Bloomberg reported that Tony Fernandes, AirAsia's co-founder, is planning to launch a new airline based on the high volatility of oil prices. Reports indicate that the new airline could be announced in the next few months. The carrier group has also moved some planes to the venture. AirAsia?did not immediately respond to comments. Fernandes didn't respond to a LinkedIn message. AirAsia, the Malaysian budget carrier, is planning to sell up to $600 million of bonds and is in discussions with Malaysian banks for a refinancing loan that will lower interest rates. Fernandes said in a Bloomberg video interview late on...

Emirates Airlines posted a record-breaking 'full year net profit on Thursday despite the impact from the 'Iran war. The carrier cited strong travel demand for most of the time period. Emirates said that its profit, after taxes, rose from $5.2 billion to $5.4 billion over the past 12 months, a slight increase in passengers offset by a small decline in passengers. Airspace in the Middle East was temporarily closed and jet fuel prices rose, causing the biggest crisis for the airline industry since the COVID-19 epidemic. Major Gulf carriers, including 'Emirates, have gradually restored capacity but still operate below pre-war...

HawkEye 360, a space?analytics company, raised $416 million in its U.S. IPO on Wednesday. In the IPO Herndon, a Virginia-based company, sold 16 million shares at $26 each, giving it a value of approximately $2.42 billion. The firm had set a target price of $24-$26 per share. HawkEye 360, Suja Life and other consumer brands are expected to 'test investor demand' for defense technology in the upcoming months. HawkEye also will gauge the appetite for space-technology offerings as investors wait to see if SpaceX files a public filing that could boost confidence amongst peers in pursuing listings and tapping equity...

The U.S. National Transportation Safety Board published data this week indicating that the fuel supply was'switched off' to both engines of a China Eastern Airlines Boeing 737 before a 'the aircraft crashed into a hillside on southern China in March 2020, killing all 132 passengers. The NTSB announced on Wednesday that its investigation into China's worst air disaster in 30 years found no safety concerns. Fuel switches are physical controls that regulate fuel flow into the engines on Boeing 737 aircraft. A pilot must lift the switch before switching from run to stop. This is the first major update of...

The U.S. Transportation Department reported that major U.S. airlines spent just over $5 billion in jet fuel during March. This is up $1.8 'billion, or 56%, from what they spent in February. Fuel cost $3.13 per gallon in March, an increase of 74 cents and 31% compared to February. USDOT reported that fuel consumption increased by 20% in March. The disruptions in shipping through the Strait of Hormuz since the U.S. and Israel's war against?Iran have?roiled the global oil markets. The soaring jet fuel price has created the biggest crisis in the aviation industry since the COVID-19 epidemic. In March...

The Russian oil company Rosneft reportedly filed a lawsuit against its German subsidiaries that are the majority owners of the PCK Schwedt Refinery. This was reported by the 'Politico' news outlet on Wednesday. The Berlin-Brandenburg higher administrative court was not available to comment immediately. The German Economy Ministry did not respond to a phone call for a comment. Politico, citing an official from the court, reported that Rosneft had filed a lawsuit on March 30 in order to meet a deadline set by a German Economy Ministry order issued in late February, which placed certain units of the Russian 'firm'...

The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S. and Israeli war against Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to raise their fares and change their financial forecasts. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs will have a "notable" impact on its...

Alaska Air announced on Wednesday that it would raise $500 million via a debt offering. The airline is looking to bolster liquidity in the face of a rise in jet fuel prices due to war. The carrier announced that it would issue debt securities with a maturity date of 2031. After Iran closed the Strait of Hormuz, airlines around the world cut capacity and raised baggage fees. They also added fuel surcharges in order to combat the skyrocketing cost of fuel. Since the U.S. and Israeli strikes against Iran on February 28, jet fuel prices have almost doubled. Financial strains...

The U.S. National Transportation Safety Board released data last week that showed the fuel supply was cut off to both engines of a China Eastern Airlines jet?before it crashed into a hillside in southern?China, in March 2022. All 132 passengers on board were killed. The data was released by NTSB as a response to a Freedom of Information request. It came from the flight data recorder. The fuel switches on both engines were found to have been moved from their run position into the cutoff position while the aircraft was cruising at 29000 feet. The NTSB reported that engine speeds...

Israel will send jet fuel to Germany following the recent request from Berlin for assistance due to a crisis in Strait of Hormuz. The ministry did not provide details on the quantity of jet fuel, nor a timeline. The Ministry added that they would also examine how to help Germany in the matter of natural gas. The ministry stated that the decision was made by the Energy Minister Eli Cohen and the Foreign Minister Gideon Saar. Gideon Saar announced the decision to his German counterpart during a trip to Berlin. In Europe, concerns about a possible shortage of jet fuel...

LATAM Airlines cut its core earnings forecast for '2026 on Tuesday as higher jet fuel prices resulting from the conflict in the Middle East increased costs despite mitigation measures. The Chilean carrier cut its outlook for full-year adjusted earnings (EBITDA), which includes interest, taxes, and depreciation, to a range between $3.8 billion and $4.2 billion from an earlier forecast of $4.2 to $4.6 billion. Fuel prices have risen dramatically since U.S. and Israeli'strikes against Iran' disrupted air traffic through the Strait of Hormuz. This is the worst crisis for the airline industry since the COVID-19 Pandemic. LATAM estimates a $40-million...

Sean Duffy, the U.S. Secretary of Transportation, said on Tuesday that Mexico has agreed to increase aviation access to Mexico City after months of discussions. Duffy, in October, revoked the?approval? for 13 routes of Mexican carriers to the United States, and imposed additional restrictions. Mexico, he said, "illegally cancelled and frozen U.S. carrier flight without consequences" over a three-year period. Duffy stated on Tuesday that the Trump administration had reached a consensus with Mexico regarding a plan to?Mexico's compliance with an agreement signed in 2015 governing air travel between the two countries?. USDOT stated that Mexico would guarantee U.S. carriers...