观点航空业

Oil prices reignite great airline debate: to hedge or not?
动荡油价再度点燃航空业论辩:如何对冲风险?

There is a case for bosses to accept that market forces, like bad weather, just have to be navigated as they arise
航空公司的高管们应接受这样一个事实——市场力量犹如坏天气,唯有随机应变、努力应对。

One thing all airlines have in common, for now at least, is their reliance on oil. But how they pay for it varies widely. There’s a divide between those that hedge — notably European and Asian airlines — and those that don’t. Going au naturel seems riskier now, but there is much to recommend it.

眼下有一点是所有航空公司共同的:都离不开石油,但它们为此买单的方式差别很大。行业内分成两派:对冲的一方——以欧洲和亚洲航司为主——以及不对冲的一方。现在看来,完全依靠自身资金似乎风险更大,但这样做也有很多好处。

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