Cayman Airways (KX, Grand Cayman Island) recorded KYD34 million Caymanian dollars (USD41 million) in total losses in the five years from 2018 to 2022, leaving the company with a negative KYD25 million (USD30 million) net worth position, according the Office of the Auditor General in the Cayman Islands.

According to the recently published audit, the subsidised state-owned carrier operated 16 routes between 2018 and 2022 and 18 in 2023. In this period, only 10% of the individual routes served achieved a net profit. Additionally, the airline kept its cargo rates the same as in October 2017, as it could not compete with the significantly cheaper fares charged by ocean freight companies.

Cayman Airways received compensation of around USD11 million from Boeing for the grounding of its B737-8 fleet, while the Covid-19 pandemic forced the airline to halt all commercial flights between March 2020 and November 2021.

Despite providing an essential inter-island air bridge, contributing over KYD200 million (USD243 million) annually to the economy and fulfilling the key roles set out in its strategic plans, the auditor general found that Cayman Airways needs a plan to improve its financial performance, and does not set realistic budgets along with the government, particularly for strategic domestic routes.

Going forward, the carrier is looking to add more aircraft to its fleet and replace its ageing Saab 340B(Plus)es. Cayman Airways CEO Fabian Whorms told ch-aviation it had secured a refurbished and overhauled DHC-6-300 to enter service later this summer to help maintain Cayman Airways Express (CYX, Grand Cayman Island) services to Little Cayman. The airfield is only certified for aircraft with 19 seats or fewer.

Regarding its current Saab (Sweden) fleet, Cayman Airways stated in its 2024-25 budget to the Parliament’s Finance Committee that it plans to replace it. However, Whorms said no aircraft model has been selected as yet. In the past, he said "we would like to replace them with a type that can also fulfil the missions that the Twin Otters currently fulfil... Then we would just have two types [in the fleet], which would make us more efficient."

The ch-aviation fleets module shows that the Cayman Airways' total fleet comprises four B737-8s, two Saab 340B(Plus)es, and two DHC-6-300s.