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Korean Air Takes Emergency Action as Fuel Prices Soar
Korean Air expects fuel costs to more than double to 450 U.S. cents per gallon in April and will implement phased cost-cutting measures amid rising jet fuel prices.
- On Tuesday, Korean Air Vice Chairman Woo Ki-hong announced the airline will enter emergency management mode starting Wednesday, April 1, to mitigate rising fuel costs driven by Middle East conflict.
- Driven by the ongoing conflict in the Middle East, jet fuel costs are surging, with Korean Air expecting prices to reach around 450 U.S. cents per gallon in April, significantly exceeding its 220 U.S. cents business plan.
- Fuel surcharges for April are jumping, with fares on Incheon to London routes rising by nearly 250 per cent, as Asiana Airlines Inc. also implements emergency management mode this month.
- Korean Air will implement 'internal cost-reduction measures' to manage finances, ensuring 'stability amidst rising fuel prices and global economic uncertainty,' according to a company spokesperson.
- Woo emphasized the move aims to 'strengthen our structural foundation' rather than serving as one-time cuts, positioning the airline for long-term resilience if the Middle East conflict persists.
17 Articles
17 Articles
The Korea Times
Korean Air to enter emergency management mode over soaring fuel costs
Korean Air, Korea's flag carrier, will enter emergency management mode this week to respond to rising fuel costs and other worsening external condi...
Korean Air Switches to Emergency Management System Starting Tomorrow for Company-wide Cost Efficiency Korean Air announced on the 31st that it will switch to an emergency management system starting tomorrow, April 1st. This measure is being taken in response to the surge in international aviation fuel prices following the U.S. and Israeli invasion of Iran on the 28th of last month. On this day, Woo Ki-hong, Vice President of Korean Air
Channel News Asia
Korean Air to shift to emergency mode in April amid rising oil prices from Iran war
SEOUL, March 31 : Korean Air will enter emergency management mode from April as rising oil prices driven by the war in the Middle East weigh on costs, a source with knowledge of the matter told Reuters on Tuesday.The airline said in an internal memo reviewed by Reuters that if high oil prices persist, it expe
(Seoul = Yonhap News) Reporter Im Seong-ho = Korean Air, the nation's largest airline, is entering a company-wide emergency management system due to the worsening external environment caused by the war in the Middle East.
Korean Air said it would enter emergency management mode starting April 1 to cushion the impact of soaring jet fuel prices at a time when the global economy is reeling from the ongoing conflict between the United States, Israel and Iran. Larger airlines will generally have more options to deal with the fallout of the energy crisis, experts agree.
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