Coronavirus live updates: Airlines are in 'survival mode,' passenger revenues set for steep drop, IATA says [CNBC]
United Airlines Holdings, Inc. (UAL)
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Source: CNBC
This is CNBC's live blog covering all the latest news on the coronavirus outbreak . This blog will be updated throughout the day as the news breaks. The data above was compiled by Johns Hopkins University as of 8:24 a.m. Beijing time. All times below are in Beijing time. The International Air Transport Association said global airline passenger revenues are expected to drop by $314 billion in 2020, resulting in a 55% on-year decline. Airlines in the Asia Pacific are expected to see the largest revenue drop and a 50% fall in passenger demand for the year compared to 2019. Those estimates from IATA assume that severe travel restrictions due to the pandemic last for three months, with a gradual lifting of measures. "The situation is deteriorating. Airlines are in survival mode. They face a liquidity crisis with a $61 billion cash burn in the second quarter," Conrad Clifford, regional vice president for Asia Pacific at IATA, said in a statement. Virgin Australia recently became
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