Major airline axes 20,000 'unprofitable' flights as jet fuel costs soar [FOX Business Network]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
NASDAQ:AMEX Investor Relations:
investor-relations.lufthansagroup.com/en.html
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Source: FOX Business Network
Lufthansa is cutting roughly 20,000 short-haul flights this summer, citing a spike in jet fuel prices that has rendered many routes "unprofitable" as the global aviation industry grapples with rising costs. The German carrier said Tuesday the cuts, which will run through October, are expected to save about 40,000 metric tons of jet fuel. The airline noted that fuel prices have roughly doubled since the outbreak of the Iran war "In total, 20,000 short-haul flights will be removed from the schedule through October, equivalent to approximately 40,000 metric tons of jet fuel, the price of which has doubled since the outbreak of the Iran conflict," the company said in a statement. "The schedule adjustments reduce the number of unprofitable short-haul flights across the Lufthansa Group network." The move reflects a broader trend, as airlines worldwide adjust operations in response to surging fuel costs. The energy market has seen increased volatility since the Iran war began and th
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News
- Another airline shuts down over Iran war, all flights off [Yahoo! Finance]Yahoo! Finance
- UK eases airline penalties as jet fuel shortages threaten flights [Yahoo! Finance Canada]Yahoo! Finance Canada
- Lufthansa Just Canceled 20,000 Flights Through Fall. The Genius German Rail System May Save Your Summer Travel. [Los Angeles Times (CA)]Los Angeles Times
- Europe's summer travel is on the line as airlines' jet fuel supply dwindles [MSNBC.com]MSNBC.com
- Europe's summer travel is on the line as airlines' jet fuel supply dwindles [CNBC]CNBC