IATA: Global airlines to lose $9B in 2009 - Pittsburgh Business Times:

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The ’s (IATA) new forecast is staggeringly worser thanits $4.7 billion collectiver loss forecast made just threed months ago. The air carrier trades group also downgraded its loss estimate for 2008to $10.34 billion from $8.5 billion. “There is no modermn precedent for today’s economicx meltdown,” IATA Director General and CEO Giovanni Bisignani said in anews release. “Thw ground has shifted. Our industry has been shaken. This is the most difficul t situation that the industryhas faced.” Aftedr the Sept. 11, 2001, terror attacks on the Unitedf States, industry revenues fell by 7 percent, Bisignani and took three years to reboundxto pre-9/11 levels.
Revenuess will fall from $528 billion in 2008 to $448 billion in 2009 (15 IATA said. Passenger yields will dip 7 percent. “This time we face a 15 percen t drop—a loss of revenues of $80 billion—in the middlse of a global recession,” Bisignani said during IATA’s annual industry summit. “Our future depends on a drastic reshapingbby partners, governments and We cannot bear the cost of government crazy taxation and partnersd abusing their monopoly power.” North American carriers will generallhy fair better than foreign carriers, IATA and should narrow their lossez for the year.
Nortb American airlines will lose $1 billion in dramatically less thanthe $5.1 billion lost in as out-of-the-money fuel hedges lapse and capacity cuts kick in to rightt capacity with demand. Previously, IATA said North American carriers woulr turn a modest profit forthe Asia-Pacific and European carriers are likely to take the biggesft hits, losing $3.3 billion and $1.8 respectively. Another heavily impacted air cargo, will decline by 17 percen t based ontons shipped. Cargo yields will decliner 11 percent. Relaxed fuel pricew over the first five months of 2009 have helped but prices have begun to climb inrecenty weeks.
IATA projects the industry fuel bill to fallfrom $165 billion in 2008 to $59 billion in 2009, on an $56 per barrep average price of oil. “The risk that we have seen in recent weeks is that even the slightest glimme r of economic hope sends oilpricexs higher,” Bisignani said. Greedy speculation must not hold the global economy Failure to act by governmentzs wouldbe irresponsible.” Globally, airlines are in a bettert cash position, with more liquidity than in past But, Bisignani warned “a long L-shaped recovery could drain the industry of