Ryanair said on Thursday it plans to double passenger numbers in the Baltic region over the next five years, seeking to capitalise on airBaltic's retrenchment and bankruptcy protection filing, reports Reuters.
The plans by Europe's largest airline by passenger numbers come days after the Latvian carrier became the first European airline to file for bankruptcy as a result of fallout from the Iran conflict.
Ryanair said it aims to provide 11mn annual seats across Latvia, Estonia and Lithuania by 2031 and base 16 aircraft in the region, up from seven currently.
"This proposal is even more important following airBaltic's announcement that it will shrink its fleet by one-third," Ryanair Chief Commercial Officer Jason McGuinness said in a statement.
AirBaltic said in August it planned to reduce its fleet to 36 aircraft by the end of 2026 from 54, with a target of about 40 aircraft by 2031, down from a previous goal of 100.
Airline executives and investors have said the cost crisis triggered by US-Iran war could force smaller national carriers to surrender routes to larger, better-capitalised rivals, including low-cost operators such as Ryanair.
Ryanair's planned expansion forms part of its broader strategy to increase annual passenger traffic to 300mn by 2034 from 208mn in the year to end-March 2026, as it takes delivery of 300 Boeing 737 MAX 10 aircraft from 2027.
