Parent company IAG sitting on a nice cash reserve. But of course they need to preserve that for their shareholders...
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Aviation industry and Covid-19
- Thread starter Bozza
- Start date
Parent company IAG sitting on a nice cash reserve. But of course they need to preserve that for their shareholders...
Which they are burning through at speed.
They lost 1.6 million to a fuel hedge fine for astart.
Last accounts had €7Bn cash on the balance sheet. That’s the equivalent of losing a tenner
You’re correct with that figure.
They’re burning cash at £173m a week at present (£9b a year).
It was 9 billion when this started
They are far more indispensable than most considering we are an island nation
Anyway - it’s the staff talking like they are indispensable in the case of BA
The Maharajah of Sydney
Well-known member
A real wake up call from Qantas CEO Alan Joyce today.
"International flights might be possible by July 2021".
Whilst domestic flights are gearing up from the current 15% capacity towards the 70% level, the international market remains very much a basket case.
Announced today were a further 6,000 job losses,15,000 stood down until further notice, future plane orders cancelled and and a number of the existing fleet mothballed.
Was meant to arrive in the UK yesterday - will be waiting another year if the above comes to pass.
"International flights might be possible by July 2021".
Whilst domestic flights are gearing up from the current 15% capacity towards the 70% level, the international market remains very much a basket case.
Announced today were a further 6,000 job losses,15,000 stood down until further notice, future plane orders cancelled and and a number of the existing fleet mothballed.
Was meant to arrive in the UK yesterday - will be waiting another year if the above comes to pass.
Seems a weird position when everyone else is gearing up to start a partial return.
Is that down to the Gov/location of Aus?
nicko31
Well-known member
With AU borders basically locked till early 2021, Qantas will be largely surplus to requirements for a while except for domestic and NZ...
The Maharajah of Sydney
Well-known member
It's a company decision.
Qantas's view is that they don't see international airline travel returning to anywhere near pre-Covid-19 levels until 2023 at the earliest.
They're going to mothball over 100 planes including their entire fleet of A380's in the Mojave Desert.
Started looking at the airbridges this morning.
What a mess.
Places on it that are OK to travel to with closed borders.
What a mess.
Places on it that are OK to travel to with closed borders.
The Spanish
Well-known member
July is a big month in terms of resumption of services for a lot of carriers. Qatar back to 80 destinations, Turkish aiming for 99 by September, Air France 25% network by end of the month, KLM 60%. Emirates 30+ destinations.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,194
Simon Calder on the telly yesterday made the very good point that at many airports, although paying lip service to social distancing on the plane, they then pack you in tight as sardines on a bus between the plane and the terminal 
I only had PMQs on in the background - but it sounded like Johnson took credit for the Virgin restructure?
worthingseagull123
Well-known member
- May 5, 2012
- 2,579
It is not a privilege.
It is an essential way for many people to visit loved ones, travel for business and for holidays where there is no option other than to fly.
Hey if we all get 6 months paid leave a year with no loss of pay, I’ll happily see the return of Ocean Liners.
Cruise ships are a lot more polluting than planes, below is just the carbon footprint, you can add sewage and dumping litter in the ocean as well.
Carnival Corporation, the world’s largest luxury cruise operator, emitted nearly 10 times more sulphur oxide (SOX) around European coasts than did all 260 million European cars in 2017, a new analysis by sustainable transport group Transport & Environment reveals.[1] Royal Caribbean Cruises, the world’s second largest, is second, yet four times worse than the European car fleet. SOX emissions form sulphate (SO4) aerosols that increase human health risks and contribute to acidification in terrestrial and aquatic environments.[2]
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,194
Strategy hmgov was maybe always following was to get daft ****s to lob money they could ill-afford into the avation industry earlydoors to prop it up for another couple of months, while at the same time pulling the rug from under the daft ****s that parted with their money. They might get a refund somewhere down the line. But in the meantime their money is good as GONE when they need it most. Shameful
Raphael Meade
Well-known member
As well as mothballing their entire A380 fleet, Qantas retired their last 747 last week, overflew the Sydney Opera House before coming in via LAX to the Mojave storage/boneyard;
https://samchui.com/2020/07/27/farewell-qantas-b747-at-mojave/#.Xx8gfC2z3UI
https://samchui.com/2020/07/27/farewell-qantas-b747-at-mojave/#.Xx8gfC2z3UI
Read somewhere they reckon roughly 200K of people abroad are on furlough.
One way to get that money back lol