Sad but almost inevitable. Like others above, having lived and worked through 25+ years in aviation it feels like Groundhog Day. All over again.
Whenever I turn up at the airport and there are lines of sparkly new jets with unrecognisable logos, I think “uh oh, we must be getting near the end of this cycle”. A combination of cheap money, over-optimistic predictions, short memories and attempts to fill non-existent niches. Enthusiasm can only get you so far in this business.
It’s always been hard being an ambitious operator based in a small country. The internal market is likely saturated or not there at all, so most of the revenue will need to come from outside, where you come head-to-head with much larger outfits who can price you out of the market. Those who have succeeded appear to have grown slowly and organically in response to demand, rather than acquiring aircraft then trying to find something to do with them...