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flee

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Everything posted by flee

  1. Firefly to commence jet operations at Penang airport in 1Q21 KUALA LUMPUR (Oct 15): Malaysia Aviation Group’s (MAG) subsidiary Firefly Airlines will commence jet operations from the first quarter of 2021, as it realigns its strategy to better suit the current environment and post-Covid-19. Firefly will be adding up to 10 narrow body jets to its fleet in phases, serving the domestic, Asean and Asia Pacific markets out of Penang International Airport, MAG said in a statement today. “Based on available forecasts, domestic and short haul travel will be most preferred in the current environment, hence it makes commercial sense for Firefly to supply this demand but from the northern region,” said MAG group chief executive officer Captain Izham Ismail. https://www.theedgemarkets.com/article/firefly-commence-jet-operations-penang-airport-1q21
  2. Khazanah to liquidate Malaysia Airlines as last resort, turn Firefly into new national carrier https://www.nst.com.my/business/2020/10/632451/khazanah-liquidate-malaysia-airlines-last-resort-turn-firefly-new-national
  3. AirAsia may have to look for private financial support to stay afloat KUALA LUMPUR: AirAsia Group Bhd may have to look for non-government means of financial help to stay afloat after the Ministry of Finance (MoF) dismisses reports that the low-cost airline has secured a large loan from it. https://www.nst.com.my/business/2020/10/632169/airasia-may-have-look-private-financial-support-stay-afloat
  4. Report: Khazanah says Firefly could become Malaysia’s new national airline https://www.malaymail.com/news/malaysia/2020/10/14/report-khazanah-says-firefly-could-become-malaysias-new-national-airline/1912645
  5. MoF denies approving govt financing or guarantee to AirAsia KUALA LUMPUR (Oct 13): The Ministry of Finance (MoF) has denied approving any government financing or guarantee to any airline in response to a report that low-cost carrier AirAsia Group Bhd had secured credit from the government. “The MoF would like to clarify that it has not approved any government financing or guarantee to any airline,” said an authorised MoF spokesperson. Nikkei Asia reported today that AirAsia Group had secured RM1 billion (US$242 million) credit from the Malaysian government. https://www.theedgemarkets.com/article/mof-denies-approving-govt-financing-or-guarantee-airasia
  6. Malindo reported to undertake layoffs KUALA LUMPUR, Oct 12 — The Covid-19 pandemic’s adverse effects on the aviation industry has seen many airlines having to undertake massive cost-cutting measures, including lay-offs. According to a report by a news portal, Malindo Airways Sdn Bhd has not been spared from such a predicament, and the hybrid-full service carrier is expected to cut about 2,200 jobs—more than half of its 3,200-strong workforce. The airline is also expected to reduce its fleet size to five Boeing 737 jets and six ATR turboprops. https://www.malaymail.com/news/money/2020/10/12/malindo-reported-to-undertake-layoffs/1912041
  7. Interesting to note that Airasia has already made job cuts while Malaysia Airlines are still not letting go of employees to cut overheads. No wonder creditors are not too pleased to take any haircuts when the airline itself isn't doing very much to help itself. I think that currently, Airasia is fighting to save itself and loss making units like Airasia Japan, Airasia India and Airasia X are left very much to themselves to manage their problems. That was why Airasia Japan was closed down - its losses are small and its recovery prospects are slim. No point throwing good money at them when the money is better spent on Airasia itself.
  8. The A330 Family legacy continues with the 1,500th delivery The A330 Family’s 1,500th delivery on 21st September to Delta Air Lines says a great deal about the enduring qualities of the aircraft's original design, coupled with the constant infusion of the latest technologies, culminating in today’s A330neo variant. The application of ‘incremental innovations’, since its service entry, has resulted in the A330’s ongoing versatility, functionality, increased payload-range, class-leading economy with state-of-the-art Airspace cabin comfort and 4th generation IFE. Today the A330neo builds on the A330ceo’s proven credentials, saving airlines around 25 percent fuel burn per seat compared with the previous-generation aircraft it replaces: the 767-300. Comprising two versions – the A330-900 (which first entered service in November 2018 with TAP) and the smaller A330-800 (which enters service in the coming weeks) – the NEO incorporates a new high-aspect ratio wing with carbon fibre wing tips, the latest-generation Rolls-Royce Trent 7000 engines with a 10:1 bypass ratio, more seats and new Airspace cabin features such as fully-variable colour LED mood lighting. It is noteworthy that the newest A330neo variant with a 251t MTOW (with certification iminent at the time of writing) can fly around 8,000nm with a full passenger load – around twice as far as the very first 212t A330-300 had achieved. Furthermore, the A330neo is a very quiet aircraft, exceeding the most stringent industry regulations – for example, achieving 16dB lower noise margin relative to ICAO Chapter 4. Full report here: https://www.airbus.com/newsroom/news/en/2020/10/the-a330-family-legacy-continues-with-the-1500th-delivery.html
  9. KUALA LUMPUR (Oct 12): Air Traffic Rights (ATR) applications fell by 66.7% year-on-year in the third quarter of 2020 (3Q20), according to the Malaysian Aviation Commission (Mavcom). Mavcom in its third quarterly ATR report for the period of July 1 to Sept 30, 2020 said it approved 12 ATR applications, representing 100% of applications received for this period. It said this application rate translated to a 55.6% reduction against the first half of 2020, mainly caused by the ongoing Covid-19 pandemic. See: https://www.theedgemarkets.com/article/mavcom-air-traffic-rights-applications-dropped-67-yoy-3q20 https://www.mavcom.my/en/2020/10/12/air-traffic-rights-applications-decrease-by-66-7-per-cent-in-q32020/
  10. KUALA LUMPUR (Oct 10): The KL International Airport (KLIA) has been ranked among the top 10 in the world according to the latest Airport Service Quality (ASQ) survey which benchmarks the world’s best airports. Malaysia Airports Holdings Bhd (MAHB) said despite challenging times caused by the outbreak of the Covid-19 pandemic, KLIA ranked ninth in the survey for the first half of 2020, from 17th in 2019, among airports of similar capacity. It achieved an improved overall score of 4.94 out of 5.00, from 4.69 previously. The airport also scored a perfect 5.00 for the overall satisfaction by both business and leisure passengers, 4.99 for cleanliness of airport terminal and 4.97 for the availability of washrooms, MAHB said. Full report: https://www.theedgemarkets.com/article/klia-among-worlds top-10-new-global-airport-survey
  11. I think that they don't believe MAG that the Malaysian government won't bail them out and are calling their bluff....
  12. Airbus delivers A320 Family MSN10,000 to Middle East Airlines https://www.airbus.com/newsroom/press-releases/en/2020/10/airbus-delivers-a320-family-msn10000-to-middle-east-airlines.html
  13. Toulouse, 09 October 2020 – Airbus (stock exchange symbol: AIR) delivered 57 commercial aircraft in September 2020 (14 in April, 24 in May, 36 in June, 49 in July and 39 in August) versus 71 aircraft over the same period in 2019. Year to date, Airbus has delivered a total of 341 aircraft (18 A220s, 282 A320 Family, 9 A330s and 32 A350s), which is a reduction of around 40% compared to the same period in 2019 (571 aircraft deliveries). In the first three quarters of 2020, Airbus booked a total of 300 net commercial aircraft orders compared with 127 net orders in the equivalent 2019 period. Airbus backlog stands at 7,441 aircraft compared to 7,133 at the same point in time last year. https://www.airbus.com/newsroom/press-releases/en/2020/10/airbus-september-2020-commercial-aircraft-orders--deliveries.html PARIS (Reuters) - Airbus AIR.PA reached the highest number of monthly deliveries of passenger planes so far this year in September, but logged no new sales as crisis-hit airlines continue to bleed cash. https://uk.reuters.com/article/uk-airbus-deliveries/airbus-ramps-up-deliveries-in-september-seen-targeting-500-jets-in-2020-idUKKBN26U2A2
  14. AirAsia boss Tony Fernandes confirms axed 10pc of staff in latest round of retrenchments https://www.malaymail.com/news/malaysia/2020/10/09/airasia-boss-tony-fernandes-confirms-axed-10pc-of-staff-in-latest-round-of/1911284
  15. Higher-weight A330-900 secures European certification https://www.flightglobal.com/air-transport/higher-weight-a330-900-secures-european-certification/140532.article https://www.airbus.com/newsroom/news/en/2020/10/easa-approves-increased-takeoff-weight-variant-of-the-a330900.html
  16. CGS-CIMB: AirAsia X equity value will remain below zero even with debt restructuring https://www.theedgemarkets.com/article/cgscimb-airasia-x-equity-value-will-remain-below-zero-even-debt-restructuring
  17. Big chunk of AirAsia X's debt owed to Airbus https://www.theedgemarkets.com/article/big-chunk-airasia-x-debt-owed-airbus
  18. Aircraft orders are part and parcel of normal airline business - so it does not need shareholders' approval. Board approval is sufficient. I doubt Airbus will waive cancellation charges - the best they can do for their good customers is to defer the orders indefinitely. They did this for the order of 10 A350s. It is still on their order book even though the order was made many years ago. Airbus itself is also suffering and would not like to lose money if possible. I guess Airasia X will have to do some tough negotiations or wait and see if Airbus sues them for breach of contract...
  19. Malaysia Airlines’ parent offers to retrain pilots, cabin crew for work in sales, IT KUALA LUMPUR, Oct 8 — Malaysia Aviation Group has offered its pilots, cabin crew and frontline employees affected by the Covid-19 pandemic a reskilling and upskilling scheme called MH EDGILE. According to the parent company of Malaysia Airlines Bhd, the programme is open to the group’s 2,000 employees and will train them to work in other areas such as facilities management and audit, or general and trainable areas such as sales and IT helpdesk. In a statement, MAG said the initiative was voluntary and applicants are subject to the selection criteria of the receiving department. https://www.malaymail.com/news/malaysia/2020/10/08/malaysia-airlines-parent-offers-to-retrain-pilots-cabin-crew-for-work-in-sa/1910734
  20. Similar pressure as Airasia X is being applied to MAS lessors to cut a more sustainable leasing deal. It is interesting that Khazanah is thinking of abandoning MAG and start afresh with a small operation with Firefly. That is sort of admitting that it is not possible to turn the national carrier around even in the best of times. Now that we have the Covid-19 pandemic, MAS is more or less doomed and it is better to start another airline free of legacy issues.
  21. Steep haircut for creditors to rescue AirAsia X https://www.theedgemarkets.com/article/airasia-x-creditors-take-steep-haircut-debt-restructuring-scheme AirAsia X redesignates Lim Kian Onn as deputy chairman https://www.theedgemarkets.com/article/airasia-x-redesignates-lim-kian-onn-deputy-chairman
  22. Airasia X should start from the beginning again. The market has substantially changed since Covid-19 and the airline should not just be a leisure travel airline anymore. It should also move more freight and it should forget about long haul altogether. It should just focus on the Asia Pacific market. China's airlines will probably no longer subsidise their foreign routes so heavily and irrational competition will cease. Oil prices will be an important factor - if oil prices stay low, the A333s should be good. If oil increases to above USD100, costs will be under pressure! Wish Airasia X good luck with their restructuring. Bursa Malaysia filing: https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=107686&name=EA_GA_ATTACHMENTS
  23. AirAsia X proposes debt restructuring in bid for survival https://www.malaymail.com/news/money/2020/10/06/airasia-x-proposes-debt-restructuring-in-bid-for-survival/1910166
  24. Cessation of Japan ops a long-term positive for AirAsia Group earnings — Maybank IB https://www.theedgemarkets.com/article/cessation-japan-venture-ops-longterm-positive-airasia-group-earnings-—-maybank-ib
  25. Update AirAsia Japan ceases operations https://www.theedgemarkets.com/article/airasia-japan-ceases-operations
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