Cayman Airways’ annual passenger volume last year surpassed pre-pandemic levels, the airline announced this week.
In a statement released on Wednesday, 31 Jan., the national carrier said it had transported 422,189 passengers in 2023, exceeding the 410,800 passengers carried in 2019, the last full year prior to the pandemic.
The airline noted that the figure signified “a resurgence in travel demand”, as well as increased airlift.
Minister for Tourism and Ports Kenneth Bryan said in the statement, “This increase in passenger volume is a clear indication of the airline’s strength within an intensely competitive aviation industry, and is a result they have worked very hard to attain.”
Despite the optimism generated by the rise in passenger numbers, the airline continues to make a loss. Lawmakers in December were informed in Finance Committee that the airline was forecast to make a $10.4 million loss in 2023, and the government approved funding of Cayman Airways to the tune of $30.7 million in 2024 and $27.7 million in 2025.
Successive governments have argued that the airline, while it may make a loss, brings hundreds of thousands of visitors to Cayman who contribute to the islands’ economy. The most recent ownership agreement between government and the airline notes that, according to studies over 10 years, the total economic impact or contribution of the airlift to the Cayman Islands is more than $150 million per year.
In the statement on the 2023 passenger numbers, Cayman Airways president and CEO, Fabian Whorms, commended the airline’s staff, whom he said were instrumental in attaining the record figures.
Less fuel consumption
He added that the passenger volume growth in 2023 “occurred alongside a significant 27% reduction in fuel consumption, amounting to 1.84 million fewer gallons compared to 2019”, driven by Cayman Airways’ fleet of four Boeing 737-8 jets, which, he said, enables the airline to use significantly less fuel per flight while accommodating more passengers.
“Our strategic adjustments in flight offerings and aircraft usage also enabled us to fly 1,217 fewer hours in 2023, showcasing the fruit of our strategic approach to operational efficiency,” he said.
Cayman Airways officials described 2023 as a “transformative year” for the airline, as it marked the third-highest passenger volume in its history “and was achieved while the airline balanced the launch of new service with the rationalization of existing supply to match demand”.
In 2022, the airline launched a weekly service to Los Angeles, which was then increased to twice a week. The next year it added a weekly route to Barbados, as well as relaunched its service to Panama.
Cayman Airways also operates routes to several US cities, Cuba, Honduras and Jamaica.
“The successes in passenger volume and other numerous achievements are particularly remarkable, given the persistent challenge of escalating costs,” the airline’s chief financial officer, Paul Tibbetts, said. “The ongoing surge in worldwide oil prices, growth in supplier costs and regulatory-mandated cost increases continued to pose challenges to the airline throughout 2023.”
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It seems to me that Cayman Airways is trying to “bite off more than it can chew.” The reason for any airline/company is to make money, and I think that Cayman Airways is only losing money, so it should down-size, not grow bigger. If there is any destination that isn’t making money, it should be discontinued. We have enough airlines flying here now, so if we can get passengers just to Miami, where they can catch any other airline connection that they need, then that is what we should do. Of course, the sister islands should always have a service, and Jamaica should be another viable service. We are tired of prices on everything to do with Government going up, while we have to support an airline that isn’t profitable to all of its destinations. Thanks for considering these ideas.
It would be interesting to compare these figures with those of other major airlines flying into Cayman. The two daily American flights from Miami are almost always almost full.
So if $15 was added to each ticket no one would notice and that would bring in more than 6million dollars