Posted on 25 February 2011 in Air Transport
EgyptAir says suggestions that it may be leasing up to 25% of its new fleet in order to stave off losses came from unofficial leaks from within the company and was just one of the options that the airline was considering.
Chairman Hussein Massoud said in a statement today: " Last week some news spread in the international media about EGYPTAIR intention to lease out some aircraft. EGYPTAIR would like to confirm that no press release was issued from EgyptAir in that regard. However, an internal communication with EgyptAir staff that was addressing possible measures to alleviate the impact of the drop in passenger traffic during the peak of the crisis, referred to the possibility of offering any excess capacity for short term ACMI lease..
"Apparently, this internal communication leaked out by a way or another to the media and was erroneously treated as an official release .
"Within the peak of the crisis , EgyptAir had diligently performed appropriate adjustments to the schedule that were required to enhance the efficiency of the network through altering frequencies and retiming.
"EgyptAir assures its valued customers and stakeholders of the commitment to provide the highest standards of service and to meet their expectations, " he said.
The airline also conffirmed today that it has launched a revised flight schedule for the remaining weeks of the winter season up to 26th March 2011. During the peak of the political crisis in Egypt and the associated curfew which was imposed , EgyptAir
had reduced offered capacity in order to match with the demand of that period. Presently EGYPTAIR is preparing for the release of a limited modification to the Summer Schedule. The revised schedule will feature a gradual growth in volume of operations over the summer season reaching normal volume towards the end of the season.
Source
Showing posts with label lease. Show all posts
Showing posts with label lease. Show all posts
Tuesday, March 22, 2011
Monday, February 21, 2011
EgyptAir in crisis as tourists stay away after uprising
Egypt's national carrier Egypt Air is considering a number of drastic actions to stem losses following the uprising that led to the exit of President Mubarak from office and the introduction of the interim military government
Hundreds of thousands of tourists have stayed away from the country and the national airline which holds exclusive transiting rights through Cairo had to cancel hundreds of flights from it major hubs to the Red Sea resorts and tourism destinations that are the mainstay of the through traffic.
Curfews and flight restrictions also dampened down business traffic.
Now the airline is offering to lease - either wet or dry - as many as 25 of its newest aircraft to other carriers, in a bid to offset staggering losses linked to the unrest
The company said in a statement yesterday that it was also offering to provide crew to staff the planes, which it was making available to fellow members of the Star Alliance network of international carriers.
Since the political uprisingbegan on January 25th, the airline canceled about 75 percent of its flights and has seen little incoming traffic as the tousits continue to stay away.
The chairman of EgyptAir Holding Company - the parent company for the airline - said 40 percent of the carrier's fleet has been grounded. Hussein Massoud also said the company is losing about 80 percent of its projected revenue.
According to financial broadcaster Bloomberg, tourism accounts for about 5 percent of Egypt's gross domestic product. Figures released by the government's statistics bureau showed that 210,000 tourists fled the country in the last week of January and that cancellations for February were depriving Egypt of about $825 million in revenue.
To further reduce costs, Massoud said the carrier was looking at cutting working hours, no longer offering board members stipends to attend the meetings and "opening the door for employees to take leaves of absence without pay." He said the scheme will also allow employees to work half-time.
The airline is also reviewing its route network and Massoud said EgyptAir will be canceling some flights that had seen little passenger traffic even before the unrest.
Source
Hundreds of thousands of tourists have stayed away from the country and the national airline which holds exclusive transiting rights through Cairo had to cancel hundreds of flights from it major hubs to the Red Sea resorts and tourism destinations that are the mainstay of the through traffic.
Curfews and flight restrictions also dampened down business traffic.
Now the airline is offering to lease - either wet or dry - as many as 25 of its newest aircraft to other carriers, in a bid to offset staggering losses linked to the unrest
The company said in a statement yesterday that it was also offering to provide crew to staff the planes, which it was making available to fellow members of the Star Alliance network of international carriers.
Since the political uprisingbegan on January 25th, the airline canceled about 75 percent of its flights and has seen little incoming traffic as the tousits continue to stay away.
The chairman of EgyptAir Holding Company - the parent company for the airline - said 40 percent of the carrier's fleet has been grounded. Hussein Massoud also said the company is losing about 80 percent of its projected revenue.
According to financial broadcaster Bloomberg, tourism accounts for about 5 percent of Egypt's gross domestic product. Figures released by the government's statistics bureau showed that 210,000 tourists fled the country in the last week of January and that cancellations for February were depriving Egypt of about $825 million in revenue.
To further reduce costs, Massoud said the carrier was looking at cutting working hours, no longer offering board members stipends to attend the meetings and "opening the door for employees to take leaves of absence without pay." He said the scheme will also allow employees to work half-time.
The airline is also reviewing its route network and Massoud said EgyptAir will be canceling some flights that had seen little passenger traffic even before the unrest.
Source
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