Annual and Sustainability Report 2022
Aircraft leasing and consulting

Aircraft leasing and consulting

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 five B757 200s, two B767 300s and one B737 800.


Operations in 2022

In 2022 Loftleidir was on a steady upward trajectory to recovery from the effects of the pandemic. Total production of block hours and revenues increased substantially year-on-year, by a total of 9%. With international travel on the rise, VIP travel took off in the spring, gaining more momentum in the fall with both aircraft operating at full capacity. Other full charter operations increased with more demand for ad hoc flights which involved operation for tour operators in Europe and the US.

The Antarctica operation continued for another summer on the South Pole with two local destinations, Troll and Union Glacier, and the base in Punta Arenas in Chile. The flight started in Europe with destinations in Cape Town, Troll station on the South Pole, before arriving in Punta Arenas in Chile. The majority of the operation consists of leisure travelers travelling from Punta Arenas, Chile to the South Pole for outdoor activities.

As a global operator with projects in all seven continents, we at Loftleidir Icelandic strive to exceed our customers’ expectations – always. We have continued to uphold our reputation, offering innovative and efficient services to clients across the globe. With a commitment to safety, sustainability, and customer satisfaction, we have successfully navigated the challenges of the past year and remain poised for growth and success in the future. We consider ourselves to be passionate, knowledgeable aviation pioneers who are always curious about the world. Our expertise is what gets people to where they need - and want - to go.

Berglind Guðmundsdóttir

Director Operations at Loftleidir Icelandic


Partnership with Air Niugini

The partnership with Air Niugini, marking its 15-year anniversary in 2022, remains strong. The AM operation, currently consisting of two 767 aircraft and one 737-800 aircraft, is on an upward trend after reducing to half of pre-pandemic levels during the pandemic era.


Outlook for Loftleidir Icelandic for 2023

The forecast for 2023 illustrates more growth as the VIP operation is expected to reach full momentum, with 17 trips scheduled on two aircraft. On the horizon is yet another one of Icelandair’s 757 aircraft conversion into VIP configuration, representing the third VIP aircraft in Loftleidir’s fleet. Loftleidir Icelandic maintains its strong foothold in the VIP market segment with customers in Europe, North America, South America and Oceania. The Air Niugini operation is expected to continue to grow, inching closer to to pre-pandemic levels. The AM and the ACMI market is also gradually improving with demand growing. The number of enquiries has increased considerably and negotiations are ongoing with a few potential customers.

There will be a continued focus on promoting the AM, ACMI, Full Charter and VIP products. In addition, the company will offer potential customers a plethora of consulting services as a total capacity solution provider. Leveraging Icelandair’s resources of extensive aviation experience, the services provided include operational optimization, network development, revenue accounting, ticket sales, market strategy, etc.