EasyJet Cuts 700,000 Winter Seats as Fuel Costs Surge; Ryanair Trims Schedule 4%

EasyJet will remove an additional 700,000 seats from its winter schedule, its second capacity cut this year, as the low-cost carrier confronts jet fuel prices that have nearly doubled since the outbreak of war in Iran disrupted supply chains in the Strait of Hormuz. Chief Executive Kenton Jarvis said the reduction amounts to roughly two days of flying capacity, averaging 3,500 flights over the period. He noted competitors are making similar moves, calling the cuts "no surprise" given persistently elevated fuel prices. Rival Ryanair has trimmed its winter schedule by as much as 4%. CEO Michael O'Leary warned high fuel costs could persist another 18 months and said carriers face an "enormous cost challenge next year," even if Middle East peace is restored. Iata estimates rising jet fuel costs will deal a $100 billion blow to aviation this year. Spirit Airlines and AirBaltic have entered bankruptcy since the conflict began, while Norse Atlantic Airways continues flying a reduced schedule. EasyJet has agreed to a £5.7 billion takeover by US private equity firm Apollo.