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Flybondi Moves Closer To Dual Flag-Carrier Status

December 9, 2025 John Cushma 43

Paraguay Opens The Door To Flybondi As Flag Carrier

Argentina’s ultra-low-cost carrier Flybondi has taken a major step toward establishing Paraguay as its second home market, with the country’s civil aviation authority DINAC formally starting the process to authorize the airline to operate as a Paraguayan flag carrier.

DINAC said it “celebrates the start of the process of enabling Flybondi to operate as Paraguay’s flag carrier,” framing the move as a vote of confidence in both the airline and Paraguay’s ambitions to position itself as a strategic aviation hub in South America.

Securing a Paraguayan AOC would give Flybondi dual-country footing and greater flexibility to expand across the region.

New Base, More Routes From Asuncion & Encarnacion

As part of the authorization process, Flybondi plans to open an operational base in Paraguay, which would:

Flybondi is already present in the Paraguayan market with:

Formal status as a Paraguayan flag carrier would allow the ULCC to scale beyond its current Argentina–Paraguay focus, potentially opening more cross-border sectors within the Southern Cone and beyond.

Fleet Expansion Backed By New US Investment

Flybondi’s regulatory push comes just as it locks in a major fleet renewal and growth plan:

These moves make Flybondi Latin America’s first Airbus A220 customer, positioning the airline with a modern, efficient mixed fleet tailored to thin and medium-density regional routes.

CEO Mauricio Sana tied the plan directly to the “strong commitment and support” of new lead shareholder COC Global Enterprise, a US-based investor that took over as majority owner in June. The capital injection and fleet deal give Flybondi the hardware and financial backing it needs to grow into a true binational ULCC platform.

A Second Home Market In A Growing Aviation Hub

Even before the AOC is granted, Flybondi has already become Paraguay’s second-largest airline, with a 14% seat share in December, according to OAG data. That puts it behind:

  • LATAM Airlines Group – 22.7%

  • Just ahead of Air Europa – 13.5%

For Paraguay, the timing is strategic. The country is working to regain FAA Category 1 status, which is crucial for opening or expanding direct services to the United States. DINAC emphasized its commitment to building a “competitive, safe and attractive aeronautical system for new investments,” and Flybondi’s bid fits neatly into that narrative.

If approved as a flag carrier, Flybondi could:

  • Use Asuncion and Encarnacion as springboards into new regional markets,

  • Deepen intra–South America connectivity, and

  • Give Paraguay a more visible role in the continent’s aviation map.

Bottom Line

Flybondi’s move to secure a Paraguayan AOC and flag-carrier status is more than a paperwork exercise — it’s a strategic pivot that would turn the ULCC into a dual-home-market airline, backed by fresh US investment and a new-generation fleet.

For Paraguay, welcoming Flybondi as a flag carrier reinforces its hub ambitions and boosts competition in a market still dominated by LATAM. For Flybondi, a second base in Asuncion and Encarnacion could unlock the next phase of growth, giving the carrier a stronger platform to expand across South America and beyond.

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