Major European airline axes 20,000 flights after jet fuel price soars [Yahoo! Finance]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
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Source: Yahoo! Finance
Lufthansa 's airline group has cancelled 20,000 flights in a bid to protect itself from the soaring cost of oil. Lufthansa Group announced on Tuesday, 21 April that it will cancel flights over the next six months to save 40,000 metric tonnes of jet fuel, which it said had doubled in price. It said it has axed “unprofitable” short-haul flights operated by its regional subsidiary Lufthansa CityLine, reducing the entire group's capacity by one per cent this summer. Simon Calder, travel correspondent of The Independent , said: “Aviation is a low-margin industry. When the price of fuel doubles, flights which were only marginally profitable can become heavily loss-making.” But he added that flights can be cancelled without too much upheaval for passengers. “On a typical day, Lufthansa has two flights a day from Glasgow and three from Edinburgh to its main hub, Frankfurt. One or both of the Glasgow flights could be cancelled and passengers moved to Edinburgh. Similarly, Lufthansa
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News
- Lufthansa cuts 20,000 flights to save fuel as prices soar [Yahoo! Finance Canada]Yahoo! Finance Canada
- Lufthansa cancels 20,000 short-haul flights, consolidates routes [Yahoo! Finance]Yahoo! Finance
- ‘We are disruptors of the industry': Can sustainable aviation fuel protect airlines from fuel shock? [Yahoo! Finance]Yahoo! Finance
- Has The Market Fully Priced Lufthansa (XTRA:LHA) After Its 37.7% One-Year Rally? [Yahoo! Finance]Yahoo! Finance
- Critical Shortage Of Jet Fuel: EU Airlines Have Just 6 Weeks Supply Left [zero hedge]zero hedge