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Keith McMullan — Partner

  • Over 40 years experience in transport economics originally in the shipping industry then from 1988 in aviation. Managing Director of Avmark International from 1991 to 1996 and editor of The Aviation Economist for 10 years. Founded Aviation Economics in 1997.
  • Expertise in aviation strategy, forecasting and financial projects, leader on major consultancies for airlines, financial institutions, manufacturers, the European Commission.
  • Record of successful business planning for start-up airlines.
  • Graduated in Economics from the University of Sussex and holds further qualifications from the Université de Toulouse and the London School of Accountancy.


James Halstead — Partner

  • Over 40 years experience in the aviation industry. Top ranked aviation equity research analyst at investment banks in London (including HSBC James Capel, Salomon Brothers, Swiss Bank Corporation, Crédit Agricole Indosuez Cheuvreux and Dawnay, Day Lockhart).
  • Global aviation coverage including involvement in the secondary marketing, primary IPOs/capital raising, mergers and advisory of many of the world’s airlines and airports.
  • Expertise in financial modelling, valuation analysis, slot valuations, macro economic forecasting.
  • MA in Classics from the University of Cambridge.


Nikos Kourouvakalis — Senior Consultant

  • Nikos Kourouvakalis is Senior Consultant for Aviation Strategy, with over 35 years of diverse aviation industry experience in top management, corporate planning , marketing, project management and consulting.
  • He has participated in a number of high-profile privatisation and valuation projects in the air transport sector, both in the Greek and international markets, notably directing the transition plan that enabled the sale of Olympic Airways to private investors. Member of the small initial team that planned easyJet.
  • Formerly CEO of Avionic Air Services where he planned, launched and managed a niche regional charter and scheduled ACMI airline.
  • MBA in Aviation and MS in Aeronautical Science, Embry Riddle Aeronautical University, BA in Economics and Government, Cornell University.