Norse Atlantic's Contract Flights Outnumbered Its Own Again in August. Its ACMI Deal Ends Nov 1.

ARENDAL, NORWAY — Norse Atlantic Airways (N0) flew more flights under contract than in its own scheduled network in August, for the third time in four months. The carrier operated 253 ACMI and charter flights against 238 of its own, according to the traffic figures it published on September 7. The ACMI agreement behind part of that total ends on November 1.

The inversion is not new. Norse flew 157 own-network flights against 256 on ACMI or charter terms in May, and 231 against 249 in June, before the segments drew almost level in July at 248 and 247. A year ago the balance was not close: 607 own-network flights in August 2025 against 52 flown under contract. Own-network departures were down about 61% year over year, while contract flying grew almost fivefold.

Total revenue per available seat kilometer (TRASK) in its own network reached 6.9 US cents for the month, up 30% from 5.3 US cents a year earlier. That is below the 7.1 US cents the airline recorded in July and called an all-time high. Across the combined operation, capacity fell faster than sales: available seat kilometers were down 33% year over year and revenue passenger kilometers down 30%, the monthly passenger report attached to the release shows. Norse carried 139,367 passengers in the two segments together, against 208,153 in August 2025. CEO Eivind Roald said the airline's "deliberate capacity reductions reflect persistently high fuel prices."

Norse completed 100% of scheduled flights in August, against 99% a year earlier, and 80% of own-network flights left within 15 minutes of schedule, up from 64%. The airline attributed the remaining lateness to continued air traffic control delays, airport congestion and travel disruption stemming from the Middle East conflict.

What the 98.5% Load Factor Counts

The figure Norse leads with, a 98.5% load factor against 94.9% a year earlier, is not a measure of how full its own aircraft flew. In the definitions page of the monthly report, the airline states that load factors on ACMI and charter flights are counted "as 100%" because it has no commercial exposure to the number of passengers carried.

The release's two headline measures do not describe the same operation. TRASK is defined as own-network revenue only, while the load factor covers both segments.

The published load factor is therefore a blend of a real network figure and a segment fixed at full by definition. As contract flying takes a larger share of total capacity, the blend is pulled toward 100% even if the own-network load factor is flat or falling. The August release publishes no separate own-network load factor. In its second-quarter report on August 20, Norse put the own-network load factor at 94% for the quarter.

The Contract Behind the ACMI Flights Ends November 1

Norse's own definitions treat ACMI flights as those operated by IndiGo (6E), with charter covering everything else. The traffic release reports the two together, so August's split between them is not disclosed.

The IndiGo arrangement is ending. Norse and IndiGo agreed on July 31 to discontinue the ACMI cooperation effective November 1, returning the remaining five aircraft. IndiGo had already notified Norse in June that it would hand back one aircraft at the end of August after closing its Manchester (MAN) route. Roald said elevated fuel prices, airspace disruptions and longer routings caused by the Middle East conflict had "affected the commercial viability of the arrangement for both parties."

IndiGo, which took six Boeing 787-9s from Norse under a 2024 lease agreement, is stepping back from widebody flying until its own Airbus A350-900s arrive from 2027.

Where the Returning Aircraft Go

Norse said in July that it was in ACMI discussions with several airlines covering up to five aircraft, and that it intends to put part of the returning fleet into its own network for the winter season, naming flights from Europe to Orlando and New York. It had already expanded its Thailand winter program in June, launching a three-times-weekly London Gatwick (LGW)–Phuket (HKT) service and increasing Manchester–Bangkok (BKK) to four weekly flights from December. The company describes its fleet as 12 Boeing 787s.

Balance Sheet and Strategic Review

The redeployment lands on a balance sheet still under repair. Norse reported US$132m in second-quarter revenue and negative EBITDAR of US$8.4m, and is running a cost program, Project Falcon, targeting US$50m in annual savings from 2027. It has since signed a US$52m senior secured financing agreement maturing in 2027, following a rights issue in June. Reporting on those results, Airways noted that Norse lost US$94.6m in the first half despite filling 94% of the seats in its scheduled network. The airline announced a capital raise and withdrew its 2026 outlook in April as jet fuel prices climbed.

The board has also moved a strategic review into a formal process that may end in a sale, merger or partnership, with several parties having signed non-disclosure agreements.

What the Release Leaves Open

Because the August figures combine IndiGo flying with third-party charter work, the release does not show how many of the month's 253 contract flights disappear on November 1. No replacement ACMI customer has been named in any of the releases reviewed here.

Roald said bookings for the coming winter "continue to show promise." November will be the first month to test that without IndiGo in the numbers.