Olympus Airways

Olympus Airways was a Greek aviation company headquartered in Agia Paraskevi that operated charter, ad-hoc, and ACMI services. Its business model was oriented toward supplying aircraft and operational capacity to other airlines and tour operators rather than building a large scheduled passenger network under its own brand. ACMI, also known as wet leasing, involves providing an aircraft, crew, maintenance, and insurance to a customer airline, allowing the customer to add capacity without acquiring and operating the aircraft itself. The company is described as having been founded in 2011, but its documented operating history under an Air Operators Certificate began later. Olympus Airways secured its AOC from the Hellenic Civil Aviation Authority in 2015 and began flying in October of that year with a single Boeing 737-500. Its first reported charter activity connected Greece and Germany, reflecting the importance of European leisure travel to its initial business. Olympus Airways subsequently expanded beyond its initial narrow-body passenger operation. Its reported fleet grew to include two Airbus A321-200 passenger aircraft and two Boeing 757-200PCF freighters. The Airbus aircraft supported charter and ACMI passenger work, while the converted Boeing 757 freighters enabled cargo operations. The company leased aircraft and operating capacity to other carriers, including TUI Group operators and Congo Airways, among others. This combination of charter flying, ad-hoc capacity, wet leasing, and freight operations gave Olympus Airways a flexible role in the aviation supply chain. It could serve seasonal tourism demand, provide temporary aircraft capacity, or undertake contracted operations for airlines that needed additional lift. Such a model is commercially dependent on aircraft utilization, customer contracts, regulatory compliance, and access to working capital. Olympus Airways was declared bankrupt in 2024 and is therefore no longer an active airline. Available reference material does not establish a detailed account of its ownership, executive leadership, financial performance, or the specific legal process surrounding the bankruptcy. The company’s documented trajectory nevertheless illustrates the development of a small Greek carrier from a single-aircraft charter operation into a mixed passenger, ACMI, and freighter platform before its eventual failure.

Olympus Airways developed as a Greek aviation operator focused on charter and contracted flying. Existing reference material identifies 2011 as the company’s founding year, while the airline’s regulated operating history is more clearly documented from 2015, when it received an Air Operators Certificate from the Hellenic Civil Aviation Authority. The AOC was an essential regulatory milestone because it authorized the company to conduct commercial air transport under Greek oversight. The airline began flying in October 2015 with one Boeing 737-500. Its initial service pattern connected Greece with Germany through charter flights, placing the company within the European leisure aviation market. Rather than concentrating on a broad scheduled network, Olympus Airways used charter flying to serve tourism-related demand and potentially seasonal capacity requirements. The company later adopted a broader operating model based on ACMI leasing, charter work, and ad-hoc flights. Under an ACMI arrangement, the carrier supplies the aircraft and the main operational components, including crew, maintenance, and insurance, while a customer airline generally markets or schedules the service. This model can allow airlines and tour operators to obtain aircraft capacity quickly, particularly during seasonal peaks, fleet transitions, or periods of operational disruption. Olympus Airways expanded its reported fleet to include two Airbus A321-200 passenger aircraft. The A321 is a larger single-aisle aircraft suited to medium-haul routes and high-density leisure markets, making it compatible with charter and wet-lease assignments. The company also operated two Boeing 757-200PCF freighters. The freighter aircraft represented a move beyond passenger tourism and gave Olympus Airways a presence in contracted cargo operations. Its customers and operating partners included entities associated with the TUI Group and Congo Airways, among others. These relationships illustrate the company’s role as an capacity provider for established airlines and travel groups. Olympus Airways could therefore operate aircraft under another carrier’s commercial program while retaining a comparatively focused corporate structure. The available record does not provide enough information to reconstruct the company’s detailed ownership history, leadership succession, financial results, route-by-route network, or the dates on which individual aircraft entered or left the fleet. It also does not document a major public scandal or regulatory enforcement case. The airline’s recorded endpoint was bankruptcy in 2024. That event ended its activities as a Greek charter, ACMI, ad-hoc, and freight operator and left Olympus Airways as a defunct aviation brand.

• 2024

  Bankruptcy

  [1]Olympus Airwaysen.wikipedia.org

  Olympus Airways was declared bankrupt and ceased to be an active airline.

• 2015

  Air Operators Certificate obtained

  [1]Olympus Airwaysen.wikipedia.org

  Olympus Airways received an Air Operators Certificate from the Hellenic Civil Aviation Authority.

• 2015

  Charter operations commence

  [1]Olympus Airwaysen.wikipedia.org

  The airline began operating in October with a Boeing 737-500 on charter flights between Greece and Germany.

• 2011

  Company founded

  [1]Olympus Airwaysen.wikipedia.org

  Existing reference material identifies 2011 as the founding year of Olympus Airways, although the airline's certified operating history is documented from 2015.

• Fleet expands into passenger and cargo aircraft

  [1]Olympus Airwaysen.wikipedia.org

  The reported fleet later grew to two Airbus A321-200 passenger aircraft and two Boeing 757-200PCF freighters.

A specialist Greek charter, ACMI, ad-hoc, and cargo operator serving airlines, tour operators, and seasonal international travel markets.

• Passenger aviation · 2015

  Charter passenger flights

  Olympus Airways operated charter flights rather than relying solely on a conventional scheduled network. Its early documented services connected Greece and Germany, serving tourism-related demand and seasonal international travel. Charter operations could be conducted for tour operators, travel groups, or other commercial aviation customers requiring dedicated passenger capacity.

• Airline capacity services

  ACMI and wet-lease services

  The airline supplied aircraft and operating resources to other carriers through ACMI arrangements. These contracts typically combine the aircraft, crew, maintenance, and insurance, enabling a customer airline to obtain additional lift without directly operating the aircraft. Olympus Airways performed this type of work for customers including TUI Group operators and Congo Airways.

• Passenger aviation

  Ad-hoc passenger operations

  Olympus Airways also undertook ad-hoc flights, providing temporary or specially arranged passenger capacity outside a fixed scheduled network. This activity complemented its charter and ACMI business and allowed the airline to respond to short-term requirements from aviation and travel-sector customers.

• Air cargo

  Boeing 757-200PCF cargo operations

  The company operated Boeing 757-200PCF converted freighters, extending its business into air cargo. The freighter fleet provided a platform for contracted cargo flying and diversified Olympus Airways beyond passenger charter and wet leasing.

• 2015

  Enter the charter and ACMI marketStrategy

  Background

  After obtaining its Greek operating certificate, Olympus Airways entered commercial aviation with a small charter operation serving the Greece–Germany market.

  Action taken

  The company started flying with a Boeing 737-500 and developed a business model combining charter, ad-hoc, and ACMI services.

  Aftermath

  Olympus Airways later expanded its fleet and served other airlines and tourism-related customers.

  Source

• Diversify into passenger and cargo capacityStrategy

  Background

  The operator developed beyond its original Boeing 737 charter platform and pursued a wider role as a contracted aviation capacity provider.

  Action taken

  Olympus Airways operated Airbus A321-200 passenger aircraft and Boeing 757-200PCF freighters while continuing ACMI and charter work.

  Aftermath

  The broader fleet supported both passenger and freight activities, but the company was ultimately declared bankrupt in 2024.

  Source

1. 1Olympus Airwaysen.wikipedia.org