International Air Transport Association (IATA) DG and CEO Giovanni Bisignani said the organisation’s December forecast of an industry-wide US$2.5 billion loss in 2009, based on a 5 per cent drop in cargo volumes and a 3 per cent drop in passenger numbers, “is now looking very optimistic.” He said IATA will release a revised forecast next week, adding that, “the only good news is that the spot price of fuel is low. Unfortunately, immediate relief is being delayed by hedging at higher prices,” he said in Kuala Lumpur at the association’s AGM.
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