Ryanair (RYAAY) will continue to cut flight frequencies in a effort to avoid exposure to unhedged fuel prices during the slow winter months, Bloomberg reported Wednesday.

Chief Executive Michael O'Leary told a press conference that the carrier might shift capacity to markets with lower fees such as Italy and Scandinavia, and he criticized the UK's "visitor taxes," saying the higher costs discouraged tourism and were "stupid and doomed to fail," Bloomberg reported.

O'Leary said that Ryanair will offer 435 routes this winter, including three new destinations from Stansted and 18 from other airports around the UK, according to the report.

Ryanair did not immediately respond to MT Newswires' request for comment.

(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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