Singapore Airlines grounds most of its fleet as coronavirus poses 'greatest challenge' by RDchatters geddiejdk
) will cut capacity by 96% and ground almost all of its fleet, the carrier said on Monday, in response to coronavirus travel restrictions it called the “greatest challenge” it had ever faced.
Shares of the airline, majority owned by Singapore state investor Temasek, were down nearly 9% by 0218 GMT, outstripping a drop of 8% in the benchmarkThe airline industry worldwide is seeking state bail-outs to absorb the shock from the pandemic, as widespread travel curbs have forced many to ground fleets and order thousands of workers on unpaid leave to keep afloat.
Low-cost carrier Scoot will also suspend most of its network, leading to the grounding of 47 of its fleet of 49 aircraft, the airline said. Singapore Airlines said it was looking to shore up liquidity and reduce expenses, by asking aircraft makers to defer deliveries and adopting salary cuts for management, among other steps.
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