South Korean low cost carrier T’Way Air, which is in the process of rebranding as Trinity Airways, will significantly reduce its planned seasonal operations between Seoul and Zagreb this summer, as the airline implements emergency measures amid rising debt and soaring fuel prices triggered by the war in the Middle East. The carrier, which is due to resume flights to Croatia’s capital with its Airbus A330-200 aircraft on June 27, now plans to operate two weekly services instead of three, on Thursdays and Saturdays, with Tuesday departures cancelled. It also now intends to maintain operations on the route only until August 29, instead of October 24, removing all planned flights in September and October. Further changes remain possible given the volatile and evolving nature of the industry.
The development is linked to T'way Air’s worsening debt situation, exacerbated by persistently high fuel prices. The airline has been posting losses continuously since the second quarter of 2024, and by the second quarter of last year, its total equity had turned negative, pushing it into full capital impairment. Although it has since raised capital through a series of rights offerings, continued losses have intensified concerns over its financial stability. T’way Air’s debt ratio also surged after it began progressively launching European services in 2024. On March 16, T’way Air became the first Korean airline to enter emergency management mode, signalling it could implement additional measures in phases if market conditions fail to improve.
T'way Air is offering voluntary unpaid leave to its cabin crew as financial pressures mount. The carrier recently notified crew that it would begin accepting applications for unpaid leave, saying the measure is intended to ease fatigue and balance workloads following recent adjustments to flight schedules. However, the move also comes amid mounting financial strain, with T’way Air posting a loss of nine million US dollars in 2024, followed by a significantly deeper loss of 238 million in 2025. The surge in the won-dollar exchange rate is also impacting the airline. It has suspended a number of routes from May through to October.
This airline looks like its going towards bankruptcy.
ReplyDelete+1
DeleteWould it help if they merge with Croatia Airlines?
DeleteIt wouldn't be a bad idea. They could offer connections to the Croatian coast and to Europe as well. Flight from ICN could arrive at around 06.00 and leave at around 15.00 so that there is enough time for transfers in both directions. Four weekly flights would make sense.
DeleteIts an LCC. Connections to the coast are done by coach as many passengers are on package tours of the country.
DeleteI would not be surprised if the route disappears completely
ReplyDeleteMy thoughts too
DeleteOne more unplanned route for JU?
DeleteEven in full adventure mode Seoul is a step too far to fast for JU.
DeleteOf course not.
DeleteJU has nothing to do with ZAG losing probably one more airline.
BEG is convenient point of transfer to Croatian coast, if schedule is aligned.
DeleteFor European flights maybe, but surely not to introduce new widebody destination only due to Croatian coast.
DeleteThanks, but no thanks.
Does not hwlp that both Korean Air and Asiana are now serving Budapest. Total daily service.
ReplyDelete*help
DeleteThis could indeed have an impact on loads
DeleteWell look at the reductions of Asian airlines- they are significantly impacted. A look into Aeroroutes is enough to see whats going on in Asia- Europe to follow soon.
DeleteNot good
ReplyDeleteSo they cut two months off and reduced frequencies on the months they do operate.
ReplyDeleteYes
DeleteNot good at all.
DeleteLong haul low cost does not seem to work well ever.
ReplyDeleteWorks in southeast Asia (Scoot. Cebu, Vietjet) and Australia (Jet Star)
DeleteDifferent market and distances. Scoot are a shoddy airline, Cebu longhaul i didnt try but shorthall they are fine.
DeleteScoot benefits a lot from Singapore Airlines transfers.
DeleteWe need that Chinese airline to launch flights ASAP.
ReplyDeleteWhat?
Deletehttps://www.exyuaviation.com/2026/04/four-chinese-carriers-express-interest.html
DeletePragusa could replace them
DeleteHahahahah
DeleteLol hahah
DeletePity, hope they keep the route.
ReplyDeleteProbably using Iran issue as an excuse. It seems that since so many flights are being cancelled over summer, all airports in ExYu (and in general) will have a modest growth.
ReplyDeleteIt is highly likely that ZAG will have negative numbers is April, or very small growth of 1%.
DeleteWeak won is a huge problem. For airlines paying many costs in dollars, currency can be as damaging as fuel.
ReplyDeleteThe bigger question is will this airline survive, rather than the route.
ReplyDelete😞
ReplyDeleteSome people will blame the war but the article suggests structural problems existed before fuel prices spiked.
ReplyDeleteWar is only an excuse.
DeleteFuel prices may be the trigger but the deeper issue appears to be the airline’s balance sheet.
DeleteGood thing they got their priorities straight and are spending money on rebranding.
ReplyDeleteThought this too. It's like Alitalia introducing new uniforms couple of years ago (second one in 5 years) when they were on the brink of collapse.
DeleteDeckchairs on the Titanic
DeleteThis season is getting worse and worse.
ReplyDeleteThe longer the situation in Iran persists the worse it will get.
DeleteNot for all.
DeleteZAG is specifically bad this year.
A weak home carrier does not help.
DeleteYet ZAG keeps on reporting fantastic growth even with modest growth or even decline in capacity. It means flights in ZAG are PACKED.
DeleteZAG's first decline in capacity has been reported for April not any month before that. So let's wait and see the results.
DeleteHow big is the decline? It's around 2% from what I remember.
DeleteI wouldn’t say worse but more realistic. The post covid boom was going to end sooner or later. This is just a handy excuse for the airlines who profited massively in the past few years and put aside nothing.
DeleteDamn
ReplyDeleteZAG management probably celebrating. It means one more year without needing to expand building.
ReplyDeleteWhat is the status of their other European destinations?
ReplyDeleteRome and Paris have some frequency cuts too. But ZAG is the only one that has two months cut.
DeleteThanks for the quick response.
DeleteIt says a lot about the demand from Zagreb.
DeleteDemand from Zagreb is irrelevant here. 95 % of passengers on T'way from Seoul to Zagreb are Koreans. So it has to with 4 things: demand from Korea for Croatia which is lower than before, problems within T'way, current crisis caused by fuel prices, and lack of will and capability of ZAG and Croatia Tourist Board to attract more Koreans visiting several european countries to use ZAG for entry/exit point, instead of BUD, VIE and like. But you are more than welcome to continue your hating "no demand in ZAG for anything" mantra if it makes you happy
DeleteSad but not surprising. A long-haul route launched by an LCC with mounting debt was always vulnerable to shocks like fuel spikes and currency swings.
ReplyDeleteCutting September and October suggests weak confidence in demand and finances.
ReplyDeleteI wonder if this route will survive beyond this summer at all. Emergency management, unpaid leave and suspended routes do not inspire much optimism for t'way's future.
ReplyDeleteIf they make it until summer...
DeleteT’Way expanded into Europe very aggressively and perhaps too quickly. Now it seems those ambitions are meeting financial reality.
ReplyDelete+1
DeleteThe only reason t'way started long haul flights is because of the Korean Air+Asiana merger. Another airline needed to start flights to Europe so the EU would approve the merger and not say there is a monopoly on routes.
DeletePlus don't forget that between ICN and Europe there are a lot of Chinese airports and airlines offering dirt cheap transfers to Europe. It's not helping either.
DeleteYes. Chinese airlines are profiting from being able to overfly Russian airspace while all the others make senseless detours because of politics. Because people can’t seem to be able to sit down anymore and work for the greater good.
DeleteI love to see Korean Air back. Or hopefully another stronger player eventually sees opportunity in the Croatia market and launches flights.
ReplyDeleteThere is no one else anymore on the Korean market that can launch long haul flights. Just Korean which is merging Asiana, and T Way Air.
DeleteYeah, right
DeleteThere is Air Premia too and that's about it.
DeleteAt least they didn't completely discontinue flights.
ReplyDeleteFor now...
DeleteHey @Admin! What is status with NEOS and their flights between Zagreb and Reykjavik (Keflavik)? There is no such route in your list of new routes, but as I can see on FlightRadar24 route is scheduled on May 1st.
ReplyDeleteIt is a charter flight operating on behalf of Icelandic tour operator Heimsferdir. Similar charters were also operated last year. Although there had been plans to place tickets on general sale and operate the route once per week, as previously reported here, those plans have not materialised. The outbound charter is scheduled for May 1, with the inbound flight planned for May 5.
DeleteSo we could not say that it is a new destinations from ZAG as it was flown last year too?
DeleteIt's just 1 flight for the entire season. Even if they didn't fly it last year, which they did, how could you consider it a new route
DeleteSo, it won’t be a regular charter? It will be only one flight?
DeleteYes, only one flight is planned. On May 1 (outbound) and May 5 (for the return of the tour group).
DeleteExotic airline in the region. Hope they keep the flights.
ReplyDeleteCroatia should lease 2x A330 and just go for it...in the summer demand is there from DBV, SPU, ZAG, in the winter try working with Slovenian and Croatian agencies for exotic flight locations...I'm sure Ljubljana, Marbior and Zagreb can fill those planes with flights to Madagascar, Thiland, Japan, Korea....
ReplyDeleteNo. They cannot
DeleteYes, they can. They don't want to do it because Mafia controlling Croatia surrendered market to foreigners, predominantly LHG, for their personal benefits, "independent" croatian judiciary is doing nothing about it, and all media obey the ban on telling the truth about OU, and publishing fairytales instead
Deleteending in August instead of October is the bigger blow, especially for late summer tourism.
ReplyDelete