Startup low-cost carrier Flycana is continuing in its quest to become the Dominican Republic’s flag carrier and the main airline in the Caribbean. According to arecoa.com, Frederik Jacobsen, CEO of Flycana explained that he expects the airline to start operations in the second quarter of 2021.
Jacobsen indicated that the COVID-19 pandemic obviously delayed the start of operations because the financing that the airline was looking for could not be garnered as planned at the end of the first quarter of 2020.
“Taking into account the pandemic, we have considered that the most appropriate time to start operations is by the end of the second quarter of 2021. Our goal is to complete the financing of Flycana by the end of 2020,” Jacobsen said.
To obtain the capital that the Santo Domingo based airline needed, it hired an investment bank in New York with the expectation to complete that process by February 2020. Flycana was seeking US$80 million to finance the airline for the first 5 years with a fleet of 7 aircraft to start operations with growth projections to reach 32 in the same period.
Jacobsen explained that the Dominican Republic continues to be attractive to executives of the airline who hope to bring the airline into fruition because of the country’s location and its great tourism appeal which attracts the majority of visitors in the Caribbean.
“The Dominican Republic is the main air transport market in the Caribbean and the country is strategically located to develop the largest hub in the region. Additionally, it combines a strong [market] for tourism with a Dominican traffic that demands low-cost transportation to connect within the region,” Jacobsen emphasized.
Regarding the strategy that the airline will follow, the Flycana CEO indicated that it remains the same. “Offer the lowest rates in the market and guaranteeing high operational standards. We will connect Santo Domingo with direct flights to the main destinations in North America, the Caribbean, Central and South America.”
It was also explained that the airline’s business model focuses on operating through the Las Américas airport, since it considers Santo Domingo to be an important hub for Dominicans.
The COVID-19 pandemic has had a devastating impact on the travel industry with airlines losing billions of dollars globally. Many jobs have been lost, aircraft retired from fleets en masse and some airlines even falling into bankruptcy.
Flycana, previously known as Dominican Wings, announced its presence since 2018 with the expectation to start flight operations in the near future.