I really tried to warn people of this, 10 days ago. Also Al Italia's talks have also collapsed again today, very predictably. Sooner or later this is just going to fall over as the huge debts are unsustainable with its business model. Also today SAS is in trouble too and a bail out is being worked upon
If you look back to April, just 5 months ago, Oil hit $100 a barrel and has since gone up and come back down to that level. Old planes on competitive roots just can't cut it; hence all the airline failures.
The lesson is be careful who you book with, personally speaking I think in the UK there are Virgin, BA, BMI, Easyjet and Ryanir (who cancel flights anyway) who would be able to survive another 6 months of this. Some of the bigger national carriers, like Air France, AA, Lufthansa are OK too. If you book with anyone else make sure it is through ATOL so that your way home is assured; Otherwise you could end up as another holiday refugee statistic.
This is a diamond of a website. Fingers on pulses and all that. People who booked flights with XL last night obviously don't read you.
ReplyDeleteI mean blog. I am the Ungeek.
ReplyDelete"competitive roots": sounds like a French endearment.
ReplyDeleteHad people asking me If I had ever heard of XL today.
ReplyDeleteSaid If you fly to the Caribbean then you will have known them.
Directed them to your last post CU, and now this one. You have been warned people.Al Italia mentioned for a while now.
Lehman Brothers CU? Buyout or bust?
The fact is that even the likes of easyJet and Ryanair are not as comfortable as some might believe. The economics of the low cost carriers depend on the market staying strong and that's what's definitely not happening. Everyone staggered through the summer supported by bookings from back before things started going pear shaped. Just watch the next couple of weeks as the airline business starts dumping seats at ridiculous prices. This winter is going to be awful.
ReplyDeleteSome foreign, smaller carriers will go over the next few weeks
Well done for your warning, CU.
ReplyDeleteGold creeping back above $750, I see...
And why are the rockapes taking their kids away from school at the beginning of the school year?
ReplyDeleteIncoherents they may be, but what about the parents...
Liith - many thanks.
ReplyDeletedearime...oops. My spelling at midnight leaves a lot to be desired! All part of my endearing charm...
BQ - later on Lehman
RH - Quite agree, as I said $100 oil is all bets off for all the airlines. I don't think people understand this...
Sackers - only $100 to go until i break even then!
Scrobs - not anymore!
Wise words. I'm definitely booking my next flights through an ATOL protected agent.
ReplyDeleteThis crash is rapidly becoming self-propelling...
ReplyDeleteThe airlines weren't a good business when oil was at $50 per barrel. I love how those airline stocks trade with the price of oil.
ReplyDeleteI was starting to sweat about my gold position that I established at 680. I'm underwater on my platinum and silver positions that I opened on Tuesday.
I had a staycation this year due to lack of funds... last year I went to Prague...
ReplyDeleteAlitalia 'running out of fuel'
ReplyDeletehttp://news.bbc.co.uk/1/hi/world/europe/7614336.stm
Matt - brave to get into silver and platinum now!
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