Major Airline Prepared for 'Armageddon Situation' Amid Fuel Shortage Fears
Ryanair said it has locked in prices for 80% of summer jet fuel needs as airlines brace for conflict-driven supply risks.
- Ryanair has hedged 80% of its summer jet fuel needs, citing "economic uncertainty" from the Middle East conflict and the Strait of Hormuz blockade.
- Brent crude prices have skyrocketed to about $111 per barrel, around 18% higher than last month, as Iran's grip on the Strait of Hormuz disrupts global oil supplies.
- Ryanair CFO Neil Sorahan said the carrier has prepared for an "Armageddon situation," though he warned weaker competitors may face "real failures" if high fuel costs persist.
- On Monday, Ryanair reported a 40% profit increase to just under 2.3 billion euros , with passenger traffic growing 4% and shares rising more than 5%.
- While Ryanair plans a full schedule, German airline Lufthansa is cancelling more than 20,000 flights this summer due to soaring fuel costs, signaling broader industry strain.
11 Articles
11 Articles
Ryanair Locked In Fuel at Half the Spot Price Yet Still Warns Passengers to Expect Higher Fares
At a time in which the airline industry is going through rough times, Ryanair seems to be feeling surprisingly confident about Europe's ability to keep itself fueled. However, the airline is warning of raising prices in the future depending on how long the Strait of Hormuz remains closed. Ryanair Warns for Possible Price Hikes Amid Confidence Around Fuel Stores Ryanair cut its outlook for fares this summer, with prices now expected to be 'broadl…
Ryanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter
The chief financial officer of one of Europe’s most prolific low-cost airlines says the company has come up with a plan for a potential ‘armageddon situation’ triggered by high jet fuel prices as the Iran war drags on. Neil Sorahan, CFO of RyanAir, said persistently high jet fuel prices may cause some airlines that were already struggling before the war to be hit even harder or potentially go out of business come winter. As for RyanAir, the com…
Industrial funerals are likely for the winter season.
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