Family member had an int experience a week or so ago here. The plane couldn't take off because they couldn't shut the door! Seems the closest engineers were in Ch Ch!!? so they had to disembark and wait for another plane.
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Family member had an int experience a week or so ago here. The plane couldn't take off because they couldn't shut the door! Seems the closest engineers were in Ch Ch!!? so they had to disembark and wait for another plane.
It is happening far more than I am comfortable with. I have had more than a few reports of flights cancelled or postponed this last year due to problems, from both Jetstar and AIR. People having to drive from Napier to Auckland to get their connecting flights. I am a little hesitant in investing in AIR for this reason. I do wonder if this is just me, or is it happening more frequently
Recently flew AIR International and not impressed with all the hidden extra charges for seats/food etc.
A downwards slide in service, plus trends like 'Flight Shame' (click here) could make future headwinds for AIR.
Take care holders.
Will be trying out Air NZ's long haul service to Chicago next month. I noticed while booking that they've included all the meals/entertainment in the basic fare (but maybe this has always been the case with the long haul flights).
My return flight was $400 so could really say no to a bargain.
Travelled with Singapore Airlines back from London in May so it will be good to compare (as I thought Singapore was excellent)
Discovered I am flying out of Baku tomorrow on a E190 and I am hoping that it is this one:
https://www.flightglobal.com/assets/...x?itemid=75435
Air Astana Snow Leopard
Which made me wonder: Why do Air NZ not have any planes painted up as Kiwi, Kakapo etc?
As for flight shame:
I have been asked how long the ferry takes from New Zealand to Australia on several occasions over the last few months, but at the end of the day if you want to get into or out of NZ you need to get on a plane, and if you want to get around God's Own then you either have plenty of time or you need to get on a plane.
Still the future of AIR is that of any airline, highly volatile.
Data breach at AIR
Hope the hackers don’t see how few status credits I have
https://www.tvnz.co.nz/one-news/new-...-been-breached
Alan Joyce from Qantas a good guy ....stuff the flight shamers
https://www.sbs.com.au/news/qantas-c...e-change-panic
Looking forward to the annual result on 22 August and the juicy dividend in Sept.
Interesting tidbit for anyone contemplating this for dividend income. Chris Luxon mentioned at the half year result conference call that AIR had only reduced its dividends twice before. After 9/11 and the GFC.
22 cents fully imputed per annum = 30.56 cents per share gross and on $2.75 that's 11.1% ! I think barring a major exogenous shock of the type referred to in this post, that's sustainable for the foreseeable future and with interest rates so incredibly low, basically in unchartered territory, its highly attractive for dividend hounds.
Sure there's risk, but there's risk in every share.
Couldn't agree more, amazing dividend & a place for Air in every portfolio (def mine anyway & the dividends over the years have basically almost given me free shares) . Often compared/put in a basket with all airlines in general, but it's not. Healthy part of NZ inc depends on tourism & due to our relative geographical isolation therefore a strong AIR. (i.e. govt would never allow a situation where we were solely at the whim of overseas carriers)
Good point that I have highlighted above in your post Blue Skies. One issue that I have not seen mentioned much on this thread but deserves a mention is the strategy followed by Tourism NZ. They have deliberately stayed away from low cost carriers in their promotions and based their strategy instead largely around legacy carriers, even assisting them in various ways to start up new routes in and out of NZ.
Many other countries fighting for the tourism dollar have done it differently and encouraged lots of low cost carriers, many of whom are now going bankrupt or are withdrawing from unprofitable routes.
I think Tourism NZ has done very well with this strategy for NZ Inc and along the way assisted more reliable legacy carriers like AIR NZ, Qantas, Hawaiian, Southern China and more. This has also given local tourism operators much more certainty which can be seen in the fact that even though tourism growth has slowed in NZ and the World, last numbers from Statistics NZ show a 2% growth in the last 12 months, while many countries are experiencing big declines. Steady as she goes.
So based on all the above, which I largely agree with, it would seem that the share price might need to increase a bit. $3.00, $3.20 ?
Disc: Holding @ $2.24.
That's the $64,000 question !
On one hand we have seen a real flight to safety and have all noticed the share prices of safe gentailiers and REIT's move considerably northward so the temptation is definitely there to think that a stock with a reasonably safe assurance regarding yield, has been overlooked. But what does reasonably safe assurance regarding yield mean in this world we live in today ?
On one hand we have the 10 year Government bond rate having declined by over 150 basis points in recent months, which itself has valuation implications northwards, a PE of about 1.5 more, all other factors being equal should follow which suggests a rerating is possible. But are all other factors remaining equal ?
On the other hand when we look at the reasons for that massive shift in the risk free rate, (fears of a global trade war) and taking into account the possible effect on AIR its easy to make the case that the extra risk of same counteracts the above possible valuation implications.
AIR is cyclical and we have already seen a material reduction in the growth rate of inbound tourism. I think its unwise to completely rule out the possibility of a GFC Mk 2.
I'm of the view that a rerating is unlikely at this stage, (until the drum beats of a trade war reduce to a lot lower intensity) and the shares are presently trading at about fair value.
We might get a small rerating in due course if the market approves of the new chief in command of the rudder controls. Somebody with a proven track record of cost control would appear to be a good choice at this point.
http://www.sharechat.co.nz/article/d...ays-jardenhtml
FWIW I have a 2.5% portfolio allocation to AIR at present with a bias towards moving that up towards 3.5-4.0% in the near term purely for reasons of portfolio yield enhancement with no real expectations of any near term capital gain from such a possible move. Lets see what the annual result looks like.
Interesting.
My allocation currently is 3.97 %. Would like to take it higher but I suspect it will re-rate higher, perhaps approaching 5%.
So while I would like to buy more, probably won’t. Maybe I should use Horus’s method and consider my %’s based on cost price. Doesn’t feel right tho.
https://www.marketscreener.com/AIR-N...07/financials/
You could be right, average view of analysts is this is the low point of the cycle. I am probably a little bit underweight on where I want to be with this one.
Luxon talks about electric planes
Not a good start in Norway
https://www.reuters.com/article/us-n...-idUSKCN1V423N
That's "shocking"... you see what I did there :D
https://www.nzherald.co.nz/business/...ectid=12257288
Speaking of shocking...I think CAA are in quite a mess and speaking of mess's a senior AIR engineer told me on the weekend the last Airbus they received had a rag left inside one of the fuel containers that had "interesting" consequences.
On the subject of mess's, doubt this Hong Kong situation will end well. Wonder how many AIR flights are going to be affected ?
Reporting in from ground zero.
It won't help AIR at all. Any gains they make through picking up passengers from the partial boycott of Cathay Pacific (instigated by a number of PRC controlled companies), will, I suspect, be overshadowed by reduced numbers of passengers coming to or transiting through Hong Kong + (possibly) increased discounting as Cathay Pacific tries to keep its planes full. There may also be opportunities to grow routes flying directly into the rest of China as PRC travellers look to skip the usual shopping excursion in HK on their way through to NZ. There's already been a huge drop in tourist numbers and business travel to the SAR (unsurprisingly) and the general held view is that it will be a very long time before those numbers start returning to normal.
Obviously, all this is pretty speculative but at best AIR might do a little better and more likely a little worse.
Disc: not held
AIR featuring this plane in current marketing campaigns
As somebody has pointed out its an unfortunate marketing to chose an aircraft that's literally spent most of the past two years parked up broken firstly due to the major engine failure and then earlier this year being hit by a catering truck.
Still seems to be out of action
Broken and not going that well...yes does sound like the All Blacks
Yeap - 1 nightmare liner still parked up according to my friend.
A Singapore A350-900 flying into Wellington while the surfers look on will look pretty cool
Makes WLG/MEL/SIN and onwards to Europe that much more attractive
Reasonable start to year ... revenue wise anyway
ASK up 4.2% but RASK down 1.3% so revenue up on last year
https://stocknessmonster.com/announc...ir.nzx-339432/
https://www.nzherald.co.nz/business/...ectid=12260673
Comes across as a diligent type of chap in the conference calls but lacks any charisma so I am hoping this really is a temporary appointment.
So $374m ...worst result for many years .....AIR going through an earnings recession
But bullish as on next year ...earnings up 20% to $450m (but they could be less and AIRs early estimates usually a bit bullish)
Whatever awesome result in the circumstances ....even though had to call in external consultants to fix things.p (I’m told that’s not always a good look)
http://nzx-prod-s7fsd7f98s.s3-websit...567/305886.pdf
http://nzx-prod-s7fsd7f98s.s3-websit...567/305887.pdf
Revenue, average analyst expectation $5.76b, actual result $5.8b - meet expectations
Operating Profit, average analyst expectation $365m actual result $374m - beat expectations
Net Profit after tax , average analyst expectation $254m, actual result $270m - beat expectations
FY20 outlook, average analyst expectation $420 operating profit, guidance $350m - $450m, mid point $400m - softer outlook
Dividend maintained.
Net effect is neutral and I maintain my holding for dividend yield and am not expecting any break out of the recent trading range.
And what a great yield it is Beagle...gross 11.2% at $2.72
I think they can maintain it for several years and they keep referring to the ordianry dividend as sustainable which I think they believe.
Add in the young fleet age and relatively lowm capex in the next 3-4 years and it is easy to see with their operating cash flow that a dividend cut is relatively unlikely and there is always the prospect of a special dividend at some stage as gearing falls back again.
Agree, a breakout over $3 is unlikely but I'm a happy holder at these levels for the yield in a low rate world.
Yes it certainly is a fantastic yield in this era of interest rates at unchartered lifetime low's.
In terms of its sustainability. A few thoughts. At the last conference call they noted they had only cut the dividend twice in the airlines history, after 9/11 and the GFC.
Barring another one of those events or some similar sized exogenous shock I think there is a very high probability the dividend is sustainable for the foreseeable future.
Average analyst view is actually for it to increase to 23 cps next year and 24 cps in FY21 https://www.marketscreener.com/AIR-N...07/financials/
As you note, capex for the next 4 years is very benign, mostly about $500m but FY21 under $400m and well below annual depreciation of $567m for FY19 and forecast depreciation of approx. $637m for FY20, (extra $70m expected next year, source, just completed conference call). Over the next 4 years based on my analysis annual average capex is approx. $160m less than depreciation so that gives an interesting insight into their ability to pay ongoing strong dividends in the medium term.
I tend to back out any immediate term dividend, (as partial return of capital invested) from forward yield calculations so my "look through" view on the yield at $2.72 taking a medium term investment view is $2.72 less the almost immediate return of 11 cents = $2.61 net investment for the medium term. 23 cents fully imputed for FY20 = 23 / 0.72 = 31.94 cps gross and on a net investment of $2.61 = 12.2% Gross yield. I am a very happy holder at that level and added more this morning.
Trust NBR to say this CEO pay up while staff dividend down.
Agreed Raz. Travel almost a consumer staple now days.
Interesting potential upside for AIR if JetStar pull the regional pin after years of losses. http://www.sharechat.co.nz/article/e...t-closely.html
Very solid result for QAN today. Winner, I reckon AIR are right to undertake some international benchmarking on their operations and if they have to employ outside consults to do so, so be it. Apparently Jayne Herdlicka has been rampant with using outside consultants this year and ATM are so successful that it must be back in vogue again eh :)
Get ready for a drop holders, I just topped up to make it 5.57% of my portfolio.
Personally I think the share price may correct higher, as the dividend % is to high.
Yes, I agree, to simplistic.
We’ll see I guess.
And yes Beagle, more than 5%. It did neatly use my cash in DB tho.
FWIW mate the above was a bit of an understatement as I didn't want to be accused of ramping, probably will be now LOL. I have backed my own analysis and tripled the size of my holding this morning. Yes, tripled, that's not a typo.Quote:
I tend to back out any immediate term dividend, (as partial return of capital invested) from forward yield calculations so my "look through" view on the yield at $2.72 taking a medium term investment view is $2.72 less the almost immediate return of 11 cents = $2.61 net investment for the medium term. 23 cents fully imputed for FY20 = 23 / 0.72 = 31.94 cps gross and on a net investment of $2.61 = 12.2% Gross yield. I am a very happy holder at that level and added more this morning.
12.2% gross and being a dividend hound is like dangling a juicy bone in front of a Beagle, what's he going to do other than bite :D
6.7% portfolio position now :)
Now we have a decent holding we must remember to only use paper doggy bag's in the event of extreme turbulence as we wouldn't want to upset the greenie's and use plastic ones ! Seat belt firmly fastened and off we go... Slight concern with not knowing who the new chief pilot is yet but nothing ventured nothing gained...lets see how we go.
Conference call replay available here https://edge.media-server.com/mmc/p/gnvtv7ir
Heres Qantas results . EPS flat to down , shareprice up 1.4% to $5.86.Outlook mainly flat. Div 13 c (25c FY) DY 4.26%. No contest ehh:)
Download Document 1.56MB
https://www.stuff.co.nz/business/wor...-fullyear-loss
7 years of losses in a row. WOW...and some of those years with fuel prices at very low level's. What a mutt !!
virgin is nasty, checking in from NZ2, two hours out from LAX, waiting on breakfast, plane half empty, first time I have seen this in the past four years, crew equally surprised so clearly not a trend, wifi before everyone wakes up is great!!
lower oil prices coming should be good for air
https://www.bloomberg.com/news/video...gin-says-video
Oil prices and their future direction aside, I think AIR is looking good in the current circumstances with Virgin crashing to its 7th loss in a row and announcing serious route retrenchment and Qantas admitting their subsidiary JetStar is losing money on regional routes and they are watching the situation closely. We've also seen some other carriers rationalise their capacity and routes to N.Z. An over used phrase but "well positioned" does spring to mind.
I agree. A small bugbear is their ongoing approach to brand and marketing. The old K.I.S.S. principle never lead anyway astray, did it?
My only long-term issue with AIR (and its an issue for the whole industry) is climate change. Air travel is extremely unattractive to an increasing part of our population. My family already avoids flying wherever possible. This isn't biting now, and may not for some time, but I believe that time is coming.
Welcome to the forum. From memory AIR recently announced only about 5% of people pay for the optional carbon offset as part of the price of their ticket.
Plant a couple of native trees and fly wherever you like I reckon :)
Their Carbon offset is incredibly cheap, they do not take other emissions into account, which may or maynot be the right thing to do. Interestingly I heard a presentation from a fund manager whose "ethical fund"screens for the best in sector. AirNZ was their pick of the best airline, surprisingly Singapore airlines was the worst from their selection criteria.
Yes Arthur, this is my understanding too - AirNZ offset looks very cheap to me, but we do always opt in to it. Flying from Christchurch to Auckland next month and it was something like $10 offset for the whole family. Doesn't seem right. We will offset elsewhere as well to keep our conscience clean. Its a pity AirNZ don't offer some other mechanism for customers to get involved in offsetting or carbon activism more proactively - it is the kind of thing that with their scale, market share and infrastructure they could readily put a foot forward and lead the industry both regionally and globally. Anyway, I'll get off my high (also carbon-emitting) horse!
And thanks Beagle for the welcome.
http://nzx-prod-s7fsd7f98s.s3-websit...567/305892.pdf
Half way through reading my hard copy of this which arrived today. Sad that Chris Luxon is leaving. You can't buy leadership of that quality for love or money and he will be sorely missed. I think my most enduring memory of the strength of his leadership was when he stood up to the other directors and CEO of Virgin and told them that the Virgin CEO Borgetthi, (forget how to spell his name) had to go. When they wouldn't back him he resigned as a director of Virgin as a matter of principle and then extricated AIR as a shareholder from this dog of a company and the rest including a 25 cent special divvy for AIR shareholders while the remaining shareholders in Virgin have gone on to endure 7 consecutive shocking years of losses, as they say is history. I think I have attended most of AIR's annual meetings over the years and really enjoyed chatting to Chris Luxon afterwards. A real gentleman that seems to have the unique knack of being able to easily relate to people from all walks of life.
Virgin in recent times from this https://www.nzherald.co.nz/business/...ectid=12215405
to this https://www.nzherald.co.nz/business/...ectid=12263320
I think Virgin shareholders are on a road to nowhere.
You can opt in to buy extra carbon offset. My environmentally conscious son won a scholarship that sent him to Europe for a month. The organisation booked him to fly an airline that did not give a carbon offset option, so we paid for them on the AirNZ website instead.
https://www.airnewzealand.co.nz/loya...issions-offset
Bought into AIR couple of weeks ago for the div. The share price seems to be holding up fairly well today, maybe because the yield is 7.80%, might keep them a bit longer at that rate.
On the radio the other day there was a good interview with some guru taking about Board governance etc. can’t remember who
One point he made is that most Board members are pretty slack at talking to senior management and high flyers and this comment was in the context of ‘assessing’ who would make a great CEO (if developed for the job)
He also went on that most Boards are pretty slack in succession planning and then find that Hey panic when the CEO leaves.
I’d say AIR wouldn’t rate very highly with this guy. No permanent replacement for Luxon ...hmm. He nearly left a few years ago (rumour) to join Fonterra but a multi million stay on package fixed that. Luxon seemed bored lately and for some time there has been rumours about him moving on and/or politics being his future.
Has AIR Board been asleep at the wheel?
About time someone in the airline industry calls a spade a spade. It is concerning how unreliable new planes and engines have become in the last 2-4 years and not surprising the World's largest airline has had enough.
Also Norwegian, with its large fleet of Dreamliners and MAX, fighting to stave off bankruptcy with emergency negotiations with bondholders after being very badly effected by the MAX issues on top of already big losses.
Tough situation for the industry https://www.nzherald.co.nz/business/...ectid=12265134
Re: Luxon, I hear what you're saying, but there aren't many more prestigious jobs in NZ than CEO of Air NZ... if he's been bored in that role there aren't many steps up unless he's headed to the US or the UK, or he thinks he's going to walk in to politics as the PM. The grass is always greener...
Re: The Board, I doubt they haven't been thinking succession planning, but maybe no one they'd been grooming internally has stepped up enough and now they need to cast the net wider. Its a massively important decision for the business so would rather they take their time and get the decision right.
Air NZ's surprise ambush on Auckland airport and why travellers could win
https://www.stuff.co.nz/travel/news/...lers-could-win
luxon got good vision , auckland will need a second airport in the future better to do it now ( well should have been done before all the housing was built but NZ leaders have typically never had much vision maybe except robbie and his trams or rail was it). auckland airport will never service 3 million people let alone the roads to the airport.
Doesn't Sydney airport service about 4.5m? All the time the council owns a big chunk of AIA I can't see them letting it happen and it would be electoral suicide for most politicians I'd have thought, West Auckland and the North Shore would both be dead against being under the flight plan of a Whenuapai commercial airport. I used to live in Beach Haven just over the water from Whenuapai and the community would quite regularly get up in arms about the RNZAF doing their night training etc.
the driving time from the shore to the airport is over an hour most of the time . thats the issue would be much quicker to drive up the road to whenuapai. your right about no one wants anything in there backyard human nature. thats why its a shame not many politicians have vision.
True, I always used to allow an hour to get there when I was on the Shore, but at the same time the communities that would get quicker access to the airport are the very same communities that would be so negatively impacted by having it there. Can't have it both ways.
If you were going to put a second airport to the north you'd be better off to develop the North Shore Airport at Dairy Flat. You've got SH1 just east of it and the Dairy Flat highway on the west side. Just need to develop the Coatesville-Riverhead highway between Dairy Flat and SH16 and you'd open up that whole North-West area for growth.
During peak oil prices airlines were screaming at engine manufacturers;
We want engines that can run on the smell of an oily rag,
We want them big and powerful so we can get away with only two engines on our big planes, and
We want it now.
Something had to give.
Boop boop de do
Marilyn
A new airport? in this day in age? baby boomers feel they have a the right to veto any construction within 100KM of their house. I was talking to a city planner recently, he called it democracy in action. Really it's just protectionism, no different the import taxes/quotas and it will probably last as long as the last baby boomer- at least another 20 years. The construction sector is like the labour market of the 1970s.
I think of the baby boomers as those born in the 50’s. NIMBY’s more likely to be the silver spoon generation from a decade or so later.
Good repost, Seeweed, of Beagle’s AIR analysis, and a nice reminder of what really matters on ST. Posted from a beautiful Bure setting at Plantation Is, Fiji. Great to have some time to catch up on posts.
Think beagle flew Jetstar down south for his ski trip
No shareholder discount ...and when using divie money you still want best deal eh
Doesn’t matter who you fly with apparently it still takes the best part of an hour to get through security at Queenstown
The Beagle has landed :) Chris likes me so I got free flights...or maybe it was just my airpoints lol.
Good week away and what a week on the market up over 4% !, makes us all look like genius's doesn't it !
Getting harder to find any semblance of value on the NZX but I feel there are pockets of value that have still been a little overlooked, unsurprisingly these are in stocks I already own, not that I'm biased even in the slightest :lol:
P.S. 5 minutes through Queenstown security and less than 1 minute at Auckland but I did get a "bonus" pat down at Auckland because I forgot to take my fancy gold watch off.
Even after the nice little rally in AIR over the last couple of weeks the gross forecast yield is still 11.2% at $2.86 ex divvy. Where else do you get a yield like that ?
4%in one week.!!!
Perhaps we could all chip in for you to have more weeks away.?..lol.
May have to get Couta1 to start a "Give a little" site/thread "Beagle needs another break."
Just so we all can enjoy another 4% boost to our portfolios...lol.
Its okay, I don't need the financial help, especially not after last week lol. Next year Couta1 is keen for me to stay for twice as long anyway so we can look forward to an 8% portfolio accretion then :)
Did AIR go ex-div today or something
Back into the 270s
Blame this man:
https://d32r1sh890xpii.cloudfront.ne...ef1197fbc8.jpg
oilprice.com
http://www.sharechat.co.nz/article/f...cans-visithtml
Tourism numbers doing okay. Couple of new routes opening up for AIR later this year should help too, South Korea and somewhere else, sorry I forget.
Off topic and redundant.
Attachment 12212
Attachment 12213
Attachment 12214
Attachment 12215
This has all the appearance to me of an incitement to violence. Precisely what you deplore POTUS #45 for.
I think it's Taipei Taiwan.
They have been flying to Taipei since Nov 18 but gunna bump the frequency to 4, then 5 per week soon
I'm happy to hold this for the long term despite a lack of share appreciation for the yield. I'm quite surprised this one didn't get a bit of appreciation on the back of the latest irrational increases in some of the companies on the market.
It could go sub $2.50 after ex dividend and if it gets close to $2 I'll load up on it just for the cash flow. With an new fleet, they'll do better if fuel prices increases as competitors get crowded out too and obviously we know they'll do well if it goes lower.
11.83% gross yield at $2.70 assuming 23 cps fully imputed divvies for FY20.
Interest rates at 100 year lows.
Busy time for a few AIR directors ....the AGM and they meet up again at the Vector one.
Yikes this could bring the prices down
https://www.cnbc.com/2019/09/14/saud...-wsj-says.html
Stay calm, AIR have substantial amounts of forward cover on their fuel and exchange rate costs for the next 12 months.
But frankly, do you see the situation in that region improving in the next 12 months and oil prices remaining that low?
Who knows. Oil production in America is set to ramp up quite significantly in the near term.
AIR basic forward cover methodology is that they take enough cover to give them time to adjust their business model to changing input costs.
Oil goes up and stays up they have to increase fares and other airlines will be likely to rationalise capacity on long skinny routes to this part of the world.
Beagle respect your opinion but US oil production has stagnated - gone no where in the past 6 months ( in fact production has fallen since dec 2018) I think you will find a lot of forecasters are in the process of eating humble pie regarding US LTO projections and are in the process of back tracking production forecasts. Clearly AIR are well placed but a higher POO the will impact all carriers bottom line , end of story ....
F20 guidance is Earnings $350m to $450m .......assuming an average jet fuel price of US$75 per barrel. I presume that guidance takes into account hedging
Doesn’t fuel over US$75m for a period of time imply lower earning than expected?
To some extent within the bounds of competitive constraint yield and fuel costs are inextricably related. It is a mistake to look at oil input costs in complete isolation in my opinion. AIR provided a cost matrix with their most recent annual result. See page 18 http://nzx-prod-s7fsd7f98s.s3-websit...567/305887.pdf
That matrix can be used to measure the extent of extra costs after provisioning for their forward cover.
Early signs are that Brent futures have moved up about $6 per barrel or approx 10%. I'm not going to endeavour to crunch the numbers at this stage as the situation is too fluid. One must keep in mind that many carriers do not undertake any forward cover at all and one would expect that those who do are in a better position to whether any change. I would expect that airlines will be moving pricing north is oil stays elevated and AIR many be a net beneficiary of yield enhancement after deducting cover from its futures positioning.
Retaliation against the Iranians is something I consider likely now, considering the recent effort by the Iranian republic guard to undermine the freedom of shipping through the straight of Hurmuz. https://www.cnbc.com/2019/09/15/trum...il-supply.html
Given the extremely limited current oil output from Iran I don't think there will be much further consequential effect on Brent oil futures buy anything is possible in the short term.
AIR are well positioned with very good level's of forward cover on oil futures, unlike many other airlines.
Kia Ora
https://www.stuff.co.nz/business/115...demark-kia-ora
Nice to see that divvy hit my account today.
"............
http://nzx-prod-s7fsd7f98s.s3-websit...225/307983.pdf
Load's are good but RASK is down a bit.
https://www.msn.com/en-nz/news/world...cid=spartandhp
I think retribution in the form a measured military strike of some kind against Iran is likely in the near future.
Where it goes and its effect on oil prices from there is anyone's guess but I think a new geopolitical risk premium will apply to Oil going forward for some time so have reduced my stake in AIR temporarily as a prudent risk management measure.