Korea’s aviation industry is facing severe headwinds, as a combination of high oil prices and a weakening Korean won is feared to slow down major airlines’ earnings recovery. According to estimates by market tracker, FnGuide, the nation’s five major listed airlines are forecast to report combined operating losses of around 823.6 billion won ($542 million) in the second quarter. The weakening local currency and rising fuel costs have directly weighed on airlines’ profitability, as fuel expenses typically account for about 30 percent of an airline’s total operating costs. For instance, Korean Air and Asiana Airlines consume an estimated 42.05 million barrels of jet fuel this year. This means a mere $1 fluctuation per barrel triggers a direct impact of approximately $42.05 million on their combined bottom lines. The average price of Singapore kerosene, a benchmark for jet fuel, spiked from $89.03 per barrel in February to $151.73 per barrel in May. This is a surge of around 70 percent following the outbreak of armed conflicts in the Middle East in late February. The won-dollar exchange r
Airlines on high alert over strengthening dollar, prolonged oil price hike
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- Airlines on high alert over strengthening dollar, prolonged oil price hike
Korea’s aviation industry is facing severe headwinds, as a combination of high oil prices and a weakening Korean won is feared to slow down major airlines’ earnings recovery. According to estimates by market tracker, FnGuide, the nation’s five major listed airlines are forecast to report combined operating losses of around 823.6 billion won ($542 million) in the second quarter. The… Read more: Airlines on high alert over strengthening dollar, prolonged oil price hike - Funeral for Iran’s late supreme leader to begin July 4ISLAMABAD — Funeral ceremonies for former Iranian Supreme Leader Ayatollah Ali Khamenei will be in July, the country’s state-run television said Saturday, as mediators said an agreement to end the war was close. The funeral, burial and farewell events for Khamenei will take place between July 4 and 9 during Muharram, a traditional period of mourning in the Shiite Muslim… Read more: Funeral for Iran’s late supreme leader to begin July 4
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