Lufthansa continues to save through fuel hedging

German airline Lufthansa has reported a increase in operating expenses of only 1.3% despite a big surge in fuel prices, partly thanks to its fuel-hedging strategy.

Overall costs in the first half of 2005 came to €8.8 billion, while fuel costs rose by €327 million (41.8%) to reach €1.1 billion. Without the fuel price hedging measures, says Lufthansa, the company would have had to pay €111 million more for jet fuel.

The spot price of Rotterdam ARA kerosene-type jet fuel has climbed to US$1.75 a gallon as of July 28 from around $1.32/gallon at the start of the year.

The carrier cited “ongoing cost containment and fuel price hedging measures”, on top of

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