Madrid/The Canadian airline Air Transat is going through one of the most complex moments in recent years due to the sharp global rise in fuel prices and the suspension of its flights to Cuba. The company posted a net loss of about $56 million in the fiscal second quarter of 2026, down from $16 million a year earlier, according to its income statement. released this Thursday.
Both factors had an estimated impact of $68 million on its pre-tax profits. Of those 68 million, stated the executive director of Transat, Annick Guerardapproximately 50 are attributed to the increase in kerosene, which in March doubled the levels prior to the war with Iran. The company did not expressly break down those 18 million, although it did report that the suspension of Cuba caused a significant drop in income.
Despite maintaining stable income of 735 million, the company has been forced to seek financial support from the Government of Canada to reinforce its liquidity. According to Guérard, the firm plans to apply for a federal loan program launched earlier this week. “Factors beyond our control severely affected profitability,” he said.
Despite maintaining stable income of 735 million, the company has been forced to seek financial support from the Government of Canada to reinforce its liquidity.
Last February, the company had announced a suspension of its flights to the Island, due to the lack of fuel supply in Cuba, aggravated by Washington’s oil blockade. Later, on June 5, the company communicated the “indefinite suspension” due to “the current geopolitical situation in Cuba.”
The cancellation coincided with the suspensions of the airlines Air Canada and WestJet Airlines, and with the cessation of tourist activities by the also Canadian Sunwing Vacations. The companies alleged political and economic uncertainty and the worsening of the supply crisis on the Island. The advertisements were published the same day that the the established period by Washington so that foreign companies linked to sectors controlled by the Cuban Government would end these relations, under threat of sanctions.
Cuba was an important market for Air Transat, since Canada has historically been the main source of tourists to Cuba. Trips to the Island represented 9% of the company’s flights in the first half of 2025.
Air Europa will make a stopover in Punta Cana to refuel, instead of in Santo Domingo
In February, Canadian airlines had scheduled more than 600 flights to Cuba, according to data from analysis company Cirium cited by The Globe and Mail.
So far in 2026, at least 11 airlines have suspended operations in Cuba. According to information released by the Cuban Company of Airports and Airport Services (Ecasa), this June around 20 international airlines continue to operate in Cuba, a figure significantly lower than in previous years and which includes several small Caribbean companies with few flights.
The Spanish company Air Europa, the only one that maintains operations in Cuba from Spain, has declared that it will continue operating on the Island despite the US sanctions, although it admits that it is “evaluating” the situation. Starting this Saturday, the airline’s Boeing 787s They will make a stopover in Punta Cana to refuel, instead of doing so in Santo Domingo. The change in operations could respond to a strategy to attract more passengers on this scale, given the drop in demand for flights to Cuba from Spain.
