Cambodia’s air freight volumes dropped sharply in January, with industry sources reporting 40 to 50 per cent declines on 2008, according to a reportin the Phnom Penh Post. Bangkok Airways said air cargo volumes decreased about 34 per cent at the revenue down 40 per cent – a decline of US$148,000, said Ekkaphon Nanta- O-Sot, deputy communication manager, in the report. “The economic slowdown is having a strong effect on the cargo business,” he said. Bangkok … [Read more...] about CAMBODIA: Cambodian air freight plummets in Jan

Philippine Airlines (PAL) expects to post a net loss for the fiscal year ending 31 March on costly fuel hedges and highfuel prices, its president said recently. Philippine Airlines, a subsidiary of PAL Holdings Inc, incurred a net loss of US$113.8 million for the fiscal first half ended Sept 30 and widened that loss in the third quarter ending 31 December with a massive US$215.9 million loss. The third quarter loss was partially attributed to a US$42.4 million loss from fuel hedging … [Read more...] about PHILIPPINES: Philippine Air sinks further into red

Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate “more aggressive investment” this year with the aim of achieving a “black ink balance” in 2009 while building “a foundation for future growth.” It said it … [Read more...] about SOUTH KOREA: Korean Air reports net loss

Korea Air Lines, the world’s largest cargo airline, said it expects US crude oil prices to average US$75 a barrel in 2009,down from US$99.75 a barrel in 2008. As a result, the country’s two carriers, Korean Air and its smaller rival Asiana Airlines said last week they would abolish fuel charges for Korea-outbound international passenger flights from 1 March to 30 April, but Korean Air said surcharges on cargo will remain at 30 won (US$0.22) per kilometre, the lowest level of fuel … [Read more...] about SOUTH KOREA: Korean sees crude prices at US$75/bbl in ’09

GE Commercial Aviation Services (GECAS) has announced the delivery of a new Boeing 737-800 aircraft to Air China as the carrier undertakes its ongoing fleetmodernisation. GECAS currently leases 16 other aircraft to the carrier and manages six aircraft leased to Air China on behalf of other owners. … [Read more...] about CHINA: Air China takes delivery of new B737-800