Jet Airways is fighting for survival as its fleet shrinks and some refiners tigh...
NEW DELHI/SINGAPORE - Jet Airways is fighting for survival as its fleet shrinks and some refiners tighten fuel supply terms despite efforts by the airline’s lenders to find a new investor to bail out the cash-strapped Indian carrier.
Jet’s fleet had shrunk to 119 earlier this year from 124 planes last year and India’s aviation regulator has approved the de-registration of seven grounded Boeing 737 planes leased to Jet, according to notices posted on the Directorate General of Civil Aviation’s website on Wednesday. Applications to de-register a further 24 aircraft are pending.
“The first de-registration filing by one lessor opened the floodgates for many others,” said one leasing source who has dealings with Jet. Hindustan Petroleum Corp and Bharat Petroleum Corp are supplying fuel on a cash-and-carry basis, which means Jet needs to pay for the fuel at the time of purchase.
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