Increased Jet Fuel Costs Hit Global Airline Industry
Airlines around the world are grounding more planes to cope with the increases in jet-fuel prices.
Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd.
Lufthansa is scrubbing 20,000 uneconomic short-haul flights from its European summer schedule to save on fuel.
Earlier in the week, United Airlines slashed its full-year profit forecast due to higher fuel prices caused by war in the Middle East.
Bloomberg's Benedikt Kammel breaks down the situation. (Source: Bloomberg)
Lufthansa Axes 20,000 Summer Flights
- Lufthansa Group cancels 20,000 flights as jet fuel prices soar Euronews —
- Lufthansa cancels 20K flights as Iran war sends jet fuel costs soaring Global News —
- Major airline scrapping 20,000 flights this summer due to ongoing jet fuel crisis Daily Star —
- Lufthansa Cuts 20,000 Flights to Save Fuel Amid Iran War Price Surge The New York Times —
- Lufthansa to scrub 20,000 summer flights to save on fuel costs Irish Independent —