TOMORROWS TRANSPORTATION NEWS TODAY!

Tag: Nordic

Saab Expands Cooperation Within Ground Launched Small Diameter Bomb Campaign

Saab has entered a Memorandum of Understanding (MoU) with Nammo and Nordic Shelter to support the ongoing GLSDB (Ground-Launched Small Diameter Bomb) campaign.

The new agreement was announced during a signing 23 November 2021 in Oslo, Norway. Nammo will contribute with its expertise in rocket motor development and production as part of the GLSDB propulsion sub-system. Nordic Shelter brings the knowledge and experience needed for the development and production of a modular GLSDB launcher, based on a purpose built 20-foot ISO-container.

GLSDB is a long range, precision artillery system developed by Saab and Boeing. The system is based on Boeing’s air-launched Small Diameter Bomb, which has been in production since 2006, with more than 30 000 units shipped. GLSDB enables Small Diameter Bomb to be ground-launched from a wide variety of launchers and configurations.

Finnair Boosts Reliability of Regional Fleet with ATR Global Maintenance Agreement

ATR and one of its long-standing customers, the Finnish airline Finnair, signed a 10-year Global Maintenance Agreement (GMA). Through this package, Finnair and Nordic Regional Airlines (NoRRA) – who operates Finnair’s regional ATR traffic – will benefit from a customised support from ATR, which will help the airline better anticipate maintenance costs while enhancing the dispatch reliability of its fleet of 12 ATR 72-500.

This pay-by-the-hour contract covers the repair, overhaul and pooling services of Line Replaceable Units, along with their door-to-door delivery and an on-site leased stock of spare parts. Finnair will also benefit from blades maintenance and availability, and maintenance recommendations based on ATR’s expertise to enhance aircraft reliability.  

Juha Ojala, Vice President Technical Operations of Finnair, declared: “Our ATR flights form a key part of our feeder traffic to our Helsinki hub, and as a large share of our customers are transfer customers, they have strong expectations in terms of punctuality and reliability. This Global Maintenance Agreement is one step further in our relationship with ATR and ensures we benefit from the most suitable services, so that we can in turn provide our customers with a reliable and punctual travel experience.”

Stefano Bortoli, Chief Executive Officer of ATR, added: “Finnair is new to our GMA programme but they have been part of the ATR family from the very beginning, as they took delivery of their first ATR aircraft, MSN 006, in 1986. During the challenging times we are currently living, the confidence from a valued customer is the best tribute they can offer to the quality and economics of our products and services. We are looking forward to sharing our knowledge and expertise with Finnair, so that they can in turn keep on operating regional traffic in a responsible and efficient fashion.”

Norwegian Air Gets Guarantee From Norwegian Government

  • Norwegian is pleased to announce that two Nordic banks have obtained credit committee approval to provide a guarantee for the required 10 percent for the first tranche of 300 million Norwegian kroner (NOK). Norwegian will secure the necessary headroom to pursue further guarantees from the Norwegian Government.

Government measures
On Thursday 19 March, the Norwegian Government proposed a guarantee of NOK 6 billion for the Norwegian airline industry, of which up to NOK 3 billion is directed to Norwegian. The guarantee will be up to 90 percent from the Norwegian Government provided that financial institutions contribute with the remaining 10 percent. The guarantee scheme will consist of three tranches with a maximum two years maturity.

Since Thursday evening Norwegian has worked with banks and financial institutions and is pleased to announce that two Nordic banks have obtained credit committee approval to contribute with the 10 percent required in guarantee for Tranche I and to provide the NOK 300 million in financing backed by the guarantee from the Norwegian Government. The Company is working with the banks and the Norwegian Export Credit Guarantee Agency (“GIEK”), who will administrate the guarantee scheme, on the documentation in order to obtain the NOK 300 million in liquidity as soon as possible.

The Company is now working with GIEK and the Ministry of Trade, Industry and Fisheries to clarify the criteria and terms related to the remaining tranches under the scheme and to obtain further guarantees from financial institutions in order to back such remaining tranches. Norwegian will update the market with its further plan of action and implications for its stakeholders as soon as the criteria and terms have been finalized. The Government guarantee scheme is crucial for the Company as the current state of the capital markets in combination with the challenging times for the airline industry limit the options available. The first NOK 300 million will create necessary headroom to pursue the remaining tranches of the guarantee scheme.

Operational update
Currently, most of the fleet is grounded and Norwegian has reduced its operations to a minimum. The airline will now primarily operate domestically in Norway and Sweden and between the Nordic capitals, in order to deliver on its corporate responsibility of maintaining critical infrastructure so that people and necessary goods and medical supplies can be transported during this unprecedented crisis. The limited schedule will remain in place until further notice. In addition, Norwegian has conducted repatriation flights together with the authorities in order to get citizens of Norway, Denmark and Sweden back home.

In order to reduce cost, Norwegian has temporarily laid off approximately 90 percent of its workforce and will continue to implement additional cost measures going forward.

After Tesla’s Record Year in Norway, Rivals Gear Up for 2020

FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in Cardiff, California

OSLO (Reuters) – The sale of new electric cars in Norway rose by 30.9% last year amid soaring demand for Tesla Inc’s <TSLA> vehicles, but the pioneering U.S. firm faces rising competition from rival auto makers in 2020.

Fully electric cars made up 42.4% of sales in the Nordic nation last year, a global record, rising from a 31.2% market share in 2018 and just 5.5% in 2013, the Norwegian Road Federation said on Friday.

Seeking to become the first country to end the sale of fossil-fueled cars by 2025, Norway exempts battery-powered vehicles from the taxes imposed on petrol and diesel engines.

This year, as many as six in 10 of all new cars sold in the country could be fully electric, said Volkswagen <VWAPY> distributor Harald A. Moeller AS, which is preparing to launch several models in 2020.

“The electrification of the car market is accelerating … we forecast electric vehicles to hold a 100% market share in 2025,” the importer said of the outlook for Norway.

The country’s best-selling car in 2019 was Tesla’s mid-sized Model 3 sedan, which retails from 384,900 Norwegian crowns ($43,721.74), racking up an 11% market share in the California-based firm’s first attempt at addressing the mass market.

(Reporting by Victoria Klesty and Lefteris Karagiannopoulos, writing by Terje Solsvik, editing by Gwladys Fouche)

TAROM Selects ATR 72-600 to Renew its Regional Fleet

Major fleet upgrade with nine modern turboprops providing increased seat capacity, lowest operating costs and best environmental performance

Toulouse, 26 June, 2019 – TAROM, the Romanian national air carrier, will introduce nine new ATR 72-600 aircraft, the market-leading product of the world’s number one regional aircraft manufacturer, into its fleet. The ATR 72-600 will be leased from NAC, the world’s number one regional aircraft lessor. Deliveries will commence in October 2019 through to 2020.  

TAROM has been very successful in its domestic market operations by using ATRs to allow it to compete with low cost carriers. This upgrade will ensure that the airline is equipped with the latest generation of turboprops burning 40% less fuel and emitting 40% less CO2 than regional jets.   

New ATRs will offer TAROM an additional 330,000 seats every year at the same operating cost as its previous seat level, improving short haul connectivity in Romania and supporting the development of local and more isolated communities. This will provide TAROM with the possibility to further expand and consolidate their position in the market.

TAROM Chief Executive Officer Madalina Mezei said: “We have selected ATR after a comprehensive review of competing aircraft, with the ATR 72-600’s demonstrating they are the best aircraft to meet our ambitious targets regarding efficiency, modern technology and environmental responsibility. With this aircraft, we will be able to develop new routes and increase frequency and seat availability, whilst introducing the highest levels of comfort and the latest technology into our domestic network.”

“We are very proud to welcome TAROM as our newest customer,” said Martin Møller, Chairman of Nordic Aviation Capital “we are confident that the ATR 72-600 aircraft will ensure efficiency in their network for many years to come. We thank TAROM for the confidence they have placed in NAC, and we look forward to building and strengthening our relationship with them in the future.”

Stefano Bortoli, Chief Executive Officer of ATR commented: “TAROM is among Europe’s most experienced ATR operators. We are proud to see this long-time customer renew its partnership with the ATR 72-600, the regional aircraft with the best environmental credentials. TAROM made its selection after a vigorous evaluation and in selecting the ATR 72-600 they chose more efficiency, more flexibility and more capacity, for long-term benefits.”

TAROM and ATR have been working together for 20 years. The Romanian national airline operates a fleet of 25 aircraft, including seven ATR 42-500’s and two ATR 72-500’s which are now to be traded in for the announced nine 72-600’s.

About TAROM:
The Romanian National Air Transport Company TAROM has been established in 1954 and grew at the same time as Romanian aviation. TAROM’s activity is subordinated to the authority of the Ministry of Transports. TAROM is member of the Alliance SkyTeam starting from June 2010, member of the International Air Transport Association (IATA) starting from 1993.

Airlines Collaborate on First Regional ‘Perfect Flight’ in Sweden

  • Braathens Regional Airlines has collaborated with Air BP, ATR and Neste to achieve the ‘Perfect Flight’ from Halmstad City airport to Stockholm Bromma airport in Sweden – a country aiming to be carbon neutral by 2045.
  • Sustainable aviation fuel, produced by Neste and supplied by Air BP, was used to power the ATR 72-600 – the regional aircraft with the best environmental credentials.
  • Every element of the flight management process has been optimised to keep carbon emissions to a minimum.

Today, a number of companies from across the aviation sector have risen to the challenge of turning a typical weekday service from Halmstad City airport (HAD/ESMT) to Stockholm Bromma airport (BMA/ESSB) into the ‘Perfect Flight’.

This is the first time that every element in the flight management process on a regional flight has been optimized to keep carbon emissions to a minimum and achieve the ‘Perfect Flight’ – in Sweden, a country that is aiming to be carbon neutral by 2045. A full flight of seventy two passengers, including international media, were on board the Braathens Regional Airlines ATR 72-600 turboprop, the regional aircraft with the best environmental credentials, which took one hour to reach its destination.

According to ATR, the ATR 72-600 has an environmental advantage, in that it produces 40 percent fewer carbon emissions per trip compared with regional jets, saving 4,000 tonnes of carbon emissions per aircraft per year. ATRs can also take off and land where other aircraft cannot, ensuring accessibility to all airfields, including those that are the most challenging. This helps connect more communities and provides more opportunities for people, wherever they live.

With the electrification of commercial aircraft thought to be decades away, advances in aircraft efficiency and the use of sustainable aviation fuel are likely to play a significant role in supporting the aviation industry to meet its ambitious target of reducing carbon emissions to half 2005 levels by 2050.

The Perfect Flight was powered by sustainable aviation fuel supplied by Air BP and produced by Neste. The fuel supplied will produce up to 80 percent fewer emissions over its life-cycle compared with conventional jet fuel and is produced from non-palm renewable and sustainable raw materials. In addition, Air BP’s operations at Halmstad City airport are one of their over 250 locations that have been certified as carbon neutral since 2016.

Following the flight, a responsible aviation seminar was held at Stockholm Bromma airport where the crew shared the results of how the ‘Perfect Flight’ had been achieved. A host of experts shared their views including Peter Larsson – CEO of Sweden’s Regional Airports, Jonas Bergman – Mayor of Halmstad, Tom Anderson – ATR Senior Vice President, Programs and Customer Services, Anna Soltorp – Head of Sustainability, BRA and Tom Parsons, Air BP Commercial Development Manager, Low Carbon, and Andreas Teir, Neste’s Vice President in Renewable Transportation, Nordics.

From his seat on the Perfect Flight, Parsons said: “At Air BP we are committed to working across the industry to meet our collective carbon reduction goals. Today has highlighted what is possible when we all work together and we are proud to have been the supplier of sustainable aviation fuel for this perfect flight. We will continue to look for ways to reduce emissions in our own operations and for our customers.”

Meanwhile, Soltorp commented: We want to continue to fly ‘perfectly’ in the future. To achieve this, it is important that we can access sustainable aviation fuel in sufficient quantities and at the right price. For that we need political initiatives. We intend to continue the development of sustainable flying to make every flight as close to perfect as we possibly can. As a society we need to take action to combat climate change and drastically reduce emissions, aviation must play its part in this. Today, we have demonstrated what can be achieved through more efficient flying without compromising connectivity. It is another positive step forwards.”

Anderson added: “Today, using existing technology and available solutions, we have pushed the boundaries even further. This great achievement wouldn’t have been possible without using an ATR aircraft, as our ATR 72-600 version uses 40 percent less fuel and emits 40 percent less CO2 than a regional jet. We are delighted to have taken up this challenge and demonstrate what is possible, which will hopefully set an example for other communities around the world.”

Teir commented: “Aviation stakeholders in Sweden have adopted a proactive approach to show their commitment to reducing emissions from their operations by promoting the use of renewable jet fuel. Decarbonizing aviation calls for close cooperation between aviation stakeholders combined with a strong willingness to work collaboratively. We are proud of our partnership with Air BP in bringing sustainable jet fuel to Sweden, which sends a strong signal to the international aviation community also.”

ATR Congratulates Silver Airways on 1st New ATR 42-600 Flight

Toulouse, 23 April 2019 – Silver Airways yesterday launched its regularly scheduled flights aboard its new ATR -600 series aircraft. The first flight departed Fort Lauderdale-Hollywood International Airport at 10:40 a.m. and arrived at Key West International Airport at 11:55 am (EST).

Silver Airways, America’s leading independent regional airline, is reinventing the regional flying sector by being the first U.S. carrier to operate the technologically advanced, customer friendly ATR -600 series aircraft. Silver Airways has taken delivery of three new ATR 42-600 aircraft from NAC. The aircraft is specifically designed for short-haul markets, but with the same look, feel and customer amenities of larger jetliners. Yesterday marked the first time revenue passengers have flown on an ATR 42-600 operated by a U.S carrier.

The new aircraft are allowing Silver to expand its service in the South Eastern United States, the Bahamas and the Caribbean. By initially introducing the mission-specific ATR 42-600 aircraft, with seating for 46, Silver now has the unique ability to offer quicker direct flights to even more short and medium-haul leisure and business destinations in both domestic and nearby international markets.

“This is truly a great day for Silver Airways, ATR, Nordic Aviation Capital and our customers that would not have been possible without the hundreds of dedicated men and women of Silver Airways and Seaborne Airlines who have worked tirelessly over the past year to arrive at this historic moment,” said Silver Airways and Seaborne Airlines CEO Steve Rossum. “The new ATR 42-600 series aircraft will be transformational for Silver Airways and is ideal for our short-haul domestic and nearby international operations. The state-of-the art aircraft allows for a safe, highly reliable and efficient fleet operation and a superior overall experience for our guests.”

“We are proud to see the ATR -600 aircraft take flight in the U.S. and to introduce the most modern standards of passenger experience and regional aircraft with our valued partner Silver Airways,” said ATR Chief Executive Officer Stefano Bortoli. “We are grateful to our friends at Silver for being our U.S. launch customer; leading what we expect to be a new wave of eco-responsible and passenger-friendly regional travel and the return of the ATRs in the U.S.”

“Nordic Aviation Capital is proud of its relationship with Silver Airways, and we are particularly pleased to be part of their great success story,” said Martin Moller, Chairman of Nordic Aviation Capital. “The introduction of the ATR -600 series represents an essential milestone for them. We are congratulating Silver Airways on their service expansion and look forward to continuing our outstanding relationship with them for many years to come.”

Silver Airways has taken delivery of three of up to 50 new ATR 42-600 series aircraft, including an initial order for 20 ATR -600 aircraft split among the 46-seat ATR 42s and the 70-seat ATR 72s. As the world’s leading regional flying aircraft, the new ATRs will provide Silver’s passengers unparalleled experience and reliability and pilots the industry’s most advanced cockpit.

Silver intends to take delivery and begin operating five more ATR 42-600s in 2019, and subject to regulatory approval, the airline is planning to take delivery of at least three ATR 72-600s this year.  All of the initial 20 aircraft are expected to be in service by 2020.

About Silver Airways
Silver Airways operates the most routes within Florida and between Florida and the Bahamas from its hubs in Fort Lauderdale, Orlando and Tampa, and also flies between Boston and Bar Harbor, Maine.  Silver is the official airline of the Minor League Baseball team Daytona Tortugas and the Pensacola Blue Wahoos.  In addition, Silver owns and cooperatively operates Seaborne Airlines with flights in Puerto Rico, the Virgin Islands and the Caribbean.  Silver is a codeshare partner with United, JetBlue and Avianca, and has interline agreements with American, Delta, Air Canada, Alaska Airlines, All Nippon Airways, Bahamasair, Hahn Air, Azul and Emirates.  Members of United’s MileagePlus® and JetBlue’s TrueBlue loyalty programs can also earn frequent flyer awards for travel throughout Silver’s network.  Silver operates a fleet of highly-reliable Saab 340 aircraft and is also currently renewing and expanding its fleet with up to 50 new eco-friendly ATR -600s.  Silver is honored to be the North American launch customer for the all new ATR -600 offering best-in-class quiet cabins, premium leather seats with more legroom, and spacious overhead bins that accommodate full-size, carry-on roller bags. Silver is owned by affiliates of Philadelphia-based investment firm Versa Capital Management, LLC.  To learn more about Silver’s refined passenger experience, visit www.silverairways.com/destinations/atr42.

About ATR:

European turboprop manufacturer ATR is the world leader in the regional aviation market. ATR designs, manufactures and delivers aircraft, with its fleet encompassing some 200 airlines in nearly 100 countries. The ATR 42 and the ATR 72 are the best-selling aircraft in the below 90-seat category. With continuous improvement as a driving force, ATR produces cutting edge, comfortable and versatile turboprops that help airlines expand their horizons by creating more than 100 new routes every year. Compared with other turboprops, ATRs offer an advantage of 40% on fuel burn, 20% on trip cost and 10% on seat cost, whilst offering the lowest noise emissions. ATR is an equal partnership between leading aerospace firms Airbus and Leonardo and benefits from a large global customer support network allowing it to deliver innovative services and solutions to its clients and operators all over the world. For more information, please visit http://www.atr-aircraft.com. Follow us on Twitter – #ATRLeads

Optimal Start To Operations For Manta Air

Toulouse, 18 April, 2019 – Manta Air, the new domestic carrier of the Republic of Maldives, has signed a Global Maintenance Agreement (GMA) with ATR, the world leader in the regional aviation market. This five-year contract covers the Maldivian airline’s full fleet for the repair and overhaul of easily replaceable components (Line Replaceable Units), propeller maintenance and an on-site leased stock of spare parts.

This long-term agreement also includes on-site technical support, through which a dedicated Customer Support representative assists Manta Air in their daily operations. The airline is benefitting from tailored recommendations to make an optimal start to operations, based on its very specific needs, and ATR’s expertise to enhance aircraft reliability.

“Manta Air’s aim is to raise the standards of the domestic aviation industry by providing the best flying experience for our passengers, and increased connectivity in the Maldives. As a tailor-made maintenance package, the ATR GMA responds specifically to our needs, and ATR’s expertise will ensure our brand new ATR 72-600s fly as much as possible. Our passengers depend on a reliable service and ATR’s GMA is a valuable tool to help us deliver this.” declared Edward Alsford, Chief Operation Officer of Manta Air.

Tom Anderson, Senior Vice-President Programs and Customer Services of ATR added: “Through this partnership, Manta Air’s is benefitting from our support and expertise from the very first stages of operations, enabling them to get the most value possible from their latest generation ATR aircraft. In an increasingly competitive market, initial parts provisioning, anticipation of spares requirements, parts reliability, repair management, maintenance costs optimisation and stock management are some of our operators’ crucial challenges.”

The first two ATR 72-600s of Manta Air, secured through Nordic Aviation Capital, have been delivered in late 2018, and a third aircraft has been delivered in early March 2019. With their dual-class configuration of 64 seats, Manta Air’s ATR 72-600s will help improve connectivity for the hospitality industry in the beautiful Maldivian atolls. They will be mainly operated on short sectors where ATR aircraft have already proven their operational and economic efficiency.

About Manta Air:
Manta Air was founded in 2016 and is a joint venture between Deep Blue Private Limited, a local company with multiple investments in the tourism sector and Mr. Umar Mohamed Maniku. The company was created to cater for the need for more air domestic transport options and to support the rapid development of domestic airports and the fast-paced expansion of resorts and guesthouses across the country.

About ATR:

European turboprop manufacturer ATR is the world leader in the regional aviation market. ATR designs, manufactures and delivers aircraft, with its fleet encompassing some 200 airlines in nearly 100 countries. The ATR 42 and the ATR 72 are the best-selling aircraft in the below 90-seat category. With continuous improvement as a driving force, ATR produces cutting edge, comfortable and versatile turboprops that help airlines expand their horizons by creating more than 100 new routes every year. Compared with other turboprops, ATRs offer an advantage of 40% on fuel burn, 20% on trip cost and 10% on seat cost, whilst offering the lowest noise emissions. ATR is an equal partnership between leading aerospace firms Airbus and Leonardo and benefits from a large global customer support network allowing it to deliver innovative services and solutions to its clients and operators all over the world. For more information, please visit http://www.atr-aircraft.com. Follow us on Twitter – #ATRLeads

JetBlue to Launch Transatlantic London Service in 2021

FILE PHOTO: Travelers check-in at a JetBlue Airways kiosk at John F. Kennedy Airport in the Queens borough of New York, U.S., January 24, 2017. REUTERS/Shannon Stapleton

(Reuters) – JetBlue Airways Corp hopes to break into the low-fare, transatlantic travel market beginning in 2021 with multiple daily flights from New York and Boston to London, its first European destination, the carrier said on Wednesday.

To service the routes, the sixth largest U.S. carrier will convert 13 Airbus A321LR aircraft from its existing order book with a fresh version of its Mint business product.

The idea is to offer customers a fresh choice on routes where JetBlue President Joanna Geraghty said current competitor fares “are enough to make you blush.”

New York-based JetBlue, which unveiled the long-awaited launch at an employee event at John F. Kennedy International Airport, said it is still evaluating which London airports it will serve.

The company, which has built a reputation in the United States for more coach legroom than competitors and free broadband internet, has argued for regulators to force slot divestitures at high-traffic airports like London’s Heathrow to create a level playing field for new entrants.

A handful of Europe-based budget carriers have tried to penetrate the transatlantic market in recent years, but only cash-strapped Norwegian Air is still standing.

Iceland’s WOW, PrimeraAir Nordic, Britain’s Flybmi and Monarch Airlines and Cypriot carrier Cobalt have all ceased operations in a sector grappling with over-capacity and high fuel costs.

JetBlue said it will raise the bar on what travellers can expect from a low-cost carrier, particularly in Europe.

The carrier has argued in the past that its version of business class, Mint, has driven a 50 percent decline in premium fares on some competing U.S. routes, a reduction it believes it can also deliver for premium travel between the United States and Europe.

“JetBlue’s Mint product suits the Atlantic market as they will likely come in with stimulative fares to drive customer awareness and loyalty,” Cowen analyst Helane Becker said in a recent note to clients.

The main issue will be whether JetBlue is able to gain access at major international airports, she said, like London Heathrow and Amsterdam Schiphol.

(Reporting by Tracy Rucinski, editing by G Crosse)

Passengers Stranded After Iceland’s WOW Air Collapses

FILE PHOTO: Bikes by bike rental service of Icelandic airline WOW air are seen in Reykjavik
FILE PHOTO: Bikes by a bike rental service of Icelandic airline WOW air are seen in Reykjavik, Iceland, August 5, 2017. REUTERS/Michaela Rehle/File Photo

(Reuters) – Iceland’s WOW air became the latest budget airline casualty on Thursday, halting operations and cancelling all future flights after efforts to raise more funds failed.

WOW, which focussed on low-cost travel across the Atlantic, advised stranded travellers to seek flights with other airlines. It flew a total of 3.5 million passengers last year.

“This is probably the hardest thing I have ever done but the reality is that we have run out of time and have unfortunately not been able to secure the funding of the company,” WOW CEO and founder Skuli Mogensen wrote in a letter to the company’s 1,000 employees.

“I will never be able to forgive myself for not taking action sooner,” he added.

WOW had earlier postponed flights on Thursday as it entered what it had hoped were the final stages of an equity raising with a group of investors.

“My flight from Boston has been cancelled. Having a hard time getting through to anyone on the phone. Can you help me at all?” Twitter user Marc Solari wrote.

WOW replied with an apology and offer of further assistance.

WOW is the latest budget airline to collapse as the European airline sector grapples with over-capacity and high fuel costs. Recent failures include Britain’s Flybmi, Nordic budget airline Primera Air and Cypriot counterpart Cobalt.

“RESCUE FARES”

Other airlines including, Icelandair, Easyjet and Norwegian stepped in offering discounted ‘rescue fares’ to stranded passengers, according to the Icelandic Transport Authority

WOW has been pursuing different avenues to raise money over the past few months.

It ended talks with rival Icelandair last Sunday while veteran low-cost airline investor Bill Franke also had cancelled a proposed investment through private equity fund Indigo Partners.

Icelandair shares traded up 13 percent percent at 1215 GMT after the failure of a competitor.

Founded in 2011 by entrepreneur Mogensen, WOW used smaller single-aisle planes to fly between Iceland and many destinations in the United States and Europe.

Its website had advertised flights from London to cities such as New York and Boston for as little as 150 pounds, although the journey went via the Icelandic capital Reykjavik.

Norwegian Air has a little over half of the market share in the fast-growing, low-cost, long-haul transatlantic market, while WOW controlled a quarter in 2018.

There are fears of a knock-on effect on Iceland’s important tourism industry.

Around 30 percent of tourists visiting Iceland last year flew with WOW and the collapse could trigger a 16 percent drop in tourists this year, research from Icelandic bank Arion showed.

( By Stine Jacobsen and Tommy Lund; editing by Darren Schuettler/Keith Weir)

Barcelona, Spain – December 06, 2018: WOW Air Airbus A321 approaching to El Prat Airport in Barcelona, Spain.