The alliance’s first flight departed Enrique Olaya Herrera Airport in Medellín at approximately 8:00 a.m. on Wednesday, August 12, bound for Quibdó, the capital of Chocó department, one of the areas affected by the earthquake. The aircraft carried medicine and medical supplies donated by Búsqueda y Rescate Aeronáutico de Colombia (BRAC, Aeronautical Search and Rescue of Colombia), a volunteer search-and-rescue organization based in Medellín, to support the emergency response in Chocó.

The companies assigned a Cessna Grand Caravan, a single-engine turboprop capable of carrying cargo and passengers, to the operation. According to the companies, the aircraft remains available to Colombia’s Ministerio de Salud y Protección Social (Ministry of Health and Social Protection) and to other government entities, multilateral organizations, and foundations that need to move medicine, medical supplies, or health personnel to affected areas, as needs are identified.

The companies said the arrangement was not conceived as a single flight. They agreed to keep the capacity available for further humanitarian operations as determined by the authorities and organizations coordinating the emergency response.

“We may have only one aircraft, but if it can make a small contribution to rescue and emergency response efforts, it is an honor for us to help.” — Rupert Stebbings, CEO, Alma Air

Three companies, one response

The alliance combines three private-sector companies with different roles — an airline, an air-ambulance operator, and a fuel and energy distributor — each contributing a specific capability toward moving aid to affected areas more quickly.

Alma Air, a certified Colombian airline, said it offered its aircraft the same Monday the earthquake struck, while company representatives were in meetings with Aeronáutica Civil (Aerocivil, Colombia’s civil aviation authority) and the Ministerio de Transporte (Ministry of Transport).

“The same Monday morning the earthquake happened, Alma Air was in meetings with both Aerocivil and the Ministry of Transport, and the need to help was evident. We immediately offered our support to the Ministry. We may have only one aircraft, but if it can make a small contribution to rescue and emergency response efforts, it is an honor for us to help,” said Rupert Stebbings, CEO of Alma Air.

Ambulancias Aéreas de Colombia, which operates air-ambulance services, joined the alliance citing its experience operating in territories that are difficult to reach by other means.

“As a leading company in the air-ambulance sector in Colombia, we have a social commitment to the country, and our purpose is to save lives in a timely manner where others cannot. This has motivated us to organize humanitarian alliances aimed at helping the communities most affected, drawing on our experience in the health and aviation sectors. The most difficult moments are when Colombia most needs to stay united,” said Sebastián Pérez, co-CEO of Grupo Ambulancias Aéreas de Colombia.

Terpel joined the alliance under what it describes as its “Aliado País” (“Country Ally”) initiative, which the company has used previously to support relief efforts in Colombia during emergencies.

“At Terpel, we believe that difficult moments are when we should be closest to communities. As a country ally, we connect with the most pressing needs of those facing complex situations, and we act with solidarity and commitment. That is why we are making all of our capabilities, resources, and efforts available to provide support where it is needed most, convinced that when we join forces we can help thousands of people move forward,” said Daniel Perea, Terpel’s vice president of corporate affairs.

BRAC: support for the first flight to Quibdó

Búsqueda y Rescate Aeronáutico de Colombia (BRAC) also supported the first humanitarian flight from Enrique Olaya Herrera Airport, donating the medicine and supplies that were loaded onto the aircraft ahead of its departure Wednesday.

The earthquake struck a region where geography has long limited timely access to complex health services. Chocó is among the Colombian departments with the least availability of specialized medical personnel. Dense jungle, rivers that serve as a primary means of transportation, and the absence of a permanent road network leave numerous communities hours away from specialized services under normal conditions. During a large-scale emergency, when demand for medicine, equipment, specialized personnel, and transport capacity rises simultaneously, that distance becomes a larger factor in patient outcomes.

A national mobilization after a magnitude 7.4 earthquake

The earthquake struck western Colombia at 7:34 a.m. on Monday, August 10, with a moment magnitude of 7.4 and an epicenter near San José del Palmar, Chocó, according to Colombia’s Servicio Geológico Colombiano (Colombian Geological Survey), as Finance Colombia reported at the time. As of 7:30 a.m. on August 12, the Unidad Nacional para la Gestión del Riesgo de Desastres (UNGRD, National Disaster Risk Management Unit) reported 239 deaths, 3,755 injuries, and 287 people missing. The agency said the emergency has affected 403 municipalities across 14 departments, with roughly 49,200 people affected across about 24,300 families, and reported 9,215 homes destroyed, 45,457 damaged, and 140 buildings collapsed, according to figures reported by El Colombiano. Authorities continue to update the toll as search, rescue, and recovery operations continue.

In this context, the capacity to move medicine, supplies, equipment, and personnel quickly to affected territories is a significant component of the broader response. The alliance among Alma Air, Ambulancias Aéreas de Colombia, and Terpel adds private air-transport capacity to that response, as other companies and organizations continue directing resources toward the areas affected by the earthquake.

No fee attached — three companies moved medicine into Chocó just over 48 hours after the quake.

Historically, not only in Colombia but around the world, incoming presidents and prime ministers typically achieve only a fraction of what is promised during their campaigns. Even if 30% of commitments are delivered, Abelardo could still disappoint some of his supporters, particularly those in Medellín who became deeply disaffected with Gustavo Petro’s administration. Ultimately, only time will tell. Much has been promised, but the pudding still has to be proven.

One major challenge will be the currency, which has moved to levels not seen in many years. The peso reached COP 3,100 against the dollar on Friday, and while many had feared a move toward COP 3,000, the surprise decision by Banco de la República to leave interest rates unchanged at 12%, despite rising inflation, quickly reversed that trajectory. COP 3,200 appears possible as the week begins.

These are extremely challenging levels for exporters and, in turn, for Abelardo, who has promised a golden age for overseas sales. Key sectors such as coffee and flowers have already publicly expressed concerns about declining competitiveness. Even if the new administration succeeds in creating a new oil boom, revenues generated at current peso levels will be significantly lower than anticipated.

The past four years have been dominated by discussions around debt and deficits, which economists understand are the cumulative result of decisions made by previous governments. These pressures are unlikely to ease if the peso remains at current levels.

Consumer confidence from Fedesarrollo remains solid. Retail sales are supporting imports of durable goods, particularly vehicles and electronics, adding more than $1 billion USD to the monthly deficit.

Other sectors likely to feel pressure include tourism and real estate, both of which have experienced significant growth in recent years. Colombia has become an increasingly fashionable destination, and many visitors have later returned to invest in houses and apartments. Today, however, those investments have slowed, while visitors are finding hotels, restaurants and excursions considerably more expensive than they were two years ago.

The reasons behind the peso’s current level are many, but a key factor has been investment flows into Colombia’s attractive local TES bond market through carry trade strategies. That said, profit-taking could soon emerge, particularly if investors begin positioning for a stronger dollar.

Let’s see how “The Tiger” addresses the challenge.

My regards,

Roops

Commercial seaplanes have returned to Colombia after a seven-decade absence, with the arrival in Medellín of the first amphibious aircraft in ALMA Air‘s fleet — a milestone for the country’s aviation sector, tourism industry, and regional connectivity.

Click above to watch the full interview

The aircraft departed from Fort Pierce, Florida, and made stops in the Bahamas, Jamaica, and Panama before landing in Medellín, completing a 1,555-nautical-mile journey over roughly 11 hours of flight. Three pilots took turns operating the crossing, and ALMA Air CEO Rupert Stebbings joined the aircraft in Panama for the final leg into Colombia.

With the arrival, Medellín becomes ALMA Air’s first base of operations as the company advances a plan to expand to Cartagena during 2026. The initiative aims to reshape air mobility in Colombia through amphibious connections to tourist destinations, coastal areas, and territories that are otherwise difficult to reach.

“Today we are not just bringing an aircraft to Colombia; we are giving the country back a way to connect with its geography, its tourism, and its enormous natural potential.” — Rupert Stebbings, CEO, ALMA Air

Although the company has already completed technical training and maintenance reviews abroad, it is now entering a key phase of coordination with Colombian authorities. ALMA Air said it will work alongside the country’s civil aviation authority, the Aeronáutica Civil, to ensure that the return of seaplanes operates under the highest operational safety standards — something the company describes as an essential part of its corporate DNA.

In parallel, the carrier will pursue approvals with agencies including the maritime authority Dirección General Marítima (DIMAR), the Ministerio de Transporte, and various municipalities to obtain the permits required at future water-landing sites. Among the first zones projected for operation are Barú, the Pacific coast, Guatapé, Ayapel, and Mompox, with the company noting that additional destinations across other regions will follow.

“Today we are not just bringing an aircraft to Colombia; we are giving the country back a way to connect with its geography, its tourism, and its enormous natural potential,” said Rupert Stebbings, CEO of ALMA Air. “This flight represents years of preparation, investment, and technical work to ensure that the return of seaplanes is done to the highest standards of safety and sustainability. Colombia has coastlines, rivers, lakes, and unique destinations that deserve new mobility alternatives, and at ALMA Air we believe we are about to open a new chapter for the country’s regional and tourism aviation.”

ALMA Air added that its team and operations are fully structured and that it is in the final stretch of obtaining its Air Operator Certificate (AOC), the indispensable requirement for beginning commercial service. Once that process is complete, the company expects to open a new era for tourism and regional aviation in Colombia, offering travelers a transport experience it describes as innovative, efficient, and connected to the country’s natural richness.

ALMA Air, established by Irelandia Aviation, first detailed its Colombia plans to Finance Colombia in an earlier exclusive interview with Stebbings.

Alma Air’s 1st Cessna Grand Caravan Seaplane (photo: Loren Moss)

Many headlines are tied to the fiscal situation in one way or another.

The $16 trillion COP tax reform which is related to the 2026 Budget is in such danger of being sunk by opposition forces that a ‘Plan B’ is already being discussed in the dark corridors of power. I am no tax expert, but it does seem a little top heavy on unpopular measures that might get a Congress member voted out in March if they were to vote for it. Ministerio de Hacienda Avila is struggling on this one.

The tax collection data through October has been published by the DIAN and despite an 11.28% YoY increase to $249 trillion COP and a very healthy $20 trillion COP collection for the month, experts are anticipating that there will be a shortfall of up to $11 trillion COP versus the FY $305 trillion COP target.

The Departamento Administrativo Nacional de Estadística – DANE Colombia revealed the latest Total Productivity number which rose 0.91% YoY – this is relevant for the country as it will be added to the FY25 CPI estimate of 5.51% to give us a baseline for the impending Minimum Wage discussions. In reality 6.42% won’t be a number even taken into consideration by anyone except the public sector – 10% would be a success & 12% a real possibility.

Fedesarrollo reported the latest Industrial (4.9%) & Retail (22.8%) Confidence data for October. Whilst both are healthy numbers there was a decline on the Industrial side MoM whilst Retail rose.

White Noise Section

The CNE (Electoral Council) is possibly going to sanction Gustavo Petro for exceeding spending limits in 2022. It’s taken three years to discover he probably did what every other candidate ever did. File that alongside candidates photographed with drug lords and the section that says incumbent officials shouldn’t comment on politics.

The US Government (or some low lying official) is stating once again that the strained relations between the two countries could harm trade – a week after 70% of tariffs were removed on Colombian goods. The world is ever more bored and less intimidated by TACO man and almost ironically, if he has finally found a foe small enough to beat in the shape of Venezuela, the number one benefactor would be Colombia.

Have a wonderful day and extended Thanksgiving!

Thanksgiving turkey (photo © Loren Moss)

Finance Colombia’s executive editor, Loren Moss, sat down for coffee with Rupert Stebbings, the CEO of Alma Air. Stebbings, a longtime contributor to Finance Colombia, brings a wealth of experience to this new venture, including a history in international investment dating back to his time with the Bolsa de Valores de Colombia (BVC) and his role as a former board member of Viva Air.

The discussion focused on this significant milestone from Colombia’s civil aviation authority, Aerocivil, the unique operational challenges of floatplanes in Colombia, and the immense market opportunity for connecting remote and developing tourist destinations.

Finance Colombia: I’m here with Rupert Stebbings, the CEO of Alma Air, a friend, a longtime contributor to Finance Colombia, former board member of Viva Air. You know, I know that you have a long history not only working with investment, international investment, going back to the BVC and before that; but then, of course, your experience with Viva Air. And now you’re heading up this venture Alma Air. And we’ve talked about that before, but you guys have just received your operating certificate from Aerocivil, I believe. Tell me about the significance of this development and give us an update as to where things stand since we last spoke, I think back in February.

Rupert Stebbings: Yeah, sure. Good to be with you, man. We’ve been together a long time, so if you know me a long time, you know my history here. So as opposed to the operating certificate, what do you have? In Aerocivil, there’s various stages, right? And the first stage is kind of a greenlight process. You have a public audience and then they look at the plan, what you’re looking to do, they look at where you want to go, and then they give you the green light, which we’ve got a couple of weeks ago. They say, “Okay, move ahead. Sit down with us, let’s go through everything in detail.”

It’s probably the most complicated stage, stage one. It takes a lot of study and it’s a new product. It’s innovative. So there’s an education process. We’ve now got that green light. So what’s happening? This coming week my team, the pilots, the maintenance guys, the guys who really know how a plane works; they’ll be in Bogotá. They’ll be sitting down with the inspectors looking to get the inspectors appointed in Medellín, Cartagena, to move forward the process. And from there, you’re moving through the stages, it’s a four-stage process, bit by bit by bit. And then by early next year, the planes will be here. Then we check the manuals and all the technical aspects that go with that to make sure it’s absolutely safe and secure.

Finance Colombia: Now, you guys are using Textron (NYSE: TXT) Cessnas for this. What are the specific challenges that come with a floatplane operation? Because not only can these planes land at regular airports, they can also land—and I think that this is what makes your business model unique here in Colombia—they can land in rivers. They can land in keys and small islands, and they can land in areas that are less developed. So what are the technical challenges, and even not just technical, but operational challenges that that brings, along with the advantages of not being tied to, “Hey, there’s no airport here, but we can still service here,” you know?

Rupert Stebbings: No, no. Obviously, there’s a lot of Cessna Grand Caravans already in Colombia doing land to land. They’re a very common plane not just here, but in the whole world. What are the challenges? Well, the challenge is it’s a completely new product. It might exist in the Bahamas, Alaska, Vancouver, Australia, wherever you want to go. Whilst they were here 100 years ago, they haven’t been here for a long time. So what do you have to do? Like you mentioned, they can land on the sea. They can land on the sea, the lakes, on rivers. But it has to be done safely.

These airlines, these planes… seaplanes have got a tremendous track record in terms of security. We want to maintain that. So we have to sit down with the local authorities. There was a test flight carried out by another party down in Ayapel a few weeks ago. And it’s precisely for that. Aerocivil was there, they were on the plane. What are you checking? You’re checking where you’re landing. Is it safe to land? Are there people in the water? Are there boats? Are there jet skis? How is the mooring? How is the pier? Is it safe? Is it big enough? Is it away from boats? So a lot of it’s to do with security.

We know that these planes are environmentally very clean, so we don’t worry about that. But we do worry. And obviously, as an innovative new product and being pioneers in this, we need to make sure we get it absolutely spot on. And that wherever we land, wherever it is in Colombia, it’s done safely, securely, and that everyone locally knows exactly what’s going on and the benefits that come with it.

Finance Colombia: What have you seen with regards to the reception? The last time that we spoke on this, it was at ANATO back in February in Bogotá, and that’s the tourism industry convention. What has been the reaction of hotels, of tour operators, of the agencies, of the package promoters and the industry in general, when it comes to this kind of, innovative for Colombia, mode of transportation?

Rupert Stebbings: Yeah, pre the 2024 public audience, I spent a lot of time on the coast: Cartagena, Barranquilla, Santa Marta, all around the coast, Mompox, Magangué. And the reception was incredible. Public sector, we sat down with the mayor’s office, tourism, secretaries. But then we sat down with the private sector, hotels, agencies. Everyone wants in, everyone wants a new product. Why? Everyone knows that Colombian tourism is booming, but now everyone’s looking at different types of tourism, a ‘better tourist’, for want of a better phrase.

We’ve seen the cruises, AmaWaterways in the Magdalena River, starting in April, 48 cruises a year. And now are going to double that this month. They’re getting a second boat because the top-end tourists, there’s so much demand to come to Colombia. We want to be part of that. And that’s why it’s been well-received. Now, since the public audience, what’s happened is we’ve been called from all over the country. We’ve had Los Llanos, I’ve been down to the Amazon, Bahia Solano. Can we go there? Here in Medellín, Guatapé, which isn’t far from here. I’ve been and sat down with Guatapé, I’ve sat down with the mayor’s office, I’ve sat down with the city, with the town council. And they, too, want to push ahead because the connectivity from Bogotá to Guatapé can be an hour. It’s about four hours now if you want to go El Dorado to Rio Negro. Or Medellín, downtown Medellín, to get there to Guatapé. There were 3.7 million tourists in Guatapé last year. It’s a huge number. When you look at Mompox, which is 84,000, there’s massive numbers, more and more foreigners want to go there, and tourists. But right now, on a ‘puente’, a long weekend, it’s three or four hours. In a nice car, but it’s three or four hours. We can get you there in 10 minutes from downtown Medellín. So the minute we went public with this, everyone’s called us and the reception has been, I can just say, unanimously positive.

Finance Colombia: That’s impressive, especially when you think about- I mean, Guatapé, for example, from here, it would be an hour drive, but it’s more like a two-hour drive because of traffic. And this is a way to avoid that by operating these Cessnas. You can operate out of Olaya Herrera instead of having to come out of here. I think about places that are under development, like Coveñas, for example. They’re expanding Tolú, but up until now, you have not been able to get in there with a traditional 737 or A320 or something like that. The other islands and the islands that are outside of Cartagena that have been becoming more and more of a tourist draw.

Tell me financially, if we talk about from the investment perspective, you know, you guys are stable, you guys have experienced investors, but I believe that there is still opportunity. Tell me about what your goals are. Obviously, operationally, you need to go through the steps to become an operating functional airline. You’re backed by experienced investors that have not failed globally but have a track record of success around the globe when it comes to airlines. This is kind of a new and viable, but very fun project, I think. But tell me about the opportunity and the gap and the need there for additional partners when it comes to looking at bringing this project to fruition and supporting it in the future.

Rupert Stebbings: Yeah, I think over the next six months, there’s three phases. One, as you mentioned, the technical aspects of Aerocivil, which is so important. Number two, commercially, continue to build contacts, look at new locations, destinations. But number three is this: as you know, our backers have been all over the world, many places. But what we’d never pretend to be… I’ve been here 20 years, but I wouldn’t pretend to know Colombia inside out. Every time I go to the coast, or I go somewhere, somebody’s got a new idea. “Have you been to this place, or this lake’s got a beautiful eco-hotel.” We can’t get there.

So every time they tell me to go somewhere, there is new know-how, and our preference would be to have a partner, for sure. We’ve got a lot of friends we’re working with overseas who are already in the seaplane business all over the world. We speak to people in every continent on this. But also locally, Colombia is a country apart. It’s a country with a huge, huge opportunity. It’s a big country. And honestly, it would be great to have somebody alongside us, sat down with us saying, “Hey, have you thought about this? Have you done this?” As I say, we don’t pretend to know Colombia inside out. It’s an amazing country. Everyone knows that every time you see an article anywhere around the world, Colombia gets a mention. The best for this, the best for this. Pension, live, digital nomads, but also for tourism. The numbers are going through the roof.

And I think everyone, whether it’s us, an agency, a hotel, everyone’s looking for more and more know-how, more knowledge. And the more people you have inside the tent, the more people you have helping you, the easier it is to move forward, to make good decisions, and make the most of the opportunities that definitely are here. And so, you know, we’re looking for a partner, whether it’s overseas, that’s fine, whether it’s local, great as well. But we’re definitely looking for people to come on board and join us in this project, which is, as we know, it’s innovative, it’s new, it’s tremendous excitement. And if somebody wants to share in that, you know, we’re open to a conversation.

Finance Colombia: You know, I think the great thing is that intellectual humility, of not coming into a place and saying “we know everything.” And if I think about the track record of some of the investments, the investors, they go into Mexico, they partner with a local company that made things a success. They go into places like Singapore. They go into places like the U.S., and they’ve done that. And even before with Viva, every place that they’ve done that has been a success, because they’ve bought in the local intellectual capital, as well as financial capital participating, so that the local economy has a stake in things. It’s not like, “Hey, we’re from the outside and we’re just going to do things.” In other sectors, in mining, I’ve seen the companies that do it right, they follow that model. They bring in people, not like the old model that we saw in Asia, where it’s like, you’ve got to bring in a local partner so that they can screw you. Like we would see, you know, 40 years ago in India, or in a lot of places like, you’ve got to have a local partner for capital controls and things like that.

No. Colombia, as you know living here, one of the great things about Colombia is that legally we’re treated on an even par as… you know, there’s no difference. And I can speak to this having been a business owner in Colombia, you’re not treated any differently. You have no disadvantage in the local system being a foreigner. And I think that that makes it, whatever the flaws are and whatever the drawbacks are, that makes it a very safe place and an advantageous place for investment.

Rupert Stebbings: Yeah, I worked in the financial sector for decades in Asia. In Asia, it was exactly that model. We’ll parachute in and it’s us. We’ll only use the local because we need their license. So they didn’t take on as much local know-how intellect as they did. Well, that’s changed over the years. And in this sector in particular, if you look at the tourism sector here, there’s tremendous influence amongst the hotels, the agencies, from overseas. But they are all using local know-how, the people on the ground in general or locals, and we want to be part of that. As you say, I wouldn’t be absolutely stupid to come into a country with a new product, a product that was here from 1919. I turn up in 2025 saying I know all about that. No, there’s people who know, there’s people have been around. This airline sector is one of the oldest in the world. So local knowledge, I think, is fundamental.

Finance Colombia: And even in 1919, the industry was started by Germans who came in here and did it and they were able to be successful. And then the airline evolved and went through iterations and became kind of the national flag carrier of Colombia. But I think that it speaks to the friendliness that Colombia has towards investment. And the thing that you mentioned is that these people are real partners. They’re not agents that, “Oh, I need to have a license, or I need to sign off this checkbox on some kind of license form.” But these are real partners who are involved and things like that.

Rupert Stebbings: Absolutely. I couldn’t agree more. And you know, I’ve done a lot of research and written on Colombia, but even agent people at the World Bank, they’ll put Colombia in the top 15 countries in the world to invest for the protection of your rights when you come here, because you’re looked after when you come here, because the country wants to develop, wants to move forward, and they look after you when you get here. And I think that’s fundamental.

Finance Colombia: Absolutely. I mean, you know, I’ve been here for 11 years. I’ve never seen a form or any kind of government document that differentiates between, “Okay, check this box” or “you can’t do this because you’re a foreigner.” And Colombia is great when it comes to that. Now, let’s look at- going back to operations. What has to happen before Alma Air is flying routes, scheduled routes with passengers? Now, I know that in the U.S., you know, we had like Part 91 aviation, 132 aviation and things like that. And there’s one thing that’s a scheduled airline, there’s another thing that’s like a charter airline, and then there’s, you know, general aviation. Is the set up the same way here? And whatever the case might be, what has to happen and how far away are we from booking tickets to fly on Alma Air?

Rupert Stebbings: Okay. So, we’re going to work as an air taxi, charter, no scheduled flights. Which is similar to other countries. Most companies and seaplanes work on that basis. You call me, you tell me what you want. Obviously, we’ll have a menu: this is what you can do, call me when you want to do it, who you want to do it with, etc. So that’s how it’ll work. 100% charter air taxi, as it’s mentioned here. What do we have to do? As I mentioned, the guys are in Bogotá this coming week. They’ve got to sit down, and the aforementioned paperwork, which is the same for everybody, we need to fill in a lot of paperwork. We need to go through the manuals, which are done, but there’s something like 50+ manuals for seaplane operation. So they need to be doing a page turning, go through it. Because it’s new, right?

And also, there’s regulation. We’re also working with DIMAR, which is the coastal authority, and the internal authorities, and the environmental authorities to make sure that everyone’s on board the regulation, everyone understands the rules. So I’m going to put a plane there. What needs to be there? Who needs to be aware of it, etc.? So there’s an awful lot to be done through Aerocivil, DIMAR, and the authorities. In parallel, we’re speaking with the lessors overseas to sort out the planes, the arrival times, and then that will be going through the Christmas period into January. And then by the end of the first quarter next year, we should be seeing planes arrive here to then go through the same paperwork. You can’t just bring it here and fly it around. [Laughs.] ‘Hey, I’m here, I’m just going to fly around.’ No, not at all. We’ll bring it here, the plane has to be checked over, everyone needs to be on board. Then hopefully within around probably less than six months, you’ll be able to call me up and say, “Hey, I want to take the family and do this and this,” you know, whether it’s to go to a hotel, you want to do a sightseeing trip, you want to go to a couple of lakes in a day, you let me know and we’ll get in touch and we’ll sort you out.

Finance Colombia: Amazing. You know, I’m looking forward to it. I’m not the high roller who’s going to be like, “I want to go to a couple of lakes.” But hopefully there will be some kind of group travel opportunity and things like that over the weekend.

Rupert Stebbings: But the thing is, everyone talks about… Every time I do an interview with the press it’s, “How much, how much you’re going to cost?” “Yeah, it’s going to be really expensive.” No. Colombia is full of charter planes already. It’s already full of private planes. And I would say the price point of this is the same as you doing something special for your anniversary. You know, you want to do something special, let’s fly somewhere and go to a spa for a couple of days in a hotel, for example. We’re in that price point. We’re not in a ridiculous point. And the one thing you’ll be buying from me is time.

And that’s the key. If you’re in Bogotá, you want to go to Guatapé for a beautiful weekend and a beautiful hotel, then you don’t need to spend five hours getting there, five hours getting back. I’ll get there in one hour. So you can buy four hours for you, or three hours on the way, three hours on the way back. That’s six hours. Plus, your partner, that’s 12 hours. You get more time at your resort and not at a huge increment in price.

Finance Colombia: And, you know, the Grand Caravans have a capacity of what, like 12 or something like that?

Rupert Stebbings: It’s eight passengers plus pilot and copilot. That’s one thing we push very hard for. You’ve got to have a copilot and pilot. That’s not global, but that’s what we believe, definitely, in terms of security. Then you got the eight passengers. These planes will take up to 14 seats, but we’ve checked around the world and the most successful seaplane companies are using the eight planes. Why? Because if I’m going somewhere in a seaplane, I want to go somewhere real nice and spend a few days, I don’t want to go there with a backpack. Comfort and what I take with me.

Finance Colombia: You know, that’s a good point. My cousin, for example, runs a charter service out of Miami and he services the Caribbean. He has a Learjet and a King Air. And I remember talking to some of his passengers one time in the Bahamas and talking to him; and it’s not that the people are rich. I mean, they’re not poor, but they’re not like super rich where they’re going to fly to St. Bart’s on a private jet. But what happens is, one of the passengers explained to me, they’re mostly like avid fishermen, anglers. And they’ve got to carry all their rods and all that stuff like that. And they explain this, “Look, this is a family trip for us, and there are six of us. And by the time I pay for six airline tickets, it’s actually less expensive to fly on this charter.”

Rupert Stebbings: And the bags, and the extra bag, and the extra length luggage. When people say, “It’s going to cost me this.” I’m like, “No, it’s actually going to cost you this, because you were going to pay this. But I’m going to charge you on top for the convenience.” So it’s not an extraordinarily expensive thing to do. But that’s education, that’s the education process. And the fact that it’s so common; if you go to Vancouver, people commute to work on a seaplane. So it simply doesn’t add up that it costs you thousands of dollars just to go one way. Of course it doesn’t. But again, this is part of the education. I think in time people will come to see “this is something I can do with my family.” And hopefully we’ll fill the skies here with seaplanes, which should be great.

Finance Colombia: I would imagine that there’s also a market for things like air ambulance. Colombia has so many remote areas, there are cities in Colombia that you can only get to by river or by air. And, you know, we just published an article about the high quality of Colombian health care in places like Cali and Medellín and Bogotá. But to get people who need, you know, urgent or unusual operations or have conditions and things like that. You guys can play a vital link in that process as well.

Rupert Stebbings: Of course. It would be a second stage. But already the authorities have manifested interest in what can be done. We looked at a study in 2021, there were thousands upon thousands of air ambulance trips in one year in Colombia, from remote areas in. And they’re not using air ambulances; they’re just putting them into normal charter planes in an emergency. So that’s definitely something we looked at. The authorities are interested; the security forces are interested. You know, as you say, most bad things in Colombia take place in remote areas. Whether it’s military, whether it’s a car crash, whether it’s a heart attack on a remote island. But as we know, as you mentioned, Colombia’s got a tremendous medical system, but it’s concentrated in the main cities or even the big towns. So if you’re in a place, you don’t have to be far away to be hours and hours away. You know, if you go from Colombia to Mompox, to pick an example, you’re talking five or six hours in a car, no mainstream hospital. There’s a hospital in Magangué. But I’ve spoken to many people in Cartagena in clinics who do evacuations, and they say, “No, almost all the cases come into Cartagena or Barranquilla.” So if we can help in any way, we’re definitely there to do that.

Finance Colombia: That’s amazing. Now, is your website up and running? If interested, if people want to get in touch with you all, do they go through your website or what are the methods that you recommend?

Rupert Stebbings: Yeah, flyalma.com, up and running already. It already gives you a good indication of services, destinations, the routes we’re going to use… It’s got the history as well of seaplanes, which is very important to get into, who we are… So then go in there, look at all the information, the contact information is there, we are on LinkedIn or on Instagram. So you can find us, that’s not a problem at all. So you get in touch with us and we will definitely be there to respond ASAP.

Finance Colombia: Is there anything that you wanted to mention that I neglected to ask?

Rupert Stebbings: No, I just think that a lot of people I think have been wondering why it’s taken so long, or longer than expected. But I think you have to be respectful with the authorities. This is something new. And every time you get a new product, they’re very careful about bringing something new to Colombia. People don’t understand. When they did the seaplane test in Ayapel, the members of Aerocivil had never been on a seaplane. So the people at the very top running the airline services, they don’t know what a seaplane is, other people don’t. So it’s very important. And we’re going to isolated places, where they’re not used to these kinds of services. They’re not even used to seeing airplanes, etcetera, or even many tourists. So there’s a big education process. We’re working, obviously, with the Ministry of Commerce and Tourism, FONTUR. So we’ve got a lot of partners. It’s taken longer than desired by anybody, but we’re getting there. And now I feel there’s been a definitely a pivot of the last few months in terms of, “let’s get this done and let’s get this done as soon as possible.”

Finance Colombia: Great. And one of the things that I think I’ve seen, no matter what administration, you know, I’ve been here 11 years, I think you’ve been here longer, is that there is—and this is not a right or left thing—but there is a consensus that tourism and especially things like nature tourism and sustainable tourism are a strategic path to not only pacifying the country… and we talk about terms of peace. We talk about terms of sustainability, not places that are over-touristed, but to really develop and to bring tourism to these, maybe up until now off-the-path areas that you guys will specialize in. So I think that there is a comfort, I should say, in that no matter what happens politically, that remains a priority no matter who is controlling the reins of government.

Rupert Stebbings: No question at all. And in the webpage, we even refer to that. And we also refer back to one year ago, COP16 in Cali, where USAID, which unfortunately is no longer with us, but they mentioned “Colombiamorfosis,” which is this program of getting tourists in new areas. And we’ve been to visit new areas. In Ayapel, we met with the governor of the Zenú people in Cecilia, which is the town they have there. And we’re looking to connect these new areas, and we’re getting approached all the time. Communities are saying, “Look, we’ve got amazing wildlife, birdlife, we’ve got walks you can do in the jungle. We can take boats across lakes.”

And so what we want to do is connect them, because according to the UN, and the Petro government has backed up on this, the fastest return on investment to get people out of poverty is through tourism. It’s a UN program. The UN tourism director is actually Colombian, Natalia (Bayona), who lives in Madrid. So we’ve been in touch with her. And again, we’ve seen tourism booming. It’s been a big bet of this government, no question. It’s been successful. But I’m absolutely sure whatever government comes in now, tourism is the way to go. It’s a way to get to remote areas and connect overseas tourists or local tourists who have the money with needy communities. And between them, you can make the connection and take some of these communities out of poverty and give them a little more dignity.

Finance Colombia: I’m super excited for you all, of course, as an organization and as people. I know a lot of you are involved in this. But then also for Colombia, because of the positive benefit that it can have for Colombia. Again, I think it’s a win for you all as an organization, it’s a win for Colombia as an economy and as a people, and it’s a win for whatever financial and commercial partners that are involved in this. And so I’m super optimistic. I can’t wait for my first ever seaplane flight. I know that airlines love to have these inaugural flight things- And I’m going to be mad if I see it in the news and I didn’t hear from you [Laughs.] Yeah, you’re going to be waving down from me from up the final approach right here, right? So I’ll be calling you on WhatsApp there. But thanks a lot for your time, Rupert. Always fun to talk to you guys, again, thank you also for your contributions as an individual. And you wouldn’t say this, but as an expert. It’s more fun because I don’t always agree with you, and that makes me nuts sometimes. But it makes it fun, you know. And so can’t wait till the next time. Keep us updated and count on us to keep the public posted on what’s going on at Alma Air.

Rupert Stebbings: [Laughs.] We’ll wave. No problem, it’s alright. [Laughs.] That’s life! Great, man. Thank you for your time, and I will see you on board in some place you didn’t know you could get to. Cheers, man. Take care.

The company plans to establish its operational base in Cartagena, focusing initially on the Caribbean coast before expanding its proposed service network nationwide. Alma Air’s business model centers on connecting historically remote communities, specialized tourist regions, and island destinations.

Alma Air CEO Rupert Stebbings. Photo credit: Rupert Stebbings.

The favorable concept, documented under CTAA Act No. 006, specifically noted that Alma Air’s proposal constitutes an “innovation in the tourist connectivity of the Caribbean region” and recommended its approval. The opinion marks the transition of the company’s plans from the conceptual phase into the formal regulatory audit process before Aerocivil.

Rupert Stebbings, CEO of Alma Air, commented on the development, stating that the regulatory step facilitates the company’s plan for regional service. “Whilst the initial project is directed towards the Caribbean coast, once certified, Alma will serve all of Colombia,” Stebbings said. “We seek to connect the country safely, efficiently, and sustainably, with a proposal that combines modern technology and a strong sense of public service.”

The aircraft chosen for the planned operation, the Cessna Grand Caravan C208, is manufactured by Textron Aviation, a subsidiary of Textron Inc. (NYSE: TXT). Alma Air’s deployment of amphibious aircraft aims to expand air coverage across coastal, island, and rural areas that lack traditional runway infrastructure.

The company is positioning the project as a mechanism to strengthen territorial integration and contribute to regional economic development, citing the potential for generating foreign investment within the key transportation sector. Alma Air must now finalize the rigorous technical and operational procedures required by the Civil Aviation Authority to obtain the necessary Air Operator Certificate (AOC).

Alma Air. Photo credit: Alma Air.

Executive Editor Loren Moss sat down for a few minutes with Alma Air CEO Rupert Stebbings at Vitrina Turistica, the travel industry’s main event held every year in Bogotá’s Corferias convention center to understand the nascent air carrier’s progress:

Finance Colombia: I’m here with Rupert Stebbings at ANATO Vitrina Turística here in Bogotá. Rupert, aside from being a colleague, a contributor to Finance Colombia, and a friend, is doing something very exciting. And that is, you’re the CEO of Alma Air. And if I understand correctly, Alma is the first seaplane airline service in Colombia. Maybe you could tell us about the concept of Alma and what you guys have in store.

Rupert Stebbings: Sure. Loren, good to see you, man. Not the first, we’re a hundred years late. So, 1919 was the first ever. In the Magdalena and Barranquilla is where Avianca came from.

But, before 1950, all these planes had gone. So, since then, we’ve seen no seaplanes anywhere. Or amphibious, as they say. So, what has Alma looked at? Before the pandemic, we were here, under a code name, looking for information, and speaking to Aerocivil about the prospects. Why? Because the owners of the project had already seen seaplanes and traveled on seaplanes, such as the Maldives, Bahamas, and Alaska, they’re everywhere. And Colombia’s got everything for that. What’s it got? It’s got 20,000 kilometers of river, 3,000 lakes, and two coastlines. So, it’s got everything for seaplanes. It’s had seaplanes before, and we’re back. We’re in the process of bringing seaplanes back in.

Finance Colombia: Tell me about the… Have you gotten good cooperation from not just the national government, but you have to have the regional governments involved? We’re right here in the space that the Department of Bolivar loaned to us. So, there’s some cooperation there. Do you see excitement, or what has been the attitude from the regions and the departments and the localities to the project?

Rupert Stebbings: So, when I first got into this, what was my job? As some say, it’s counting chimney tops. “What’s out there? What’s going on?” So, I went around all the regions, six or seven governors, 10, 15 mayor’s offices. When we went to Aerocivil, we presented 34 letters of support for this project. Everyone, but everyone, loves it. Public, private, hotels, agencies, everyone wants it. Colombia is still completely disconnected.

You can’t get to half the places in this country. Even on a small, normal plane, you can’t get there. In terms of water, some places are just completely isolated. So, the feedback, and I’ve been around here for the whole day, sat down with seven or eight governors’ offices. They’re desperate. And their question is, “When, when, when?” They want it, they see the value, not just for high-end tourism, but there are medical issues.

By using seaplanes that can land on both runways and water, Alma Air will be able to reach every destination in Colombia, including remote airstrips and almost all major rivers.

There are also communities where… I was at the UN event in Cartagena, and the UN is supporting this process hard, they say the fastest way out of poverty is tourism. And if you’ve got the right place, you can do it. And Colombia has thousands of these towns and villages. All you’ve got to do is take the people with the money, to the people without the money, give them a great experience, and everyone’s a winner. So the enthusiasm is everywhere.

Finance Colombia: That’s great to hear because as you know, one of the great things to see in Colombia in the last decade or so is that the Colombians have a hobby that they call “puebleando,” where they like to go and visit the different small towns around. And it’s great when you’re in the coffee country, or when you’re in Antioquia, or here in Cundinamarca, it’s not that hard to do. But there are beautiful places. I was in Bahía Solano last year; Nuqui; we’ve talked about La Guajira and the natural beauty up there, but it’s so isolated. You can’t just get in a car and drive up that way. I would imagine that this is a great development opportunity for these regions.

Rupert Stebbings: The sweet spot for us is places that are like two, two and a half hours by boat, or five or six hours by car. Because normally, in our flight planning, we’ve done, it’s a 20-minute hop in a plane.

So, if you take San Bernardo, the islands, they’re two hours in a fast boat out of Cartagena. More than 40,000 people a year make that trip. It’s 35 minutes on a plane. When you’re on a boat, it’s open water. It’s rough. There are a bunch of places like that. And that’s our sweet spot. That’s where we fit in. And it’s where it’s worked around the world. It’s in Asia, Indonesia, and Vietnam.

A lot of people have found routes like this. And that is a sweet spot. That’s why it works. And that’s why there’s demand. Because, as you say, it’s places like Ayapel. Ayapel is a UN-protected lake. The largest freshwater lake here. You can’t get there. It’s got no tourism. Or it takes so long to get there, especially for foreigners. I’ve got a two-week vacation, right? I can’t be doing five hours in a car. Take me in 20 minutes. I’ll pay the extra. And it’s high-end. But it’s also for everybody. Everyone says, well, you know, it’s X money. It’s X money, but you spend X money on a special event every year.

You take your wife away for the weekend, or your partner for the weekend. Take a seaplane. Go somewhere different. Go to a community. Go to an indigenous set-up. There are tons of places, and you’re correct. Either too far away, too uncomfortable, or completely disconnected.

Finance Colombia: Another advantage is that you all, you and the backers, this isn’t your first dance in Colombia. You guys have been through this before. You guys know what it’s like to take things through Aerocivil, to take things through the Ministry of Transportation. So I would imagine that that’s an advantage, because you already have the relationships, and you already know what needs to be done. What’s been the response from, and I don’t want to be political like one government or another, but what’s been the responsiveness when it comes to getting the regulatory process done?

Rupert Stebbings: Well, to put it in your vernacular, not our first rodeo. I think that’s more your style! But what’s the response been? Obviously, with the backers, we’ve been through this, we had a couple of decades here in total, working with the low-cost airline. We know it’s tough. And what makes it tough? Same with the low-cost airline. It’s a new concept. Low cost is a new concept here.

Seaplanes are a new concept. So there’s fear. Fear of the change, fear of the unknown, fear of writing something off and saying, “Yeah, you can do that,” but something goes wrong. It’s natural. It’s an educational process. We’ve got to educate people. It’s not a plane landing on the water. It’s the cleanest object you can have on the water. It’s cleaner than a motorboat. It’s education. No one’s seen these planes, so they can’t opine on it. They can’t say, “Yeah, I love it.” They don’t understand it. So basically, we’re working with the same people.

We understand bureaucracy. But that’s…when I was in congress; recently in Miami, the world, the whole world has the same problems with regulation and understanding of what a seaplane does and doesn’t do. And we’re working with it, and the experience helps us to be patient. But we believe in the project 100% or more is possible, and we’re going to stick with it.

Finance Colombia: My last question for you is probably the hardest. And I know how people in the airline industry hate this because it’s almost like a jinx or something.

Rupert Stebbings: Go on.

Finance Colombia: And you know what’s coming is, when do you project to be taking passengers?

Rupert Stebbings: Right, so I could give the easy answer, is after we hear from Aerocivil, I have five months on.

Finance Colombia: Okay.

Rupert Stebbings: That gives me an infinite number.

Finance Colombia: Right, right.

Rupert Stebbings: Now, we hope to hear back from Aerocivil next month. The second, we had a first feedback, we had to give them more information. We should hear back from them by March 17, and then we’ll take it from there. Once we get through the first phase with them, a lot of the work is done. It’s going to take us to the autumn in the US, so September or October is a guesstimate. Hopefully sooner, but we want to be… The thing is with this kind of project, it’s not seasonal.

Finance Colombia: Right, right.

Rupert Stebbings: This is year-round travel. It’s not the low-cost where you’ve got to put 180 people in a plane every single day, 10 times. It’s more hands-off. And for that, we’re not that worried…

Finance Colombia: Great, great. Well, I know that you’ve got a quality group of people. Alma Air, you already have a website up and operating, right?

Rupert Stebbings: Yep, flyalma.com.

Finance Colombia: Flyalma.com. OK, great.  You know that I’m going to be watching you guys like a hawk. Looking forward to seeing this. Super excited for you guys. You already know that. And keep us abreast of any good news.

Rupert Stebbings: Of course, naturally. Great seeing you, man. Thank you very much.

Catatumbo remains an open wound as the ELN and FARC guerrillas fight it out over one of the most lucrative cocaine routes close to the Venezuelan border. Bogotá has now asked Caracas to help with the situation, but as yet there has been no formal reply.

Fedesarrollo released their first analyst survey of 2025 with an expected annual inflation reading of 4.2% (still outside the 2-4% Banco de la República – Colombia target) and an overnight rate of 7% (from the current 9.5%).GDP for 2024 has edged up to 1.8% with 2.6% for 2025.

The Peso, which closed Thursday at $4278 as the dollar, which rallied before the Trump inauguration, now appears to have priced in the ‘Golden Age’ of America.

The weather remains a quandary for IDEAM. At the same time as they were putting 46 municipalities on high alert for rain-related landslides, they were warning another 358 about the risk of drought-related forest fires.

That is all, have a wonderful day.

Regards.

Roops.

Never miss Rupert’s latest commentary.
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Headline Image: President Gustavo Petro. Photo credit: Archive Presidency of Colombia.

President of Colombia Gustavo Petro exercised his right to replace two of the committee members of the Banco de la República – Colombia – and as expected there were immediate accusations of politicking. The Colombian constitution, to protect the independence of the Central Bank, only allows a president to replace two governors during their four-year term, however, this all fell apart during the Duque administration. Due to a combination of circumstances, Duque could make five appointments – two of which were criticized at the time as highly political. Leaving this time will be Roberto Steiner (2019) & Jaime Vallejo (2021) to be replaced by Cesar Giraldo and Laura Moisa Elicabide.

That same committee has been attacked from all sides, including those friendly to the opposition, for not lowering overnight rates in line with the rapid decline in inflation. Twelve months ago, Fedesarrollo anticipated YE2024 inflation of 5.5% and overnight rates of 8%. Whilst the inflation was even lower at 5.2% – the Central Bank still has rates at 9.50%. Whilst the Real Sector and Employment have picked up over recent months, it is fair to say that institutions such as ANDI – Asociación Nacional de Empresarios de Colombia, FENALCO, and Asobancaria thought that economic growth could have been far more robust, if the Central Bank had done a better job.

Was it incompetence? Perhaps that would have been the better answer. Unfortunately, evidence suggests that the once highly independent committee has grown political with Duque appointees more than happy to keep a leash on the petro economy. Hence, the irony when the president’s latest picks are criticized for perhaps leaning towards the government’s view on the economy.

Fedesarrollo this week reported another improvement in consumer confidence for December as it rose from -5.7% to -3.4%, when compared to 12 months before there is a sizeable improvement from the -17.3% registered at that point. This latest reading is the second highest since March 2019 as consumers expressed more confidence in the economy over the next year.

Away from these headlines, there was much media discussion about what the reform process will look like in 2025 and also a potential cabinet reshuffle – not for the first time!

Have a great end to the week.

Roops.

Never miss Rupert’s latest commentary.
Follow him now on LinkedIn to see What Jumps Out.

Headline Image: President of Colombia Gustavo Petro. Photo credit: Presidency of the Republic of Colombia.

Rupert Stebbings is the new Chief Commercial Officer for Alma Air

Last week, investors and executives associated with the former low cost carrier Viva that ended up acquired by Avianca, made public plans to launch a seaplane airline serving Colombia’s Caribbean coast, beginning operations in Q4 of this year. The airline has financial backing from Irelandia Aviation, the aviation venture capital firm led by airline pioneer Declan Ryan.

The leadership team of the new airline, called Alma Air features Commercial Director Rupert Stebbings, who was a board director of Viva, and also a long term executive with the BVC, Colombia’s stock exchange. Accompanying Stebbings are former Viva executives Francisco “Pacho” Lalinde as special advisor and Jhon Luna as director of operations.

Alma Air plans to transport at least 1,200 passengers per month to destinations on the Caribbean Coast such as Barú, Playa Blanca, the Rosario Islands, Mompox, Palomino, Puerto Colombia, Cabo de la Vela, Punta Gallinas and Valledupar, as well as to other remote places in Colombia’s interior. By using seaplanes that can land on both runways and water, Alma Air will be able to reach every destination in Colombia, including remote airstrips and almost all major rivers.

Francisco Lalinde is special advisor to the new airline.

“We have a clear vision and that is to contribute to a unique, personalized and exciting way of tourism in Colombia, which will connect people to the most beautiful remote areas of the country and the region. Too often, tourists can’t get to destinations they’ve seen on the internet or even time constraints don’t allow for that extra adventure. We want to challenge that and encourage tourists to fly to that destination they dream of and that will remain in their memory for a lifetime,” said Stebbings.

“Beyond the new travel experiences that we want to bring to Colombia, there is another extremely important service that our planes offer. The same remoteness that often makes travel difficult can also be an obstacle when it comes to people’s health and well-being; For this reason, we want to support the Ministry of Health in medical evacuation issues where and when necessary. Arrival by rivers and lakes could be the only solution in some parts of Colombia when it comes to taking patients to the nearest hospital or clinic, and for that, seaplanes play a fundamental role,” Stebbings added.