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Greek Success Story
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Perhaps it was inevitable, a reflectionofthe country’sancient love of theatre and public spectacle. Yet it would have been a lot more simple and straightforward if the Greek government had just selected Aegean Airlines to purchase its perennially loss-making flag carrier Olympic Airlines in early 2009. Instead, it rejected Aegean’s bid in favor of choosing Marfin Investment Group to take over the flailing airline. This year, in a surprise turn, Marfin agreed to merge Olympic with Aegean.
“No comment,” laughs Dimitris Gerogiannis, Aegean’s MD, when reminded of the convoluted circumstances of the transaction. “Greeks learn the hard way. We will now focus on making the merger work,” he says, emphasizing, “The problem is not the merger. Not merging would be the problem. This is a viability issue.” The European Commission set a provisional deadline of July 30 to determine whether to clear the transaction or open a Phase 1 investigation.
Aegean, which launched domestic services in 1999 with a pair of new Avro RJ100s, became Greece’s leading airline in 2008 when it carried 6 million passengers—surpassing Olympic, which carried 5.3 million—and attained a 58% share of the domestic market. Despite the global downturn that began that year, it carried 6.6 million passengers in 2009 and managed to earn €23 million ($31.1 million) on revenue of €622.7 million (see table, p. 26).
The surprise tie-up with Olympic, is driven by “economic and business realities,” Gerogiannis tells ATW, acknowledging that the country’s escalating economic crisis and the government’s austerity measures affecting consumer spending were a “catalyst” in the talks. “It was already clear in December that Greece was in trouble,” he says, declining to identify which side initiated merger discussions. “When shareholders on both sides are successful and capable people it’s not a matter of who has taken the initiative. The initiative has been taken owing to the externalities of the market and the discussions are a natural conclusion.”
In announcing the merger last February, Aegean said the deal is intended to create “a national airline champion with enlarged presence in the European market as well as seamless coverage of even the most remote islands of our country.” The new company eventually will take the Olympic name and will be listed on the Athens Exchange. Olympic Handling and Olympic Engineering will be wholly owned subsidiaries. Aegean majority investor Vassilakis Group and Marfin will be equal partners in the venture, while Aegean’s other five founding shareholders also will participate thus giving Aegean a majority in the merged company.
“Consolidation is the name of the game in the European airline industry. You need scale to survive in this very competitive environment,” he continues. “Greece has only 11 million inhabitants and is located on the periphery of Europe. We are not in the middle of a rich catchment area, quite the contrary, yet we have two full-service carriers. This is impossible to sustain. As a matter of fact, most countries in Europe don’t have more than one major full-service carrier. Even Germany and France, with a much larger population and a GDP that is seven to ten times higher than Greece’s, only have one genuine FSC. And when you look at counterparts in similar-sized countries to Greece, e.g., TAP Portugal, Austrian Airlines, Finnair, their revenue is more than double the combined revenue of Aegean and Olympic.”
Focused Approach
Aegean, which became Star Alliance’s 28th member on June 30, operates some 150 daily flights on a network spanning 26 domestic and 28 international short/medium-haul routes with a fleet of 30 aircraft comprising 22 new A320/A321s out of a total order for 27, six RJ100s and two ATR 72-500s operated by SwiftAir. Last year it returned four 737s to their lessors and took delivery of six A320s and two A321s. Two RJs are in the process of being redelivered to their owner. Five A320s are dedicated to charter operations. Average aircraft age is 3.5 years, down from 10 years in 2006.
Its main base is at Athens International with secondary hubs at Thessaloniki, Greece’s second-largest city, and Heraklion. Four of its domestic routes are public service routes. Its busiest scheduled route is ATH-Thessaloniki, which it serves up to 11 times daily with A320s. Despite the adverse economic environment, it launched several new routes in the past winter schedule—from ATH to Vienna, Madrid, Tel Aviv and Belgrade—but it pulled services from ATH to Sofia and Bucharest. In the summer timetable it launched ATH-Kalamata and the PSO routes. It competes head-to-head with OA on most of its network; conversely, it is spared from domestic competition from a based LCC.
“But probably not for a lot longer,” Head of Network Planning & Scheduling Tassos Raftopoulos believes. “The penetration of LCCs at Athens is high and many no-frills carriers operate to other Greek airports as well.” EasyJet, for instance, is already the fourth-largest operator at ATH, with six routes and about 10 daily flights. It also has seven routes to/from Heraklion, five from SKG and four
to/from Mykonos. Ryanair this summer launched direct flights to Rhodes, Kos and Volos.
For several years following its launch, Aegean focused on the domestic market. However, once it felt it had suitable coverage, “We switched our emphasis to international development. We had just eight international destinations in [summer] 2006; we have 20 now,” Gerogiannis says. It is notable that international boardings doubled from 1.4 million in 2006 to 2.8 million in 2009, whereas domestic enplanements increased 23% from 3.1 million to 3.8 million.
International boardings rose 22% in 2009 over 2008 versus a 2% increase for the domestic market. They jumped a further 42% in the 2010 first quarter while domestic passengers climbed just 2%. Today, international operations represent about 60% of total revenue.
“Aegean has always supported a very prudent and focused growth,” he explains. “We believe you have to concentrate on specific tasks or goals, and once you do this well you can expand onto other objectives.”
He is resolute that the carrier, or the merged entity, will not venture into long-haul services in the next three years. The many parked former Olympic Airlines A340s at Athens are a permanent reminder of past aspirations of the carrier and the country, he admits, but “when we do merge it is not to destroy value. It is to establish value. Being in this business for a decade we have learned a few things, including that it is very difficult to earn a little money and very easy to lose big money if you embark on strange adventures. You have to be prudent. Once you believe you can do miracles, the problems start.”
Financially Sound
Owing to its “very prudent growth,” A3 has posted annual profits in each of the past seven years. Over the last five years, revenue rose by a 17% CAGR. Although net profit was down 22% last year compared to 2008 owing to the global recession, the decline of the Greek economy and competition from the new OA during the final three months of the year, it was one of just a few profitable listed airlines in Europe. The 2% rise in revenue mainly was owing to its significant international network expansion, which included new routes from Athens to Brussels, Berlin Tegel, Barcelona, Venice, Istanbul, Vienna and Madrid.
For the first quarter of the current financial year, seasonally the weakest, A3 reported a net loss of €25.6 million, reversed from a €4.6 million profit in the year-ago period, despite a 3% hike in revenue to €114.8 million. The €29.5 million operating loss compared with a breakeven result last year.
The 50-year-old MD, who holds a Ph.D in electrical engineering from Yale, remains careful in his outlook for 2010 and compares it to the Delphi oracle. “Seeing the very uncertain environment in Greece and the austerity measures in several other European countries, it is extremely difficult to make predictions. What is clear is that demand and yield are falling, particularly on domestic routes where we witnessed a decline of over 15% in June. On international routes yields are also under pressure and there is [an] outspoken trend to late bookings.”
He feels that overall Aegean is well-prepared to manage the recession, pointing to its “competitive” cost base (CASK was €0.065 in 2009, 21% lower than 2008), Star membership, the upcoming merger and its solid operating financial position “by design” in terms of cash position (€184.9 million as of March 31) and very limited exposure to loans.
“Yes, we have a strong position to deal with the crisis but we have to take additional measures,” Gerogiannis confirms. In line with the slowing demand, A3 is reducing capacity. The planned delivery of three new A320s scheduled from February through April was deferred to 2014 and additional adjustments will be made if market conditions further deteriorate in order to “safeguard the stability and viability of the company.”
Despite the pressure on demand and yields, the carrier will not make any changes to its full-service approach, he states, insisting it will continue offering passengers a dual-class cabin configuration, high-quality inflight catering and inflight entertainment at no extra charge (it received the Skytrax World Airline awards as Best Regional Airline in Europe and Best Cabin Crew in South Europe for 2009).
“We made the conscious decision to be a full-service carrier when we ordered our new Airbus fleet in 2005—they are not configured in a maximum seats configuration but with 168 seats on the A320s and 195 on the A321s,” he says, adding, “Among the basic pillars of Aegean’s strategy are continuous development, quality service and credibility.”
With membership in Star and a looming position as a “national airline champion,” Aegean certainly does not lack for credibility. The longer-term question is whether it can continue its winning ways following the merger with Olympic.
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Greece has to be treated
By GiorgiGreece has to be treated equally as with the other EU nations in reference to the full-service carriers. I support Mr. Gerogiannis’ direction towards market consolidation that I believe it is the best survival tool under the current marketing and economical conditions. The Star Alliance membership will help Aegean by providing additional traffic and profits during the slow seasons. It was a strategic approach that will benefit bothe the Aegean and the proposed merged OA for long time. Aegean’s successful approach to concentrate on a specific task and goal prior to moving on another task, it should be an example to be followed by other regional airlines. Also, an emphasis should be given to the statement that coverage will provided continuously and after the Aegean / OA merger to all remote Greek island airports that due to minimum traffic values the EU airlines are not interested to cover.
Mr. Joaquín Almunia, EU’s Competition Commissioner, in order to ensure that consumers and businesses will have competitive air service options; he should consider first the conditions of the Greek airports and especially the Greek island airports. He should examine carefully the design capabilities, capacities and support infrastructure currently on these airports. Second, he should promote future development improvements for these airports. This will help the local economy; attract other airlines and the competitive air service options. Many of the Greek island airports are currently served by European charter airlines that have expressed their concerns about the conditions on these airports. As an example, he should examine the conditions at Heraklion airport, especially during the summer season and the reasons why the new airport development at Kasteli has been on hold by the current Greek government. The limitations of the existing Heraklion airport do not ensure adequate competitive air service options.
Why is it that when ever it
By Alex CostWhy is it that when ever it concerns Greece the EU gets a heart attack???
Rgds Alex
Very good point Alex :) N.
By Nikolas WardsVery good point Alex :)
N.
I don't undertstand why the
By HaksI don't undertstand why the Greeks are expecting everything from EU. Let's the Greek govt take the initiative and upgrade the Greek airports then I am sure EU can contribute some money but not ALL.... No more free rides please!!!
Aegean's merger with Olympic
By khawaja javaidAegean's merger with Olympic airways will only benefit if it makes ATH a major TRANSIT HUB airpot from North America(it has no real presence at this time).If at makes ATH a major transit hub,It needs to expand in Europe,find new gateways in Middle East.Africa,and Far East.Expecting to get more business by becoming member of Star Alliance is a bad dream.Alliances are designed by world Mega Carriers to restrict smaller airlines from expansion.
I agree with you
By Nikolaos SapounasI agree with you Mr.javaid.The new company (if merged, which I believe it will happen for sure) should focus on how to expand it's network and tranform ATH in a true transit hub.ATH is in a very good location in the world map,as,in my opinion, any destination within Earth can be reached non-stop (if not right now, for sure after the EIS of B788 & A359R).The new company should take advantage of this benefit against ather european airports.Also, I believe tha they should form new subsidiaries such as Olympic Express (focusing in the domestic and balkan region using current DH4 and new CS100/300) and Olympic Travel Services offering travel servises not only within the europe but also globally as Greece is a global tourism destination.Maybe , I exaggerate, but I hope my dreams one day come true....
It is because practically
By Nikolaos KastellanosIt is because practically whatever decision is made in Greece has to serve the interests of its highly corrupted politicians and the feudal system on which they are totally depended.Greeks paid a fortune for years for Eleftherios Venizelos and ended up with a 3d category,extremely expensive,ugly, totally unsuitable airport.
Aegean had based its existence throughout its brief history on the decaying Olympic Airways corpse without bringing anything innovative in the market other than filling the gaps that Olympic Airways was intentionally creating,thanks to the mickey mouse managements it had for the last 35 years.Especially when it comes to how it has been treating its employees over the years,Macchiaveli could comfortably find plenty of material for another relative book.(the Prince)Finally through preplanned procedures, incompetent and corrupted New Democracy party sold the corpse of OA to a businessman who hired former Aegean and amature management just on the basis of scratch my back I scratch yours and as if it was not expected now there is a merger between 2 small companies in a financially destroyed country that otherwise would be unable to survive!And the net result??200 euros for a flight to Mytilini and God only knows how many unemployed people shortly...And Mr Gerogiannis cannot even convince himself when he speaks about market necessities...So to sum it up,Aegean reality,Olympic Air brand and Star Alliance to do the dirty job for the Germans...but please ask mother Lufthansa if Olympic air circles will land again in New York,Toronto or Johanesbourg..Obviously not...
and everybody is happy in the miserable european reality.
Nikolaos Kastellanos,
B777 Captain
The best description of the
By Predrag DragovicThe best description of the Greek aviation market is written by Captain Kastellanos
Predrag Dragovic
A320 Captain
Dear Predrag I only wish I
By Nikolaos KastellanosDear Predrag I only wish I was totally wrong but the only way they know in modern Greece is to hide themselves behind their own finger and cover their dirt with the mud..Unfortunately it's a long time that this country has been totally deprived of any ideals and aspirations,with ten families running the show keeping everything down and the rest deliberately and conveniently accept the national misery with an obsession to persuade themselves that this peculiar species of modern Greeks due to their "high" iq have discovered the golden egg.The reality is a lot different though and naturally you cannot isolate aviation from the rest of the decaying society.It is a part of it and as such it is subjected to the same conditions and qualities...Anyone who is qualified to escape from it,has already done it...the rest are simply incompetent or not motivated for their own reasons.Ask any of the good Greeks and the answer will be monotonously the same:simply there is no room in this country for anyone who has done the fatal mistake to have dreams and targets.You either have to inherit money from your parents or grandparents who in many cases were repeatedly looting the country for years in the name of democracy or from an early stage of your life to be a member in one of the two filthy political parties in order to acquire immunity when you will engage yourself in this looting...This is to answer any question regarding how is it possible in Greece to have a million euro house,drive a cayenne and in the best case scenario be a civil servant without being subjected to any control...I do not imply that everybody is corrupted there but to enhance corruption by tolerating it, makes you equally responsible. Aviation in Greece,like everything else, was murdered a long time back by the filthy politicians,the mickey mouse businessmen and the arrogant and greedy Olympic Airways and CAA Unions including the pilots one(EXPA).
And when a nation learns to live without even obeying the basic laws of nature and by having totally eliminated the word meritocracy from the vocabulary,inevitably it will end up in disaster like the recent one..which unfortunately is rather a crisis of values and ethics more than an economical one and paradoxically this takes place in the land of Aesop,Socrates and Aristotle,alas totally unknown to the modern barbarians ...And let Mr Gerogianis and the rest of Olympic Air and Aegean aeroclub managers to live in the world that have created to suit only their needs by creating groups of frightened,humiliated and ridiculously paid employees and by only encouraging them to participate in dirty jobs against their colleagues in exchange of their own safety or else the German executioner is waiting somewhere in Bremen, I guess...and by the way if ATW evaluates this as Greek success I am absolutely satisfied that I am not nor I will be part of it...
with fond regards,Nikos Kastellanos
What a great patriot are you
By Long DWhat a great patriot are you Captain Kastellanos, obviously you waited a long time to fire your guns. It is amazing people who have no track record whatsoever speak about people who achieved and modelled and made out of nothing, something that ALL Greeks are proud of today. There is a proverb that says "If your house is made out of glass, don't throw stones" and "He who rolls a stone will have it roll back on him". Obviously you lack the sense of evaluation and innovation, shooting your mouth with accusations or what I would rather call blasphemous language, which surely expresses an indignant and envious heart.
You know the real true Greeks are the ones who make the tough choices of not quitting. It is easy to do what you did, but it is tough to straighten what is crooked. I admire people who look at challenges and making it stepping stones to glory, and you have the audacity to call them aeroclub managers!!!!
I guess you are a museum keeper; you remained in the age of "Aesop,Socrates and Aristotle", refusing to see history rewritten, Greek men and women making a difference in the nation TODAY.
I will stop here to spare you the agony and to straighten your twisted theology.
Dear anonymous friend, first
By Nikolaos KastellanosDear anonymous friend, first of all be brave to identify yourself and kindly explain to the rest of the world what exactly you are proud of regarding the Greece of today...or is it because of patriots of your caliber the country has hit a big negative first in all sectors??I must remind you also that the most appalling crimes in the world have been committed in the name of flag and religion.Most likely you must be either among the ones who have contributed to the welfare of the system and register the Greeks in the conscience of the world as liars and cheaters or make your own living on the expense of the others!!As far as it concerns now your joke regarding quitting and the easy way,why don't you try it yourself instead of licking your boss's ass to make a living??And if the situation is as you described it why each and everyone who has the potential tries to escape from the trap that people like you have set by preserving a rotten system??Apparently there are only two types of people who defend this feudal system of today:the cretins and the hypocrites,choose your category!!For the rest of us and after a severe self-criticism we will continue to expose the system in order to give the future generation a chance to survive under more decent conditions!!!So I strongly suggest that instead of writing hymns to your patrons think and act according to what is required to emerge from the sewage and cut the nonsense of innovation...you can't even convince yourself...
Desparate people only talk,
By Long DDesparate people only talk, real people act. I don't need to defend myself, but it was true that you chose the easy way out on the claims of "giving the future generation a chance", which is a cliche to hide behind. The future generation will not wait for its help from outside- but from inside, those that are pressed hard with them and know what they are going through daily. Don't claim to be a patriot while selling yourself.
Listen patriot,the public has
By Nikolaos KastellanosListen patriot,the public has no interest in your nonsense... if you have something to say,say it or stay there and suck the system...with people like you Greece has no present and certainly no future...at least i give my name,what does this long d stand for???Because of people like you everything is stuck there and young guys have to kiss asses to get a job!!Your dad gave you the job in the aegean or you are an active member of PASOK and ND garbage??What are you trying to prove??At least buddy i owe no one nothing whilst your situation is a lot different...And last but not least, i prefer to sell myself rather than be a slave in my own country to the patrons who feel that they own the place...Obviously you would like to sell yourself too, but most likely you are totally incompetent for anything more than aegean...and i have no time to waste with losers...have a nice day patriot,NK
I knew you are just a
By Long DI knew you are just a babbler, and your name means nothing, and I owe nobody anything, niether do I have any political agendas nor did I get any job based on family relations, because of your twisted mentality you assumed that I was one of those, but probably it shouldn't be obvious; for you MUST be familiar with these ways and not a matter of competency or iq. I stand and support the hard work that bore the fruit of what Aegean has achieved over the years. Where is your fruit? It is not wasting time with losers, but you opened your mouth and falsified accusations and claims, and you want it to pass unnoticed!!! No sir. You will be addressed properly. And I am confident that many would not fall under your spell; being decieved by empty words. The true proof is on the pudding. Aegean Airlines is and will always be a success story whether you and your cohorts like it or not. We don't just talk but we match it with the walk as well.
I say it again to make it
By Nikolaos KastellanosI say it again to make it absolutely clear:if it was not about the corrupted politicians and the damned unions you would probably still be in the equivalent airport of Marathon flying Senecas instead of looking at some of your employees receiving double salaries or building villas in one the most posh areas of Athens or buying new yachts whilst for the rest all that remains is peanuts and intimidation..You present yourself as the Aegean wizzard,the only one who is not using contacts to get a job,bollocks, but I have the notion that you are among the sleazy yuppy wannabes who consider pilots a necessary evil,correct?A college boy from Deree maybe??.Some people in the past had a genuine vision for aviation,what's yours pathetic beancounter??To serve the Germans??I heard a lot of people are leaving your big Greek success!!why is that??because they are not accustomed to the luxury that you are offering them??You were and you are a virus in the system and a very contagious one, let alone the fact that your boss has not the best of reputations for being an employee friendly bloke!!Regarding my name though idiot you are far too young in the business to know,so better check it out with some of your system pilots...This country is sinking simply because of leeches like yourself but since you are addressing solely to your Myconos and Arahova ignorant counterparts,obviously you are lacking references...I bet your ass that apart from the army boys and a couple of others such as yourself,each and every one, provided he had the chance, would disappear on the spot...as it has already happened last year with the other comedy circus, Olympic Air... please remind us how many deserted in a month and you had to pay the expats big time money through Park Aviation to fll the gaps...I wish each and everyone in the near future to end up with a decent job and see your boss put his hand deep in his pocket...The bottom line is that you brought nothing new whatsoever in the business,you were only scavengers eating from Olympic Airways carcass and you were only lucky enough because the Olympic Airways guys never honoured their tradition and they never fought for what they had... unfortunately they were part of the same decline and decadence,the one that you manipulated to consider your establishment a big success!!!Unfortunately we will be here to experience the total humiliation of the Olympic circles when you will fly them around with your aeroclub...but thankfully only regionally as this will be the case with mother Lufthansa...or is it one of your director's complex as well??If only times were different.... And please! A college boy and a patriot of your dimensions should at least have the decency to introduce himself properly...but you're shitting your big success pants boy...
Now the whole world knows
By Long DNow the whole world knows what an imbecile you are. Just proved to all how ignorant and egotistic you are. I tried hard to put some sense on you but what a pity. All what you know to talk of is abuse and can't stand the truth niether the facts. You have missed in all your estimations, and I will leave you to cook for a long time, I am not obligated to give my name, especially for parasites like yourself. Do you honestly consider yourself a professional??? I pity those who employ you.
".....you were only scavengers eating from Olympic Airways carcass ....." who is eating from Olympic carcass; Olympic was dead because of guys like you, and after you have milked the cow to starvation you ran claiming to be a professional and a hot-shot in regions were you are not known, rising up now claiming you are the patriot of the Greek aviation.
People are leaving well established companies everyday because of their own choice, and Aegean is an aviation company and not a dictatorship; just in case you have'nt understood what we do.
I suggest that you dig and find out about what Aegean has invested and how it has contributed to the promotion of tourism into Greece. The humiliation of the Olympic circles that you are talking about was the work of your hands, when you were following your union's instructions with no consideration for those passengers that had to face the great upheaval of your decisions.
Be prepared because your eyes will see and ears will hear of whom you claim as aeroclub managers setting the record straight for once, and now the circles will have their rightful status.
I am neither a college boy, nor anyone's boy, but I am the one who faced you with the facts and you couldn't stand it. I guess you need a full CRM course, as by the looks of it you are one that can be characterized as a Macho personality, again I pity those who employ you and the type of your character.
Now the whole world knows
By Long DNow the whole world knows what an imbecile you are. Just proved to all how ignorant and egotistic you are. I tried hard to put some sense on you but what a pity. All what you know to talk of is abuse and can't stand the truth niether the facts. You have missed in all your estimations, and I will leave you to cook for a long time, I am not obligated to give my name, especially for parasites like yourself. Do you honestly consider yourself a professional??? I pity those who employ you.
".....you were only scavengers eating from Olympic Airways carcass ....." who is eating from Olympic carcass; Olympic was dead because of guys like you, and after you have milked the cow to starvation you ran claiming to be a professional and a hot-shot in regions were you are not known, rising up now claiming you are the patriot of the Greek aviation.
People are leaving well established companies everyday because of their own choice, and Aegean is an aviation company and not a dictatorship; just in case you have'nt understood what we do.
I suggest that you dig and find out about what Aegean has invested and how it has contributed to the promotion of tourism into Greece. The humiliation of the Olympic circles that you are talking about was the work of your hands, when you were following your union's instructions with no consideration for those passengers that had to face the great upheaval of your decisions.
Be prepared because your eyes will see and ears will hear of whom you claim as aeroclub managers setting the record straight for once, and now the circles will have their rightful status.
I am neither a college boy, nor anyone's boy, but I am the one who faced you with the facts and you couldn't stand it. I guess you need a full CRM course, as by the looks of it you are one that can be characterized as a Macho personality, again I pity those who employ you and the type of your character.
Just expanding a little on
By AnonymousJust expanding a little on your comments. Us, Greeks, have not stood on our own since Thermopylai. So many years of cheating on taxation (or simply ignoring it altogether), laziness (every time I visit the old Country, all I see is young bums at the cafes at all hours of the day and night), rudeness all over to go along with price gouging (the locals wonder why we all go to Mexico instead of there for vacation) and so on and on ...
The MOST BEAUTIFUL AND IMPORTANT country in the world can be so prosperous and rich. It really is sad. The word "austerity" is everywhere in Greece now. But all it means and it should, is living right - work your eight hours (not 5 and wanting to work even less), pay your taxes and stop the waste and greed.
Reading the article, just to
By AnonymousReading the article, just to make a comment on the long haul flights. We all know that Olympic Air or the new merger with Aegean will not start long haul flights att all as Greece does not have the ability to atrack business from long haul destinations. So I suggest that airlines with experience like South African Airways should make a decision and cooperate with Aegean on the Johannesburg Athens route. If we do not have direct links between Johannesburg and Athens the diaspora here with fellow South Africans will become more use to fly via and will find it difficult to return to the direct service.
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