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Tag: Coronavirus Airline Industry

  • Air France-KLM super fleet grounded by novel coronavirus

    Air France-KLM super fleet grounded by novel coronavirus

    Air France-KLM is set to ground almost the entire fleet of planes for the next two months. The Franco-Dutch airline group estimates to carry about 70 – 90% fewer passengers according to an announcement made by CEO Ben Smith.

    KLM Boeing 747-400 at Amsterdam Airport Schiphol

    The company is one of many airlines affected by the corona virus pandemic. Increasingly more countries including The United States, Turkey and Israel, are closing their borders or refusing flights from European countries. Air France-KLM suspended their flights China in late January as the COVID-19 outbreak spread around the world. Moreover, the demand for tickets is much less because people no longer go on holiday during this period.

    British airline Easyjet will also be canceling almost all flights in the near future. The airlines hope to cut costs by drastically cutting their activities.

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    Infrastructure Minister Van Nieuwenhuizen understands the decision to keep the fleet almost completely grounded in the next two months. She speaks of a radical step. “It shows how big the impact is on the airline industry and the thousands of people who work there.” There is continuous consultation with KLM and support, also in collaboration with the Ministries of Economic Affairs, Social Affairs and Employment and Finance.

    The Netherlands and France are investigating the possibilities of aid to Air France-KLM. Yesterday, Minister Hoekstra said in the Buitenhof television program that the cabinet will do everything necessary to keep KLM and Schiphol afloat.

    CEO Ben Smith says he’s cutting his own salary by a quarter to cut costs.

  • Coronavirus pandemic may push global airlines into bankruptcy before summertime

    Coronavirus pandemic may push global airlines into bankruptcy before summertime

    The coronavirus pandemic poses a serios threat to most airlines around the world as they could become bankrupt by early summer time if governments and industry do not take coordinated action to avoid such a situation, an advisory firm in Australia warned on Monday, according to Bloomberg.

    KLM planes grounded at Schiphol Airport Amsterdam

    Many airline operators have already gone into technical bankruptcy or breached their payment terms for certain debts, reported the CAPA Aviation Center, one of the largest consulting firms in the industry.
    The airlines are rapidly consuming their cash reserves and get no revenue because most of their aircraft are stuck on the ground while the planes that operate scheduled flights are flying half empty.
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    The firm expects the largest airlines in the United States, China and the Middle East to survive the crisis, most likely due to support from national governments or efforts made by their owners.

    Airline industry was among the worst-hit sectors due to the spread of the novel coronavirus (COVID-19) which effectively brought the air traffic to a halt. Operators on all continents have reduced their capacity and some companies have begun to lay off their employees. The industry could lose $113 billion in revenue this year, according to a projection made by the International Air Transport Association.