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Emirates CEO says jet fuel costs ‘well hedged’ through 2029
The airline said it has secured enough fuel supply and reported a record annual profit as higher jet fuel prices pressure carriers.
- On Thursday, Emirates Group reported record annual profit of 24.4 billion dirham , confirming it has secured jet fuel supply and hedged prices through 2028-29.
- Global airlines face sticker shock from rising fuel prices and potential shortages due to Iran blocking the Strait of Hormuz, through which 20% of the world's oil normally passes.
- Responding to volatile conditions, airlines including Air France KLM, SAS, and Lufthansa have dropped flights from their summer schedules to manage supply constraints.
- Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum stated the group has worked with suppliers to secure volumes required to support current operations and scale to predisruption levels.
- Hedging involves using financial instruments like forward contracts to lock in prices for future deliveries, protecting the airline from market fluctuations for the next three years.
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11 Articles
Coverage Details
Total News Sources11
Leaning Left7Leaning Right1Center2Last UpdatedBias Distribution70% Left
Bias Distribution
- 70% of the sources lean Left
70% Left
L 70%
C 20%
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