SAS future is based on minimum 50% of pre pandemic passenger traffic already this summer

If SAS is to reach that target they'll better quickly get a new CEO in that brim full of ideas can land running. We need to see skidmarks just like a plane.

The cash of the company have in the last quarter reduced with more than halve. And their chances of borrowing more is not getting any better with Moody downgrading them from B3 to Caa1 and hints to an even more negative future. 

Worse is they are expecting 20% in April and 30% in May/June. That can be difficult if one compares to last year when Europe didn't really open up before July. Add in the uncertain vaccine supplies and this summer could be a complete wash out. Notice all vaccine forecasts says that most is going to happen in the last month. That is a recipe for disapointment.


There is still much to be said for freight. If passenger volumes is only going to be 50% that is a lot of missing belly capacity transcontinentally, and europe wide. Most international post is still at less than halve the speed it was pre-covid. That is nearly pre-flight speed. And lots get rejected and returned as unprioritized.

Still diapointed how passive SAS has been in this area. They who had a freight organisation should have been able to double or even treble that by now. Instead they seem to have been happy with a bit less than status quo.


No matter what they go for there need to be generated an income from more of their assets. Reducing leasecosts, selling and hiring back and borrowing more is not at path to a profitable near future. Its a band aid to get the current CEO over to ex-CEO status. 

SAS should have had the new man in within a month of the last one seeking the door. 6 months as a lame duck is to long for any top person. And in a pandemic its disastrous. 

It seems the forecasted traffic numbers are more based on what is needed to make the SAS budget go round than what is realistic pandemic wise. Maybe a Swedish thing since glass halve full rather than caution seems to have been their way of handling the CoVid19 pandemic from the start.  

With 6 billion skr still in the kitty they can still take drastic steps, but time is running out fast. Another quarter and it could be gone leading the company back to the begging bowl seeking more handouts from its owners the Swedish and Danish governments and the Wallenbergs.

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