Norse Atlantic Airways trimmed half year losses to $75.7 million but is to cut capacity after the summer peak.
Three Boeing 787-8 Dreamliners are to be returned to their leasing firm during the autumn, leaving the carrier with a uniform fleet of 787-9s.
This will leave Norse with a “more uniform, flexible and cost-efficient fleet”.
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The fleet of own operated aircraft increased by two to 12 in May, representing a 20% rise in capacity.
The long-haul low cost carrier, which runs a network of transatlantic routes from Gatwick, revealed that it is involved in ongoing negotiations with several airlines for multi-year charter contracts.
Norse expects to distribute via GDS later this year.
Chief executive Bjorn Tore Larsen said: “We are making an important improvement to our distribution strategy and will join the Global Distribution System (GDS), where we expect to be available in 2024.
“Once on the GDS, our inventory will be available to be sold by corporate and leisure travel agents globally, significantly increasing the population that will be able to purchase our great value tickets with Norse. We will remain steadfast that the cheapest tickets will always be on our website.
Meanwhile, the airline is “de-risking the business through more secured revenue and less fuel price exposure”.
The network will be focused on the most profitable routes and making “significant cost reductions”.
“Following a strong transatlantic market in summer 2023, many airlines increased capacity for 2024, leading to the softening of fares and impacting all carriers serving that market,” Tore Larsen said.
Passenger numbers peaked in June at 178,000 but the airline’s second quarter report said fares had been impacted by a softer transatlantic market. Second quarter carryings rose by 99% year-on-year to 406,306 as the number of flights operated increased 89% to 1,531.
Norse described July as being softer than last year while August was stronger.
Sales for the rest of 2024 are trending better than last year.
Revenue for the three months was up to $164.8 million from $100 million in the same period last year reducing the pre-tax loss to $22.3 million from $26.2 million.
This resulted in a loss for the first six months of the year of $75.7 million against $88.6 million in the first half of last year and $135.2 million for the whole of 2023.
The airline said it was seeing strong charter demand at profitable rates.
“Norse has the best-in-class aircraft in a market that is short on capacity,” the airline noted.
“The third quarter is dominated by flying our own network, but from Q4 and through the winter season we are planning to fly at least half of our operated capacity on ACMI [leasing] and charter contracts.”
Tore Larsen added: “Norse is currently in negotiations with several airlines regarding multi-year contracts for fleet allocation, some of which would have an impact from the end of 2024 if they materialise.
“Such business plan may also imply significant cost reductions. Norse will share further updates from the outcome of the process later in the fall [autumn].”
Norse is one of three airlines contracted to fly for P&O Cruises to serve Caribbean sailings this winter.