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Airlines Depend On Hedging, Fuel Surcharges As Oil Surges: Report

航空公司依赖对冲，油价飙升时收取燃油附加费：报道

Benzinga Real-time News · 2022/03/07 06:40

Amid Russia's invasion of Ukraine, the oil price has surged to its highest level since 2008. This oil price increase comes as many carriers are forced to fly longer routings to avoid Russian and Ukrainian airspace, reported Reuters.
The price surge is another addition to airline costs when the carriers have already struggled to recover from a pandemic-related dip in demand.
On Saturday, Malaysia's AirAsia, Capital A Berhad (OTC:AIABF), introduced fuel surcharges on tickets for the first time since 2015.
Chinese airlines also raised fuel surcharges on domestic routes, its aviation regulator said, while Emirates, Japan Airlines Co Ltd (OTC:JAPSY), and ANA Holdings Inc (OTC:ALNPY) raised their surcharges recently, the report added.
Some carriers are fully unhedged, like Wizz Air Holdings PLC (OTC:WZZAF)) and U.S. majors United Airlines Holdings Inc (NASDAQ:UAL), American Airlines Group Inc (NASDAQ:AAL), and Delta Air Lines Inc (NYSE:DAL), though the latter owns an oil refinery, the report noted.
Others have oil hedges that will help offset portions of the price increase, like Air France-KLM (OTC:AFRAF), which has hedged 72% of oil consumption for the first quarter and 63% for the second quarter at $90 a barrel.
Air New Zealand Ltd (OTC:ANZFF) has hedged 1.34 million barrels of oil in the current half ending June 30 and 707,500 barrels in the following half-year period. The carrier also raised international fares by about 5%, citing rising oil prices and general cost inflation.
Cathay Pacific Airways Ltd (OTC:CPCAY) hedged more than 60% of its expected first-quarter consumption and about half of its second-quarter consumption.
EasyJet PLC (OTC:ESYJY) airline 60% hedged for fuel in the financial year ending on September 30 at around $504 per metric tonne.
Deutsche Lufthansa AG (OTC:DLAKY) is 63% hedged in 2022 at a break-even price of $74 a barrel.
Qantas Airways Ltd (OTC:QABSY) has more than 90% of its fuel hedged in the current half and has a lower level of hedges in place for the following half-year period.
Ryanair Holdings plc (NASDAQ:RYAAY) is 80% hedged on fuel out to 2023. However, rising prices will still cost the airline group around 50 million euros ($54.22 million) over the next 12 months, the reported quoted CEO Michael O'Leary.
Singapore Airlines (OTC:SINGY) has hedged 30% of its oil needs at an average Brent price of $57 a barrel for the six months ending March 31. It had also hedged 40% of its needs at an average price of $60 for the following five quarters.
Price Action: UAL shares are trading lower by 3.54% at $35.41, AAL lower by 3.08% at $14.14, DAL lower by 3.22% at $33.41, and RYAAY lower by 3.96% at $83.32 during the premarket session on Monday.

Amid Russia's invasion of Ukraine, the oil price has surged to its highest level since 2008. This oil price increase comes as many carriers are forced to fly longer routings to avoid Russian and Ukrainian airspace, reported Reuters.
The price surge is another addition to airline costs when the carriers have already struggled to recover from a pandemic-related dip in demand.
On Saturday, Malaysia's AirAsia, Capital A Berhad (OTC:AIABF), introduced fuel surcharges on tickets for the first time since 2015.
Chinese airlines also raised fuel surcharges on domestic routes, its aviation regulator said, while Emirates, Japan Airlines Co Ltd (OTC:JAPSY), and ANA Holdings Inc (OTC:ALNPY) raised their surcharges recently, the report added.
Some carriers are fully unhedged, like Wizz Air Holdings PLC (OTC:WZZAF)) and U.S. majors United Airlines Holdings Inc (NASDAQ:UAL), American Airlines Group Inc (NASDAQ:AAL), and Delta Air Lines Inc (NYSE:DAL), though the latter owns an oil refinery, the report noted.
Others have oil hedges that will help offset portions of the price increase, like Air France-KLM (OTC:AFRAF), which has hedged 72% of oil consumption for the first quarter and 63% for the second quarter at $90 a barrel.
Air New Zealand Ltd (OTC:ANZFF) has hedged 1.34 million barrels of oil in the current half ending June 30 and 707,500 barrels in the following half-year period. The carrier also raised international fares by about 5%, citing rising oil prices and general cost inflation.
Cathay Pacific Airways Ltd (OTC:CPCAY) hedged more than 60% of its expected first-quarter consumption and about half of its second-quarter consumption.
EasyJet PLC (OTC:ESYJY) airline 60% hedged for fuel in the financial year ending on September 30 at around $504 per metric tonne.
Deutsche Lufthansa AG (OTC:DLAKY) is 63% hedged in 2022 at a break-even price of $74 a barrel.
Qantas Airways Ltd (OTC:QABSY) has more than 90% of its fuel hedged in the current half and has a lower level of hedges in place for the following half-year period.
Ryanair Holdings plc (NASDAQ:RYAAY) is 80% hedged on fuel out to 2023. However, rising prices will still cost the airline group around 50 million euros ($54.22 million) over the next 12 months, the reported quoted CEO Michael O'Leary.
Singapore Airlines (OTC:SINGY) has hedged 30% of its oil needs at an average Brent price of $57 a barrel for the six months ending March 31. It had also hedged 40% of its needs at an average price of $60 for the following five quarters.
Price Action: UAL shares are trading lower by 3.54% at $35.41, AAL lower by 3.08% at $14.14, DAL lower by 3.22% at $33.41, and RYAAY lower by 3.96% at $83.32 during the premarket session on Monday.

在俄罗斯入侵乌克兰之际，油价飙升至2008年以来的最高水平。据路透社报道，此次油价上涨是因为许多航空公司被迫延长航线，以避开俄罗斯和乌克兰领空。
在航空公司已经在努力从与流行病相关的需求下降中恢复过来的情况下，价格飙升是航空公司成本的又一次增加。
周六，马来西亚亚航大写A Berhad(场外交易代码：AIABF)，自2015年以来首次在机票上引入燃油附加费。
中国航空监管机构表示，中国航空公司也提高了国内航线的燃油附加费，而阿联酋航空公司，日本航空公司 中兴实业股份有限公司(场外交易：JAPSY)，以及全日空控股公司报告补充说，(场外交易代码：ALNPY)最近提高了附加费。
一些承运商完全没有对冲，比如Wizz Air 控股PLC(场外交易：WZZAF)和美国专业联合航空控股公司(United Airlines Holdings Inc.)(纳斯达克：ual)，美国航空集团(American Airlines Group Inc.)(纳斯达克：aal)，以及达美航空公司(纽约证券交易所股票代码：DAL)，尽管后者拥有一家炼油厂，报告指出。
其他人有石油对冲，这将有助于抵消部分价格上涨，比如法航-荷航(场外交易代码：AFRAF)，该公司对第一季度72%的石油消费进行了对冲，第二季度以每桶90美元的价格对冲了63%的石油消费。
新西兰航空公司 有限责任公司(场外交易代码：ANZFF)在截至6月30日的当前上半年对134万桶石油进行了对冲，在随后的半年内对冲了70.75万桶石油。该航空公司还将国际票价提高了约5%，理由是油价上涨和一般成本通胀。
国泰航空公司 有限责任公司(场外交易代码：CPCAY)对冲了超过60%的第一季度预期消费和大约一半的第二季度消费。
易捷航空(EasyJet PLC)(场外交易代码：ESYJY)航空公司在截至9月30日的财政年度中对燃油进行了60%的对冲，每吨约504美元。
德国汉莎航空公司(场外交易代码：DLAKY)在2022年以每桶74美元的盈亏平衡价进行了63%的对冲。
澳航 有限责任公司(场外交易代码：QABSY)在当前上半年有超过90%的燃料对冲，并在接下来的半年内进行了较低水平的对冲。
瑞安航空控股有限公司纳斯达克(Standard Chartered Bank：RYAAY)对2023年之前的燃料进行了80%的对冲。然而，报道援引首席执行官迈克尔·奥利里的话说，未来12个月，不断上涨的价格仍将使该航空集团损失约5000万欧元(约合5422万美元)。
新加坡航空公司(场外交易代码：SINY)在截至3月31日的六个月中，以每桶57美元的平均布伦特价格对其30%的石油需求进行了对冲。在接下来的五个季度，它还以60美元的平均价格对冲了40%的需求。
价格行动：在周一的盘前交易中，UAL股价下跌3.54%，至35.41美元，AAL下跌3.08%，至14.14美元，DAL下跌3.22%，至33.41美元，RYAAY下跌3.96%，至83.32美元。

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Airlines Depend On Hedging, Fuel Surcharges As Oil Surges: Report

Airlines Depend On Hedging, Fuel Surcharges As Oil Surges: Report

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