Jazeera may hedge 25% of its Q2 fuel

Jazeera Airways' newly appointed chief executive Andrew Cowen has said that the airline has 25% fuel hedging requirement for the second quarter of this year.

He said Jazeera is currently looking to put a hedging strategy in place now that oil prices seem to be stabilising. Jazeera reported a 94% increase in 2008 net profit and 40% increase in operating revenues compared to a year earlier. The airline's chairman, Marwan Boodai, had said recently that Jazeera gained through not hedging fuel contracts, which allowed it to buy cheaper fuel on the spot markets in the second half of the year as oil prices fell, which allowed Jazeera to generate higher profits.