Around 20 airlines ceased operations in 2024 for various reasons. It was a challenging year for the industry; inflation, rising operating costs, and geopolitical tensions disrupted the dynamics of the aviation market in many cases. Additionally, financial difficulties for some companies, intense competition, and shifts in passenger demand exacerbated the situation.

Aerial restrictions stemming from diplomatic crises and armed conflicts, mainly in the Middle East, Africa, Ukraine, and Russia, added to the challenges.

According to the International Air Transport Association (IATA), severe supply chain problems—which will continue to impact airlines' performance in 2025—were also a critical factor in understanding why companies ceased operations.

Some of the airlines no longer operating

Albawings, ceased operations on January 12.
The airline, founded in 2015, disappeared at a peak moment for Albania's tourism industry. However, intense competition from the establishment of bases by Wizz Air, Ryanair, and the creation of a state-private airline, Air Albania, suffocated Albawings.

LIAT (1974) Ltd., stopped operations on January 24.
After several unsuccessful attempts to revive it, including a complete restructuring, it finally stopped flying. Under new ownership, it was resurrected as LIAT20, with participation from the government of Antigua and Barbuda and Nigeria-based Air Peace.

Fly Arna, suspended flights on January 29.
The company was a joint venture between Air Arabia and an Armenian state consortium. The airline cited “operational reasons” for its closure. A combination of intense competition with FlyOne and Wizz Air, along with regional instability involving Azerbaijan, ended the low-cost carrier’s two years of operations.

Lynx Air, ended flights on February 25.
Another low-cost carrier that succumbed to intense competition was the Canadian airline backed by Indigo Partners. Due to national laws, Indigo Partners held a minimal stake, with most shareholders being local. Lynx Air planned to operate up to 50 Boeing 737 MAX 8 aircraft and had received eight of them.

HumoAir, ceased flying on March 11.
As part of Uzbekistan's government incentives, several airlines were founded between 2019 and 2024, including HumoAir. The low-cost airline lasted only three months due to high competition and the lack of its own aircraft.

Air Malta, ceased operations on March 30.
Air Malta followed the precedent set by Alitalia. After 50 years of continuous operations, it declared bankruptcy and re-emerged as KM Malta Airlines. The new Maltese airline began flying the very next day.

Taos Air, stopped flying on April 1.
This boutique airline based in the Taos ski resort, New Mexico, was one of the few operators of the Dornier 328JET. Financial recovery after COVID-19-related restrictions proved impossible.

iAero Airways, ceased operations on April 6.
Known as the largest charter company in the U.S., it declared bankruptcy in September 2023. Unable to secure new investors during its restructuring process, the airline ceased operations in April, grounding around 40 Boeing 737s.

Bestfly Cabo Verde, stopped flying on April 24.
Its licenses were revoked after operational issues. The airline operated domestic flights across seven airports in Cape Verde using ATR 72 aircraft.

Bonza, ceased operations on April 30.
Bonza, a sister airline to Canada’s Flair Airlines and part of 777 Partners, began operations in 2023, aiming to connect cities without competition from Qantas and Virgin Australia. However, it encroached on the market of REX, Australia’s leading regional airline. Poor management and overcapacity led to the low-cost carrier's failure.

Bluebird Nordic, ceased operations on April 30.
One of Europe’s leading cargo companies, operating around 20 Boeing 737s, declared that low post-pandemic demand hurt its finances.

JetAir Caribbean, ceased operations on June 18.
As the only jet-equipped airline based in Aruba, Curaçao, and Bonaire, it faced issues with its second Fokker 70, which was grounded due to engine problems. Attempts to acquire ATR aircraft to reduce costs failed.

Tailwind Air, stopped flying on August 2.
Due to profitability challenges and low load factors, the company could not sustain itself. It operated seaplanes from New York's East River to various East Coast destinations and has since pivoted to charter services.

Canada Jetlines, ceased operations on August 15.
The airline shut down after failing to secure funding. Overcapacity in the market also played a role, especially in its focus on Caribbean and U.S. vacation destinations.

Eagle Air, ceased operations on August 16.
After 54 years, the airline's AOC was revoked. In October, it declared bankruptcy and was absorbed by Iceland's Myflug Air, which had acquired Eagle Air in 2023.

Lanmei Airlines, suspended flights in August.
The company had been reducing its operations throughout 2024, returning its last Airbus to the lessor in August. This coincided with AirAsia's entry into the Cambodian market.

OTT Airlines, ceased operations on September 22.
Founded in 2020 as a subsidiary of China Eastern, it operated Chinese-made aircraft, the COMAC C909 and C919. Its fleet was transferred to China Eastern.

Olympus Airways, stopped flying on September 23.
The Greek charter and ACMI operator declared bankruptcy in late September, grounding its fleet just as the summer season ended.

AIX Connect/air asia India, stopped flying on October 1.
The low-cost carrier completed its merger with Air India Express, transferring all its Airbus A320 aircraft. Earlier, it had ceased to be part of the AirAsia group.

FlyEgypt, ceased operations on October 21.
Financial problems forced this low-cost charter airline to stop flying after a decade of operations. It operated a fleet of Boeing 737-800s.

Czech Airlines (CSA), ceased operations on October 26.
Burdened by financial troubles and intense competition, the historic airline, which celebrated its centenary just a year prior, ceased operations. It was restructured into a holding company, with its majority shareholder, Smartwings, operating under the CSA brand.

WestJet Link, ceased operations on October 27.
The company flew Pacific Coastal Airlines' Saab 340 aircraft. Following a reorganization, flights were transferred to WestJet Encore, WestJet's regional subsidiary operating DHC 8-400s.

Vistara, ceased operations on November 12.
Founded in 2015 by Singapore Airlines and Tata Sons, Vistara aimed to offer a premium option in India. After Tata Sons acquired Air India, Vistara merged with it, transferring its fleet of 70 Airbus A320neo, A321LR, and Boeing 787-9 aircraft to Air India.

Nordica, ceased operations on November 20.
Estonia’s state-owned airline, Nordic Aviation Group, announced the cessation of operations and filed for bankruptcy for both Nordic Aviation Group AS and Regional Jet OÜ (Xfly). Initially established to replace Estonian Air when it closed in 2015, Nordica later shifted to charter, wet-leasing, and ACMI markets.

AUTOR

Gastón Sena

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