Transportation Industry
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AirGuide Business, Sept 8, 2008
Sep 8, 2008
Global airlines are set to post losses of USD$5.2 billion this year and USD$4.1 billion in 2009 as high oil prices take a toll on the industry, the International Air Transport Association (IATA) said on Wednesday. "The difficult business environment is expected to continue," IATA Director General Giovanni Bisignani said. "The situation remains bleak." Geneva-based IATA, which represents 230 airlines worldwide, estimated in June that losses would be between USD$2.3 billion and USD$6.1 billion in 2008, depending on the price of oil. Sep 3, 2008
IATA's latest forecasts are based on an average crude oil price of USD$113 per barrel in 2008 and USD$110 in 2009. US crude traded around USD$108 per barrel on Wednesday. In 2007 the global airline industry made profits of some USD$5.6 billion, but it has since been bashed by high energy prices and an economic downturn that began in the United States. Sep 3, 2008
The IATA chief said the airline industry could break even in 2009 if oil prices declined to an average of USD$95 per barrel. But he said the economy also needed to regain strength for carriers to benefit from a resumption of business travel. IATA's July traffic figures showed passenger demand for international flights rose just 1.9 percent over the same month last year. Sep 3, 2008
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