Market Chatter: Air New Zealand to Cancel 1,100 Flights Amid Surging Fuel Costs

MT Newswires Live
03/12

Air New Zealand (ASX:AIZ, NZE:AIR) will cancel around 1,100 flights, affecting 44,000 passengers through early May, as soaring jet fuel prices from the Middle East conflict and the closure of the Strait of Hormuz force the airline to trim off-peak services and raise fares, Radio New Zealand reported Thursday.

The airline will rebook most affected passengers on same-day flights, focus cuts on off-peak services while maintaining all routes and regional connectivity, and implement fare increases ranging from NZ$10 to NZ$90 depending on the route.

A slight decrease in long-haul international flights is planned, while US services will continue, and it is still too early to determine whether the strategic review will lead to job cuts, said Nikhil Ravishankar, Air New Zealand chief executive.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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