All articles by Cirium – Page 63
-
NewsNorwegian seeks urgent government support
Norwegian is asking the government in Oslo for an immediate bailout as it struggles to cope with the coronavirus outbreak that is decimating travel demand.
-
NewsAir France-KLM draws down €1.1bn credit facility
Air France-KLM has withdrawn the full €1.1 billion ($1.2 billion) available from its revolving credit facility as it looks to shore up cash reserves in the face of the coronavirus outbreak. The funds are renewable at the group’s request for one-, three- or six-month periods until 6 November 2022, giving ...
-
NewsVirgin Australia cuts flights and suspends earnings guidance
Virgin Australia, which describes itself as a “[predominantly] domestic airline”, has made further cuts to its international network. It now expects to reduce international capacity by 8% instead of 4.8% in the second half of 2020, and 10.3% in the first half of 2021. Over the same period, group capacity ...
-
NewsLATAM slashes international flights by 30%
LATAM Airlines Group is cutting its international flights by 30% for the months of April and May, as countries close borders to slow the spread of the coronavirus outbreak. As a result of lower demand and government restrictions resulting from the pandemic, the airline group is reducing flights from South ...
-
AnalysisEurope’s airlines brace for survival battle
The shutdown of transatlantic markets to European airlines is plunging the continent’s airlines into crisis and could threaten a wave of bankruptcies across the sector, analysts warn.
-
NewsNorwegian to cut 4,000 flights and 50% of staff
Norwegian is grounding 40% of its long-haul fleet and cancelling some 25% of its short-haul services in response to the coronavirus outbreak and the US ban on European travellers.
-
NewsKorean Air raises alert on coronavirus impact
Korean Air’s president, Woo Kee-hong, has painted a dire picture for the carrier in the wake of the coronavirus outbreak. In an internal memo, he told employees that coronavirus-related travel restrictions led the airline to cut more than 80% of its international capacity, in contrast with 18% during the 1997-98 ...
-
NewsLufthansa Technik discloses new Russian contracts
Russian carriers Red Wings and Smartavia have awarded maintenance deals to Lufthansa Technik. The MRO provider says Red Wings has signed a six-year contract for the support of CFM International CFM56-5Bs and International Aero Engines V2500s powering a fleet of “currently” 12 Airbus A320-family jets. Each of the 24 engines ...
-
NewsIndonesia AirAsia parent issues first-quarter profit warning
The parent company of Indonesia AirAsia (IAA) has issued a profit warning for the current quarter, attributing it to new lease accounting standards and projected declines in ticket sales due to the coronavirus outbreak. In an Indonesia Stock Exchange disclosure, AirAsia Indonesia discloses that implementing the new standard will result ...
-
AnalysisHow Airbus has optimised its Beluga operation
Before Airbus introduced the A300-600 Super Transport, or BelugaST, in 1995, there was an industry aphorism that presumably resonated in Seattle: every Airbus had its first flight on a Boeing wing.
-
NewsMalindo Air transferring 15 Boeing 737s to Batik Air
Malindo Air will begin transferring 15 Boeing 737s to its Lion Air Group sister carrier Batik Air this month, as part of measures taken to overcome challenges from the coronavirus outbreak. In a 6 March internal memo to employees seen by Cirium, Malindo’s chief executive Mushafiz Bakri says that in ...
-
NewsVirgin’s Richard Branson urges faith in airlines
Virgin Group founder Richard Branson says that the airline industry has endured past crises but could “come to a grinding halt fairly quickly” amid coronavirus outbreak risks. The founder of numerous companies including air launch to orbit service Virgin Orbit and Virgin Atlantic Airways accepted an award from the Royal ...
-
NewsMalaysia Airlines cutting capacity 7% in first quarter
Malaysia Airlines is scaling down first-quarter capacity 7.1% amid the coronavirus outbreak, as it halves Chinese operations and makes a double-digit cut to North Asian services. Addressing employees in a video seen by Cirium, Izham Ismail – chief executive of the airline’s parent Malaysia Aviation Group – describes the 7.1% ...
-
NewsCondor acquisition ‘distorts competition’: Lufthansa
Lufthansa has sharply criticised the planned acquisition of German leisure airline Condor by Polska Grupa Lotnicza, the parent of Polish flag carrier LOT, labelling it an example of “dubious” state intervention that “distorts competition”.
-
NewsNorwegian cuts jobs and capacity amid ‘critical time’
Norwegian has disclosed plans to cut 3,000 flights between mid-March and mid-June, and is calling for action from authorities to “reduce the financial burden” on the airline sector.
-
NewsAmerican Airlines to lease 22 787-8s from BOC Aviation
American Airlines has agreed to lease 22 Boeing 787-8s from BOC Aviation, the lessor discloses in a filing to the Hong Kong stock exchange. The aircraft, which are on long-term leases, will deliver in 2020 and 2021. Boeing Capital Corporation (BCC) was originally going to buy the aircraft and lease ...
-
NewsQantas executives and board take pay cut
Qantas’ Alan Joyce has joined the growing list of airline chiefs taking pay cuts to tackle the coronavirus crisis. For the rest of the financial year (FY) ending 30 June 2020, Joyce will take no salary while the group executive management team will take a 30% pay cut. Likewise, the ...
-
NewsEuropean Commission reviewing slot rules in response to coronavirus
The European Commission is examining whether to relax airport slot rules to enable airlines to suspend routes impacted by the coronavirus without losing their landing and take-off rights.
-
AnalysisFinnair lays out ambitious new sustainability strategy
Finnair has pledged to make environmental protection a core company value and halve its net carbon emissions by 2025, versus last year, under a new sustainability strategy.
-
NewsAir NZ withdraws earnings guidance on coronavirus uncertainty
Air New Zealand is withdrawing its full-year earnings guidance for 2020 “due to increased uncertainty surrounding the duration and scale of the Covid-19 outbreak.” The carrier disclosed on 24 February target earnings before other significant items and taxation of NZ$300-350 million ($189-220 million) for financial year 2020, with an estimated ...