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EasyJet Boss Says Summer Flights Won't Be Hit by Jet Fuel Shortages
Kenton Jarvis said easyJet has normal fuel visibility for four weeks and sold 58% of seats for the six months to September.
- On Thursday, Chief Executive Kenton Jarvis of EasyJet urged holidaymakers to "book with confidence," insisting the airline faces "no disruption" to fuel supplies despite the escalating Iran oil crisis affecting the Strait of Hormuz.
- Spiking jet fuel prices, attributed to Iran's stranglehold on oil tankers navigating the Strait of Hormuz, prompted some airlines to cut schedules in recent weeks. Fuel suppliers have successfully diversified production into Norway, West Africa, and the Americas.
- Financial figures show a £552 million half-year pre-tax loss, up from a £401 million loss last year. The conflict cost the airline about £25 million in higher jet fuel prices during March alone, Jarvis stated.
- Summer bookings have slowed, with the airline selling 58% of seats for the six months ending in September, a two percentage point drop from last year. Short-notice bookings in the month of departure are up year-on-year.
- Aarin Chiekrie, equity analyst at Hargreaves Lansdown, described EasyJet as "one of the more sensitive European airlines to fuel price fluctuations." Fuel prices are likely to remain elevated even if the Middle East conflict is resolved in the near term.
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Total News Sources14
Leaning Left4Leaning Right0Center8Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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