British engine-maker Rolls-Royce plunged to a worse than expected 4 billion pound ($5.6 billion) loss in 2020 as the pandemic stopped airlines flying, but stuck to its forecast to burn through less cash this year.
Korean Air, Asiana Airlines and budget carrier Jin Air have 16, nine and four of these planes respectively, the ministry said in a statement. The airlines have grounded aircraft they had in operation.
As COVID-19 grounds swaths of airline fleets, companies that profit off the dismantling and trade of aircraft parts are seeing early signs of an expected rebound in activity as carriers accelerate plane retirements.
Singapore Airlines warned passenger capacity may remain at less than half of pre-pandemic levels by its March 2021 year-end after slumping to a S$1.12 billion ($817 million) first-quarter net loss due to a sharp decline in demand.
Most airlines are considering downsizing their staff over the next 12 months due to the coronavirus crisis, the International Air Transport Association (IATA) said on Wednesday, citing an internal survey.
China’s biggest airline on Saturday reported less severe losses in the second quarter as domestic travel picks up with the coronavirus outbreak brought largely under control.
Qantas’s “flight to nowhere” is one of the fastest-selling in the airline’s history, with all tickets snapped up in 10 minutes. The Australian flag carrier decided to launch a seven-hour scenic route around the country,
Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes.
Airlines face another bleak year with steeper losses than previously forecast, as some regions struggle to speed up Covid-19 vaccination campaigns and control virus variants, an industry group said on Wednesday.