; 41 GUL 7.65; 42 PIA 7.24; 43 AIN 7.10; 44 TAP 6.43; 45 EGP 5.53; 46 OLY 5.24; 47 AUL 5.06; 48 FIN 4.93; 49 IND 4.52; 50 CQT 4.51.
FEBRUARY 2002: AFTER DEMISE OF AXON AIRLINES (AXO), THE SOLE REMAINING BIDDER FOR 51% OF OLYMPIC AIRWAYS (OLY), IS AUSTRALIA-BASED, INTEGRATED AIRLINE SOLUTIONS (IAS), CONTROLLED BY GREEK TYCOON, PAVLOS VARDINOYANNIS. (IAS) FAILED TO MEET DEADLINE FOR SUBMITTING BID. WILL PROBABLY HAVE TO REDUCE 6,500 WORKFORCE
APRIL 2002: 1ST Q DOMESTIC MARKET SHARE = 58% (49%); 76% LF, HELPED BY AXON (AXO) SUSPENDING ITS OPERATIONS IN 10/01.
2001 = -$84M/-# EUR85.1M.
MAIN BASE: ATHENS.
HUB: THESSALONIKI (SKG).
(TELEPHONE: +30 (1) 926 9111). (FAX: +30 (1) 926 7154).
May 2002: Extends lease of 737-4YO (25371), Ansett Worldwide (AWW) leased.
June 2002: 737-3M8 (25015, SX-BLB), Air Luxor (LXA) leased.
July 2002: 2001 = -$74.6M: 8.43B RPK (-5.2%); 6.14M PAX (-8.7%); 94.96M FTK (-23.9%); 6,150 EMPLOYEES (-12.5%).
By end/02, plans to sell off its maintenance and ground handling division.
3 747-212B's (JT9D-7Q) (20825; 21683; 21684), and 747-284B (JT9D-7J), sold to Aero Nusantra Indonesia (NOK).
August 2002: To code share with Thai International (TII), over Bangkok to provide service to Australia.
Will dispose of its 4 737-200's.
October 2002: Sells its catering division for $15.8M, to Everest, a supermarket chain, and LSG Skychefs.
Golden Aviation, a Luxembourg-registered company, owned by shipping magnate, Stamatis Restis, shows interest in buying Olympic Airways (OLY)'s domestic and international flight operations.
1st 9 months = 6.13B RPK (-10.1%); 4.45M PAX (-10.6%); 60.08M FTK (-16.6%).
November 2002: Steve Dimitriadis, Director Engineering, resigned, and his duties were assumed by Leonidas Papastergiou, Assistant General Manager Maintenance Support.
December 2002: Olympic Airways (OLY) faces bankruptcy again, when European Commission (EC) states it has to pay its $195.6M loan back to the Greek government.
Receives bids from Aegean Airlines (CRM), DaimlerChrysler Aviation (DCY), Golden Aviation (Stematis Restis), Olympic Investors, the Varnoyannis Group, and Wexford Capital. Golden Aviation's bid of 70% for EUR 150M is the favorite, with Aegean Airlines (CRM) as the alternative.
March 2003: 7.55B RPK (-15%); 80.80M FTK (-35.8%).
July 2003: Greek government has been unable to secure a strategic investor for the struggling, debt-heavy, Olympic Airways (OLY) and only option appears to be to trim the present workforce of 7,000 down to about 1,830 by 10/03, and relaunch a slimmed down airline in time for the 2004 Olympic Games in Athens, for which it is the official airline.
August 2003: 2001 pre-tax = -# EUR 144M (-# EUR 95M).
September 2003: Government states Olympic will be restructured and reborn as a streamlined, debt-free Olympic Airlines. It will take off with a share capital of # EUR 140M/$152.9M. Transport Minister, Christos Verelis, expects the new company to be "viable" in its 1st year of operations. The revamp would entail the consolidation of Olympic Airways (OLY), Olympic Aviation (OLA), & Macedonian Airlines (MDA) into a single entity that would employ 1,850 staff and be engaged solely in the core business over its current international and domestic network. Labor costs for the new Olympic would decline by -45% by virtue of spinning off cargo activities, ground operations, and technical services to the remnants of the former Olympic, who employed 5,000. Potential buyers are being sought for 51% of the airline. The carrier's accumulated debt reached # EUR 512M/$562.1M according to its 2002 report.
Estimates 2002 = -# EUR 3-4M (-# EUR 144M/-$75M): 7.55B RPK (-10.4%); -12.6% ASK; 66.1% LF (+1.6); 5.6M PAX (-9%); 80M FTK (-15.8%); 7,099 EMPLOYEES (-.6%).
2002 TOP WORLD AIRLINES PASSENGER TRAFFIC RPK (B):
79 (XIN) 8.61; 80 (TAV) 8.32; 81 (IRN) 8.01; 82 (HNA) 7.93; 83 (IND) 7.55; 84 (OLY) 7.55; 85 (ACH) 7.50; 86 (SBR) 7.48; 87 (MTH) 7.09; 88 (KUW) 6.71; 89 (VIE) 6.60; 90 (SPR) 6.57; 91 (BMA) 6.56; 92 (LNK) 6.41; 93 (RAM) 6.38; 94 (BTA) 6.36; 95 (QTA) 6.20; 96 (COI) 5.96; 97 (EGF) 5.94; 98 (LOT) 5.87; 99 (FRO) 5.49; 100 (WJI) 5.49.
December 2003: Debt-laden Olympic Airways (OLY), perennially torn by labor disputes and revolving door upper management, has been reborn by a government bailout as a slimmed down airline renamed "Olympic Airlines" and operated its "inaugral" flight from Athens to Cairo.
The restructured carrier has been given a fresh lease of life with EUR 140M/$170.6M initial capital and a reduced payroll of 1,850 employees (previously 6,100). It is now a flights-only operator, considerably leaner than its predecessor and apparently free of an accumulated >$600M debt that will remain with the old-company's assets, notably ground handling, and maintenance, which are to be divested to private investors. Keeping the airline aloft is a sensitive prestige issue for Greece, considering the 2004 Olympics, for which it is slated to be the official carrier. Hence Greece is still urgently seeking to identify a strategic investor to inject Olympic with sorely needed liquidity and to privatize the airline.
The new Olympic Airlines (OLY) is the integration of the Flight Operations division of Olympic Airways with Olympic Aviation (OLA) and Macedonian Airlines (MDA). Its new fleet consists of 3 717's, 17 737's, 3 A300's, 4 A340-300's, 13 ATR42/72's, and 4 Dash 8's.
April 2004: 7,099 employees (including 972 CA).
May 2004: In 6/04, code share with Cyprus Airways (CYP), Larnaca to Greece.
June 2004: Code share with Hellas Jet (HEJ), Athens-Manchester.
July 2004: 2003 = 6.24B RPK (-19.3%); 62.7% LF; 5.22M PAX (-8.1%); 32.72M FTK (-13.2%).
737-3Q8 (26303), ex-Malev (HGA), (ILF) 3 year leased.
October 2004: 1,850 employees.
(Telephone: +30 (210) 926 78 27). (FAX: +30 (210) 926 78 17).
Code share with SN Brussels (DAT), Athens - Brussels.
The Greek government will assume the leases of 4 A340-300's at a cost of about # EUR 329M/$408.2M between 2005 - 2011. The leasing company had demanded the full cost of the 7 year rental period, threatening to repossess the airplanes.
December 2004: 737-33A (23626, EC-IFV "ALBACETE"), Hola (HLB) wet-leased.
April 2005: 737-33R (28869), returned to Boullioun (BOU), leased to Ukraine International (UKR).
June 2005: Olympic Airlines (OLY) as the national airline of Greece, operates jert airplane services to 35 cities and islands within Greece and to 39 destinations throughout Africa, Asia, Australia, Europe, and North America.
1,799 employees (including 513 Flight Crew (FC); & 747 Cabin Attendants (CA)).
(IATA): OA - 050. (ICAO): OAL - OLYMPIC.
Parent organization/shareholders: Government owned (100%).
Alliances: AeroSvit Airlines (UKA); Air Malta (MLT); (CSA) Czech Airlines; Cyprus Airways (CYP); Egyptair (EGP); Gulf Air (GUL); Hellas Jet (HEJ); Kuwait Airways (KUW); & (TAP) Portugal.
Main Base: Athens International Eleftherios Venizelos (ATH).
Hub: Thessaloniki (SKG).
Domestic, Scheduled Destinations: Alexandroupolis; Astypalaia Island; Athens; Chania; Chios; Heraklion; Ikaria Island; Ioannina; Karpathos; Kasos Island; Kastelorizo; Kastoria; Kavala; Kefallinia; Kerkyra; Kithira; Kos; Kozani; Leros; Limnos; Mikonos; Milos; Mytilene; Naxos Is; Paros; Preveza/Lefkas; Rhodes; Samos; Sitia; Skiathos; Skiros; Syros Island; Thessaloniki; Thira; & Zakinthos.
International, Scheduled Destinations: Alexandria; Amsterdam; Beirut; Belgrade; Berlin; Brussels; Bucharest; Cairo; Dubai; Dusseldorf; Frankfurt; Geneva; Istanbul; Johannesburg; Kuwait; Larnaca; London; Madrid; Manchester; Milan; Montreal; Moscow; Munich; New York; Paris; Rome; Sofia; Stuttgart; Tel Aviv; Tirana; Toronto; & Vienna.
July 2005: (FAA) raised Greece's safety rating from Category 2 to Category 1.
September 2005: Olympic Airlines (OLY) reported that revenue and passenger traffic increased in the first seven months of 2005 compared to the year-ago period. Revenue rose 14.6 % to €298.6 million/$372.4 million on a +3.6% gain in passengers to 3.34 million. Results were achieved with four fewer airplanes as the fleet dropped to 40 from 44.
The European Commission (EC) ruled that Olympic Airlines (OLY) and its predecessor Olympic Airways have received some €700 million/$859 million in illegal state aid since 1994. "By granting this aid, Greece has given Olympic Airways and Olympic Airlines (OLY) an advantage not available to their competitors," the (EC) said in a statement, adding it "therefore asked Greece to recover the illegal aid payments." The government has two months to show the (EC) how it intends to comply with the ruling.
The exact sum to be recovered is not clear and the Commission said this will be set at the time of the decision's application. The amount includes €160 million in unauthorized public aid for the restructuring of Olympic Airways between 1994 and 2000, which the Commission ordered returned in December 2002. "That aid has still not been repaid," the (EC) noted. In May, the European Court of Justice ruled against Greece for not taking "all the measures necessary for repayment" of this unlawful aid.
Moreover, the Commission found that Greece continued to grant further aid "which is incompatible with the common market and therefore illegal." This comprises €40 million from the state and Olympic Airways to cover part of the costs to Olympic Airlines (OLY)of leasing airplanes, plus an "unjustified payment" of some €90 million from the state during the transition from Airways to Airlines owing to overvaluation of assets.
In addition, the state "tolerated" Olympic Airways' failure to pay more than €350 million in tax and social security liabilities due between December 2002 and December 2004. It also illegally assumed a number of Airways' financial obligations amounting to some €60 million.
The (EC) decision undoubtedly will affect negatively the latest efforts by the Greek government to sell the struggling airline to Greek-US consortium York Capital-Olympic Investors.
Olympic Airlines (OLY) will appeal to the European Court of Justice to overturn the European Commission (EC)'s recent ruling that the carrier must repay to the Greek government up to €700 million/$859 million in illegal state aid, Transport Minister Mihalis Liapis confirmed. Liapis also said negotiations to sell Olympic (OLY) are in a "delicate but ongoing phase."
The (EC)'s ruling last week against Olympic Airlines (OLY) and its predecessor Olympic Airways is viewed by some as a potential death sentence for the struggling carrier, which has no means of repaying the money. However, the (EC) has not defined the exact sum to be recovered, leaving room for negotiation between the Greek government and Brussels.
November 2005: Greek air traffic controllers were planning a 24-hour strike today as part of a larger initiative by public sector unions demanding higher wages. Olympic Airlines (OLY) will cancel 107 flights and Aegean Airlines (CRM) planned to ground 120 flights.
1st 9 months = 5.78B (RPK) passenger traffic (+12.1%); 39.922M (FTK) freight traffic (+5.5%); 4.55M passengers (+2.5%).
December 2005: 1st 11 months = Passenger traffic 6.86B (RPK) (+9.4%); Freight traffic 51.10M (FTK) (+8.1%); 5.40M passengers (+.5%).
April 2006: The European Commission (EC) warned the Greek government that it must adhere to a May 2005 European Court of Justice ruling and recover €161 million/$194.6 million in state aid given to Olympic Airways, now Olympic Airlines (OLY), between 1998 and 2002. The (EC) said Greece has two months to "react" to the decision, or it will refer the case back to the Court and seek financial penalties. The government still is trying to privatize the airline.
Olympic Airlines (OLY) Chairman, Petros Papageorgiou resigned and will be replaced by Elias Karatzalis, an attorney and Olympic board member, according to a statement from the Greek Transport Ministry cited by Reuters. Papageorgiou was appointed in March 2004, but opted to leave because he opposed the Greek government's plans for Olympic (OLY), according to the report.
The European Commission (EC) appears to be fed up with the Greek government's attitude toward its flag carrier and a European Court of Justice ruling regarding the recovery of illegal state aid to Olympic Airways (OLY).
The (EC) announced that it has decided to refer Greece to the (ECJ) for failure to comply with its September 2005 decision, which required the country to quantify and recover all unlawfully granted aid to Olympic Airways (OLY) and its successor Olympic Airlines (OLY) since December 2002. According to the (EC)'s calculations, the aid in question amounted to approximately €540 million/$669.2 million.
The court also required Greece immediately to suspend all further aid to Olympic (OLY) and gave it two months to inform the (EC) of the steps taken to comply. "Nevertheless, at this stage, the exact amount to be recovered has not been determined yet. No recovery has taken place, and Greece has not demonstrated that it is has suspended all payments of new illegal aid," the Brussels-based Commission said in a statement.
The dispute goes all the way back to December 2002, when the (EC) asked Greece to recover an initial €161 million of illegal aid. The (ECJ) ruled in May 2005 that Greece was not compliant, forcing the Commission to send a "reasoned opinion" three weeks ago warning the government that it had two months to comply or the (EC) would refer the case back to the court and seek financial penalties.
In a separate decision, the (EC) ordered Greece to recover €2.8 million of aid granted to Olympic (OLY) that compensated the carrier for the cancellation of flights to the USA, Canada and Israel after September 14, 2001. In line with established precedent, the Commission allowed compensation of €2 million for losses resulting from airspace closures in those countries between September 11 and September 14. It also told Greece to recover around €140,000 paid to Aegean Airlines (CRM), since the government did not supply documents detailing the reason for the aid.
May 2006: The Greek goivernment is planning to rebrand its troubled flag carrier "Olympic Airlines" as "Pantheon Airways" from the winter season, as it continues its battle to stop (OLY) from going under.
June 2006: The replacement carrier for troubled Olympic Airlines (OLY) is supposed to start operating this fall, Sabre Aviation Consulting Services President, Nejib Ben-Khedher said during this week's (IATA) conference in Paris. Sabre's consulting arm was contracted by the Greek government to find investors and work out a business plan for the startup, which probably will be called "Pantheon Airways." The government will be a shareholder of the new carrier but the size of that stake is unclear. "Pantheon will be run as a private airline, but one can assume some senior management will come from Olympic (OLY)," Ben-Khedher said.
In April, the European Commission (EC) referred Greece to the European Court of Justice for its failure to recover some €540 million/$695.3 million of illegal state aid from Olympic Airways and successor Olympic Airlines (OLY). The creation of Pantheon unquestionably is related to this decision, as returning that amount would force (OLY) into de facto bankruptcy.
Pantheon's structure appears similar to the construction of SN Brussels Airlines (DAT), which arose from the bankrupt Belgian national carrier Sabena (SAB), and more recently the restructuring of Alitalia (ALI). Only flight activities would "migrate" to the new entity while services like ground handling and catering would be outsourced. Pantheon will operate primarily within Europe, possibly adding destinations not served currently by Olympic (OLY).
SITA signed an agreement with Athens International Airport to distribute and sell its AirportConnect CUTE, AirportConnect Kiosk, BagManager and BagMessage Information Technology (IT) applications in Greece. This is the third agreement of its kind since SITA announced plans in February to establish a global network of Indirect Channel partners to provide its (IT) solutions to medium-size and small airports that handle 5 million passengers or fewer per year.
October 2006: The European Commission (EC) is upping its efforts to force Greece to reclaim some €161 million/$201.8 million in illegal subsidies from Olympic Airways (OLY), adopting a decision requesting the European Court of Justice (ECJ) to fine the country.
The (EC) ruled in 2002 that aid granted to Olympic (OLY) between 1998 and 2002 was illegal. The (ECJ) confirmed last year that Greece failed to retrieve the money.
"Having regard to the seriousness and duration of the infringement, today's decision requests the Court to impose on Greece the imposition of a lump sum payment of €10,512 for each day since the 2005 Court ruling, until the effective implementation by Greece of the 2002 decision," the (EC) stated. Furthermore, it threatened that the (ECJ) may impose an additional periodic penalty payment of €53,611 per day, if the Greek government has not recovered the sum by the time of the court's next ruling.
November 2007: 1st 6 months = 3.23 billion (RPK)s (+.1%) traffic; 32.1 milllion (FTK)s (+2.3%) freight traffic; 2.66 million passengers (+2%).
December 2007: Olympic Airlines (OLY) will be prepared for liquidation. Greek Minister of Transport, Kostis Hadzidakis is planning the closure of the loss-making carrier next year and wants to replace it with a new airline under a new name and with a much smaller fleet. The Greek government also is looking for private investors, according to press reports. "We do not want a blueprint of Olympic (OLY), where the state has full control," Hadzidakis was quoted as saying. According to preliminary plans, the new carrier would operate with a fleet of 20 airplanes instead of the current 42. Most international routes would be closed, with the network focused on flights to domestic destinations and neighboring countries. Half of the 8,500 positions at Olympic (OLY) would be cut, with the government planning to offer early retirement packages or jobs in other state-owned enterprises. Last weekend, Hadzidakis said Olympic (OLY)'s debt had reached €2 billion/$2.94 billion and that legal proceedings involving alleged illegal state aid to the struggling carrier have made finding investors impossible.
The European Commission (EC) echoed the Greek government's concern over the fate of Olympic Airlines (OLY), with VP Transport, Jacques Barrot telling "Eleftheros Typos," according to "Reuters," "The longer we take in finding a viable and legally strong solution, the bigger the danger that Olympic (OLY) will disappear, along with its name and logo." Regarding Ryanair (RYR)'s lawsuit seeking an answer to its complaint about illegal state aid allegedly paid to Olympic (OLY), Barrot admitted, "At this stage, and despite efforts made by Greek authorities, I think it is very difficult to conclude that Olympic (OLY) has paid back all illegal aid it has received and that it does not continue to receive aid." Meanwhile, an (EU) spokesperson told "Thomson Financial" that "the time for waiting has already expired. We are convinced we have to move quick on Olympic (OLY), mostly . . . in order to guarantee that Greek taxpayers' money is not given out [as] illegal state aid."
The European Commission (EC) will launch a formal investigation into alleged illegal state aid to Olympic Airlines (OLY), that may have followed the (EC)'s September 2005 decision that the Greek government provided "illegal and incompatible" aid. "The thorough preliminary investigation we have conducted so far, following complaints by competitors, has not allayed our doubts that further aid may have been granted to [Olympic (OLY)], and we have no choice, but to open a formal investigation," VP Transport, Jacques Barrot said. The (EC) said it will investigate alleged continued forbearance in relation to tax and social security debts of Olympic Airways Services (OAS) and Olympic Airlines (OLY) since December 2004, government financing of airplane leases since May 2005, payments made to (OAS), related to arbitral panel decisions on damages actions taken by (OAS) against the state, and special creditor protection granted in 2005 to both (OAS) and the airline, that "apparently is not granted to any other entity in Greece." No timetable for the investigation was announced.
January 2008: 2007 statistics: 7.23 billion (RPK)s passenger traffic +2.7%; +4.9% capacity (ASK)s; -1.4 load factor for 67.3% LF. SEE ATTACHED COMPARISON CHART TO SELECTED OPERATORS - "OLY-2007-STATS."
February 2008: The European Court of Justice upheld a 2005 European Commission (EC) ruling that Greece failed properly to recover illegal state aid provided to Olympic Airways and its successor Olympic Airlines (OLY). (EC) VP Transport, Jacques Barrot said that "if swift compliance is not achieved, I would have no choice but to propose to the (EC) to file a new action with the Court of Justice, asking for the imposition of fines and periodic penalty payments." The Court cited examples of illegal aid in the form of asset overvaluation, tax breaks, rental payments, and other contributions, that added up to approximately €458 million/$667.4 million.
March 2008: Iberia (IBE) was contracted by Olympic Airways (OLY) for Maintenance Repair & Overhaul (MRO) of up to 20 (CFM56-5C4) engines and components on its A340 fleet.
September 2008: Olympic Airlines (OLY) will be shut down and restarted as "Pantheon Airways" early next year pending European Commission (EC) approval of a Greek government plan to rescue the loss-making carrier. Under the plan, Pantheon would be privatized, likely including foreign investment. It would continue operating Olympic (OLY)'s domestic network but would cut back international routes and be about 65% of Olympic (OLY)'s size. Several thousand jobs would be eliminated. Greek Minister of Transport Kostas Chatzidakis said (OLY) is one of Europe's worst performing companies and cannot continue in its current form.
The European Commission (EC) gave its approval to the Greek government plan to privatize and restart Olympic Airlines (OLY) as "Pantheon Airways" next year http://www.atwonline.com/news/story.html?storyID=14042 (September 17), but it also demanded that Olympic (OLY) return €850 million/$1.2 billion in state aid. The (EC) VP Transport, Antonio Tajani called the funding "incompatible with European legislation." The privatization plan could face opposition from the carrier's labor unions, which have threatened to fight it.
October 2008: Olympic Airlines (OLY) flew 686 million (RPK)s traffic in September, a -7.4% decrease from the year-ago month. Capacity was down -13.8% to 845.9 million (ASK)s, and load factor rose +5.6 points to 81.1% LF.
The Greek government called for expressions of interest from potential purchasers of Olympic Airlines (OLY) and holding company Pantheon. "The buyer of Pantheon will be selected through a multistage process. It is envisioned that a number of qualifying interested parties will be allowed to participate in the net stages of the process," the government said in a statement cited by "Reuters." Olympic (OLY) will be replaced by a separate airline (which may keep the "Olympic" name), ground handling and maintenance companies under the Pantheon umbrella. The deadline for expressions of interest is October 31, and the tender is scheduled to be concluded by year end. "Reuters" reported that hundreds of Olympic (OLY) workers and members of affiliated unions protested at Transport Ministry headquarters, setting off firecrackers and throwing bottles and rocks. (OSPA) union head, Manolis Patestos told the news service, "We demand that the government withdraw its plans for Olympic (OLY), and we will continue to protest until it is dropped." (OLY) has 4,500 core and 3,500 seasonal employees.
Qatar Airways (QTA) is interested in a possible bid for Olympic Airways (OLY), Greek Prime Minister Kostas Karamanlis revealed. "What I can say is that Qatar Airways (QTA) is on the list of investors who have expressed interest in Olympic (OLY)," he said in a statement cited by "Bloomberg News." Deadline for nonbinding bids is the end of the month and no other potential bidders were named.
Olympic Airlines (OLY) cancelled more than >100 flights as members of Greece's largest union (GSEE) staged a 24-hour strike in protest of the government's plan to privatize the carrier. Nearly all modes of transport were affected.
November 2008: Olympic Airlines employees walked out again, grounding nearly 100 flights and disrupting other air traffic in a runway protest against Greece's plan to sell the ailing state carrier. The Greek government is looking for an investor to bail out Olympic (OLY), which has been losing nearly -€2 million per day. Deadline for bidders has passed, and as of last month, Qatar Airways (QTA) was the only potential investor whose interest had been made public. (OLY) workers protested at least one day per week last month, causing hundreds of cancellations.
Greek Transport Minister, Costis Hadzidakis said "at least" 10 companies expressed interest in acquiring Olympic Airlines (OLY)'s flight, maintenance and ground handling operations, with six being interested in all three, according to press reports from Athens. He confirmed that neither Aegean Airlines (CRM), nor Lufthansa (DLH) are among the interested parties.
The Greek Ministry of Transport & Communications announced the companies interested in bidding for some or all of Olympic Airlines (OLY), which the government intends to split and sell by year end. Interested in Olympic (OLY)'s flight operations are Athens Airways, Kuwait's Fouad El Ghanim Group, Italy's MyAir (MYR), Qatar Airways (QTA), SkyEurope Airlines (SKP), and US charter services Chrysler Aviation (DCY) and SkyOne. Interested in (OLY)'s ground handling division are Athens Airways, Greek construction firm Ellaktor, Fouad El Ghanim, Goldair, Hellenic Cargo Group, and Swissport. Interested in (OLY)'s maintenance division are: Athens Airways, Iberia (IBE) and Fouad El Ghanim. Twenty-two additional potential bidders requested anonymity, the "Associated Press" reported.
Greek Prime Minister, Kostas Karamanlis said that the privatization of Olympic Airlines (OLY) will mean €150 million/$188.7 million in additional government revenue annually. The government plans to split the carrier into three units for sale by year end, a move that will "relieve the Greek taxpayer of the burden of paying for their losses," Karamanlis said, according to "Reuters."
February 2009: The Greek government's effort to privatize Olympic Airlines (OLY) has failed. Development Minister Costis Hatzidakis told reporters that "the bids that were submitted do not meet our demands" and that the government is "addressing an open proposal to Greek business groups for the sale of (OLY) through immediate negotiations." The government had split (OLY) into flight, ground handling and maintenance units for privatization.
Greece's Marfin Investment Group (MIG) said it is "ready to proceed to direct negotiations" with the government regarding its floundering effort to privatize (OLY) and that it is willing to invest up to €200 million/$259.5 million to acquire (OLY)'s three divisions. The government's tender failed to produce a satisfactory offer by the deadline, at which point officials reached out to Greek investors seeking a bid. (MIG) said it would be a willing partner with "any other robust and sound" investor but that its bid must achieve "the desired political consensus and social acceptance." (OLY)'s pilots (FC) support the Marfin offer, which was the only one announced, according to the "The Financial Times." (MIG) is 58% Greek controlled.
Swissport joined Greece's Marfin Investment Group (MIG) in submitting a binding bid for pieces of (OLY). Development Minister, Costis Hatzidakis said Marfin bid €45.7 million/$58.8 million for (Oly)'s flying operation and €16.7 million for its maintenance unit while Swissport offered €44.8 million for (OLY)'s grand handling operation. "The government expresses satisfaction over (MIG)'s positive response to a public invitation by the government and Swissport's decision to raise its initial offer," it said in a statement. "The government's goal is a healthy privatization of (OLY)."
March 2009: Aegean Airlines (CRM) joined the bidding for Olympic Airlines (OLY), offering a combined €170 million/$214.2 million for (OLY)'s Flight Operations, Maintenance Repair & Overhaul (MRO) division and its successor company "Pantheon." "The objective of (CRM) and its shareholders is the creation of a more powerful Greek air company" that can compete with larger European airlines, (CRM) said. It added that it would be able to take over (OLY) within 60 days of signing a deal and that it was willing to cede some domestic routes in order to facilitate competition. USA-based charter company Chrysler Aviation (DCY) has also reportedly re-entered the bidding, joining Swissport and Greece's Marfin Investment Group, each of which is seeking specific pieces of (OLY).
Later, the Greek government selected domestic holding company Marfin Investment Group (MIG) to purchase Olympic Airlines (OLY). "The government's legal and financial advisers informed us that the negotiations wth (MIG)'s advisers for the sale of (OLY)'s flying operations and technical maintenance ended successfully," Development Minister, Costis Hatzidakis said. The (MIG) bid €45.7 million/$57.5 million for (OLY)'s flight operations and €16.7 million for its Maintenance Repair & Overhaul (MRO) division. The government selected (MIG) over Aegean Airlines (CRM) and USA-based charter company Chrysler Aviation (DCY). It was unclear whether Swissport's €44.8 million offer for (OLY)'s ground handling operation remained under consideration.
The European Commission (EC) cleared Greece's plan to privatize Olympic Airlines (OLY), saying it "does not give rise to state aid concerns." The government selected Marfin Investment Group (MIG) to buy (OLY)'s Flight Operations for €45.7 million/$57.8 million and the assets of Olympic Airways (OLY) Services for €16.7 million. The (EC) cited several reasons for its clearance, including the fact that privatization would "maximize" the chances of recovery of illegal state aid previously granted to (OLY). It approved the direct-sale process because it facilitates a faster conclusion than re-tendering assets "while ensuring market price for the transactions" and because it "is expected to ensure the continued provision of routes subject to public service obligations, thereby protecting residents of outlying islands from possible disruptions to air services."
The Greek government signed an agreement to sell (OLY)'s Flight, Maintenance and Ground Handling divisions to Marfin Investment Group (MIG), which should take over the carrier in October if the deal is approved by the country's parliament. It is worth a reported €177.2 million/$241.5 million. The new (OLY) will employ some 4,000 workers, about half the current total. "The period of (OLY)'s decline, which created unbearable burdens for Greek taxpayers and severe legal problems with the (EU), is finally ending," Prime Minister, Costas Karamanlis was quoted as saying.
June 2009: MIG Aviation 3 Ltd, a subsidiary of Greece's Marfin Investment Group Holdings, signed a firm order for eight DHC-8-Q400s including five NextGen versions to be operated by Pantheon Airways (OLY) under the Olympic Airways (OLY) brand. It also took options for an additional eight DHC-8-Q400 NextGen airplanes. The firm orders are valued at $224 million.
FlyBe (BEE) will wet-lease four DHC-8-Q400s to the re-launched Olympic Airlines (OLY) from August 2009 until September 2010. The airplanes will be operated by (BEE) staff and fly under its Air Operators Certificate (AOC). Chairman & CEO, Jim French said, "Over the past 18 months or so, (BEE) has been offered literally dozens of opportunities to start up or support start-ups globally, all of which, until this one, we have declined. (BEE)'s senior management team is 100% convinced that this partnership with Olympic Air (OLY) is a tremendous opportunity and dovetails perfectly with our brand." He also said the regional is "likely" to report a profit for the fiscal year ended March 31.
July 2009: The European Court of Justice (ECJ) imposed a €2 million/$2.8 million fine on the Greek government for failing to recover state aid illegally granted to Olympic Airways, the predecessor of Olympic Airlines (OLY), which was privatized in March. The penalty will be increased by +€16,000 each day if Greece fails to recover the money within one month. The ruling relates to a longstanding dispute between the European Commission (EC) and Greece over state aid to its loss-making flag carrier. The (EC) argued in 2002 that certain aid granted to (OLY) was incompatible with the common market and thus had to be recovered. When Greece failed to do so, the (EC) took the case to the (ECJ), which ruled in 2005 that Greece failed to fulfill its obligations. The (EC) then revived the case, contending Greece still had not complied with the court's judgment and failed to recover €104.5 million in illegal state aid. The Greek government argued that most had been repaid.
"The court finds that Greece's failure to fulfill obligations has lasted for more than four years," the (ECJ) said. It concluded that Greece did not recover nor could prove the repayment of €24.8 million in aid, yet decided that this "constitutes only a relatively small part of the total sum." It therefore imposed the €16,000 daily penalty, whereas the (EC) had sought more than >€50,000, "in order to allow Greece to demonstrate that it has ended the failure to fulfill obligations."
August 2009: The new national carrier of Greece is now "Olympic Air" (OLY), and will be the operational arm of Pantheon Airways, which is part of Marfin Investment Group Holdings.
(IATA) Code: OA - 050. (ICAO): NOA (Callsign: PANTHEON).
1 A319-132 (3252, M-ABCJ), ex-Mandala Airlines (MND), ex-(PK-RMD), CIT Group (TCI) leased. 2 A320-232s (3748, SX-OAQ; 3812, SX-OAR), ALAFCO (AVF) leased. 3 DHC-8-Q402 (4259, G-FLBD; 4267, SX-OBA; 4268, G-PTHB), FlyBe (BEE) wet-leased.
September 2009: Jim French, Chairman & CEO of FlyBe (BEE) said he was thrilled about the agreement with the new Olympic Air (OLY) to wet-lease nine of (BEE)'s DHC-8-Q400s for a period of 12 to 18 months. The successor to Olympic Airways (OLY) will buy two of the nine airplanes and also take over some delivery positions (BEE) holds with Bombardier. "This is a great deal," he commented. "It helps us bridge the recession and it helps Olympic (OLY) to get started."
October 2009: Olympic Air (OLY), the re-launch of Olympic Airlines that started operations at the end of September, already is transporting 10,000 passengers daily and trying to "just do basic things, fly on time, and smile to people," CEO, Antonis Simigdalas said. The new company, created when the Greek government agreed to sell Olympic Airlines' (OLY)'s flight, maintenance and ground handling divisions to Marfin Investment Group, employs 5,500 workers and has "created a new culture in all aspects," Simigdalas said. It operates a fleet of 12 A319s/A320s, eight DHC-8-Q400s, two ATR42s and five DHC-8-100s. It plans to add several more A320s and two more DHC-8-Q400s in 2010.
The network is focused on domestic operations and select European destinations. It "is 35% [smaller] compared to the old (OLY)," he said. It does serve major hubs such as Paris Charles de Gaulle and Amsterdam to enable passengers to make long-haul connections on other airlines. (OLY) has signed cooperation agreements with Delta Air Lines (DAL) and Etihad (EHD) and plans to launch its own long-haul flying. "Within a time window of 12 months, we could implement a long-haul operation," Simigdalas said. "But so far, there is no plan to do so in the near future."
He is realistic regarding profitability. "If the current [economic] condition continues, in 2012 maybe we will make our first profit," he said. He pointed out that the ground handling unit is already profitable. (OLY) also plans to offer Maintenance Repair & Overhaul (MRO) services to other carriers.
(OLY)'s main agenda for the time being, he said, is working to change the image many still hold of (OLY) as an unfriendly, delay-plagued, loss-making carrier. "That's why (OLY) has started an international [marketing] campaign emphasizing our new image," he commented.
Lufthansa Technik (DLH) (LTK) won a seven-year contract from Olympic Air (OLY) to provide total component support services for the carrier's 16 A320s and 10 DHC-8-Q400s.
Aero Cargo was appointed by Olympic Air (OLY) to be its General Sales Agent (GSA) in France.
2 A320-232s (3990, SX-OAM; 4065, SX-OAP), Alphastream leased.
November 2009: Parent organization/shareholders: Marfin Investment Group (MIG) (The Dubai Group holds 18% of (MIG)).
Employees = 5,000.
Domestic destinations: Alexandroupol; Astypalaia; Athens; Chania; Chios; Corfu; Heraklion; Ikaria; Ioannina; Kalamata; Kalymnos; Karpathos; Kastelorizo; Kasos; Kavala; Kefalonia; Kos; Kythira; Leros; Limnos; Mykonos; Milos; Mytiline; Naxos; Paros; Preveza; Rhodes; Samos; Santorini; Sitia; Skathios; Skyros; Syros; Thessaliniki; and Zakynthos.
International destinations; Alexandria; Amsterdam; Beirut; Belgrade; Brussels; Bucharest; Cairo; Istanbul; Larnaca; London (LHR); mILAN (mxp); Paris (CDG); Rome; Sofia; Tel Aviv; Tirana; and Vienna.
A320-232 (4094, SX-OAS), Alphastream AG leased.
January 2010: Mobiqa announced that Olympic Air (OLY) is offering its mobile barcoded boarding pass delivery system for flights departing Athens.
February 2010: Greek air traffic controllers planned a 24-hour strike, grounding all flights to and from Greece. Aegean Airlines (CRM) said it was "forced to cancel all flights on its network."
(CRM) announced that "discussions" between its main investor, Vassilakis Group, and Olympic Air (OLY) controlling shareholder, the Marfin Investment Group "have taken place concerning the potential of a future cooperation," without elaborating. (CRM) bid unsuccessfully for Olympic (OLY)'s assets when the Greek government privatized the airline last year.
After being unsuccessful in its bid to purchase Olympic Air (OLY) from the Greek government last year, Aegean Airlines (CRM) announced a merger designed to create "a national airline champion with enlarged presence in the European market as well as seamless coverage of even the most remote islands of our country."
The new company eventually will take the Olympic name and will be listed on the Athens Exchange. Olympic Handling and Olympic Engineering will be wholly owned subsidiaries, while Aegean (CRM) majority investor, the Vassilakis Group and current (OLY) owner, the Marfin Investment Group (MIG) will be equal partners in the venture. There also will be minority shareholders. (CRM) offered more money than (MIG) for Olympic (OLY) one year ago, but the Greek government chose the latter because of competition concerns.
Aegean (CRM) Chairman, Theodoros Vassilakis and (OLY) Chairman & CEO, Andreas Vgenopoulos "are expected to lead the new company, ensuring the smooth integration of the business," according to Aegean (CRM). The merger is subject to European Commission (EC) approval and no timetable was announced. "The relative size of our competitors within the (EU) necessitates the joining of the two main Greek airlines," Vassilakis said, adding that the merger will "ensure the long-term development and viability of the two airlines and protect the levels of employment in the sector." Vgenopoulos issued a statement echoing those sentiments, adding that the deal "at the same time preserves and strengthens the Olympic (OLY) brand name, an inherent piece of our national tradition."
Aegean (CRM) currently operates 18 A320s, four A321s, four 737-400s and six Avro RJ 100s. (OLY) flies nine A320s, eight A319s, 10 DHC-8-Q400s and five DHC-8-100s, for a combined fleet of 64 airplanes. (CRM) currently serves 24 domestic and 26 international destinations, while Olympic (OLY) flies to 41 Greek and 15 international airports. Employee rolls comprise 2,500 at (CRM), 1,300 at Olympic Air (OLY), 2,000 at Olympic Handling and 50 at Olympic Engineering. The parties did not say whether the merger would result in any layoffs.
Aegean (CRM) was scheduled to join the Star (SAL) Alliance by June.
2 A320-214s (4190, SX-OAT; 4193, SX-OAU), ALAFCO (AVF) leased.
May 2010: DHC-8-402 (4311), FlyBe leased as (SX-OBD).
July 2010: Aegean Airlines (CRM) became the 28th member of Star Alliance (SAL) in ceremonies in the Greek capital, just over one year after it officially was invited to join. "One more time the (SAL) alliance family is growing today, one more time we are adding a high-quality brand name to our impressive list of world-class airlines, one more time are we proud to call an exciting country our home," (SAL) CEO, Jaan Albrecht said. (SAL) added TAM (TPR) as a member in May. Despite some delay, Air India (AIN)/(IND) is on course to join by the end of this year or early next year, he confirmed.
"The (SAL) Alliance can simply not afford not to have a home here," Albrecht said, noting that Greek people have traveled the world long before many others and they "continue to enjoy traveling and connecting communities in every corner of the globe." (CRM)'s induction into (SAL) extends (CRM)'s and the grouping's network to/from/within Greece to more than >1,500 weekly flights to 69 destinations in 27 countries.
He heaped praise on its new member, describing (CRM) as a "fascinating" airline because of its "young and successful history, the stringent and entrepreneurial business concept of its owners and its management, and its competitiveness in the marketplace based on its dedication to cost-efficiency, quality and service."
(CRM) Chairman, Theodore Vassilakis said, "Joining the (SAL) Alliance is an honor and a great opportunity for (CRM). Our customers will enjoy recognition, loyalty benefits and end-on-end global service that the (SAL) Alliance is renowned for. At the same time, there will be a 'star' on the map, showing that services and access to Greece have been significantly upgraded."
(CRM) operates a fleet of 30 airplanes covering 26 domestic and 28 international short/medium-haul routes with more than >150 daily flights. It became Greece's largest carrier in terms of passengers in 2008 and is awaiting approval from the European Commission (EC) to merge with rival Olympic Airways (OLY), which had been in alliance talks with the SkyTeam (STM) alliance.
"They lost this one," Albrecht joked, confirming that the enlarged entity (which will carry the "Olympic" name) will be a full (SAL) member if the planned merger wins regulatory approval.
Following the integration, (CRM) will seek to enter into bilateral commercial agreements with several (SAL) members and sign code share deals with Continental Airlines (CAL), among others, depending on regulatory approval, CEO, Dimitris Gerogiannis said. (CRM) presently code shares with bmi (BMA), Lufthansa (DLH), and (TAP) Portugal.
August 2010: Olympic Air (OLY) and Meridiana (ALS) have entered a code-sharing deal that became effective on August 16. (ALS) will put its code on Olympic (OLY) services from Athens to Rome and Milan Malpensa. (OLY) will code share on (ALS) flights from Athens to Milan Malpensa and Verona, from Mykonos to Milan and Verona, from Santorini to Milan and from Mykonos to Bari.
Meridiana (ALS) is Italy’s second-largest airline behind Alitalia (ALI) and has a strong focus on leisure destinations. Olympic Air (OLY), which is merging with local rival Aegean Airlines (CRM), has been hard hit by Greece’s financial crisis, which has had a deep impact even on leisure travel to the country.
Olympic Air (OLY) is introducing additional network changes:
Athens - Ikaria: daily, DHC-8-100/-400 service started on June 15 (replacing Athens Airways on PSO route);
Athens - Karpathos: 10x weekly DHC-8-100/-400 service started on June 1 (replacing Athens Airways);
Athens - Kithira: daily, DHC-8-100/-400 service started on June 1 (replacing Athens Airways);
Athens - Skiathos: daily, DHC-8-100/-400 service started on June 1 (replacing Athens Airways);
Thessaloniki - London Gatwick: 5x weekly, A319-100 service starting on October 31.
It will, however, give up its Athens - Alexandroupolis and Athens - Milan Malpensa routes on October 30, and has already terminated its Athens - Beirut/London Gatwick services in late March and its Athens - Alexandria route in mid-July. It has entered into a code share agreement with Etihad Airways (EHD) putting its (OLY) code on the daily, (EHD) A320-200 service from Athens to Abu Dhabi and connecting services from there to Cape Town, Johannesburg, Melbourne, and Sydney. It has also started to code share with Meridiana fly (ALS) on all Greece - Italy services operated by the two carriers.
October 2010: SEE ATTACHED "FLIGHT INTERNATIONAL" BAD WEEK - - "OLY-2010-10-BAD WEEK."
November 2010: Olympic Air (OLY) launched five-times-weekly, Thessaloniki – London Gatwick service with an A319 with 120Y economy-class seats and 12C business-class seats. (OLY) and Etihad Airways (EHD) launched a code share agreement under which (OLY) will place its code on (EHD) Athens - Abu Dhabi service as well as selected long-haul flights between Abu Dhabi and Sydney/Melbourne.
January 2011: The European Commission (EC) has blocked a merger between Aegean Airways (CRM) and Olympic Air (OLY), concluding that the proposed tie-up would have resulted in a “quasi-monopoly on the Greek air transport market.”
The (EC) opened an antitrust (ATI) probe into the proposed combination last August. “We took this decision to protect consumers,” (EC) VP Competition Joaquin, Almunia said, noting that the merger would have “led to higher fares for air passengers in Greece, both Greek and European, and possibly a service of lower quality.”
The (EC) acknowledged it did not find significant competition problems on short-haul international routes; however, its investigation showed that together, the duo controls more than >90% of the Greek domestic air transport market and there were “no realistic prospects that a new airline of a sufficient size would enter the routes and restrain the merged entity's pricing.” It asserted that the proposed merger would lead to a quasi-monopoly between Athens and Thessaloniki, the country's second-biggest city, and between Athens and eight island airports, namely Herakleion and Chania, both in Crete, Rhodes, Santorini, Mytilini, Chios, Kos, and Samos. None of these are routes covered by public service obligations.
Almunia said the (EC) “did its best” to find a solution, “but unfortunately the remedies offered by the companies would not have adequately protected the interests of the four million consumers that use the routes.” She pointed out that “prohibition decisions are never easy to take. This is only the third such decision in over six years." The last also involved two airlines based at the same airport: Ryanair (RYR)'s attempted hostile takeover of Aer Lingus (ARL).
The carriers (CRM)/(OLY) offered substantial remedies, including the release of slots at Athens and other Greek airports, to obtain a clearance for the merger, which they see as essential to survive in view of Greece’s depressed economic situation and the small size of the market. But the “nature and the scope of these remedies were insufficient to ensure that customers would not be harmed by the transaction. This is notably because the main problem in this case — unlike in many previous airline cases — was not the availability of slots, which are available at Athens airport and at most Greek airports,” the (EC) reasoned.
Commenting on the (EC)’s decision, Aegean (CRM) Chairman, Theodore Vassilakis said that “an important opportunity for a consolidated representation in the European aviation market has been lost. We will adjust and continue. Our track record shows that we can succeed through challenging times.”
“The (EC) decision will have negative consequences for consumers as well as our country’s economy while it will benefit foreign competitors,” warned Marfin Investment Group (MIG) Chairman, Andreas Vgenopoulos. Marfin owns Olympic (OLY). The two agreed to a merger in February 2010.
The companies (CRM)/(OLY) said they will review the (EC) decision before deciding on possible further actions.
March 2011: Aegean Airlines (CRM) posted a net loss of -€23.3 million/-$32.4 million for 2010, reversed from a +€23 million net profit in 2009, confirming earlier predictions that the Greek airline would suffer a loss “of over -$22 million” for the year. It cited weak domestic demand, a significant reduction in average fares and rising fuel prices as the main contributors to the loss.
(CRM), which announced earlier this month it will appeal the European Commission (EC)’s decision to block its proposed merger with Olympic Air (OLY), said the deficit was burdened by an €8 million extraordinary social contribution charge. Revenue decreased -5% to €591 million on a -5% decline in passengers to 6.2 million, comprising a -16% drop in domestic enplanements to 3.17 million and a +9% rise in international boardings. Load factor gained +2.3 points to 68.1% LF.
“The challenges of the acute recession of the Greek economy and the significant rise in the price of fuel will continue to affect the company’s results during the current year,” Managing Director, Dimitris Gerogiannis warned. He stressed that (CRM) will “redouble” its efforts to further improve productivity and competitiveness as well as develop new programs and services.
With the start of the summer schedule, (CRM) will open a base in Larnaca with three new 168-seat A320s supporting daily London Heathrow (LHR) service, and new summer routes to six destinations in Greece: Heraklion, Rhodes, Chania, Kos, Mykonos, and Santorini. This will bring to nine its network out of Cypriote airport in Cyprus. (LHR) service will commence March 27.
(CRM) will introduce new routes from Athens (ATH) to Moscow and Bologna, and increase its frequencies from (ATH) to (LHR) to four-times-daily, Rome Fiumicino (up to three-times-daily), Paris (CDG) (up to three-times-daily), Brussels (twice-daily), Barcelona (up to 10-times-weekly), and Madrid (up to 10-times-weekly). (CRM) will also strengthen its base at Thessaloniki with new routes to Moscow and Paris, bringing to 18 the number of domestic and international destinations it serves directly. It has five A320s based at (SKG).
(CRM) announced it acquired four slots at (LHR) and (CDG) from Olympic Air (OLY).
May 2011: Olympic Air (OLY) will increase its daily, Athens - Amsterdam service to nine-times-weekly for the summer season.
(OLY) appointed Aviareps to serve as its General Sales Agent (GSA) in the Benelux countries.
August 2011: Oxford Aviation Academy (OAA) has forged a five-year training agreement with Olympic Air (OLY) to provide Bombardier DHC-8-Q400 training solutions and simulator facilities at (OAA)’s training centre at Arlanda Airport in Stockholm. The agreement also includes options for DHC-8-100 training, which will be offered and made available in late 2011 through (OAA)’s Norwegian training facility based in Oslo.
(OLY) currently operates 10 DHC-8-Q402s and five DHC-8-102s and holds options on three more DHC-8-Q400s. (OLY) also operates five A320s and three A319s.
January 2012: Olympic Air (OLY) has launched twice weekly, DHC-8-400 service from Thessaloniki to Tirana on December 2.
March 2012: Olympic Air (OLY) has taken the bold decision to take on local rival Aegean Airlines (CRM), and Israeli national carrier, El Al (ELA) by starting non-stop flights between Athens (ATH) and Tel Aviv (TLV). (OLY)’s Deputy (CEO), Mr George Efstratiadis, commented: “It is a great pleasure for (OLY) to return to Israel. The city of Tel Aviv used to be an important destination for (OLY) since 1958 and today we are quite excited to announce the reactivation of the Athens - Tel Aviv – Athens route. The route’s launch coincides with significant developments across the board of regional and business relations in the Eastern Mediterranean region. Improving relations between Greece and Israel, especially in business affairs require flexible and efficient travel services between the two countries. On the other hand, the increased flow of tourism calls for a general increase in air routes and capacities. Greek tourists are travelling very often to visit the Holy Lands and other religious shrines, while the Greek islands are becoming increasingly attractive for Israeli tourists. This is exactly where (OLY) aims to offer highly competitive travel schedules, with unsurpassed quality and attractive price. For (OLY) the launch of the Tel Aviv route represents another significant step towards the implementation of its strategic planning: leadership in the eastern Mediterranean region”. This focus is in line with the airline dropping Western European services. At present, (OLY)’s three weekly flights on A319/A320 airplanes will compete with four weekly flights from (CRM) and two weekly flights from (ELA). In the peak summer season, (OLY) will add a fourth weekly flight, while (CRM) will increase its service to daily, and (ELA)’s service is boosted to five weekly flights.
Safair (SFA) will shortly take delivery of its first ex-Olympic Airlines (OLY) 737-400F.
April 2012: Aegean Airlines (CRM) has started using Olympic Air (OLY) DHC-8-400s on the daily flight between Athens Eleftherios Venizelos International airport (ATH) and Kalamata airport (KLX).
July 2012: Danish lessor, Nordic Aviation Capital (NAC) has closed a sale-and-leaseback agreement with Olympic Air’s (OLY) parent company, covering 10 Bombardier DHC-8-Q400’s and four DHC-8-100 airplanes.
Under the deal, (OLY) owner, the Marfin Investment Group (MIG) has sold its (MIG) Aviation UK and (MIG) Aviation 3 subsidiaries to (NAC). These subsidiary companies owned the 14 airplanes, marking the disposal of (MIG)’s Bombardier fleet.
(NAC) has placed the airplanes back with (Oly) on operating lease. The 10 DHC-8-Q400s are on an 11-year contract and the four DHC-8-100s have a five-year term.
With this latest transaction, (NAC)’s Dash 8 portfolio has grown to 53 airplanes, of which 34 are DHC-8-Q400 models. (NAC) has nearly 200 airplanes on lease to 30 operators world wide.
October 2012: Aegean Airlines (CRM) has struck a deal to acquire Olympic Air (OLY) from the Marfin Investment Group for €72 million/$94 million, creating a €1 billion company. (CRM) plans to acquire 100% of (OLY) from Marfin and turn it into a subsidiary. The two airlines will operate under their existing brands; their networks will be optimized to improve efficiency and connectivity. Back office functions will also be combined. The European Commission (EC) must approve the deal on competition grounds.
(CRM) first attempted to acquire (OLY) in 2009, but ultimately lost out to current owners, the Marfin Investment Group. In 2010, (CRM) again tried to merge with (OLY), but the (EC) rejected the deal, saying the merger would create a “quasi-monopoly on the Greek air transport market.”
(CRM) Chairman, Theodoros Vassilakis said, “Our subscale size, combined with the effects of the unprecedented Greek crisis, restrict our ability to successfully compete within the European and global aviation market leading us to further losses and further reductions of size and scope.”
The two airlines posted losses in 2011. (CRM) reported a -€27.2 million loss, from €668.2 million turnover, while (OLY) ended the year -€37.6 million in the red after generating +€240.5 million in revenues.
“Aegean (CRM) still possesses the financial reserves to lead the consolidation of aviation in Greece. The synergies from this agreement will allow us to reduce unit costs and offer enhanced network coverage with competitive prices to the consumers,” Vassilakis said.
(OLY) launched operations in 2009, replacing predecessors Olympic Airlines and Olympic Airways, and operates 21 airplanes. It serves 38 domestic and seven international routes and is expecting to carry 2.9 million passengers in 2012.
(CRM) is also Athens-based and operates a fleet of 29 airplanes. This summer, its network included 19 domestic and 51 international routes. By year end, it expects its passenger total to be around 6 million.
December 2012: Moskovia Airlines (GAI) has taken delivery of a first ex-Olympic Airlines ((IATA) Code: OP, based at Athens Eleftherios Venizelos International airport (ATH)) (OLY) 737-484 (27149, VQ-BNX). The new airplane complements its existing fleet of two 737-700s based at Moscow Domodedovo International airport (DME) and mainly used on charter flights and scheduled services to Azerbaijan, Montenegro, and Uzbekistan.
March 2013: Brief Recap of Olympic Air (OLY) by (ATW)'s Kathryn M Young in "Time Capsule:"
Olympic Airways (OLY) began flying in 1957 under the ownership of shipping magnate, Aristotle Onassis. He offered free DC-3 flights to travelers to ease their fear of flying. Olympic (OLY) began flying its first jet airplane service in 1960 with de Havilland Comets, and soon after began code sharing with British European Airways (BEA).
During the 1960s, Olympic Airways (OLY) added Boeing 707s and 727s to its fleet. It replaced its aging Douglas DC-3 and DC-6s in 1971 with twin-turboprop Nihon Aircraft Manufacturing Corporation. It ended up flying 10, naming them after Greek islands. In that same year, it created Olympic Aviation, a subsidiary airline to serve the Greek Islands.
At one point, (OLY) flew to nearly 70 cities, about half of them domestically, and employed 8,500 people.
In January of 1973, Alexander Onassis, the son of Aristotle, died in a plane crash and soon after, Onassis sold his interest in the airline, which ended up under state control.
Management problems, labor unrest and increasing debt and financial losses mounted. In 2003, the government restructured the company and renamed it "Olympic Airlines," only to have that carrier finally cease operations in September 2009. After almost 35 years of state ownership, the Marfin Investment Group (MIG) purchased portions of Olympic Airlines, and the airline was reborn as Olympic Air (OLY), a carrier about 35% smaller than the original.
In 2010, Olympic (OLY) and Aegean Air (CRM) proposed a merger, but the merger was blocked for anti-competition reasons. (MIG) is now in the process of selling 100% of its shares to Aegean (CRM), and is currently waiting for approval by the European Competition Commission.
(CRM) has apparently offered a concession package to the European Commission (EC) hoping to receive approval for its proposed acquisition of smaller competitor Olympic Air (OLY) instead. According to a statement published by the (EC), the deadline for a decision has now been postponed to April 23 as more time is required to review the concessions offered by (CRM). The two Greek carriers agreed to the acquisition of (OLY) by (CRM) for 72 million EUR in October 2012 already but the transaction needs approval by the (EU), which had previously already denied approval for a similar deal. (OLY) is now much smaller, operating just ten DHC-8-400s and four DHC-8-100s in the upcoming summer timetable period.
(OLY) will phase out its remaining two A319-100s and three A320-200s by the end of this month. The airplanes are no longer scheduled to operate on (OLY)'s scheduled domestic and regional flights from March 30 onwards. (OLY) will cancel its services from Athens to Larnaca and Tel Aviv Ben Gurion and from Thessaloniki to Chania, Heraklion, Mykonos, Mytilene, Rhodes and Santorini. Some of the airplanes including A320-200 (3316, SX-OAH) are expected to be transferred to Aegean Airlines (CRM). The European Commission (EC) is currently reviewing the proposed acquisition of (OLY) by (CRM) originally announced in October 2012.
June 2013: Olympic Air (OLY) grew its seasonal offering to Santorini (JTR) on June 30, as it connected the popular Greek destination with Heraklion (HER) and Mykonos (JMK). Thrice-weekly frequencies are offered on each route and operated using Q400s until September 15. Jetairfly (TUB) and Sky Express (SEH) provide competition on the route from Heraklion, which they both serve with weekly flights.
August 2013: Aegean Airlines (CRM) has offered new concessions to gain European Union (EU) antitrust approval for its second attempt to acquire Olympic Air (OLY), indicating an earlier offer had failed to ease competition concerns over the planned tie up. According to the European Commission (EC), (CRM) has submitted a renewed bid with added concessions but did not elaborate on them. In its March proposal, (CRM) had offered to cap fares on "some" domestic routes but this failed to allay the (EC)'s fears that a combined entity would still have a monopoly on some routes. Faced with declining traffic in its domestic market due to Greece's prolonged recession, loss-making (CRM) has said the proposed EUR 72 million/$ 96.38 million acquisition of (OLY) was crucial for its survival. However, it faces competition from regional rival, Turkish Airlines (THY), whose bid for (OLY) is reportedly "+EUR 19 million more than that of Aegean (CRM)." (THY) has also set sights on acquiring (CRM) in the long term.
October 2013: The European Commission (EC) has allowed Aegean Airlines (CRM) to acquire the loss-making Olympic Air (OLY) following a six-month investigation into the competition ramifications of the proposed acquisition.
Under plans announced almost exactly a year ago, Star (SAL) Alliance member, Aegean (CRM) will pay €72 million/$97 million for Olympic Air (CRM), which will become a subsidiary.
Aegean Airlines (CRM) has signed a definitive agreement with Marfin Investment Group to acquire Olympic Air (OLY) for €72 million/$99.2 million in cash, and the transfer of 100% of Olympic Air shares has been completed. A down payment of €20 million was paid October 22, with the remainder to paid in five equal annual installments, the first of which was paid October 23. On completion, Olympic Air (OLY) becomes a subsidiary of Aegean (CRM) which assumes management of the company.
While back office and support functions will be merged, (CRM) intends to keep the two brands, with each retaining distinct airplanes and flight activity.
Olympic Airlines (OLY), the former national carrier, was privatized and became Olympic Air in 2009, serving largely domestic routes including many public service obligation sectors.
(EC) VP Competition, Joaquín Almunia, said: “It is clear that, due to the ongoing Greek crisis and given (OLY)’s own very difficult financial situation, (OLY) would be forced to leave the market soon, in any event. Therefore, we approved the merger because it has no additional negative effect on competition.”
The report noted the Greek economic crisis had seen a drop of -26% in demand for domestic air passenger transport from Athens (from 6.1 million passengers in 2009 to 4.5 million in 2012) and there had been a further -6.3% decline during the first half of 2013 year-over-year.
(CRM) said the rationale of the decision “supports the absolute necessity of economies of scale to achieve viability within the Greek aviation market.” Explaining the reasons behind giving approval for the acquisition (a similar attempt was refused in 2011 on competition grounds) the (EC) said if (OLY) collapsed, Aegean (CRM) would become the only significant domestic service provider and would take Olympic (OLY)’s current market share.
“Therefore, with or without the merger, Olympic (OLY) would soon disappear as a competitor to Aegean (CRM). Thus, the merger causes no harm to competition that would not have occurred anyway.”
Greece’s economic crisis means there is little likelihood of any other carrier beginning services on the routes. It noted Olympic (OLY) has never been profitable since privatization in 2009 and has received considerable financial support from its sole shareholder, the Marfin Investment Group (MIG). With no prospect of improvement, the (MIG) decided to discontinue its support of Olympic (OLY) if it was not sold to Aegean (CRM). This would have led to Olympic (OLY)’s permanent shutdown.
Olympic (OLY) serves approximately 30 short-haul destinations with a fleet of two A319s, 10 Bombardier Q400s and four Bombardier DHC-8-100s. Aegean (CRM) operates an all-Airbus (EDS) fleet (25 A320s, four A321s and one A319).
At one time, the merger between Greek carriers Aegean Airlines (CRM) and Olympic Air (OLY) might have seemed like a marriage of equals, but the current reality is quite different. Based on scheduled Available Seat Kilometers (ASK)s in October, (CRM) is 10 times larger than (OLY). While (CRM) has grown its (ASK)s by +8% in the last 12 months, (OLY) has cut its (ASK)s by half. So with the (EU) having finally decided to allow the two carriers to merge, how do the networks of the two carriers compare? What is it that Aegean (CRM) gains by absorbing Olympic (OLY)?
While (CRM) has been focussed on growing its international network, not just from Athens but from other Greek airports, Olympic (OLY) has been left primarily to deal with a rapidly shrinking domestic market focussed on Athens. Between 2009 and 2012, domestic passenger numbers at Athens International Airport have fallen by -26.4% from 6.13 million to just 4.51 million. In the first nine months of this year, domestic demand has fallen by a further -5.5%.
Olympic (OLY) is operating a total of 40 routes, having dropped five and added none since this time last year. Of the 40 routes, 32 are from Athens, and of those 27 are to domestic destinations, with just five international routes (to Belgrade, Bucharest, Istanbul, Sofia, and Tirana). The eight non-Athens routes are all domestic. None of (OLY)’s routes have a sector length of more than >850 km. Among the five routes dropped during the last year were two (Larnaca and Tel Aviv) that were over >900 km. This helps explain how the airline’s (ASK)s have fallen so dramatically (by -50%), but the number of flights operated has been cut by only -19%. (OLY)’s fleet currently comprises 10 78-seat, Q400s, four 37-seat DHC-8-100s, and a solitary A319. In October 2012, Airbus (EDS) airplanes operated over >250 weekly flights for the airline, but this has now fallen to just 40, made up of 10 weekly return flights to both Alexandroupolis and Santorini.
One way of comparing the two airlines’ networks is by examining how many weekly (ASK)s are allocated to different markets segments. Despite Aegean (CRM)’s focus on international routes (84% of its (ASK)s) it still generates over >80% more (ASK)s on domestic routes from Athens than Olympic (OLY).
Aegean (CRM) only serves 10 domestic points from Athens, compared with 27 for Olympic (OLY), but the use of larger airplanes (it has an all-Airbus narrow body fleet) and higher frequencies, more than compensates. On nine of Aegean (CRM)’s 10 domestic routes, it offers more weekly seats than Olympic (OLY), with Kos being the exception. Athens - Rhodes is one of the routes that Olympic (OLY) does not serve at present, but did serve this time last year.
SEE ATTACHED - - "OLY-2013-10 - ATHENS DOMESTIC ROUTES."
The 10 domestic routes that Aegean (CRM) flies (of which eight are also served by Olympic (OLY)) also account for almost 45% of Olympic (OLY)’s weekly domestic seats from Athens. The remaining 55% are spread across 19 other domestic routes on which (OLY) does not face competition from Aegean (CRM). Although the indications are that after the merger, both airlines will continue to operate as separate brands, it will be interesting to see how much further capacity rationalization takes place on these domestic routes.
November 2013: Aegean Airlines (CRM), which signed a definitive agreement with the Marfin Investment Group (MIG) to acquire Olympic Air (OLY) for €72 million/$99.2 million on October 24, presented the benefits of the transaction during a press conference in Athens.
According to (CRM), over the next six to 14 months, the resulting synergies of the deal will lead to an “enhanced fleet and an immediate expansion of the network, to the enhancement of the connectivity in Greece and abroad, as well as to cost savings from the consolidation of administrative services, with benefits saving up to €35 million annually.”
Aegean (CRM) said its objective and commitment is to “pass these benefits to the passengers with more competitive rates, enhancement of privileges for loyal customers of both companies and network expansion.”
(CRM) announced the February 2014 launch of two new categories of fares in economy (Y) class (the "GoLight" and "Flex" fares, with prices starting from €24 to Athens. (CRM) also announced a package of initiatives to support the remote areas of Greece.
(CRM) said it will launch 15 new destinations from Athens in 2014, reaching to 47 overall international destinations from Athens. The new destinations include Birmingham in England; Marseille and Nantes in France; Zurich in Switzerland; Hamburg, Hanover and Nuremberg in Germany; Copenhagen in Denmark; Catania in Italy; Abu Dhabi in the United Arab Emirates (UAE); Beirut in Lebanon; and Paphos in Cyprus.
Overall in 2014, 45 to 50 new routes will be added from (CRM)’s eight bases in Athens and in the Greek region, including the new base in Chania. “As a result, Aegean (CRM) and Olympic Air (OLY) will jointly cover in 2014 a network of more than >250 routes, of which 205 or more are international routes and 47 to 50 domestic routes.”
January 2014: Ryanair (RYR) will open bases at Athens and Thessaloniki in April 2014, adding three more airplanes and nine new routes to its Greek operations. (RYR) plans to base two airplanes in Athens, which will be used to add services to Chania, London, Milan, Paphos, Rhodes, and Thessaloniki. It will also base a single airplane at Thessaloniki and open three new routes from the airport: Athens, Pisa, and Warsaw.
Rapidly expanding (RYR), which already has a single Greek base at Chania, estimates the openings will add 1.2 million passengers from Athens per year and a further 1.6 million from Thessaloniki.
With these latest additions, (RYR)’s network will total 64 bases.
Aegean Airlines (CRM) believes it is ready to face the fresh competition from (RYR) following its acquisition of Olympic Air (OLY) in November. (CRM) had said in November that over the next six to 14 months, the resulting synergies of the deal will lead to an “enhanced fleet and an immediate expansion of the network, to the enhancement of the connectivity in Greece and abroad." (CRM) said: “Today’s announcement issued by (RYR), regarding two new operation bases in Athens and Thessaloniki, confirms the function of a fully competitive market, within the framework of the European carriers market, as it has always been indicated by our company. This is exactly the reason for which the joining of powers between the two Greek carriers, Aegean (CRM) and Olympic Air (OLY) was indispensable so [far as creating the] effective operation and growth of a Greek carrier that will worthily represent our country to this common European market. Today, following the completion of this union, we hold the size needed for being competitive and [to grow].”
July 2014: Aegean Airlines (CRM) began 4x weekly, Athens - Abu Dhabi Airbus A320 service.
October 2014: The Greek Air Traffic Controller Association (GATCA) has announced strike action October 4 and 5, which will disrupt flights over Europe. The (GATCA) is protesting against a ministerial decision that would give the Public Debt Management Agency access to airport fees. (GATCA) fears this money could be used for the massive financial debts of the Greece state instead using it to increase flight safety.
The air traffic controllers said they will also submit a petition to European Parliament. (GATCA) said travelers should expect delays and flight cancellations.
December 2014: News Item A-1: The Aegean Airlines Group reported a net profit of +€78.6 million/+$97 million for the nine months ended September 30, up nearly +33% from +€59.2 million reported in the year-ago period.
(CRM) attributed the improved results to network expansion and greater synergies achieved between Aegean (CRM) and Olympic Air (OLY), which it acquired in October 2013.
Consolidated revenue was up +10% to €736 million, and operating profit increased +45% to +€142 million year-over-year.
Aegean (CRM) Managing Director, Dimitris Gerogiannis said: “We have managed to deliver improved commercial and financial results, driven by synergies from Olympic Air (OLY) integration, network optimization targeting improved connectivity, as well as higher tourist flows. Our expansion strategy has yielded positive results in a period of intensifying competition and despite traffic weakness demonstrated from the Russian market.”
The two airlines carried 7.9 million in the nine-month period, up +14% in the year-ago period. Load factor was up half a percentage point year-on-year to 79% LF. Domestic traffic increased +16%, with the market showing good elasticity to lower fares, while international traffic grew +12% (+18% out of Athens alone).
“We will continue to invest in growing our fleet and capacity for 2015, adding destinations and penetrating new source markets for Greek tourism,” Gerogiannis said. “Our key priorities involve continuous investments in growing our network, achieving scale economies, as well as focusing on new service offerings to our passengers within a fast changing competitive environment, that does offer however significant opportunities to grow further.”
(CRM) will take delivery of seven new Airbus A320 airplanes in the 2015 - 2016 time frame. In 2015, the network will offer 15 million available seats, +2 million more than in 2014, with flights to 134 destinations (34 domestic and 100 international) in 42 countries.
April 2015: News Item A-1: Aegean Airlines (CRM) has recorded improved 2014 results, driven by network expansion and its acquisition of former flag-carrier, Olympic Air (OLY).
- - - - -
Since Olympic Air (OLY) merged into Aegean Airlines (CRM), for continuation of reports, please go to (CRM).
Click below for photos:
OLY-A320 WITH AEGEAN AIRLINES A320-2014-05
0 717-2K9 (BR715) (5015-55056, /99 SX-BOA "ANDROMEDA;" 5016-55053, /99 SX-BOB "KASSIOPI"), (BAV) LSD. RTND. 25C, 80Y.
0 717-23S (BR715) (5048-55065, /00 SX-BOC "IRIDANOS"), (PEB) LSD 2001-01, RTND. 25C, 80Y.
0 727-230 (JT8D) (1021-20790, /74 SX-CBH; 1093-20918, /75 SX-CBG), EX-(CDF)/(SBG), GROUNDED, FOR SALE. 20790; 20918; ST (NOK) 2002-01.
0 727-284 (JT8D) (20005; 20006; SOLD, PARTED OUT 1998-10).
0 737-284 (JT8D) (463-21224, /76 SX-BCA; 780-22401, /81 SX-BCL). ALL 12 WFU BECAUSE OF BEING NON-STAGE 3.
0 737-3M8 (CFM56-3) (1991-25015, SX-BLB), (LXA) LSD 2002-06. RTND.
0 737-3Q8 (CFM56-3C1) (2635-26303, /94 SX-BLC), EX-(HGA), (ILF) LSD, RTND 2004-04. 129Y.
0 737-33A (CFM56-3B1) (1284-23626, /86 EC-IFV "ALBACETE"), (HLB) WET-LSD 2004-12. RTND. 148Y.
0 737-33R (CFM56-3C1) (2887-28869, /97 SX-BLA), EX-(WPA), (BOU) 4 YR LSD 1998-04. RTND, LST (UKR) 2005-04. 136Y.
0 737-4Q8 (CFM56-3C1) (1828-24703, /90 SX-BKH; 2195-25371, /92 SX-BKK), EX-(MAS), (ILF) 4 YR LSD, RTND. 150Y.
0 737-4Y0 (CFM56-3) (2055-24915, /91 SX-BKL), EX-(MAS), (QAT) LSD. RTND. 150Y.
0 737-42J (CFM56-3C1) (2457-27143, /93 SX-BMC "CITY OF ALEXANDROUPOLIS"), (MDA) WET-LSD 2004-05. RTND. 150Y.
0 737-46J (CFM56-3) (2465-27171, SX-BMA; 2585-27213, SX-BMB), RF (MDA), 27171; 27213; RTND (PEB) 2004-06.
0 737-484 (CFM56-3C1) (2109-25313, /91 SX-BKA "VERGINA;" 2471-27149, /93 SX-BKG "PELLA"), RTND. ST AERSALE 2011-01. TO (GAI) 2012-12. 150Y.
00 ORDERS 737-700 (CFM56-7B), (GEH) LSD. 11 CANCELLED.
0 ORDERS 737-800, GEH LSD. 4 CANCELLED.
0 747-212B (JT9D-7Q) (20825; 21683; 21684; ALL RETIRED) EX-(SIA).
0 747-284B (JT9D-7J) (21935; RETIRED), 49C, 346Y.
0 ORDERS 767-200ER. 2 CANCELLED.
0 A300B4-103 (CF6-50C2) (105 ST AIRCARGO 1998-03).
0 A300B4-203 (058; 103; PARTED OUT 2000-08), RTND (GEF).
0 A300B4-605R (CF6-80C2A5) (632, /92 SX-BEK "MACEDONIA;" 696, /93 SX-BEL "ATHENA"), ST (IRN) 2005-02. 28C, 241Y.
0 A300B4-605R (CF6-80C2A5) (603, /91 SX-BEM "CRETA"), EX-(CNW), (GEH) 8 YR LSD 2000-04. RTND. 28C, 241Y.
2 A319-111 (CFM56-5B5/3) (3895, /09 SX-OAF; 3950, /09 SX-OAG), (PEB) LSD 2009-09. 138Y.
1 A319-112 (CFM56-5B6/3) 3905, /09 SX-OAJ), RBS AVIATION CAPITAL LSD 2009-08. 138Y.
3 A319-132 (V2524-A5) (3142, /07 SX-OAV; 3252, /07 SX-OAL - - SEE PHOTO - - "OLY-A319-2009-08;" 3317, /07 SX-OAK), EX-(MND), EX-(PK-RMD), (TCI) LSD. 138Y.
0 A320-214 (CFM56-5B4/3) (4190, /10 SX-OAT; 4193, /10 SX-OAU), ALAFCO (AVF) LSD. RTND. 162Y.
2 A319-132LR (V2524-A5) (1727, /03 SX-OAN; 1880, /03 SX-OAO), (TCI) LSD 2009-09. 138Y.
2 A320-232 (V2527-A5) (3748, /09 SX-OAQ; 3812, /09 SX-OAR), (ALAFCO) (AVF) LSD 2009-08. 162Y.
3 A320-232 (V2527-A5) (3990, /09 SX-OAM; 4065, /09 SX-OAP; 4094, /09 SX-OAS), ALPHASTREAM LSD. 162Y.
0 A340-313X (CFM56-5C4) (235, /98 SX-DFA "OLYMPIA;" 239, /98 SX-DFB "DELPHI;" 280, /99 SX-DFC "MARATHON:, 292, /99 SX-DFD "EPIDAURUS"). 28C, 267Y.
1 ATR 42-300 (PW120) (0033, /86 SX-BPA), NORDIC AVIATION CAPITAL LSD. ALL WHITE COLORS. 46Y.
5 DHC-8-102A (PW120A) (289, SX-BIW, 2009-09), AUSTROJET LSD. 37Y.
12 +4/8 ORDERS Q402 (PW150A) (4212, /08 G-ECOE; 4216, G-ECOF, 2009-09; 4259, G-FLBD, 2009-08; 4267, SX-OBA; 4268, G-PTHB; 4276, SX-OBC, 2009-11; 4311, SX-OBD, 2010-05; 4318, SX-OBF, 2010-07), 4 (BEE) WET-LSD (AUGUST 2009 - SEPTEMBER 2010). 4212 RTND (BEE) 2010-07. 78Y.
Click below for photos:
OLY-2-ANTONIS SIMIGDALAS CEO-2009-11
ANDREAS VGENOPOULOS, CHAIRMAN
IOANNIS BENOPOULOS, CHIEF EXECUTIVE OFFICER (CEO).
ANTONIS SIMIGDALAS, CHIEF EXECUTIVE OFFICER (CEO), EX-(CRM), 2009-12.
GEORGE EFSTRATIADIS, DEPUTY (CEO).
ELEFTHERIOS VAMVAKOULAS, CHIEF OPERATIONS OFFICER (COO).
MARIA ASIMAKOPOULU, CHIEF FINANCIAL OFFICER (CFO).
EVANGELIA MASLARINOU, CHIEF COMMERCIAL OFFICER (CCO).
KONSTANTINOS VARDAKIS, DIRECTOR FLIGHT OPERATIONS.
J NIKOLAKOPOULOS, DIRECTOR FLIGHT STANDARDS.
GEORGE KOUTROULOS, DIRECTOR CORPORATE PLANNING.
NASSOS ARIS, GENERAL MANAGER TECHNICAL OPERATIONS (ATHEDOA).
P PAPADOPERAKIS, CORPORATE DIRECTOR INFORMATION TECHNOLOGY (IT).
DIMITRIS LEKKAS, CORPORATE DIRECTOR CONTROL & AUDITING.
E STAVROULAKIS, CORPORATE DIRECTOR FACILITIES.
DAPHNE VERGIDI, CORPORATE DIRECTOR HUMAN RESOURCES (HR).
A ANDREAS, CORPORATE DIRECTOR LEGAL AFFAIRS.
LEONIDAS PAPASTERGIOU, ASSISTANT GENERAL MANAGER MAINTENANCE SUPPORT & DIRECTOR ENGINEERING (email@example.com) (2002-11).
APOSTOLOS TSIALTZOUDIS, ASSISTANT GENERAL MANAGER MAINTENANCE SUPPORT (2001-03)
GEORGE MOISIDIS, ASSISTANT GENERAL MANAGER MAINTENANCE SUPPORT (2001-03).
O MASTORAKIS, DIRECTOR NETWORK MANAGEMENT.
CAPTAIN MIKE ALISSANDRATOS, DIRECTOR FLIGHT SAFETY & SECURITY, (ATHOAOA) (firstname.lastname@example.org).
S THEODOSSIS, DIRECTOR MAINTENANCE.
EMANUEL MICHALAS, DIRECTOR ENGINE & COMPONENT SHOPS (2000-09).
NASSOS BINIS, DIRECTOR PRODUCTION PLANNING & CONTROL (2000-09).
ANGELOS THEODORAKOPOULOS, DIRECTOR AVIONICS/ELECTRICAL MAINTENANCE DIVISION.
SOTIRIS KOURANTIS, DIRECTOR AIRCRAFT MAINTENANCE (2000-09).
GEORGE HALKIADAKIS, DIRECTOR OVERHAUL AIRCRAFT (1997-08).
M FYTOS, DIRECTOR QUALITY ASSURANCE (QA) & QUALITY CONTROL (QC) (2000-09).
JOHN PANANAKIS, DIRECTOR DEVELOPMENT PLANNING (1996-08).
DIONYSIOS HARDALIAS, DIRECTOR NETWORK & COMMUNICATIONS.
M MAVOFOROS, MAINTENANCE ENGINEER.