Easyjet grounds entire fleet
Low-cost airline Easyjet has grounded its entire fleet as of today as a result of government-imposed travel restrictions and national lockdowns across Europe in response to the coronavirus pandemic.
The carrier had already grounded the majority of its fleet last week.
Easyjet is not sure when commercial flights will operate again but said it will "continuously evaluate the situation based on regulations and demand".
"We are working tirelessly to ensure that Easyjet continues to be well positioned to overcome the challenges of coronavirus," chief executive Johan Lundgren said.
The carrier will furlough its cabin crew as of 1 April for a period of two months, with the crew being paid 80pc of their average salary through the UK government's job retention scheme.
European jet fuel demand has experienced an unprecedented fall since the end of February, but jet fuel margins to the North Sea Dated crude benchmark strengthened to $9.98/bl on 27 March, rebounding from a more than 11 year-low on 18 March. The recovery is mainly a result of a series of refinery shutdowns across Europe and stronger German demand for gasoil, although there are signs the latter is beginning to wane.
The International Air Transport Association (Iata) forecasts that the coronavirus outbreak will cut European passenger demand this year by 46pc compared with 2019. The UK is expected to see 113.4mn fewer passengers in 2020, resulting in $21.7bn of lost revenue for airlines, Iata said.
By Florence Schmit
source: Argus Media
Top News
Six last month
MinRes halts Bald Hill mine amid lithium price rout
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Swapping aluminum for copper will maintain China’s resources, group says
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Families gather at South African mine shaft where hundreds are feared stuck underground
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
