Cathay Pacific today announced a recapitalisation plan that will help it maintain its competitiveness and operations while continuing its commitments to Hong Kong as an international aviation, financial and commercial hub. This three-part plan is designed to provide Cathay Pacific with sufficient funds to withstand the industry-wide downturn and a stable financial platform from which it will be able to conduct the wholesale review of operations required to transform its business to reflect … [Read more...] about Cathay Pacific announces HK$39 billion in recapitalisation financing
IATA
Industry losses to top $84 billion in 2020, says IATA
The International Air Transport Association (IATA) released its financial outlook for the global air transport industry showing that airlines are expected to lose $84.3 billion in 2020 for a net profit margin of -20.1 percent. Revenues will fall 50 percent to $419 billion from $838 billion in 2019. In 2021, losses are expected to be cut to $15.8 billion as revenues rise to $598 billion. “Financially, 2020 will go down as the worst year in the history of aviation. On average, every day of this … [Read more...] about Industry losses to top $84 billion in 2020, says IATA
Air cargo capacity crunch: Demand plummets but capacity disappears even faster
The International Air Transport Association (IATA) released data for global air freight markets in April showing that demand dropped 27.7 percent compared to the same period in 2019 - the sharpest fall ever recorded. Still, there was insufficient capacity to meet demand as a result of the loss of belly cargo operations on passenger aircraft. Global demand, measured in cargo tonne kilometers (CTKs), fell by 27.7 percent in April compared to the previous year (-29.5 percent for international … [Read more...] about Air cargo capacity crunch: Demand plummets but capacity disappears even faster
After April passenger demand trough, first signals of uptick
The International Air Transport Association (IATA) announced that demand for air services is beginning to recover after hitting bottom in April. Passenger demand in April (measured in revenue passenger kilometers or RPKs), plunged 94.3 percent compared to April 2019, as the COVID-19-related travel restrictions virtually shut down domestic and international air travel. This is a rate of decline never seen in the history of IATA’s traffic series, which dates back to 1990. More recently, figures … [Read more...] about After April passenger demand trough, first signals of uptick
Urgent Implementation of ICAO COVID-19 Guidelines Needed
The International Air Transport Association (IATA) urged governments to quickly implement the International Civil Aviation Organization’s (ICAO’s) global guidelines for restoring air connectivity. On 1 June, the ICAO Council approved Takeoff: Guidance for Air Travel through the COVID-19 Public Health Crisis (Takeoff). This is an authoritative and comprehensive framework of risk-based temporary measures for air transport operations during the COVID-19 crisis. “The universal implementation … [Read more...] about Urgent Implementation of ICAO COVID-19 Guidelines Needed
EASA/ECDC Guidelines Welcomed–Essential that European States adopt harmonised measures
The International Air Transport Association (IATA) welcomed the release by the European Aviation Safety Agency (EASA) and the European Centre for Disease Prevention and Control (ECDC) of the COVID-19 Aviation Health Safety Protocol guidelines for the safe restart of air transport in Europe. The EASA and ECDC guidelines are aligned with recommendations provided by both the airline and airport sector for a layered approach of temporary measures to protect public health while allowing viable air … [Read more...] about EASA/ECDC Guidelines Welcomed–Essential that European States adopt harmonised measures
