EasyJet's Q3 profits lower as Iran War raises costs

Related News

• US NTSB does not rule out the possibility of age and service in Ryanair 737 engines incident

  The U.S. National Transportation Safety Board announced on 'Wednesday that it had not ruled out the possibility of age or service problems in a?investigation into an occurrence in which a passenger was partially sucked out a broken window in a Boeing 737 NG after an engine failure. The letter contradicts Ryanair CEO Michael O'Leary, who on Monday said that an initial investigation found "foreign objects damage", and not the age of the aircraft or its servicing conditions. Jennifer Homendy, Chair of the NTSB, wrote to O'Leary in a letter that the NTSB had not reached this conclusion. Our investigators are still evaluating whether age or service issues were a factor. She asked him to refrain further from public comments about the investigation. Ryanair and Boeing didn't immediately respond to our requests for comments. According to Federal Aviation Administration and video, the NTSB is currently investigating the incident that occurred on July 10, in which a part of the aircraft's engine broke away and smashed a window shortly after taking off from Thessaloniki, Greece. The plane was headed for Germany when it lost pressure. It landed in an emergency. O'Leary said that the initial indications would indicate a foreign object damaged to the engine during takeoff in Thessaloniki. However, analysts were unable to confirm this. O'Leary stated that the aircraft was 18 years old, and the engine had been overhauled and fully serviced in the last two year. He said that in approximately?28-days, a 'draft report' on the incident will be released. This will be followed by a detailed report. FAA Administrator Bryan Bedford said last week that the incident, which had echoes to two Southwest Airlines Boeing 737 NG flights in 2016, and '2018, prompted a reevaluation of?the response?to these incidents. He added: "I do not think early indications show (the recent Ryanair issue) is a replica of what the Southwest Airlines incident was." (Reporting and editing by Aurora Ellis; David Shepardson)

• Farnborough Airshow: Boeing and Airbus battle it out as orders surpass 300

  As the Farnborough International Airshow nears its conclusion in the United Kingdom, airlines have revealed over 300 plane orders. Boeing has a slight advantage over European rival Airbus in the race for sealing deals, according to a tally. Here are some of the biggest deals, with 327 firm orders. This is slightly more than?the previous Farnborough airshow in 2024. The?tally falls short of the 800 orders that were expected, due to supply-chain issues and production bottlenecks. SMBC AVIATION CAPITAL Boeing and SMBC Aviation Capital have announced that they have ordered 100 737-MAX aircraft, 60 737-10 jets and 40 737-8. SMBC announced that it had placed a firm 100 Airbus A320neo family aircraft order, including 65 A321neos and 35 A320neos, for delivery to begin in the first half of the decade. RIYADH AIR Saudi carrier exercised options on 28 Boeing 787 Dreamliners placed in 2023. 20 of these aircraft were converted to the larger 787-10 version. The firm has also confirmed the purchase of six Airbus A350 1000 aircraft, bringing its total A350 1000 order book up to 31 aircraft. PHILIPPINE AERIALLINES Boeing has announced that it received a "new order" from Philippine Airlines for up to twenty 787-10 Dreamliner twin-engine widebody jets. The order is composed of 15 firm orders, and five options. The airline has also placed orders for nine Airbus A350s and secured purchase rights for another five. It expects to receive its first Airbus A350 in early 2030. AERCAP The leasing giant AeroCap has placed an order to deliver 15 Boeing 787 Dreamliners between 2033 and 2033. FLYNAS Saudi Arabia's budget airline Flynas has confirmed an order for 25 more Airbus aircraft. Flynas has now committed to Airbus 235 aircraft. OTHER ORDERS: Uganda Airlines has announced that it has placed orders for four Boeing 737 MAX narrowbody planes and four Boeing 787 jets. Boeing and MSC Air Cargo have announced that MSC Air Cargo has ordered five 777-8 Freighters. IBA, an aviation intelligence and advisory firm, said that Luxair had ordered two Boeing 737-10s worth $124m, based upon estimated prices after discounts. Shohin Airlines, a Tajikistani carrier, has ordered four Airbus A320neo family aircraft. BermudAir, a startup airline, has ordered 10 Airbus A220 aircraft to expand its routes. BermudAir plans to order up to 20 A220 aircrafts by 2030. EMBRAER JETS Brazilian aircraft manufacturer Embraer announced that Japan's Fuji Dream Airlines had placed a firm two-jet order for the?E175 regional jet. Embraer has already included the?order in its backlog. Abra, a South American airline group, also ordered Embraer 20 E2 aircraft. This was the first order Embraer received from this airline group. Embraer announced that Spanish regional carrier Binter has ordered five E2 aircraft from the Brazilian planemaker, increasing its fleet of Embraer's latest generation regional jets. ENGINE ORDERS British 'Airways has announced that it will be using Pratt & Whitney GTF engine for up to 63 incoming Airbus A320neo aircraft. Singapore-based BOC Aviation has placed its largest ever engine order of up to 300 CFM International engines to support the expansion of its Airbus and Boeing narrowbody fleet. IndiGo, India's largest carrier, signed a "memorandum-of-understanding" with CFM International for more than 1,000 LEAP-1A engine purchases. This would be a record for CFM International, who has been criticized by the industry over maintenance delays.

• US politicians promote aviation and space business at Farnborough Airshow

  U.S. politicians fought with European counterparts for investment from aerospace, defense, and space companies as the industries boomed. The number of U.S. government and private companies exhibiting at the show has increased by 21% since the previous event in 2024. Now, the U.S. accounts for around a third. Nine U.S. Senators, several Governors and other local officials and state officials attended. Gareth Rogers is the chief executive officer of the Farnborough International Airshow. As global tensions increase, governments are increasing their?defence expenditures. Meanwhile, the aerospace supply chain is spending more to keep up with thousands of plane orders for Boeing, Airbus, and Embraer, which will take years to complete. The space industry is also benefiting from more satellite and space launches. Some states, such as Kansas and Alabama, held parties in London for potential investors. Meanwhile, dozens of booths were set up at the airshow, promoting their attributes to prospective companies, including low taxes and regulations, competitive energy costs, and a skilled workforce. Aerospace Industries Association (AiA), a U.S. industry trade group, stated that the U.S. aerospace and defense industry will generate $1 trillion in business activity by 2025. This represents 1.6% of U.S. GDP, which supports more than 2.1 millions American jobs. U.S. officials cite the greater pay in North America, which is about 40% higher than the average national salary. The push comes as trade tensions are at an all-time high. Trump's administration has threatened to impose new tariffs on the aerospace sector, but delayed their implementation pending new negotiations. UK AND EU INCREASE SUPPORT FOR THE INDUSTRY The U.S. The?U.S. will also be facing stiff competition. The European Union will increase defence spending by 8.6% in 2026 to a new record of EUR454million ($518.10million). European countries also create new programs that aim to increase aerospace investments and jobs. The British government announced a PS600 ($802.50) package of support for the UK Aerospace Industry on Wednesday. This includes PS500 million?for aerospace research?and?technology projects?and a new PS100?million aerospace supply chain fund?working with industry partners such as Airbus, Rolls-Royce?, GKN Aerospace? and Safran?. The UK wants the market value of this sector to double by 2035. Virginia Governor Abigail Spanberger stated that her state has made efforts to develop a highly skilled workforce. She also said the state had invested hundreds of million dollars in order to provide sites for aerospace companies who wish to expand or construct. "We don't want to get complacent when we look to the future, because technologies are constantly changing," Spanberger said. He noted that Virginia is home to significant aerospace and defence companies and the Pentagon. Cleveland Mayor Justin Bibb cited the aerospace industry, NASA research center and manufacturing workforce in northeast Ohio as potential benefits. "The cost of doing business in Cleveland is a great deal more affordable than in Silicon Valley, the coast or the South," Bibb stated.

• EasyJet's bids are threatened by EU review of airline ownership rules

  An EU official revealed that the European Union was preparing to review airline ownership rules in order to prevent foreign investors gaining control over carriers. This could complicate US bids for easyJet, a low-cost airline. Officials said that the EU review was not previously reported and would "protect strategic independence" in order to keep control of regional carriers within the EU. The announcement comes as two U.S. investment firms compete for control of the major European budget airline easyJet. This is expected to test the limits of EU rules which require 51% local ownership. The official, who asked not to be identified due to the sensitive nature of the issue, said: "This is so that foreign investors do not have complete control." "We need to ensure that we have enough headroom in terms of control." EasyJet backed an offer of PS5.7 billion ($7.65billion) by Apollo Global Management earlier this month, beating out a previous PS5.5 billion offer from Castlelake. However, it did not elaborate on how they plan to meet EU requirements for majority ownership, a major hurdle in any non-EU acquisition. If the deal goes through, it could set a precedent for European Airlines, opening the doors to private equity buyouts. Takeovers are usually done by another airline, with the backing of the government. Officials said the review would likely take place in 'the autumn' and will look to clarify what types of corporate structures are allowed, particularly around control, ownership, and ownership. Officials said that Apollo, Castlelake, and EasyJet had not discussed the details of the proposed deals with European regulators. EasyJet declined to comment. Castlelake didn't immediately respond to our request for comment. "The industry has a wrong perception that we are not enforcing the rules as strictly. The wrong perception will lead people down the wrong path," said the official.

• BermudAir purchases 10 Airbus A220 aircraft as part of its expansion plan

  BermudAir has ordered 10 Airbus A220 aircrafts to expand its routes into 'Bermuda and Anguilla as well as Belize, Turks and Caicos, Turks & Caicos, Turks & Caicos', the startup airline announced on Wednesday. Adam Scott, BermudAir's CEO and founder, said that the A220 has the performance characteristics to help us expand our footprint and open more markets. The airline plans to double its 11 routes currently in operation by the end of the year. The A220-300 order was signed during the Farnborough Airshow. The Bermuda carrier has been operating since 2023. BermudAir plans to add up to 20 A220 planes by 2030, and eventually replace its fleet of Embraer-190 aircraft. BermudAir is competing with U.S. carriers JetBlue, American, and United for New York flights. However, some new routes are not heavily competitive. Scott stated that the carrier's focus is on improving customer experience. "We are winning these customers because we do something very different," said Scott. The new routes include six to Turks and ?Caicos, with ?service from Newark, Boston, Baltimore-Washington, Raleigh-Durham, Fort Lauderdale and St Petersburg/Tampa, and five new routes to Belize. The airline will also be expanding its seasonal service to Anguilla. The airline is planning to install wifi on its planes, as they currently do not. "It's not easy to start a?airline," he said. "You have to be very determined." Scott said, "You have to be dedicated to it." It's always best to be steady. (Reporting and editing by Joe Bavier, Andrew Heavens, and David Shepardson)

• Airbus shares rise on EUR5 billion buyback and new guidance

  Airbus shares rose more than 5% on Wednesday after the European planemaker announced a EUR5billion ($5.7billion) share-buyback program and revealed new midterm targets, including a near-doubling of profits by 2020. Airbus announced late Tuesday that it was aiming for a core profit of EUR12 to EUR13 billion by 2029. This would be a significant increase from the EUR7.13 billion adjusted earnings before interest and taxes of last year, as well as a target far above EUR7.5 billion set in 2026. In a note for investors, Deutsche Bank analyst Christophe Menard stated that the EUR5 billion (or five billion euros) share buyback over a three-year period was 'the positive surprise. Airbus, the world's biggest civil?planemaker, also anticipates that its dominant commercial aircraft business will generate around EUR10billion in?operating profits in 2029. It has also struck a?positive note on aircraft deliveries. Airbus began the year with a slowdown due to supply-chain and engine bottlenecks, but has since accelerated its deliveries. First-half handovers have increased by 15%. J.P. Morgan wrote that Airbus "delivered all the things we felt were needed for shares to rise".

• The new British PM has promised to cap the cost of bus tickets

  Andy Burnham, the new British Prime Minister, promised a price cut of up to a third on single bus tickets as part of a push to reduce a cost-of living crisis. After his government announced that it would reduce taxes on electricity bills, the decision to cap tickets at PS2 ($2.68) in January was made. Downing Street announced that the extra funding for the bus ticket cap would come from reprioritising the Department of Energy, Security and Net Zero budget. "As I said on my first day as president, I will build a nation for everyone everywhere. Burnham said in a statement that this would mean more connected communities, greater access to opportunities and a lighter burden on people's daily lives. On Tuesday, the government announced that it would eliminate value-added taxes from domestic electricity bills as of October 1. This will save households around PS45 on their average annual bill. Burnham said that he would unveil early policies. He told reporters on Monday that he wants his new government to "do some things" - and feel them - quickly, especially for those with the lowest incomes.

• Airbus launches buyback program to target near-doubling of earnings in 2029

  Airbus announced its medium-term goals on Tuesday. These included a near-doubling of profits, and stronger shareholder returns. This showed confidence in the company's ability to ramp up production at a time when a battered aerospace industry is turning the corner with regard to supply disruption. The largest civil aircraft manufacturer in the world said that it aimed to achieve a core profit between EUR12 billion and EUR13 billion ($13.69 to $14.83billion) by 2029. It also announced a EUR5billion share buyback program. This goal is a significant increase from the EUR7.13 billion in adjusted earnings before taxes and interest that Airbus generated during last year. It also exceeds a target of EUR7.5billion for 2026. Airbus wants to increase profits by increasing deliveries of aircraft to meet strong airline demand, while slowly overcoming disruptions in the supply chain and engine shortages which have constrained production across the aerospace sector. The company expects its commercial aircraft business to generate an operating profit of around EUR10 billion by 2029. J.P. Morgan analysts stated earlier this month that Airbus is likely to achieve this level of profit within its commercial aircraft business in three years. We have never seen such a high level of visibility before. Guillaume Faury, CEO of the company, told investors in London that we have put behind us many challenges and cleared the skies for moving forward. Airbus began the year slowly due to supply-chain and engines bottlenecks, but has since increased deliveries by increasing first-half handed over by 15% on an annual basis. Airbus has not changed its 2026 forecast, which includes an increase of 10% in commercial jet deliveries to 870. "We are in a better position with the supply chain." "We're still experiencing issues here and there, which will likely continue as we go higher. But it's in much better shape in the years coming out of COVID," Faury said to reporters late Tuesday. AIRBUS IS EXAMINING A350 PRODUCTION INCREASES Airbus has said that it is seeing a demand for wide body jets, and will be increasing production of the A350 in coming years. Airbus Commercial CEO Lars Wagner said that he expects protracted engine supply problems for smaller A320neo aircraft to be resolved by the year 2028. Airbus, however, said that it would 'push for more engines to be produced by RTX unit Pratt & Whitney in 2027 after a tug-of-war between new assembly plants and maintenance facilities for scarce supplies. Airbus also wanted to get more from CFM, a supplier that was already delivering the agreed-upon quantities. Pratt and Whitney said earlier on Tuesday the maintenance disruption which?has caused hundreds of aircraft to be grounded is easing. The?numbers of aircraft that have been grounded due to engine-related issues has decreased by 40% since the peak. Airbus confirmed that it is considering launching longer versions A220 and A350, but did not give a timeline for its decision.

• Boeing wants the US to intervene in record EU loan to Airbus

  Boeing asked the U.S. Government to pressure the European Union on transparency regarding a EUR3 Billion ($3.43 Billion) loan package?to Airbus. This resurfaced trade tensions following the two sides?extending a tariff truce?over jet subsidy. Airbus is reportedly planning to develop a new aircraft as early as 2030. This could spark a new wave of competition on the global jet market. After a 17-year fight at the World Trade Organization, both sides achieved partial victories over their mutual claims about aircraft subsidies. This led to a transatlantic wave of tariffs that hit other industries. The ceasefire, which was due to end on July 6, is now indefinitely extended as both sides retreat from a new trade war in the aerospace industry. Boeing, in a letter sent to U.S. Trade Representative Jamieson Greer and seen by, said that it was surprised to learn of the European Investment Bank's announcement on June 29, announcing its largest corporate loan ever for Airbus. It asked the USTR for a "full account of the terms of the loan" and why it was in line with the 2021 truce accord, which required an "open and transparency process." Greer said to?CNBC that the USTR was looking at the loan with "great care" and he raised the issue with his EU counterpart. Greer stated that "we cannot accept a scenario where Boeing is forced to compete with an Airbus which receives unfair loans, and where Boeing must operate in a market-based system." These comments echoed the 17-year WTO dispute, in which Airbus claimed victory over Boeing and both accused each other that they were benefited by?unfair assistance. The WTO referred to earlier EIB loan as 'Airbus subsidies' but rejected U.S. allegations about their role. Boeing, however, noted that the announcement of the initial tranche of EUR1billion came only four days after the EU had adopted the decision to prolong the standstill agreement. Boeing stated in its letter that "at a minimum, this loan's timing is surprising." The EIB denied that it offered Airbus any unusual assistance. A spokesperson explained that this is a regular loan with interest as part of EIB’s overall financing activities. Thomas Toepfer, Airbus' Chief Financial Officer, told London reporters that the loans were taken "completely on market level". Boeing declined to comment. The USTR, European Commission and other agencies did not respond immediately to requests for comments. AEROPLANE DEVELOPMENTS The EIB announced that the loan package would support Airbus long-term investment through 2030. Boeing pointed out that Airbus CEO Guillaume Faury said Airbus planned to start the development of an A320neo replacement in the same year. Faury revealed the code word "eAction" for the project in an interview with Aviation Week, ahead of the Farnborough Airshow. Boeing's letter sent to the USTR stated that "the timing of this significant loan coincides with Airbus leadership publicly committing to launch date for a new aircraft, which further raises doubts about the size and intent of this historic package of economic assistance." Boeing said that the market conditions were not right yet for a new plane generation, but analysts expect both companies to "start the next development by the mid-2030s." Boeing's letter reveals a wariness about competitor funding, on both sides of this duopoly in the jet market. However, tensions have decreased since the WTO subvention battle. After briefly imposing tariffs, the Trump administration agreed last year to exempt aerospace from tariffs. Washington hasn't officially announced that it will extend the separate truce over tariffs related to the Airbus and Boeing dispute. But four people who are familiar with the issue said that both sides have effectively put the marathon WTO dispute behind them for now. The Trump administration is seen to be reluctant to use WTO tools, which would implicitly acknowledge multilateral rules that the president opposes. Trump has called for a meeting with his trading partners this month to discuss the impact of foreign jet imports.

• Middle Eastern airline executives project stability at Farnborough, despite conflict

  The Middle East's aviation industry is open for business, aviation executives from regional companies, including Emirates President?Tim Clark on Tuesday, sought to calm fears about spiralling conflicts. Clark said on Tuesday that as long as the current situation is manageable we can continue with our work. The airline is flying at 90% capacity, and premium cabins are full. Iran attacked U.S. targets in Bahrain, Kuwait, and Jordan on Wednesday, tearing apart a fragile interim agreement signed last month. Last week, Europe’s aviation safety regulator issued an advisory to avoid airspace in this region until July 29. Air France-KLM suspended flights from and to Riyadh, Saudi Arabia as well as Dubai on July 27. Middle Eastern carriers are seeing their traffic fall since the Israel-U.S. War on Iran began? on February 28. Some have cut capacity to protect themselves from spiraling costs. At Farnborough regional leaders stressed that the Middle Eastern aviation industry is booming. Paul Griffiths CEO of Dubai Airports said, "I think that the closer you get to the Gulf operation the more normal things seem." CANCELLATIONS BUT CALLS TO POSITIVITY Airline Analyst John Strickland noted that the region has weathered many crisis in the past. However, it is unlikely that airline profits will remain untouched. Strickland said, "It will hit the bottom-line, of course. It has an impact." They will want their hatches to be battened as much as possible to avoid loss of cost when things get tough and return to profitability. Qatar Airways canceled its attendance to the show following the death of the former emir, Sheikh Hamad Bin Khalifa Al Thani. Etihad's Chief Executive Antonoaldo Neves likewise opted out of the airshow. As Emirates' Clark said, the sector must "think positively, act positively, and be positive" when it comes projecting the recovery of the?region. Clark said that the airline has no plans to delay orders, and that its ambitions to open "a new airport" in the United Arab Emirates by 2032 are still on track. Griffiths confirmed the Dubai airport would still be opening on its scheduled date. In recent years, many of the largest regional carriers have placed substantial orders for aircraft. Marc Nichols said that their presence at the show reflects more on strategic priorities and maturity in fleet planning, than a change in confidence and growth ambitions.

• Boeing and Airbus seal orders at Farnborough Airshow

  Airlines have announced nearly 300 orders for planes at the Farnborough Airshow, in?the United Kingdom. Boeing has a slight advantage over European rival Airbus as they race to close deals. Industry sources, however, said that they expected dealmaking to fall below some ambitious expectations?of 800 or more aircraft, as planemakers?continue to struggle with supply-chain restrictions and production bottlenecks. Here are the key deals that have been made so far. SMBC AVIATION CAPITAL Boeing and SMBC Aviation Capital have announced that they have ordered 100 737-MAX aircraft, 60 737-10 jets and 40 737-8. SMBC announced that it had placed a firm 100 Airbus A320neo family aircraft order, including 65 A321neos and 35 A320neos, with deliveries to begin in the first decade of the new century. RIYADH AIR The Saudi airline exercised options?for a total of 28 Boeing 787 Dreamliners, from an order placed for 2023. Twenty of these aircraft were converted to the larger 787-10 version. The firm also confirmed an additional order for six Airbus A350 1000 aircraft, bringing its total A350 1000 order book up to 31 aircraft. PHILIPPINE Airlines announced that it had placed a new order with Boeing for 20 widebody 787-10 Dreamliner twinjets, which consists of 15 firm orders plus five options. The airline has also secured the purchase rights of five additional Airbus A350s. It expects to take delivery of its first Airbus A350 in early 2030. UGANDA AIRLINES Uganda Airlines has announced that it will be ordering four Boeing 737MAX narrowbody aircraft and four Boeing 787 widebody planes. SHOHIN AERLINES The Tajikistan-based airline Shohin Airlines has ordered four Airbus A320neo family aircraft. MSC AIR CARGO Boeing announced that MSC Air Cargo has acquired five 777-8 freighters. LUXAIR According to IBA, an aviation intelligence and advisory firm, Luxair ordered two Boeing 737-10s worth $124m, based upon estimated prices, after discounts. FUJI DREAMS AIRLINES Embraer, the Brazilian planemaker, announced that Japan's Fuji Dream Airlines had placed a firm two-jet regional order. Embraer has already included the order in its backlog. ABRA GROUP The South American carrier group has ordered 20 Embraer E2 aircraft, the first time the Brazilian planemaker has received an order from this airline group. BINTER Embraer announced that Spanish regional airline Binter has ordered five more E2 aircraft from the Brazilian planemaker, increasing its fleet of latest-generation regional jets. OTHER DEALS Japan Skymark 'Airlines' has signed a lease agreement with Aviation Capital Group for seven Boeing 737 MAX 10-narrowbody twinjets. Deliveries will begin in 2028. The first 'Airbus' order at the show was a commitment from the UK National Police Air Service for two additional H135 helicopters. Delivery is expected to begin in 2028. Leonardo, an Italian company, said that Saudi Arabia's The Helicopter Company ordered 11 helicopters. The deliveries are expected to take place between 2027 and 2028. ENGINE ORDERS British Airways has announced that it will be using Pratt & Whitney GTF engine for up to 63 incoming Airbus A320neo aircraft. Singapore-based BOC Aviation has placed the largest engine?order ever for up to 300 CFM International?engines?to support their expanding Airbus/Boeing narrowbody fleet. IndiGo, India's largest airline, has signed an agreement with CFM International for over 1,000 LEAP-1A engine. This would be a record-breaking deal for CFM International which has been criticized by the industry for its maintenance delays.

• Source: Attestor will take over Condor in full by September 30.

  Attestor, an investment firm, plans to purchase the remaining 49% in German leisure airline Condor by the German government on September 30. This is a result of the option that it has had since 2021. The carrier has repaid its state-backed loan ahead of schedule. After the collapse of the former parent Thomas Cook, and the COVID-19 Crisis, the transaction will grant?Attestor the full ownership of Condor. Source: Attestor will continue to pursue the acquisition regardless of whether or not it can find a strategic partner before the deadline. The British asset management company acquired 51% of Condor in 2021 from the German government. They invested 200 million euros in equity, and committed another 250 million euros for fleet expansion. The source said that, although there is not a timetable for this, Attestor's ideal scenario would be to sell a minority share to a bigger airline or airline group in the future. Attestor and Condor declined to comment. Condor's Chief Executive Peter Gerber said to Stern magazine in this month that "Gulf carriers" and Turkish Airlines were potential partners. He also suggested that a domestic buyer like Lufthansa might face more antitrust hurdles. Turkish Airlines didn't immediately respond to an inquiry for comment. John Strickland, an airline analyst, said that a strategic airline investor could support Condor’s expansion. This would also be a good fit for Attestor as it is not a specialist aviation investment. Condor employs approximately 5,500 people, and transports close to 10,000,000 passengers per year.