SINGAPORE - Asian jet fuel demand is taking a beating from an outbreak of a flu-like virus in China that has led airlines to cancel scores of flights during the peak Lunar New Year travel season.
Airlines and passengers are on guard against the respiratory coronavirus that originated in the central Chinese city of Wuhan, so far killing more than 100 people in China and spreading to more than 10 countries, including France, Japan and the United States. During the 2002-2003 outbreak of Severe Acute Respiratory Syndrome - also caused by a coronavirus that originated in China and which killed nearly 800 people globally - air passenger demand in Asia plunged 45%. And now, the travel industry is more reliant on Chinese travelers, and China’s share of the global economy has quadrupled.
“Flight departures from the top five biggest Chinese airports fell by nearly 800 flights this past weekend relative to weekend, while traffic in the five airports closest to Wuhan have fallen by nearly 50% over recent days,” analysts at RBC Capital Markets said in a note.
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