Norse Atlantic Airways launched operations in June 2022 and has often been labelled Norwegian 2.0. This is thanks to its similar business model to Norwegian, aircraft choice and routes. The carrier primarily operates Boeing 787s between destinations in Europe and North America.
However, the carrier has welcomed many sceptics thanks to a business model that has consistently provided struggles for airlines adopting it. Offering low-cost transatlantic flights on seasonal markets and competing with established carriers.
In a release, Norse said it had operated nine charter and wet lease flights throughout December. This building on existing plans to diversify aircraft utilisation during winter when demand dropped. Under these agreements, Norse flew its aircraft to the Far East and the Caribbean from European locations. Norse says it hopes to continue working to find ways to increase charter operations as a source of additional revenue.
Per data from Cirium, Norse has 7 Boeing 787s in service with an average age of 4.6 years. For January 2023, the airline offers 62 flights, resulting in 20,956 possible seats from London Gatwick. An airport closely followed by New York John F. Kennedy, where 57 total flights equate to 19,226 seats.
At the beginning of 2023, Norse says it surpassed 300,000 flown passengers since it started flying in June 2022. It has also reached 1,500 total commercial flights flown.
The airline’s load factor rose as well. Reaching 62% in December, which is better than in previous months. Norse cites the charter and wet-lease flying as contributing factors. However, one persistent concern looms is its load factor across peak months and sustaining that.
Norse has notoriously had to cut several destinations and make adjustments to existing services. These decisions brought on my demand, low load factors and more. While for peak summer Norse’s services were strong, the rapid decline was quite staggering.
As for any airline, however, sustaining such a model with such low fares and consistently relying on either parking aircraft or charter services presents risks.
For Norse, 2023 will be an important year as the airline targets profitability. Selecting the best possible route network and further diving into additional revenue streams will be crucial for the airline. However, concerns will always remain over a model that constantly places the Norwegian airline on the back foot and has seen many airlines fold under pressure.