Air Canada: 3 year recovery and mass retirements

Air Canada’s CEO Calvin Rovinescu outlined a grim three years ahead for the airline, saying a return to full 2019 levels wasn’t expected until 2023.

In the meantime, the airline will remain in a slowly waking hibernation.

As a result, the company is retiring a swathe of aircraft. Older A319’s and most 767’s will be retired over two years and all of the remaining ERJ fleet will be withdrawn permanently and immediately. A total of 79 aircraft will go.

Air Canada is operating just 6 international routes – down from 101, and currently no flights to the US.

The airline has converted four 777’s and four A330’s to full cargo by removing the seats and another four 787’s are in use with cargo in seats.

The airline reported a USD$730m loss for the first quarter of last year – a billion dollar downturn over last years results.