The International Airline Transport Association (IATA) says airline share prices have dropped 35 per cent in the past three months and industry net losses were around US$4 billion during the first three quarters of 2008.
In October, airline capacity slowed, but not enough to stem load factor falls and aircraft deliveries dropped to 78, dwarfed by the number of aircraft ‘parked’, which ran at nearly 200 a month for September and October.
Airlines everywhere are reporting losses, partly because hedging strategies now mean many carriers are paying more than market rates for their fuel.
Oil and jet fuel prices have now fallen back to 2005-2006 levels with crude oil at US$50-60 a barrel, and jet fuel prices 25-30 per cent higher.
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