World's Best Airlines 2018: Which One Is The Greatest?

Air New Zealand was recognized Thursday at the Airline Excellence Awards for the fifth consecutive year as the Airline of the Year for 2018. The awards, which were created by Australian aviation safety and rating company AirlineRatings, honors the best of the best in the airline industry.

An annual assessment on the world's airlines is conducted by AirlineRatings' panel of judges to determine the top earners. AirlineRatings uses 13 significant criteria to determine its rankings. Passenger ratings and profitability are included in the essential criteria, among other factors.

"Air New Zealand is being honored for the fifth consecutive year for its continued record-breaking financial performance, in-flight innovations, environmental leadership, young fleet and motivation of its staff," AirlineRatings said on its website Thursday. "These factors have stamped the airline as an industry trendsetter."

"Air New Zealand came out number one — or equal first — in all of our audit criteria, which is an exceptional performance," the panel of judges said Thursday.

Air New Zealand was also awarded for Best Premium Economy for "continually innovating in all cabins," which has reportedly resulted in a high return rate from customers. Other award categories included Best Business Class, Best Economy, Best Cabin Crew and Airline with the Best First Class.

AirlineRatings.com's Top 10 Airlines for 2018:

1. Air New Zealand
2. Qantas Airways
3. Singapore Airlines
4. Virgin Australia
5. Virgin Atlantic
6. Etihad Airways
7. All Nippon Airways
8. Korean Air
9. Cathay Pacific Airways
10. Japan Airlines

Qantas and Singapore Airlines are said to be catching up to Air New Zealand, according to the judges. Both airlines are preparing to roll out new aircraft. AirlineRatings likes to recognize airlines that are launching innovative features and "trying new things to improve the passenger experience." Creations can be as simple as an automatic coffee ordering system.

Airlines that also received recognition at the Airline Excellence Awards include Emirates, Air Canada, Korean Air and Virgin Atlantic.

AirlineRatings also revealed its list of top airlines for 2018. To be eligible for the top 10, airlines must earn a seven-star safety rating. The airline will also be required to demonstrate their innovation to aid in the customer's comfort.

"We are looking for leadership and airlines that innovate to make a real difference to the passenger experience particularly in economy class," the judging team said. "Whether No.1 or No.10 these airlines are the best of the best — the elite in aviation. They are the trendsetters and the benchmark by which all others are judged."