Reassuring regarding the issue of aviation fuel shortages—widely discussed in recent days in the international air transport market, leading some major global airlines to already announce route cuts citing exactly this—was the chairman of the country’s largest airline, Mr. Eftychios Vassilakis.
Just moments ago, at AEGEAN’s general assembly, Mr. Vassilakis, responding to a question about potential shortages in the Greek market, stated that “we are not particularly concerned about the issue of supply or shortage of aviation fuel, but rather about the issue of cost and price, and that is what most affects decisions and demand.
As for sufficiency, what we hear from our suppliers and from the market itself is that the two main providers in Greece believe there is adequate supply for several months ahead and are even exporting jet fuel—meaning ready product. Therefore, for Greek airports there does not appear to be such a problem for a period of 3–4 months ahead. Similarly, from two foreign banking institutions involved in fuel contract management (hedging), with whom we had contacts last Friday, we were informed that Europe’s inventories were at the same levels as before the war began. Our own estimate, unless there is some other intervention, is that there will be no issue of fuel shortages, given that alternative routes are also being created to address the matter.
However, the issue of cost is staggering and may affect companies and consumers, especially if the crisis lasts for a prolonged period. For AEGEAN itself, hedging has been carried out for aviation fuel covering 60% of its needs for 2026, with the remaining 40% left open. In the first half of the year, we estimate there will be a cost impact ranging between €40–65 million, depending on the prices that ultimately prevail—beyond the coverage provided by the 60% hedging—and if the situation continues as it is in the second half, there will be an additional impact of €50 million.
Therefore, the total impact will be between €90 and €115 million, and without the hedging covering 60% of the company’s needs, the problem would have been 2.5 times greater. We have proceeded with price adjustments; however, it is not clear how much of the losses will be offset through these adjustments, and all of this also depends on demand—namely whether the public will choose to travel.”
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