Asia Pacific Aviation Feb09
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http://webreports.mergent.com Industry Report - Aviation - February 2009 A Company and Industry Analysis February 2009 CONTENTS Current Environment • Secto rOve rview • Secto rPer forma nce • LeadingPlayers • Mergersand Alliances Industry Prole • IndustrySizeand V alue • Airl ineF leets • Polic yan dRegu lator y Environment Market Trends and Outlook • HedgingProblems Threaten Airlines • MoreJobandCapacity Cuts • AirT ravelGetsCheaper • Mark etOutlook Country Proles • Aus tr alia • China • Hon g Kong • Ja pan • Mal ays ia • Singapore Currency Conversion T able The Scope of this Report Key References Comparative Data Reports Coverage Current Environment — Key Points • Asia-Pacicairlines werehitbydwindlingdemandforairtravelascons umersandcompaniescut backontheirspendingamidtheglobalnancialturmoil. • Thecontinuingfallin oilpricespress uredairlinestodr oporreducetheirfuel surcharges. • T ostayaoatin thisperio dof marketmeltdownanddiminis hedconsume rcondence, airl ines scaledbacktheirexpansionpl ans,groundedplanesandadjus tedtheirightschedul es. • AnaverageofthesharepricesofeightAsia-Pacicairl inestrackedbyMergentdippedby0.55% intheJuly-September2008period. • Airlinesin Chinawerebruis edbyhugeloss esinfuelpr icehedgingandadecli neinthenumber of domesticandoverseastravelers. • Indi a’s King sher Airlinesentered intoa strategic and opera tiona l allia nce with arch- riva l Jet AirwayslastOctober. Industry Prole — Key Points • ThetopveAsia -Paci cairlin esrankedbythirdquart er2008revenues are Singa poreAi rlines, Kor ean Air , Air Chi na, Tha i Air way s and China Eas ter n Air lin es, acc ord ing to a Mer gent analysis. • TheAs ia-Pa cic’ svelarges tairlin esintermsofpass engertra fcemplo yed128,41 3peoplein 2007.Theircombinedeettotaled831aircraft. • Revenuesatthetop12air portgroupsinthe Asia-PacictotaledUS$5. 4billionin2007. • Theracetore-equipandreneweetsdeceleratedinthesecondhalfoflastyear,duetotheglobal economicdownturnandthesubsequentlowerdemandforairtravel. • Manyairlinesnditincreas ingdifculttogetloansfornewaircr aft,particularlyinthi speriodof fallingmarketsharesandongoingglobalcreditcrunch. • Chinaisprogress ivelyopeningits closelyguardedcivil aviationsectortocompetition. Market Tr ends and Outlook — Key Points • Withoilpricesnowinthe US$35toUS$40abarrelrang e,airlinesthathavehedg edathigherlevels areexpectedtoreportsignicanthedginglosses. • Moreairlinesareexpectedtor eporthighhedginglosses.Cathay PacicasofDecember31,2008 estimateditwould sufferhedgingl ossesofaboutHK $7.6billion(US$980.62million). • Asia-Pacicairlinesareexpectedtopressaheadwithmore rigorouscostreductionmeasuresand capacitycutstoprotecttheirmargins. • Faresareexpected toremainunder pressure,as airlinescontinue tobattlefor marketshare, amida backdropofslowerpassengergrowthandintensecompetition. • Monthlypassengervol umesintheIndianandChineseair lineindustrywil lcontinuetodecline,as theglobaldownturndiscouragesairtravel. • IA T Ahas projectedatotalwor ldwideindustry lossofapproximat elyUS$2.5billion for2009. 1 Asia-Pacific Aviation Sectors Adding Value to Information Since 1900
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