Airline share prices have now risen 73% from last year’s low, outperforming the equity market twice over;

2010Q2 results for 47 major airlines show a US$3.9 billion net profit, US$4-5 billion better than 2009Q2;

Jet fuel prices have shown little sign of moving far from $87/b average of past twelve months;

Air travel and freight in a slower phase of expansion but remain strong at annualized rates of 8% and 17%;

Capacity now returning to market. Risk of excess but published schedules remain in line with demand;

Load factors still above previous cycle high but starting to slip, slowing rise in average fares which still have 5-20% to go before back at pre-recession peaks.

source: http://www.iata.org/whatwedo/Documen...nitorMay10.pdf