Aegean Airlines Expands Olympic Air ATR 72-600 Fleet for Greece

Aegean Airlines Strengthens Regional Network with Strategic ATR 72-600 Fleet Expansion

Greece’s leading airline group, Aegean Airlines, continues its systematic fleet modernization strategy through its subsidiary Olympic Air, with the recent addition of new ATR 72-600 turboprop aircraft and firm orders for two additional units scheduled for delivery in December 2026. This expansion represents a significant commitment to regional connectivity across Greece and demonstrates the carrier’s confidence in the turboprop technology for serving domestic routes and short-haul international destinations. The ATR 72-600, recognized as the benchmark aircraft in the regional market with operating costs 20% lower than competing turboprops and 40% lower than regional jets, positions Olympic Air to enhance its operational efficiency while maintaining comprehensive coverage of Greece’s island destinations. The fleet expansion occurs within a broader context of strong financial performance for the Aegean Group, which reported a 109% increase in net profit for the first half of 2025, alongside ambitious international growth plans including new long-haul services to India using Airbus A321neo XLR aircraft. This strategic investment reflects the continuing importance of regional aviation in maintaining vital connections for Greece’s island communities while supporting the country’s tourism-dependent economy, where air transport contributes billions to GDP and supports hundreds of thousands of jobs.

The following article analyzes the background and strategic context of Aegean Airlines’ ATR 72-600 fleet expansion, exploring technical, economic, and regulatory perspectives. It draws on official statements, industry data, and expert analysis to provide a comprehensive, neutral overview of the implications for Greek aviation and the broader regional aircraft market.

Background and Corporate Structure of Aegean Airlines Group

Aegean Airlines has established itself as Greece’s dominant carrier through a carefully orchestrated growth strategy that combines organic expansion with strategic acquisitions. The most significant of these acquisitions was Olympic Air, which became a subsidiary of Aegean Airlines following European Commission approval in October 2013. This acquisition created a comprehensive airline group capable of serving both mainline international routes through Aegean’s jet fleet and regional domestic routes through Olympic Air’s turboprop operations.

Olympic Air emerged from the privatization of the former Greek national carrier Olympic Airlines and commenced operations in 2009. The airline maintains its main hubs at Thessaloniki International Airport and Athens International Airport, with Rhodes International Airport serving as a secondary hub. Importantly, Olympic Air retained the IATA code “OA,” preserving the historical connection to Greece’s aviation heritage.

Today, Olympic Air functions as a service provider for parent company Aegean Airlines, focusing on domestic routes, particularly those requiring aircraft with short-field performance and high frequency. This allows the group to optimize fleet utilization, using turboprops for shorter domestic routes where their fuel efficiency provides significant advantages, while deploying jets for longer international services.

“The merger of Aegean Airlines and Olympic Air has created a group uniquely positioned to serve both domestic and international markets, leveraging the operational strengths of both jet and turboprop fleets.”

Fleet Composition and Modernization

As of 2025, Olympic Air operates a mixed turboprop fleet consisting of thirteen ATR 72-600 aircraft, three ATR 42-600 aircraft, and two Bombardier DHC-8-100 aircraft. This fleet composition demonstrates the airline’s commitment to the ATR platform, which has become the backbone of its regional operations following the replacement of older aircraft with more modern and efficient ATR 72-600 variants.

The ATR 72-600 is recognized for its operational efficiency and versatility, making it ideally suited to the Greek domestic network, which includes numerous island destinations with challenging airport infrastructure. The aircraft’s ability to operate from shorter runways and in variable weather conditions is a key advantage for Olympic Air.

The group’s fleet strategy is coordinated to ensure capacity and product quality across both mainline and regional segments. While Aegean Airlines operates exclusively jet aircraft, Olympic Air specializes in turboprop operations, reflecting a clear division of responsibilities and maximizing operational efficiency.

The ATR 72-600 Fleet Expansion Details

The latest chapter in Olympic Air’s fleet modernization involves the addition of two new ATR 72-600 aircraft, with delivery scheduled for December 2026. This order is a continuation of Aegean’s ongoing commitment to Olympic Air’s modernization program. According to Aegean deputy chief Michalis Kouveliotis, the new aircraft reflect an “ongoing commitment” to Olympic’s modernization.

The delivery timeline is part of a broader plan, with the group also scheduled to receive two Airbus A321neo aircraft and one ATR 72-600 in the final four months of 2025. The most recent ATR 72-600 delivery occurred in early October 2025, when Olympic Air received aircraft SX-OBU, representing the final unit from an earlier order. The two additional aircraft will bring Olympic Air’s ATR 72-600 fleet to fifteen units, significantly enhancing its capacity.

Olympic Air utilizes its ATR fleet on both domestic routes within Greece and international services to regional destinations, capitalizing on the aircraft’s versatility and efficiency for short to medium-haul operations. Kouveliotis emphasized the strategic importance of these aircraft in maintaining connectivity across Greece, especially for island communities.

“We remain confident that ATR’s latest-generation aircraft will enable us to further enhance connectivity across Greece.” — Michalis Kouveliotis, Aegean Airlines

Technical Specifications and Operational Advantages

The ATR 72-600 is powered by two Pratt & Whitney Canada PW127M engines, each rated at 2,475 shaft horsepower, driving six-bladed propellers. This configuration enables the aircraft to achieve a maximum takeoff weight of 23,000 kg while maintaining exceptional fuel efficiency. The aircraft accommodates up to 72 passengers in its standard configuration, with high-density layouts certified for up to 78 seats.

The ATR 72-600 achieves a normal cruise speed of 275 knots and a maximum operating altitude of 25,000 feet. Its short-field performance, requiring just 1,333 meters for takeoff and 914 meters for landing, makes it well-suited for operations at Greek island airports with limited runway lengths.

The aircraft’s advanced avionics include five LCD screens and a multi-purpose computer for increased safety and operational capabilities. Thales avionics provide Required Navigation Performance (RNP) capabilities, enabling precision approaches at airports with challenging terrain or weather.

“The ATR 72-600’s superior economics, 20% lower operating costs than competing turboprops and 40% lower than regional jets, make it the benchmark for regional connectivity.”

Economic and Financial Context

The financial implications of Olympic Air’s ATR 72-600 expansion are supported by the Aegean Group’s strong financial performance. The group reported consolidated revenue of €787 million and a net profit after tax of €47.9 million in the first half of 2025, with cash reserves of €841.9 million. The estimated investment for two new ATR 72-600s is approximately $52 million, based on recent aircraft pricing.

Operating economics are compelling: the ATR 72-600 has variable costs of approximately $1.6 million per year (based on 450 annual hours), with total annual costs around $2.2 million. These operating costs are significantly lower than those of alternative aircraft, especially regional jets, due to the ATR’s fuel efficiency and lower maintenance requirements.

The broader economic impact of Olympic Air’s operations is substantial. Air transport in Greece contributes billions to GDP and supports hundreds of thousands of jobs, with aviation playing a critical role in tourism and regional economic development.

Market Positioning and Industry Trends

Olympic Air’s ATR 72-600 expansion occurs in a competitive European market. According to EUROCONTROL, European aviation recorded 10.7 million flights in 2024, with the regional segment holding a 13% market share. The ATR platform is dominant in this segment, with ATR securing 56 aircraft orders in 2024 and maintaining a backlog of over 150 aircraft.

Environmental considerations are increasingly influencing fleet decisions. The ATR 72-600 consumes 45% less fuel and emits 45% less CO2 than similar-size regional jets, aligning with regulatory pressures and industry commitments to net-zero emissions by 2050. The FAA’s new rules for fuel-efficient aircraft, effective for those manufactured after January 2028, underscore the growing importance of efficiency.

The Greek domestic market, with its unique geography of numerous islands, favors turboprop operations. There are 39 airports with scheduled flights in Greece, connecting to 57 countries and served by over 100 airlines. This infrastructure supports Olympic Air’s strategy of providing essential connectivity using efficient, modern turboprops.

“ATR aircraft open an average of 120 new routes annually while providing significant environmental benefits, key factors in their continued market success.”

Strategic Implications for Greece

The expansion of Olympic Air’s ATR fleet enhances regional connectivity, supporting both resident populations and the tourism sector. Aviation is vital for Greece, where many islands rely on air transport as the primary means of connection to the mainland and each other.

The dual-fleet strategy of the Aegean Group, jets for international routes and turboprops for domestic/regional, maximizes operational flexibility and network coverage. This integration allows seamless connections for passengers and leverages economies of scale in maintenance and training.

Investment in modern ATR aircraft also supports Greece’s aviation maintenance and services sector, potentially positioning the country as a regional hub for ATR support and operations.

Regulatory and Environmental Considerations

The ATR 72-600’s efficiency supports compliance with evolving European Union environmental regulations, including the European Green Deal’s emissions targets. Its low noise profile is advantageous for operations at airports near residential areas, common in Greece.

Advanced safety and avionics systems ensure compliance with rigorous European Aviation Safety Agency standards, supporting reliable operations even at airports with challenging weather or terrain.

The aircraft’s environmental performance also provides a buffer against potential future costs from carbon pricing or stricter emissions regulations, enhancing the long-term sustainability of Olympic Air’s operations.

Conclusion

Olympic Air’s ATR 72-600 fleet expansion represents a strategic investment that strengthens Greece’s regional aviation infrastructure and supports the Aegean Group’s competitive position. The addition of two new aircraft, along with recent deliveries, creates a modern and efficient fleet capable of serving the country’s unique geographic needs while maintaining strong financial and environmental performance.

Looking ahead, the success of this expansion will depend on optimizing aircraft utilization and maintaining high service quality. The ATR 72-600’s technical and economic advantages, combined with the Aegean Group’s financial strength and operational expertise, position Olympic Air to continue playing a critical role in Greek aviation and to provide a model for sustainable regional connectivity in similar markets worldwide.

FAQ

Question: How many ATR 72-600 aircraft will Olympic Air operate after the latest order?
Answer: Olympic Air will operate a total of fifteen ATR 72-600 aircraft after the two additional units are delivered in December 2026.

Question: Why does Olympic Air use ATR 72-600 aircraft for its domestic routes?
Answer: The ATR 72-600 offers superior fuel efficiency, short runway performance, and operational flexibility, making it ideal for serving Greece’s numerous island destinations and airports with limited infrastructure.

Question: What are the environmental benefits of the ATR 72-600?
Answer: The ATR 72-600 consumes 45% less fuel and emits 45% less CO2 than comparable regional jets, supporting compliance with environmental regulations and sustainability goals.

Question: How does the fleet expansion support Greece’s tourism industry?
Answer: By enhancing regional connectivity, the expanded ATR fleet ensures reliable air service to island destinations, which is vital for the tourism sector that significantly contributes to Greece’s GDP and employment.

Question: What is the financial position of the Aegean Group regarding this investment?
Answer: The Aegean Group reported strong financial results in the first half of 2025, with significant cash reserves, making the investment in new ATR aircraft financially sustainable.

Sources: ATR Aircraft Press Release