Airlines return to form, says IATA
Source: Agencies |
March 12, 2010, Friday
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Print Edition
Print Edition
AIRLINES are recovering strongly from the crisis, as passengers, freight and pricing power return, the airline industry association IATA said yesterday, halving its forecast for a 2010 loss.
With capacity for both passengers and cargo hitting record levels at the end of last year, all signs are showing that the recovery is much better than expected, IATA Director-General Giovanni Bisignani said.
The recovery - while still leaving the industry deeply in the red - is good news for airlines and the global economy, indicating that exports are reviving, he said.
IATA estimates that 30 percent of world trade by value is moved by air freight.
"We are moving in the right direction. The recovery is strong. But we are still at pre-crisis levels," Bisignani told a news conference.
IATA said airlines would lose US$2.8 billion this year, half the US$5.6 billion loss it forecast in December.
IATA, which groups about 230 airlines, including Air China, Lufthansa, Singapore Airlines and Skywest, cut its estimate of the 2009 loss to US$9.4 billion from December's US$11.0 billion.
Passenger demand would rise by 5.6 percent in 2010 after falling 2.9 percent last year, while cargo demand would jump 12.0 percent after an 11.1 percent fall, IATA said in its updated forecast.
Capacity recovered strongly at the end of last year, with passenger load factor, a key industry measure of capacity, hitting 75.9 percent in January while cargo utilization was at 49.6 percent.
Tighter supply and demand are bringing a return of pricing power, with yields on passenger business now forecast to rise 2 percent and on cargo by 3.1 percent, after both fell 14 percent in 2009.
But airlines may be suffering a structural shift in premium travel, with economy travel recovering faster than first and business class tickets, IATA said.
With capacity for both passengers and cargo hitting record levels at the end of last year, all signs are showing that the recovery is much better than expected, IATA Director-General Giovanni Bisignani said.
The recovery - while still leaving the industry deeply in the red - is good news for airlines and the global economy, indicating that exports are reviving, he said.
IATA estimates that 30 percent of world trade by value is moved by air freight.
"We are moving in the right direction. The recovery is strong. But we are still at pre-crisis levels," Bisignani told a news conference.
IATA said airlines would lose US$2.8 billion this year, half the US$5.6 billion loss it forecast in December.
IATA, which groups about 230 airlines, including Air China, Lufthansa, Singapore Airlines and Skywest, cut its estimate of the 2009 loss to US$9.4 billion from December's US$11.0 billion.
Passenger demand would rise by 5.6 percent in 2010 after falling 2.9 percent last year, while cargo demand would jump 12.0 percent after an 11.1 percent fall, IATA said in its updated forecast.
Capacity recovered strongly at the end of last year, with passenger load factor, a key industry measure of capacity, hitting 75.9 percent in January while cargo utilization was at 49.6 percent.
Tighter supply and demand are bringing a return of pricing power, with yields on passenger business now forecast to rise 2 percent and on cargo by 3.1 percent, after both fell 14 percent in 2009.
But airlines may be suffering a structural shift in premium travel, with economy travel recovering faster than first and business class tickets, IATA said.
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