00:00Let's bring in Danny Lee, our Bloomberg Transfer Reporter.
00:02He's with us here right now on just how severe these disruptions have been.
00:06Well, the disruption really is focused on the Gulf carriers who, you know,
00:11transfer like tens of thousands of passengers a day.
00:15But when you see the reaction this morning in airline stocks in Asia,
00:20clearly there is a bigger worry about the cost of oil, the cost of jet fuel,
00:24that is feeding into a lot of these losses.
00:27You know, as you said, the losses are halving in some cases now.
00:31So there is some pressure being eased on airline stocks.
00:34But clearly this is a very fluid situation.
00:36And the fact that the Middle East is not seeing any flights go to or from some of the world's
00:43busiest international airport hubs,
00:45there is a lot of displacement and a lot of disruption overall.
00:48Yeah, I mean, you just put Abu Dhabi, Dubai and Doha.
00:52That's pretty much a hefty part of passenger volume.
00:55What have we heard so far from, is it a total closure of airspace there?
00:59What are we hearing from those airlines?
01:00So for the Persian Gulf, airspace is still closed around the UAE, Doha, etc.
01:06And for the airlines as a result, you know, the main carriers being Emirates, Qatar, and Etihad,
01:11they're going to see rolling cancellations until they have clarity on when airspace will open.
01:17But also to the fact that, as we saw over the weekend, there were attacks that targeted Dubai.
01:23Well, the airport.
01:23Yeah, Dubai and Abu Dhabi, including there was a fatality as well.
01:27So there is clearly a risk.
01:29And I don't think airlines will want to put, you know, clearly they're not going to put passengers in harmways,
01:34but also these aircraft as well.
01:35So it's clearly not safe to operate.
01:37So I think for the meantime, we are seeing that there is just going to be this rolling cancellations.
01:41And also for airlines operating into, from this part of the world, especially into the Middle East,
01:47they're cancelling flights all the way at least up to March 7th, some indefinitely.
01:51So there is some airlines taking a longer view in the short term that there will be very few flights
01:57operating.
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