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Norwegian can fly right into more turbulence in the years

(Mallorca): on Monday came the traffic numbers that showed that the English had 2,77 million passengers in December, up 15 percent from the same period in 2017.

the Report showed, however, that the airline failed to fill the planes as full as before.

In December fell the so-called cabin factor of around 6 percentage points of 78,6 per cent. The incision for the 2018 was 85,8%, down from 87.5 per cent in 2017.

In addition, it was stated that the company has secured 245.000 tonnes of jet fuel to 675 dollars per. tonnes in 1. quarter, and 529.500 tonnes to 683 dollars for 1. quarter.

This corresponds to approx. 37 per cent of the estimated fuel consumption in 2019, but since the hedge had happened at higher rates than at the end of the year, had it applied selsdkapet a loss of nok 1.8 billion.

More turbulence in the 1. quarter?

A turbulent year is over for the airline, which last quarter was characterized by fears for the issue and loss of drivstoffsikringer, when the Norwegian took a risk that the company's equity fell below 1.5 billion.

the Stock rose on Monday and continues Wednesday.

Martin Mølsæter, who by the fund, the First Generator is the company's 14. the largest shareholder, said to Finansavisen that it may be due to the fact that the company, as some have feared, avoided to get in violation with the terms in the fourth quarter.

– the traffic numbers were not so good that the stock should rise, he says.

Mølsæter believe ceo Bjørn Kjos and the rest of the management at the Norwegian has managed to get over the worst - to avoid your breach of the terms in the fourth quarter.

He believes however, is not that the problems are over and believe that the next step may be to enter into dialogue with the bondholders.

, Not copyright

– Kjos should negotiate with the bondholders. Manage the company to get the deferral in the first quarter from the bondholders, to give them a little treat, the company will, in practice, make it in any case until the fourth quarter even in a bad market. Both the second and the third quarter is the seasonally good, and that is when the company is building equity, " he says to the newspaper.

He believes that the equity was close to the requirement of 1.5 billion by the end of the year, and shows that the first quarter historically is the weakest for airlines.

Figures for 2018 is not clear, but we have not been in breach with bond covenant so far and there is also nothing that suggests that we're going to break with the loans in the fourth quarter, says chief financial officer Geir Karlsen in English, according to Finansavisen.

We do not intend to break with the bond covenant to come either. Otherwise we record that the multiple analysts and the market in general so far have reacted positively on Monday's traffic numbers, he adds.

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