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

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

航空公司依賴對衝，油價飆升時收取燃油附加費：報道
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.
  • 在俄羅斯入侵烏克蘭之際，油價飆升至2008年以來的最高水平。據路透社報道，此次油價上漲是因為許多航空公司被迫延長航線，以避開俄羅斯和烏克蘭領空。
  • 在航空公司已經在努力從與流行病相關的需求下降中恢復過來的情況下，價格飆升是航空公司成本的又一次增加。
  • 週六，馬來西亞亞航大寫A Berhad(場外交易代碼：AIABF)，自2015年以來首次在機票上引入燃油附加費。
  • 中國航空監管機構表示，中國航空公司也提高了國內航線的燃油附加費，而阿聯酋航空公司，日本航空公司 中興實業股份有限公司(場外交易：JAPSY)，以及全日空控股公司報告補充説，(場外交易代碼：ALNPY)最近提高了附加費。
  • 一些承運商完全沒有對衝，比如Wizz Air 控股PLC(場外交易：WZZAF)和美國專業聯合航空控股公司(United Airlines Holdings Inc.)(納斯達克：ual)，美國航空集團(American Airlines Group Inc.)(納斯達克：aal)，以及達美航空公司(紐約證券交易所股票代碼：DAL)，儘管後者擁有一家煉油廠，報告指出。
  • 其他人有石油對衝，這將有助於抵消部分價格上漲，比如法航-荷航(場外交易代碼：AFRAF)，該公司對第一季度72%的石油消費進行了對衝，第二季度以每桶90美元的價格對衝了63%的石油消費。
  • 新西蘭航空公司 有限責任公司(場外交易代碼：ANZFF)在截至6月30日的當前上半年對134萬桶石油進行了對衝，在隨後的半年內對衝了70.75萬桶石油。該航空公司還將國際票價提高了約5%，理由是油價上漲和一般成本通脹。
  • 國泰航空公司 有限責任公司(場外交易代碼：CPCAY)對衝了超過60%的第一季度預期消費和大約一半的第二季度消費。
  • 易捷航空(EasyJet PLC)(場外交易代碼：ESYJY)航空公司在截至9月30日的財政年度中對燃油進行了60%的對衝，每噸約504美元。
  • 德國漢莎航空公司(場外交易代碼：DLAKY)在2022年以每桶74美元的盈虧平衡價進行了63%的對衝。
  • 澳航 有限責任公司(場外交易代碼：QABSY)在當前上半年有超過90%的燃料對衝，並在接下來的半年內進行了較低水平的對衝。
  • 瑞安航空控股有限公司納斯達克(Standard Chartered Bank：RYAAY)對2023年之前的燃料進行了80%的對衝。然而，報道援引首席執行官邁克爾·奧利裏的話説，未來12個月，不斷上漲的價格仍將使該航空集團損失約5000萬歐元(約合5422萬美元)。
  • 新加坡航空公司(場外交易代碼：SINY)在截至3月31日的六個月中，以每桶57美元的平均布倫特價格對其30%的石油需求進行了對衝。在接下來的五個季度，它還以60美元的平均價格對衝了40%的需求。
  • 價格行動：在週一的盤前交易中，UAL股價下跌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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