Amidst tensions across the Strait of Hormuz, crude oil prices have been dwindling episodically. The global aviation industry is facing massive operational issues as airlines pull more than 12,000 flights from their May schedule.
According to recent data, over 13,000 flights have been cancelled in the past two weeks, bringing down the total number of seats to roughly 130 million. For most airlines, jet fuel accounts for 40% of their operating costs. With the prices doubling, flying near empty planes or offering low-budget routes has become financially difficult.
According to industry experts, the jet fuel is estimated to have doubled since the war, affecting the operations of airlines globally.
The airlines are not just cancelling flights, but instead looking for means to cut their operational costs without hampering the service. Many airlines are replacing their large aircraft with smaller ones or to a more fuel-efficient model to safeguard their operation cost.
Lufthansa has massively reduced its carrier by nearly 4000 flights in May alone, and it plans to strike off 20,000 routes from its charts through October. Turkish Airlines and Air China have also sacked carriers from their fleets. Middle East carriers like Emirates and Qatar Airways also operate below their usual capacity as they navigate disrupted airspace.
The German airline is reported to have cut nearly 20,000 flights from its schedule between May and October. Authorities at Singapore and Tokyo airports have reportedly advised airlines against adding extra flights to limit jet fuel consumption. Vietnam likewise introduced jet fuel rationing measures amid concerns over supply availability.
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