Emirates' Tim Clark: Coronavirus is a black swan event for the airline industry - The National:
More airlines could have collapsed or consolidated globally without government intervention amid the Covid-19 pandemic and the aviation industry will see a decline in passenger traffic as well as the number of aircraft used by carriers once the crisis subsides, Emirates president Tim Clark said.
“It might have happened had there not been massive state intervention over the last months,” Mr Clark said in an interview with The National. “You would have seen companies that would have ordinarily sought to merge, amalgamate with others to relieve themselves jointly of the financial predicament they face.
“That would have happened, but then of course things started to accelerate, and the financial state of the business became exponentially bad. The first port of call was not to each other but to either to the shareholders and or to the states to intervene and that is clearly what has happened.”
Airlines across the globe are facing severe liquidity problems after the pandemic triggered country movement restriction measures and crushed
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| Tim Clark joined Emirates in 1985 as head of planning and rose up the ranks to become company president in 2003. Reuters |
More airlines could have collapsed or consolidated globally without government intervention amid the Covid-19 pandemic and the aviation industry will see a decline in passenger traffic as well as the number of aircraft used by carriers once the crisis subsides, Emirates president Tim Clark said.
“It might have happened had there not been massive state intervention over the last months,” Mr Clark said in an interview with The National. “You would have seen companies that would have ordinarily sought to merge, amalgamate with others to relieve themselves jointly of the financial predicament they face.
“That would have happened, but then of course things started to accelerate, and the financial state of the business became exponentially bad. The first port of call was not to each other but to either to the shareholders and or to the states to intervene and that is clearly what has happened.”
Airlines across the globe are facing severe liquidity problems after the pandemic triggered country movement restriction measures and crushed
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