SEOUL, May 15 (Korea Bizwire) — South Korean airlines, led by Korean Air Lines Co., reported their worst-ever first-quarter earnings on Friday in the face of the new coronavirus outbreak that has led to a sharp fall in demand and lockdowns around the globe, and their second-quarter performance is also dim. Korean Air said its [...]
SEOUL, April 17 (Korea Bizwire) — South Korean airlines are facing a liquidity crisis, as they have suspended most of their flights but still have hefty fixed costs and debt, industry officials said Friday. Korean Air Lines Co., the country’s biggest air carrier, looks set to suffer a cash shortage later this month, as it [...]
SEOUL, April 17 (Korea Bizwire) — South Korean airlines will not apply fuel surcharges on international routes in May to reflect declining oil prices, industry officials said Friday. The surcharges for one-way tickets on international routes fell to zero this month from 19,200 won (US$15) last month. The zero rate will remain in May for [...]
SEOUL, April 16 (Korea Bizwire) — South Korean airlines said Thursday they have joined their global peers in temporarily suspending in-flight beverage service on domestic routes in a move to stem the spread of the new coronavirus. Korean Air Lines Co. and Asiana Airlines Inc., the country’s two full-service carriers, on Thursday stopped serving drinks [...]
SEOUL, April 8 (Korea Bizwire) – South Korean airlines, one of the hardest-hit industries by the outbreak of the new coronavirus, are taking unprecedented measures, such as unpaid leave, job cuts and asset sales, to overcome the COVID-19-triggered crisis, industry sources said Wednesday. Korean Air Lines Co., the country’s biggest airline, said Tuesday it will [...]
SEOUL, April 3 (Korea Bizwire) — South Korean airlines pressed the government Friday to take immediate action to help the financially troubled airline industry stay afloat amid the growing coronavirus impact. The Korea Civil Aviation Association (KCA) asked the government to offer massive low-rate loans, payment guarantees for airlines’ corporate bonds and steep tax cuts [...]
SEOUL, March 23 (Korea Bizwire) – South Korean airlines are facing further challenges after the government imposed stricter entry restrictions to fight the spreading coronavirus outbreak. Korean Air Co., South Korea’s biggest airline and national flag carrier, said Monday it will temporarily suspend all flights on the Incheon-Beijing route from Saturday to April 25, leaving [...]
SEOUL, March 19 (Korea Bizwire) — South Korean airlines are halting more flights as countries imposed more entry restrictions in their fight against the spread of the novel coronavirus. Korean Air Lines Co., the country’s biggest airline and national flag carrier, said Thursday it will begin reducing the number of flights to three per week [...]
SEOUL, March 9 (Korea Bizwire) — South Korean airlines are expected to suffer huge losses from the coronavirus outbreak that has sent demand for international air travel into a free fall. The Korea Civil Aviation Association recently estimated that the local aviation industry’s losses from the fast-spreading disease may snowball to slightly over 5 trillion [...]
SEOUL, March 6 (Korea Bizwire) — Japan’s entry restrictions for visitors from South Korea are dealing another blow to airlines and travel agencies already hit by the fast-spreading coronavirus outbreak, the companies said Friday. Local airlines and travel agencies have been struggling with a sharp decline in air travel demand for more than a month [...]