The period of high profitability is unlikely to continue as oil prices, currently in the mid-USD60s/barrel for Brent Crude, creep up and as business and consumer confidence - at least, outside the US - slips rapidly.
The IMF recently issued a warning that the global economy is weakening "faster than expected" and downgraded GDP growth forecasts for 2019, and the European Central Bank has "substantially" revised downwards its economic growth projections for 2019, implying a slackening of demand in markets which have become increasingly price sensitive.
At the same time, the entire aviation system is undergoing a technology-led upheaval of volcanic proportions, challenging conventional norms and demanding new solutions to new problems (and opportunities).
Airline management's role is to prepare for and manage the airline prudently through good times and bad; in a downturn this means minimising the impact on profitability while remaining competitive.
The CAPA Asia Aviation & Corporate Travel Summit attempted to tap into the latest industry issues and developments, challenging leaders of the industry to reflect on what is needed to drive the industry forward.
This event, hosted at the Capella Singapore, ranked as one of best hotel experiences in Singapore, brought together hundreds of aviation and travel executives from airlines, airports and suppliers to explore relevant issues, as well as the commercial and operational pillars underpinning strategic decision making at international carriers.
Here's full coverage of the panel sessions from the event.
The keys to airline survival and success in an economic downturn
Moderator: CAPA - Centre for Aviation, Chairman Emeritus, Peter Harbison
Panel: Garuda Indonesia, President & CEO, I. Gusti Ngurah Askhara Danadiputra; IndiGo, Chief Commercial Officer, Willy Boulter; Jetstar Asia, CEO, Barathan Pasupathi; Thai AirAsia, Executive Chairman, Tassapon Bijleveld
How the next generation narrow-and wide-body aircraft will change the shape of air travel in Asia
Moderator: Frost & Sullivan, Consulting Analyst, Shantanu Gangakhedkar
Panel: Bangkok Airways, Advisor to Board of Directors, Peter Wiesner; IndiGo, Chief Commercial Officer, Willy Boulter; PwC, Chief Consultant, Johnny Lau
How data analytics is reshaping the industry
Moderator: APEX, CEO, Dr. Joe Leader
Panel: China Eastern Airlines, Head of Data Labs, Shawn Wang; Google, Industry Manager, APAC Travel, Axel Bader; Skyscanner, VP, Commercial, Hugh Aitken; Tata SIA Airlines (Vistara), Chief Innovation & Information Officer, Ravinder Singh
Frequent flyer and loyalty programmes - driving traveller value and airline revenue
Moderator: On Point Loyalty, Managing Partner, Evert de Boer
Panel: Aimia, CEO, Jeremy Rabe; Cebu Pacific, General Manager Loyalty, Nik Laming; Jet Privilege, Chairman, Gavin Halliday; Standard Chartered Bank, Global Head of Alliances, Alice Goh
Travel tech roundtable - where to next?
Moderator: Travelport, Global Vice President & Global Head of Air Travel Partners, Damian Hickey
Panel: China Eastern Airlines, Head of Data Labs, Shawn Wang; IBM, Travel & Transport Sector Leader APAC & MEA, Michael Parsons; Skyscanner, Commercial Director, Gavin Harris
Challenges to traditional distribution and selling in Asia's fast changing market
Moderator: Travelport, Global Head of New Distribution, Ian Heywood
Panel: Corning, Asia Strategic Sourcing Manager, Travel and Professional Services, Peter Koh; IATA, Director, Industry Distribution Programs, Yanik Hoyles; Japan Airlines, Vice President and Head of Global Sales, Steve Smith
Emerging aviation powerhouses: China, India, Vietnam and Indonesia
Moderator: National University of Singapore, Professor of Law, Alan Tan
Panel: China Southern Airlines, SVP of International and Corporate Relations, Guo Xiang Wu; Hong Kong Airlines, Vice President, Ben Wong; Malaysian Aviation Commission, Director - Aviation Development, Germal Singh Khera; VietJet Air, Member of Board of Directors, Cuong Chu
Urban Air Mobility - changing the competitive landscape of short haul regional aviation as barriers to entry are lowered
Moderator: CAPA - Centre for Aviation, Chairman Emeritus, Peter Harbison
Panel: Japan Airlines, VP, Marketing & Strategy Research, Akihide Yoguchi; NEO Aeronautics, Co-Founder/Avionics Systems Spec, Charles Aravinda
Aviation insights: an air finance outlook
Moderator: Watson Farley & Williams, Partner, Alan Polivnick
Panel: BOC Aviation, Managing Director & CEO, Robert Martin; ICBC Aviation Leasing, Managing Director, Market Planning, Ross McKeand; Korea Development Bank, SVP Aviation Finance, Dong Kyun Ha; PwC, Chief Consultant Aviation Business Services, Johnny Lau
Aviation insights: infrastructure constraints in Asia
Moderator: ASM Global, Senior Consultant, Omar Hashmi
Panel: Bangkok Airways, Advisor to Board of Directors, Peter Wiesner; Cam Ranh Airport Terminal JSC, COO, Sulaiman Zainul Abidin; Hong Kong Airlines, VP, Ben Wong; Taoyuan International Airport, Director, Yuanhung Ting