China Eastern cuts fuel hedging
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China Eastern Airlines will cut fuel-hedging positions this year after losses from wrong-way bets on prices widened to about CNY7 billion (US$1 billion), Bloomberg report a company executive as saying.
The carrier expects to reduce hedging losses to below CNY6 billion as it closes contracts, the report added. According the executive, who declined to be named, China Eastern currently hedges 36% of jet-fuel needs.
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