Even Cathay expects to have its flight pretty much back in the air at the end of next month. And I suspect airlines in general will be reducing the level of discounts over the next month or so. |
Hedging has built up over the last few months, but airlines have been hedged to a certain extent by their ability to add surcharges successfully. |
I think they'll gradually work their [hedging] up, on the expectation that crude will stay around US$60. |
They grounded 45% of their fleet at the worst point. It was by far the most aggressive response to SARS, |
They're reporting significant loss but we've seen a very good recovery in demand from the business traveller and that's high yield, |
Things have improved better than expected but it was quite possible SARS would linger for many months more than it did. |
We're not even sure what's prompting the regulators to get upset. It's clearly an issue that warrants monitoring for sure. |