Long-haul start-up Norse Atlantic Airways generated first-half operating revenues of $3 million following the commencement of commercial services in mid-June.

The carrier inaugurated flights with a transatlantic connection from Oslo to New York.

It is aiming to build a fleet of 15 Boeing 787s. Eleven were introduced in the first half, and another pair subsequently, with the remaining two arriving by the end of the year.

Norse 787-c-Norse Atlantic Airways

Source: Norse Atlantic Airways

Norse has agreed to sub-lease four aircraft for 18 months each, and expects revenues from this activity to exceed $40 million over the term.

The airline, having only begun flights at the end of the first half, made an interim operating loss of $43 million and net loss of $51 million over the six months to 30 June.

Norse says it has achieved an average load factor of 75% on its flights.

But it cautions that high inflation in Europe and the USA, combined with high fuel prices and a reduction in the post-pandemic travel surge, are likely to result in a “challenging” period over the next few months.

“Norse will be cautious with regards to its winter 2022 programme and is continuously evaluating all routes,” it says. “The company is well-positioned to take a careful approach to activating more aircraft as it continues to enjoy the benefits of flexible aircraft lease terms, including power-by-the-hour and low lease rates.”