Global Air Travel Surge In November 2025 Reflects Robust Demand Amid Capacity Constraints

by THEFUTURE.TEAM

January 12, 2026

Record-Breaking Load Factors Signal Strong Passenger Demand

November 2025 marked a significant milestone for the global aviation sector as air passenger demand grew by 5.7 percent year-on-year, according to the International Air Transport Association (IATA). Measured in revenue passenger kilometres (RPK), overall demand increased in tandem with a 5.4 percent rise in available seat kilometres (ASK), resulting in an unprecedented load factor of 83.7 percent for the month.

International Traffic Drives Growth

The surge in travel was predominantly fueled by international traffic. Demand for cross-border flights increased by 7.7 percent, with corresponding capacity expanding by 7.1 percent which pushed the international load factor to 84 percent—a 0.4 point increase over November 2024. In contrast, domestic traffic experienced a more modest uplift of 2.7 percent, with capacity growth balancing out the load factor at 83.2 percent.

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Regional Performance: A Mixed Landscape

Regional data revealed notable disparities. Africa led growth with a 12.6 percent rise in demand and a 9.1 percent increase in capacity, boosting the regional load factor by 2.3 points to 75.1 percent. Meanwhile, Asia-Pacific carriers experienced a robust 7.8 percent increase in demand and a 6.8 percent capacity expansion, which lifted their load factor to 85.4 percent. European airlines recorded a 6.1 percent demand increase and a 5.4 percent capacity rise, achieving the highest regional load factor of 86 percent. However, in North America, demand barely budged by 0.1 percent against a 1.4 percent rise in capacity, resulting in a drop of the load factor by 1.1 points to 80.3 percent.

International Versus Domestic Trends

Further analysis of international markets reveals a diversified growth story. Asia-Pacific led international markets with a 9.3 percent increase in demand, while Europe and the Middle East posted gains of 6.8 percent and 9.6 percent respectively. However, North America’s international segment saw only a modest 4 percent growth, continuing a ten-month trend of declining load factors. Domestic markets also varied considerably; countries like Brazil, China, India, and Japan demonstrated strong domestic performance, whereas the United States saw a decline in domestic demand, a development that industry observers partly attribute to a recent government shutdown.

Industry Voices Call for Accelerated Production

Commenting on the robust figures, Willie Walsh, IATA’s Director General, noted that the surge in demand and record-breaking load factors underscore the resilient appetite for air travel despite persistent supply chain challenges in aerospace manufacturing. Walsh emphasized the urgent need for manufacturers to ramp up production to address an existing backlog of more than 17,000 aircraft orders—a call to action for the industry as it enters 2026.

Conclusion: Navigating a Complex Growth Environment

The data for November 2025 paints a picture of a recovering global aviation sector confronting both unprecedented passenger demand and significant operational challenges. With international traffic leading the charge and regional nuances shaping performance, airlines and manufacturers alike face the dual imperative of capacity expansion and supply chain stabilization as they gear up for the future.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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