Bangkok: Amidst volatile global oil prices severely impacting the aviation industry, Patee Sarasin, the former CEO of Really Cool Airlines (now in a new role), revealed the progress and reasons why he is not rushing to launch new aircraft while many are eagerly anticipating it. He affirmed that this step is not just about running a traditional airline, but about reforming the business model for sustainability.
According to Thai News Agency, the "waiting for the right moment" strategy is crucial as flying now is risky. Mr. Patee stated frankly that if Really Cool Airlines started flying in this environment of soaring and volatile oil prices, "they would definitely go bankrupt." Currently, the actual cost of jet fuel is much higher than the figure printed on paper, potentially reaching nearly $200 per barrel. Furthermore, the supply shortage is driving up aircraft prices inflated. Waiting for a more balanced supply and demand situation is the best option, with expectations that everything will be aligned and operations ready to begin by the end of this year.
More than just ticket sales: The Power of Ecosystems and Biofuels. A key lesson learned from the COVID-19 crisis was that relying solely on airline and cargo revenue was far too risky. Therefore, Mr. Patee planned to build a robust ecosystem to support this, with one of the highlights being his entry into the biofuel business.
Financial sustainability is a priority, with revenue from biofuels expected to generate more stable and consistent profits than ticket sales, filling gaps during periods of airline crisis. Biofuel production will also be linked to Thailand's agricultural sector, creating added value for crops and improving the income of grassroots farmers. Furthermore, Really Cool Airlines aims to become an energy independent entity that does not rely solely on fossil fuels from foreign countries.
In terms of operations, Really Cool Airlines positions itself as a full-service airline that utilizes technology to increase efficiency. They choose large aircraft like the Boeing 777 to focus on long-haul flights. Selecting diverse routes and flying beyond the region helps avoid fierce competition in regional markets (Blue Ocean Strategy) and attracts more high-end tourists from Scandinavia and Europe to Thailand.
Mr. Patee emphasizes that his return to the airline industry is not for personal gain, but to use his knowledge and network to bring foreign tourists and investors to Thailand. He is confident that if this business model, currently under development, succeeds, "the whole world might copy us," because it's a formula for an airline that can withstand even the most severe crises.
In conclusion, despite some delays, Mr. Patee affirms that the past 2-3 years spent in-depth planning of the ecosystem have been worthwhile. Because Really Cool Airlines' goal is not just to be an airline that flies, but to be an innovative entity that will truly create sustainable wealth for both the industry and Thailand.