Its strong balance-sheet, modern fleet and low-cost operating model mean it is much better placed than most of its competitors to ride out the storm.
The US has only two fully functional icebreakers in its fleet, according to a fact sheet distributed by the White House, while Russia has 40 icebreakers and an additional 11 that are planned or already under construction.
See Dryden's plane fleet.
"A bloated workforce, constant meddling and interference from the government in important decisions like labour contracts, fleet and network, weak balance sheets and an overall mindset among staff (and many managers) that their status as a state-owned airline guaranteed them jobs for life were common in British Airways, Lufthansa and Air France," he says.
On stand-by to collect the completed printed sheets of stamps is a fleet of 90 Royal Mail vehicles poised to deliver to the outlets across the UK.
The lease fleet has about $340 million in off-balance-sheet debt against it, but that's just 53% of book value and the leasing business throws off $50 million per year in cash more than enough to service the debt.
But it would be a big mistake to conclude the same about either of Europe's dominant budget airlines, Ryanair and easyJet, with their strong balance sheets, modern fleets and strong cultures of low-cost operation.Ryanair's combative boss, Michael O'Leary, seems almost to welcome Mr Bisignani's Jeremiad.
Strong cash flow and an improving balance sheet should help the company expand its fleet and pursue international growth initiatives.
They now live beneath a fleet of dry-docked boats, sheltered by tarps or sheets of fabric stretched from the hulls to the ground like mudflaps, providing a modicum of privacy and protection from the sun, but little else.
IndiGo also sells and leases back its planes, sparing its balance sheet and allowing itself to maintain a young fleet.
