Ryanair's ability to outperform the industry is likely to diminish as new market opportunities become more scarce, the advisers say. Jenks points out that EasyJet is “going up the product and complexity ladder” to try to penetrate business markets, while “Ryanair's DNA is not suited for that.”

The European majors, meanwhile, have dropped in the TPA rankings. International Airlines Group (comprising British Airways and Iberia) and Lufthansa both saw their scores decline by 7-8 points, and Air France-KLM was down 9.5 points.

The Gulf carriers are having a much greater effect on the European airlines than those in North America. However, Terry says the European majors “can point their fingers all they want at the Gulf carriers, but I would say their own governments are doing them more harm.” New passenger taxes, night flight restrictions and emissions penalties are major handicaps for the industry in Europe, he notes.

2012 TPA Council of Advisers

Michael J. Dyment

Managing Partner, Nexa Capital Partners

George W. Hamlin

President, Hamlin Transportation Consulting

Craig Jenks

President, New York-based Airline/Aircraft Projects Inc.