Airlines bide their time on fuel hedges after 2008 losses

Asia's carriers sit tight in hope that a recovery in oil prices will generate paper profits


Asian airlines are not planning to build up substantial oil hedge positions this year after, being stung by large derivatives losses during the second half of 2008.

These airlines made mark-to-market losses from collar strategies deployed in 2008, where the companies simultaneously purchased call options and sold put options in a bid to negate the high cost of the calls. But a rapid drop in oil prices from a peak of $147.27 on July 11, 2008, for West Texas Intermediate (WTI) crude oil futures to

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