Speaking at the Capa World Aviation Summit 2015 in Helsinki, Capa - Centre for Aviation chief financial analyst Jonathan Wober said overall global aviation margins are currently 5.9%.

This puts them right at the top end of a cycle that has not exceeded 6% in the last four to five decades, he added. It also represents growth on last year’s figure of 4.6%.

And he predicted the current levels are unsustainable, despite oil prices predicted by the WTO to fall further next year.

Wober said: “Cycles don’t stay at the top of the cycle, whether it drops next year or the year after, the next stage is a drop.”

He also argued the current positive situation has both pluses and minuses for the aviation industry.

Strong markets mean a positive cash flow, which the airlines can use in a number of ways including paying down debt, investing and buying back shares or giving out dividends.

Wober said additional cash can also be used for mergers and acquisitions, although targets often come at inflated prices thanks to their own positive cash flows.

This is why he believes a drop in margins will be positive for the aviation industry when it occurs.

“Strong airlines will be able to buy (rivals) at cheaper prices but there will still be restrictions (imposed by governments),” Wober said.

Nor is this the only benefit of a downturn, he added. Worsening economic conditions allow airlines to stress test any changes, improvements and efficiencies made to company structures during the positive period.

Wober said it would also weed out some of the weaker airlines, which are only succeeding at the moment thanks to the global financial position, as opposed to the strength of their own operations.

He added: “That’s a good thing as there are too many airlines.”

It’s always good to seek the silver linings, although finding them when there’s less cash about always intrigues