Most airlines’ commitment to their fuel hedging programmes have waxed and waned with the cheapness of crude oil. Lufthansa is different. “We started [systematically] hedging fuel price risk back in 1990, and we have never stopped,” says Hans-Werner Polzin, head of risk management and supply risk at Lufthansa in Hamburg. “And we have consistently increased the amount hedged too,” he adds.
In the first three quarters of last year, Lufthansa’s passenger airline and cargo operation saved €159
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