Analysis of the 1992–1996 period shows that every player in the air transport chain is far more profitable than the airlines, who collect and pass through fees and revenues to them from ticket sales. While airlines as a whole earned 6% return on capital employed (2–3.5% less than the cost of capital), airports earned 10%, catering companies 10–13%, handling companies 11–14%, aircraft lessors 15%, aircraft manufacturers 16%, and global distribution companies more than 30%. (Source: Spinetta, 2000, quoted in Doganis, 2002)

Where to stay in Andros: Food stylist Allegra Pomilio hosts intimate cooking retreats at Melisses, her family’s elegant villa overlooking the submerged ancient city of Paleopolis. Ktima Lemonies, an elegant estate surrounded by lemon and olive groves, is less than a mile from Hora but feels light years away. At Onar, an organic farm with a smattering of cottages overlooking Achla beach, you really are miles from anywhere.
Great list Matt! Indeed, there obviously there are some spots on this globe I have to visit. Can confirm the Maldives though. Has changed over time, but then again, the first time they were still “exploring” their “tourist economy” potential. Been there twice now and although definitely more crowded still holds its appeal. Be prepared for culture shock though. If you return to the “civilised world” you will wonder about the rest of the grubby world and catch yourself day dreaming regularly. 😉

The next big boost for the airlines would come in the 1970s, when the Boeing 747, McDonnell Douglas DC-10, and Lockheed L-1011 inaugurated widebody ("jumbo jet") service, which is still the standard in international travel.[35] The Tupolev Tu-144 and its Western counterpart, Concorde, made supersonic travel a reality.[36] Concorde first flew in 1969 and operated through 2003. In 1972, Airbus began producing Europe's most commercially successful line of airliners to date. The added efficiencies for these aircraft were often not in speed, but in passenger capacity, payload, and range. Airbus also features modern electronic cockpits that were common across their aircraft to enable pilots to fly multiple models with minimal cross-training.
I’m a Maui native and it is not that expensive! You just need to do it the smart way, avoid tourist traps and ABC stores, stop at Costco to stock up on supplies before you reach your hotel. Many of the best things Hawaii has to offer are free: beaches, sunsets, hikes, snorkeling, walking the streets of small beach towns. Condos are also way cheaper than hotels and they are usually beachfront.
There are many picturesque villages to explore, and the beaches are always far from crowded. If you like walking, the lush vegetation and cliffs are ideal, while if you like to do some underwater exploration, there are many scuba diving and fishing opportunities, too. Additionally, Dugi Otok is home to one of Croatia’s best sandy beaches, Sakarun, which some compare to the beaches of the Caribbean, making it a great family spot.
Dubbed the Isle of Flowers and crowned by 4,583-foot Mount Pelee, Martinique may just be the Caribbean’s best-kept secret. Some exploration is required to uncover the island’s treasures, like the Balata Gardens’ Treetop Trail of suspension bridges, Saint-Pierre’s 18th-century theater ruins, and the poignant Anse Cafard Slave Memorial. This overseas region of France is also considered the rum capital of the world; follow the Route des Rhums to tour esteemed distilleries like Clement and Rhum JM.
Transport between them can be patchy, but a new service linking Zakynthos with Corfu which started this year now brings all the islands (bar Kythira) together. Zakynthos is otherwise linked to Kefallonia with an old-style open deck ‘slipper’ ferry; Kefallonia includes Ithaki on its local small ferry route to Nydri on Lefkada. There is no link (except for the new service) from Lefkada to Paxi/Corfu. Corfu has links to Paxi and its little know satellite islands just to the north. Kythira has an airport with flights to Athens and ferries to Crete (Kissamos) and the Peloponnese (Gythio, Kalamata, and Neapoli).
common.mobile.fragment.datapicker.screenreader.text Valid date format: two-digit day, two-digit month, then full four-digit year, each separated by a forward slash or space. Example, enter 21 space 09 space 2016 to represent September 21, 2016, or 01/08/2016 to represent August 1, 2016. Alternately, use arrow keys to move through dates in the calendar grid.

Zakynthos is an island of certain extremes: beauty and crass, mass tourism of the worst sort. The islands – like all the Ionian islands is lush and verdant and boasts the now famous ‘shipwreck beach’ (Navagio) that many seek to travel to and swim at. Yes, it’s worth it and numerous excursion boats make the run from ports on the west side of the island. Environmentalists and capitalists clash daggers at Laganas where the mass tourism trade is carried out to the detriment of the Caretta Caretta, or loggerhead turtle that loves the beach as much as British tourists on a binge. Read this page for the background. There is an alternative scene to Laganas at Vasilikos over to the east, but it is much more low-key and less busy.

Most of Croatia’s beaches are pebbly or rocky, but Rab is one of the few islands that has golden sandy beaches to enjoy. The most famous beach is Rajska or Paradise Beach, and this is where you will find the most visitors during the summer months, as well as families. On the other hand, the mountainous interior of the island is ideal for walking and exploring the landscapes. The beaches, however, are the main pull.


Lefkada is the island that’s not an island. You can drive to it across the causeway from the mainland, but it feels every bit an island. Aristotle Onassis bought the satellite island of Skorpios here as his own bit of getaway paradise. Beaches, windsurfing, boat hire, good food and wine are all here and there are few built-up package resorts. The main tourist area is centred on Nydri.
Crete, Santorini, and Naxos look quite doable within the 12-day block, but Crete’s beaches are scattered throughout a very LARGE island, Santorini really only has Kamari and Perissá (and some southern coast bays) and Naxos does have nice places to swim. If you choose only to visit those three islands in your relatively short time, you will do well.
The pattern of ownership has been privatized in the recent years, that is, the ownership has gradually changed from governments to private and individual sectors or organizations. This occurs as regulators permit greater freedom and non-government ownership, in steps that are usually decades apart. This pattern is not seen for all airlines in all regions.[87]
Hi Dave. Thank you for your amazing website! We (30’s / 40’s couple – no kids) used your recommendations last year in September and visited Santorini (7days), Milos (3days) and Crete (12days) before spending 3 days in Athens. The trip was amazing and Greece is calling us to go back again this year! We have a conundrum which we are hoping you can assist (well, many of them really!) 

I think that’s a great plan. Santorini is a must and Milos and Naxos are two islands that have both great beaches and lots to do and see away from the beach. Renting a car and exploring the interior villages of Naxos is a must-do and so is a boat tour around Milos. If you’re willing to cut Athens to 2 days, I would recommend Santorini 5 days, Milos 3 days, Naxos 3 days, and Athens 2 days.
If the glitzy excess gets too much, escape to Fokos taverna for superfood salads and lamb chops, or Kiki's, an off-grid grill-shack overlooking Agios Sostis bay, where even Naomi Campbell has to queue for a table. Or cruise over to the tiny island of Delos, an archaeological sanctuary that once thronged with 30,000 sun worshippers (the temple is dedicated to Apollo, the Greek god of light). 

Growth rates are not consistent in all regions, but countries with a de-regulated airline industry have more competition and greater pricing freedom. This results in lower fares and sometimes dramatic spurts in traffic growth. The U.S., Australia, Canada, Japan, Brazil, India and other markets exhibit this trend. The industry has been observed to be cyclical in its financial performance. Four or five years of poor earnings precede five or six years of improvement. But profitability even in the good years is generally low, in the range of 2–3% net profit after interest and tax. In times of profit, airlines lease new generations of airplanes and upgrade services in response to higher demand. Since 1980, the industry has not earned back the cost of capital during the best of times. Conversely, in bad times losses can be dramatically worse. Warren Buffett in 1999 said "the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero."[88]

Codesharing is the most common type of airline partnership; it involves one airline selling tickets for another airline's flights under its own airline code. An early example of this was Japan Airlines' (JAL) codesharing partnership with Aeroflot in the 1960s on Tokyo–Moscow flights; Aeroflot operated the flights using Aeroflot aircraft, but JAL sold tickets for the flights as if they were JAL flights. This practice allows airlines to expand their operations, at least on paper, into parts of the world where they cannot afford to establish bases or purchase aircraft. Another example was the Austrian–Sabena partnership on the Vienna–Brussels–New York/JFK route during the late '60s, using a Sabena Boeing 707 with Austrian livery.

The earliest fixed wing airline in Europe was Aircraft Transport and Travel, formed by George Holt Thomas in 1916; via a series of takeovers and mergers, this company is an ancestor of modern-day British Airways. Using a fleet of former military Airco DH.4A biplanes that had been modified to carry two passengers in the fuselage, it operated relief flights between Folkestone and Ghent. On 15 July 1919, the company flew a proving flight across the English Channel, despite a lack of support from the British government. Flown by Lt. H Shaw in an Airco DH.9 between RAF Hendon and Paris – Le Bourget Airport, the flight took 2 hours and 30 minutes at £21 per passenger.


In the Soviet Union, the Chief Administration of the Civil Air Fleet was established in 1921. One of its first acts was to help found Deutsch-Russische Luftverkehrs A.G. (Deruluft), a German-Russian joint venture to provide air transport from Russia to the West. Domestic air service began around the same time, when Dobrolyot started operations on 15 July 1923 between Moscow and Nizhni Novgorod. Since 1932 all operations had been carried under the name Aeroflot.[13]


Computers also allow airlines to predict, with some accuracy, how many passengers will actually fly after making a reservation to fly. This allows airlines to overbook their flights enough to fill the aircraft while accounting for "no-shows", but not enough (in most cases) to force paying passengers off the aircraft for lack of seats, stimulative pricing for low demand flights coupled with overbooking on high demand flights can help reduce this figure. This is especially crucial during tough economic times as airlines undertake massive cuts to ticket prices to retain demand.[65]
I loved you website, congratulations. Me, my wife and a couple of friends are traveling to Greece in march/2018 (I know it’s not the best time of the year to visit Greece, but it’s the time we have available). We are in our late 30’s and are looking forward to some beautiful views, chill out time and good food. We’re not after huge parties but some local music wouldn’t be bad. We have 13 days in our hands, so by reading your texts I’m considering spending some 2 days in Athens, 3 days in Mykonos, 4 days in Santorini, 4 days in Chania.
Argostoli is the capital on the mid-west flank of the island and is not really a destination itself, that moniker falling to the contiguous beach scene running from Lourdata south eastward to Skala. While development might have caught up here by now, it should still be a pleasant beach scene and focus for a relaxing stay. The Melissani Cave on the east coast is a must attraction and while it can be visited on a day excursion from anywhere on Kefallonia the two villages or Agia Efthymia and Poros are low-key ‘resorts’ pulling in a regular crowd of travellers and may warrant a look-in. The port of Pesada (just west of Lourdata) is the home of the local ferry to Zakynthos (Zante).
In 2016, Stiniva beach on the island of Vis was named the best beach in Europe. One of the top beaches in Croatia, Stiniva is well hidden from the sea and not the easiest beach to access. It’s either a hike down to the beach or access by small boat, but a spectacular view will reward you for your effort. Although Vis has never really had large tourists numbers, it has become a popular stop for those sailing the Croatian islands.
The 1978 U.S. airline industry deregulation lowered federally controlled barriers for new airlines just as a downturn in the nation's economy occurred. New start-ups entered during the downturn, during which time they found aircraft and funding, contracted hangar and maintenance services, trained new employees, and recruited laid-off staff from other airlines. 

Major airlines dominated their routes through aggressive pricing and additional capacity offerings, often swamping new start-ups. In the place of high barriers to entry imposed by regulation, the major airlines implemented an equally high barrier called loss leader pricing.[38] In this strategy an already established and dominant airline stomps out its competition by lowering airfares on specific routes, below the cost of operating on it, choking out any chance a start-up airline may have. The industry side effect is an overall drop in revenue and service quality.[39] Since deregulation in 1978 the average domestic ticket price has dropped by 40%.[40] So has airline employee pay. By incurring massive losses, the airlines of the USA now rely upon a scourge of cyclical Chapter 11 bankruptcy proceedings to continue doing business.[41] America West Airlines (which has since merged with US Airways) remained a significant survivor from this new entrant era, as dozens, even hundreds, have gone under. 

Kate Hudson, Goldie Hawn and Amy Schumer were among the first guests at Four Seasons Resort Oahu at Ko Olina, a 642-acre that opened in May 2016 on the island’s west coast 17 miles from Honolulu. Closer to the action of Waikiki, the Surfjack Hotel opened in May with a dose of vintage 1960s Hawaii, down to its painted murals and birds of paradise wallpaper by local artists that are just begging to be Instagramed. Pacific Beach Hotel re-emerges in the fall as Alohilani Resort Waikiki Beach, whose $115 million upgrades include two new restaurants by celebrity chef Masaharu Morimoto.
It’s best to visit Greek islands within the same group. For example, I wouldn’t recommend visiting Corfu and Santorini on the same trip as they’re on opposite sides of the country. Instead, visit islands in the same island group: the Cyclades, the Sporades, the Dodecanese, the Ionian, the Saronic, and the Northeastern Aegean. For one, they’re close to each other. And two, they have frequent ferry connections with each other. For first time visitors to Greece, the Cyclades make the most natural and convenient introduction.
Operating costs for US major airlines are primarily aircraft operating expense including jet fuel, aircraft maintenance, depreciation and aircrew for 44%, servicing expense for 29% (traffic 11%, passenger 11% and aircraft 7%), 14% for reservations and sales and 13% for overheads (administration 6% and advertising 2%). An average US major Boeing 757-200 flies 1,252 mi (2,015 km) stages 11.3 block hours per day and costs $2,550 per block hour : $923 of ownership, $590 of maintenance, $548 of fuel and $489 of crew; or $13.34 per 186 seats per block hour. For a Boeing 737-500, a low-cost carrier like Southwest have lower operating costs at $1,526 than a full service one like United at $2,974, and higher productivity with 399,746 ASM per day against 264,284, resulting in a unit cost of 0.38 $cts/ASM against 1.13 $cts/ASM.[71]

This quiet island is waking up. Luxe boutique Zemi Beach House recently opened with classic details and a laid-back vibe that call to the local natural beauty of Shoal Bay East beach. On Merrywing Bay next to sister property CuisinArt Golf Resort & Spa, The Reef by CuisinArt recently unveiled 80 new suites. Here, farm-to-table fare means local fish and fresh produce from the on-site Hydroponic Farm. The Four Seasons Resort and Residences Anguilla took over the former Viceroy Anguilla with villas that overlook white-sand beaches and the rugged coral coastline.
Take everything you want Greece to be — olive groves and tavernas, fishermen and bakers leading quiet village lives, stone villas and cypress trees and brilliant bougainvillea — and put it on a tiny, Ionian island only reachable by boat: That’s Paxos. On the western coast, sheer cliffs, rock arches and 40 sea caves put on a stunning show. Daytrip to the neighboring island of Antipaxos for powder sand and water so aqua, it rivals the Caribbean Sea.

Blaca Hermitage in the south of the island is a must-visit, as well as Vidova Gora Mountain, which is the highest peak on the island, offering you stunning views across the Adriatic and to neighboring islands on a clear day. Brač is also where you’ll find the famous Zlatni Rat Beach, one of the absolute best Croatia beaches (and even in all of Europe) and a wonderful place to spend a day. This all makes Brač one of the best islands near Split, a perfect day trip from Croatia’s second-largest city.

Following the 1978 deregulation, U.S. carriers did not manage to make an aggregate profit for 12 years in 31, including four years where combined losses amounted to $10 billion, but rebounded with eight consecutive years of profits since 2010, including its four with over $10 billion profits. They drop loss-making routes, avoid fare wars and market share battles, limit capacity growth, add hub feed with regional jets to increase their profitability. They change schedules to create more connections, buy used aircraft, reduce international frequencies and leverage partnerships to optimise capacities and benefit from overseas connectivity.[51]
common.fragment.mobile.datapicker.screenreader.text Valid date format: two-digit day, two-digit month, then full four-digit year, each separated by a forward slash or space. Example, enter 21 space 09 space 2016 to represent September 21, 2016, or 01/08/2016 to represent August 1, 2016. Alternately, use arrow keys to move through dates in the calendar grid.
Where to stay in Corfu: Rou Estate a hilltop hamlet transformed into a five-star retreat with an excellent spa. CV Villas has cornered the market in covetable villas on the north-east coast of Corfu. If you’d rather go all-inclusive, check into the smart Ikos Dassia, which opened in May 2018 in Dassia, a favourite haunt of The Durrells cast and crew. Guest perks include a Mini Cooper for cruising around the island.
Where to stay in Crete: Adults-only Casa Cook is a chic little number that breaks all the rules about package holidays (you’d never know it was created by Thomas Cook). The Marco Polo is a 15th-century mansion decorated like a pasha's harem, with an enchanting garden restaurant. Ottoman-style suites at Melenos Lindos have hand-painted ceilings and carved platform beds.
Major airlines dominated their routes through aggressive pricing and additional capacity offerings, often swamping new start-ups. In the place of high barriers to entry imposed by regulation, the major airlines implemented an equally high barrier called loss leader pricing.[38] In this strategy an already established and dominant airline stomps out its competition by lowering airfares on specific routes, below the cost of operating on it, choking out any chance a start-up airline may have. The industry side effect is an overall drop in revenue and service quality.[39] Since deregulation in 1978 the average domestic ticket price has dropped by 40%.[40] So has airline employee pay. By incurring massive losses, the airlines of the USA now rely upon a scourge of cyclical Chapter 11 bankruptcy proceedings to continue doing business.[41] America West Airlines (which has since merged with US Airways) remained a significant survivor from this new entrant era, as dozens, even hundreds, have gone under.
Another South Pacific island group (see a pattern here?), the Cook Islands are pretty far off the map. OK, not too far, but they are considerably less visited than some of their neighbors. These tiny islands are named after James Cook, the intrepid man who discovered them. With few amenities, this is the best place to find your inner castaway and escape modern life. The islands see similar weather to the rest of the area, with temperatures hot and humid all year round.
Yes, it’s possible. Get the SeaJet ferry from Athens to Mykonos. It should arrive at 9:30am or shortly after. You’ll have to hurry to store you’re luggage at the Sea and Sky travel agency across from the Old Port and then buy tickets for Delos. The last ferry to Delos leaves at 11am or maybe 11:30am. Ferry to Delos is about 30 minutes. Last ferry back is at 3pm which will give you plenty of time before the last ferry of the day to Naxos (at 6:15pm on SeaJet). All the ferries mention here use the Old Port. Don’t book any ferries that use the New Port or you’ll have trouble making the connections. 

Where to stay in Mykonos: Pale and interesting, Bill & Coo Coast on Agios Ioannis beach has dusky views across to Delos. Santa Marina resort tumbles down a private peninsula with a full-blown spa, a secret sandy beach, and a Riva to whisk you off to Nammos or Scorpios, if you can peel yourself off your canopied sunbed. If you prefer to be in the thick of it, The Belvedere is the gold standard in Chora, the glittering port capital.

Where to stay in Santorini: Trendier pretenders come and go, but Perivolas is still the most stylish and peaceful place to stay. If you have cash to splash, and can’t stand the crowds, take over Perivolas Hideaway, a waterfront villa on Santorini’s undiscovered offshoot, Thirassia, or Erosantorini, a stunning clifftop estate with a tiered pool plunging 1000 feet to the sea.


Easily reached from both Split and Dubrovnik, Lastovo is packed with 15th- and 16th-century architecture, including countless churches in different styles. The island is rich in history, and the main town is full of the various types of architecture, including beautiful Renaissance houses. Lastovo and its surrounding islands is Croatia’s newest Nature Park.

That’s just the point. This craggy Cycladic island has always attracted loners, hikers, divers and pilgrims, who shuffle up the cliff face to the Monastery of Hozoviotissa, a sliver of white dangling 300 metres above the sea. The water here is a million shades of blue and so startlingly clear you can see every sea urchin lurking on the rocky shore. Even the sage-scented hiking trails are called Blue Paths, because the sea and sky are visible in all directions.

Sports and Recreation: There are many sport and recreation activities, including running in the woods, walking along the bays, and team sports such as volleyball, basketball, soccer or handball on Sotorišce beach. Additionally, visit the complex Mirta to try out table tennis or rent a small boat. For the more adventurous type, Silba is a great place for windsurfing.
Naxiots once made considerable fortunes exporting potatoes, cheese, marble and emery. Locals bequeathed undesirable seaside plots - useless for farming - to their laziest offspring. When tourists cottoned on to the island's scores of fabulous beaches, these wastrels found themselves sitting on gold mines. The west coast of Naxos is fringed with mile upon mile of powdery sands. Agios Prokopios and Agia Anna delight toddlers and teenagers alike with their shallow waters and beach bars. As you head south, the beaches get wilder: Plaka, where you can gallop across the dunes on horseback, Mikri Vigla for windsurfing and kitesurfing, and crystal-clear Kastraki.
Described as the Philippines’ last frontier, Palawan boasts not one but two UNESCO World Heritage sites: Tubbataha Reefs Natural Park (don your dive gear), and the Puerto-Princesa Subterranean River National Park (climb in a canoe for a guided tour). Striking limestone formations like Ugong Rock and Karst Mountain Elephant Cave rise starkly from the rice fields of the interior. You can even find overwater bungalows on outlying islands, courtesy of El Nido Resorts.
Located just off the coast of Western Sahara in Africa, the Canary Islands are actually a Spanish archipelago and therefore owned by Spain. There are 7 main islands in the Canaries, with each offering something different for the intrepid traveler looking to kick back and enjoy island life. Tenerife is the largest of the islands and has a bit of everything, including one of the largest Carnival festivals in the world each February.
Congress passed the Air Transportation Safety and System Stabilization Act (P.L. 107-42) in response to a severe liquidity crisis facing the already-troubled airline industry in the aftermath of the September 11th terrorist attacks. Through the ATSB Congress sought to provide cash infusions to carriers for both the cost of the four-day federal shutdown of the airlines and the incremental losses incurred through December 31, 2001, as a result of the terrorist attacks. This resulted in the first government bailout of the 21st century.[44] Between 2000 and 2005 US airlines lost $30 billion with wage cuts of over $15 billion and 100,000 employees laid off.[45]
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