08/12/2021 11:27
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Oil price: More and more airline bankruptcies  
Some 25 airlines companies have ceased operations or gone bankrupt during the first six months of the year due to skyrocketing prices for fuel, a figure unmatched, according to the International Air Transport Association (Iata).

"During the last six months, we suspended 25 airlines system of financial compensation. This is the largest concentration in the history of this system", told AFP a spokesman for the Iata Anthony Concil.

The Association, which brings together some 240 airlines, has developed a system of financial compensation between most of its members, which helps protect customers in case of bankruptcy in particular.

When a person buys an airline ticket from an agency on credit then the funds to the airline concerned. In case of serious financial problems, the company is suspended from system to guarantee the repayment of any passengers.

Companies of all sizes and all regions have been affected by the recent suspensions, such as Cameroon Airlines, Frontier Airlines (based in Denver in the USA), Air Mauritania or Silverjet, the specialist travel business in Britain, explained the spokesman. By way of comparison, during the six months following the attacks of 11 September 2001, only eight companies had been deleted from the system of Iata, including Swissair, the Belgian company Sabena or Ansett (Australia). Mr. Concil warned that other companies could be added to the list in the coming months: "high oil prices have a huge impact on the sector and we expect that the list of 25 further increases", " he said, refusing to designate the companies most vulnerable.

The crude oil prices have almost doubled over the past year, a barrel of Brent North Sea now exceeding $ 140 while a barrel of kerosene is located above the $ 170 (up nearly 100%). The outbreak of the course has pushed the bill kerosene by 13% to almost 35% of the overall costs of companies according to Iata An increase of one dollar per barrel of oil translates into an additional cost of nearly 1.6 billion dollars for the sector, "stresses the association. The Iata and expects "significant losses for 2008 between 2.3 and 6.1 billion dollars" in the sector.

Source: AMI/PMD  


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