Peter S. Morrell

Air transport industry finance, with its complexity and special needs such as route rights, airport slots, aircraft leasing options and frequent flyer programmes, requires specific knowledge. While there are numerous financial management and corporate finance texts available, few of these provide explanations for the singularities of the airline industry with worked examples drawn directly from the industry itself. Revised and updated in its fourth edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance. Designed to address each of the distinct areas of financial management in an air transport industry context, it also shows how these fit together, while each chapter and topic provides a detailed resource which can be also consulted separately. Supported at each stage by practical airline examples, it examines the financial trends and prospects for the airline industry as a whole, contrasting the developments for the major regions and airlines. Important techniques in financial analysis are applied to the airline industry, together with critical discussion of key issues. Thoroughly amended and updated throughout, the fourth edition reflects the many developments that have affected the industry, with a particular emphasis on the full impact of the global banking and sovereign debt crises. This edition also features new material discussing the increased airline mergers and acquisitions (M&A) activity of recent years, and considers the likelihood of further consolidation in the future. The book is a key resource for students of airline management, and a sophisticated and authoritative guide for analysts in financial institutions and consultancies, executives in airlines and related industries, and civil aviation departments.

Airline Finance

Air cargo is a key element of the global supply chain. It allows outsourcing of manufacturing to other countries and links production in both multinational and smaller enterprises. Featuring expert analysis and worked examples to enhance understanding, Moving Boxes by Air offers a comprehensive and up-to-date guide to the business and practices of air cargo, with a chapter dedicated to each key issue, such as: current trends, market characteristics, regulation, airport terminal operations, pricing and revenues, and environmental impacts.

The Economics of International Air Cargo

Moving Boxes by Air

Air transport industry finance, with its complexity and special needs such as route rights, airport slots, aircraft leasing options and frequent flyer programmes, requires specific knowledge. While there are numerous financial management and corporate finance texts available, few of these provide explanations for the singularities of the airline industry with worked examples drawn directly from the industry itself. Revised and updated in its third edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance. Designed to address each of the distinct areas of financial management in an air transport industry context, it also shows how these fit together, while each chapter and topic provides a detailed resource which can be also consulted separately. Supported at each stage by practical airline examples, it examines the financial trends and prospects for the airline industry as a whole, contrasting the developments for the major regions and airlines. Important techniques in financial analysis are applied to the airline industry, together with critical discussion of key issues. Thoroughly amended and updated throughout, the third edition reflects the many developments that have affected the industry since 2001. It features several important new topics, including Low Cost Carriers (LCCs), fuel hedging and US Chapter 11 provisions. The sections on financial statements and privatisation have been expanded, and a new chapter has been added on equity finance and IPOs. New case studies have been added, as well as the latest available financial data. The range and perspective is even greater than before, with significant expansion of material specific to the US and Asia. The book is a key resource for students of airline management, and a sophisticated and authoritative guide for analysts in financial institutions and consultancies, executives in airlines and related industries, and civil aviation departments.

Thomas Klein

Air cargo is a key element of the global supply chain. It allows outsourcing of manufacturing to other countries and links production in both multinational and smaller enterprises. It has also been the most important driver of certain export industries in countries such as South Africa, Kenya and Chile. As a component of the air transport industry, air cargo makes the crucial difference between profit and loss on many long-haul routes. This second edition of Moving Boxes by Air offers a comprehensive and up-to-date guide to the business and practices of air cargo, with chapters dedicated to key issues such as current trends, market characteristics, regulation, airport terminal operations, pricing and revenues, and environmental impacts. The book illustrates the recent emphasis on mergers at the expense of alliances, which have not had the impact that they had on passenger operations. The section on security has been expanded to assess in more depth the threats to aircraft from terrorists, particularly in the lower cargo and passenger baggage compartments. Surcharges are examined and the book considers whether all airlines will follow the lead of some to do away with both fuel and security surcharges. The book concludes with a summary of the latest industry forecasts. Fully updated throughout, this edition is the definitive guide to air cargo for professionals within both the aviation and freight industries.

Peter S. Morrell

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