• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Wednesday, January 20, 2021
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Airlines to Lose $253 Billion due to COVID-19

Eunniah MbabazibyEunniah Mbabazi
April 28, 2020
in Aviation
Reading Time: 3 min
Airlines to Lose $253 Billion due to COVID-19

The International Civil Aviation Organization (ICAO) estimates that airlines worldwide could face losses amounting to $253 billion by September this year due to COVID-19.

This comes even as estimates show that by September 2020, airline passengers will have reduced by 1.2 billion owing to the suspension of international passenger flights, a move that seeks to curb the spread of the virus.

In its statement, ICAO further notes that the most significant reduction in numbers will be felt across Europe, followed by the Asia-Pacific.

The report further outlines the following:

  • 19% year-on-year drop in air freight for the month of March, measured in tonnes transported
  • 22% drop in air freight revenues 
  • Belly cargo is down 31%
  • All freighter capacity is up 9%
  • As of April, global passenger capacity is down 91%

According to the ICAO baseline scenario, referencing originally planned capacity, passenger numbers could have risen by 64 million in the first nine months of 2020, while revenues could have increased by $15 billion.

Read Also: COVID-19 Continues to Take a Toll on African Airlines

Already, a number of airlines have either asked for state bailouts, are laying off staff, or have entered into voluntary administration. Examples are:

  • South African Airways: Plans to lay off all its staff
  • Norwegian Air: To lay off about 4700 pilots and crew
  • Virgin Australia: Entered voluntary administration
  • Air Mauritius: Entered voluntary administration

Earlier on in March this year, the International Air Transport Association (IATA) reported that airlines worldwide would need $200 billion (KSh20.8 trillion) capital injection for them to remain afloat in this COVID-19 pandemic. At the time, 75% of the airlines only had cash to cover three months of their fixed expenses.

See Also:

Ethiopian Airlines Loses $550 Million to COVID-19

SAA on Brink of Collapse as it Plans to Fire All Staff



Previous Post

Kenya’s Military, Civil Servants to take pay cuts

Next Post

Air France-KLM to Get $10.9 Billion State Aid

Related Posts

Canada to lift Boeing 737 MAX flight ban on January 20

Canada Set to Lift Boeing 737 MAX Flight Ban on 20th January 2021

January 19, 2021
Airline industry needs up to another $80bn to survive pandemic; IATA

Airlines Worldwide Need Another $80 Billion to Survive COVID-19; IATA

January 18, 2021

KAA Begins Refurbishment & Upgrade of JKIA

January 18, 2021

Blow as KQ Workers Face New 30% Pay Cuts

January 16, 2021

Blow to Airbus as New US Tariffs Take Effect

January 14, 2021

Kenya Airways Suspends its 2 Weekly Flights to Seychelles as Demand Dwindles

January 13, 2021

Blow for Fly540 as IATA Suspends its e-ticket Booking

January 8, 2021

Burundi Plans to Launch National Carrier “Burundi Airlines” in 2021

December 29, 2020
Load More
Next Post
Air France-KLM to Get $10.9 Billion State Aid

Air France-KLM to Get $10.9 Billion State Aid

Follow Us

  • 7.1k Fans
  • 112.4k Followers
  • 2.2k Subscribers
  • 453 Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

There are no upcoming events.

View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

Amari Book Club Recommendations

Absolute Must-Reads for Banking and Finance Professionals

January 16, 2021
Leila Fourie, JSE Group CEO

‘’Markets Recovery Don’t Imply Economic Recovery,’’ Leila Fourie, CEO Johannesburg Stock Exchange

December 31, 2020
Angaza Awards

Call For Nominations – Angaza Awards: Women to Watch in Banking & Finance

December 8, 2020
Multichoice’s Technological Innovations for 2020

Multichoice’s Technological Innovations for 2020

November 12, 2020
Zoomoo Partners with MultiChoice to expand to Africa

MultiChoice and Zoomoo Partner to Expand Children Content in Africa

November 12, 2020

About Company

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2020. Kenyan Wallstreet· All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Global Markets
    • Healthcare
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2020. Kenyan Wallstreet· All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?