Loftleidir Icelandic is a capacity solution provider for airlines and tour operators, concentrating mainly on AM (Aircraft, Maintenance) projects, VIP Private Jet services, ACMI (Aircraft, Crew, Maintenance, Insurance), part trading and consulting services. During the year, Loftleidir Icelandic operated four B757 200s, two B767 300s and one B737 800.

In 2023, Loftleidir continued its steady post-covid growth with total production of flight hours increasing by 9% and revenues increasing by 21% from last year.  It was a record year for the VIP operation with revenues growing substantially, which is the main contributing factor to the revenue increase.  The VIP Private Jet customer base has expanded with new customers in South America, Asia and Europe.  Air Niugini’s operation grew from last year.  The airline extended the lease on all three existing aircraft and committed to two more Boeing 737 aircraft with one delivered in November last year and the other in April 2024.

The AD-HOC operation also grew with more enquiries on flights than ever, both to and from Iceland as well as between international destinations. For the ad hoc charters Loftleidir mainly uses the extra availability from the Icelandair scheduled fleet, but good utilization of the fleet has limited these charter opportunities. There is little charter demand for the Boeing 757, except on special mission charters, such as the Private Jet and the Antarctica operation. The Antarctica Operation continued for another summer season on the South Pole with two polar destinations, Troll and Union Glacier, with the base being in Punta Arenas in Chile. The operation, which starts at the beginning of November and ends by the end of January, has been a success, transporting mostly adventure travelers to the South Pole for outdoor activities. .

Looking ahead to 2024, Loftleidir Icelandic is poised for another year of growth.  As global travel is still rebounding from the Covid years and demand is surging, the growth will come from more VIP Private Jet flights than ever with the third aircraft added to that operation.  Loftleidir Icelandic maintains its strong foothold in the VIP Private Jet market and the unique special charter segment with customers and operation in all seven continents of the world.  On the AM market, Air Niugini’s operation will grow to new heights by adding new aircraft, reflecting the airline’s unwavering commitment to the partnership with Loftleidir Icelandic as their main aircraft and technical supplier.  The AM and the ACMI market are on the rise with new clients and prospects.