Norwegian CEO: ‘No chance’ airlines can continue on without raising air fares

    Norwegian CEO Bjørn Kjos, via the carrier’s 3Q2018 results presentation, stated (25-Oct-2018) “there is no chance” airlines can continue on without raising air fares. Mr Kjos noted he’s unsure when airfares will begin increasing. The airline says its fuel expenses increased 85% year-on-year in 3Q2018 to NOK3.7 billion (EUR388 million). The carrier confirmed its forward contracts at the end of 3Q2018 cover approximately 31% of remaining fuel exposure in 2018 at an average price of USD555 per ton. Approximately 22% of fuel exposure in 2019 is covered at an average price of USD663 per ton. [more – original PR]