WILLEMSTAD – Currently, InselAir has a large amount USD stuck in Venezuela. Although negotiations have been going in on a continued bases, the outstanding amount has created pressure on the organization to the extent that InselAir had to adjust its business operations to remain a financially healthy organization.
InselAir has managed to do so successfully in the past months by thoroughly looking into all aspects of the business including financial, operational, commercial, general affairs and maintenance in order to
InselAir has managed to do so successfully in the past months by thoroughly looking into all aspects of the business including financial, operational, commercial, general affairs and maintenance in order to realize the required costs reduction, increase revenues and overall increase of efficiency.
One of the measures that were taken was a re-organization of the workforce by combining positions, eliminating departments, re-allocating employees and laying off employees. To bridge the gap of the outstanding funds InselAir has requested support from the Government of Curaçao by means of an emergency laying off is currently being reviewed by a Committee.
10 years in the Pan-American skies
Since InselAir’s first flight on August 28, 2006, InselAir has been a profitable airline and has shown a steady growth outperforming the industry standard in terms of profitability. InselAir has shown its strength and flexibility to cope with financial challenges related to Venezuela in the past and is doing the same now to ensure a stable organization and to remain a financially healthy and profitable airline while diversifying its markets. This flexibility was noticeable by the fact that InselAir was able to successfully compensate, to a large extent, the decrease of the Venezuelan part of its operations, which went from 35% to 4%, by leveraging from its network expansion conducted in the past months, adding new routes and destinations to its network, such as Port-of-Spain, Barranquilla, Georgetown, Manaus, Havana, San Juan and Quito. In addition, InselAir has increased frequencies to and from Paramaribo, Port-au-Prince and Santo Domingo.
From point-2-point to leading network carrier
Starting of as a point-to-point carrier InselAir has evolved into a leading carrier with a strong hub on Curacao through which InselAir provides connectivity between Upper South America, the Caribbean and Southeast USA (via Miami). A large scale analyses of the network has been conducted recently in order to increase the efficiency of the network and to provide the connectivity based in the demand of its markets.
Setting ourselves up for the future
Due to specific cost and revenue related measures InselAir has put in place a financial restructure that allows the company to be back to profitability throughout 2017. InselAir will remain one of the largest Caribbean carriers in the region, serving 21 destinations, transporting around 1 million passengers per year and offering 140 city pairs with a current fleet of 14 aircraft.