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Kenya Airways gains on opening of European airspace; Jazeera up; Lonrho down

22-Apr-2010

The majority of Middle East and African carriers' shares were up on Wednesday (21-Apr-2010) as markets were boosted by the reopening of European airspace.

Kenya Airways (+1.8%) has also been forced to cancel flights over the period. The carrier's shares gained after being able to resume Nairobi-London Heathrow service on 21-Apr-2010. Details on how much the carrier has been affected by the Ash Attack are yet to be released. Effects on other carriers in Africa and the Middle East are as follows:

Ash Attack: Africa and Middle East airline losses and cancellations

Airline

Revenues losses

Cancellations

Africa

   

Air Zimbabwe

Nearly USD1 million overall

  • Three services cancelled;
  • 800 passenger stranded

South African Airways

USD1.9 million overall – may be recovered from passengers who still plan to take their flight at a later date

-

Middle East

   

Emirates

USD65 million overall - includes approximately USD60 million in income depletion and USD5-6 million in spending on accommodation for stranded passengers

  • 250 flights cancelled;
  • 100,000 passengers effected

Emirates SkyCargo

Up to USD2 million per day

  • 4,000 tonnes of cargo delayed

Etihad

In excess of USD25 million overall

-

Qatar Airways

USD5.5 million per day – including payments of USD250-300 per day to accommodate each of its passengers stranded in Doha

  • 135 flights cancelled

Royal Air Maroc

-

  • 12 services cancelled on 20-Apr-2010

Royal Jordanian

-

  • seven flights cancelled on 18-Apr-2010

Saudi Arabian Airlines

Approximately USD33 million overall

-

Elsewhere, Jazeera Airways (+4.6%) made the biggest gain on the day, despite the Kuwait Stock Exchange remaining flat. Lonrho (-3.6%) took the biggest fall.

Selected African and Middle Eastern airlines share price movements (% change): 21-Apr-2010


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