Cargolux increases fuel surcharge

Luxembourg-based all-cargo carrier Cargolux is increasing its fuel surcharge as of Sept. 30, according to a notice from the carrier today.

Cargolux is adjusting the fuel surcharge to €0.65 per kilogram, or its equivalent in local currency, based on chargeable weight of the shipment. Earlier notices indicate the surcharge has ranged from €0.55-0.65 during 2019.

The notice said the airline is “react[ing] to an increase in fuel prices” and accordingly adjusting its fuel surcharge for all shipments.

Fuel prices may increase following Sept. 14 drone and missile attacks that halved oil production at Saudi Aramco’s facilities. However, according to the U.S. Energy Information Administration, spot prices for kerosene-type jet fuel at the U.S. Gulf Coast stood at $1.83/gallon as of Sept. 13., slightly below the year-to-date average of $1.88/gallon. Year-over-year, average jet fuel spot prices at the U.S. Gulf coast are down 7.4% year-to-date and down 16.4% for the week of Sept. 13.

Additionally, Reuters reported today that Saudi Aramco has already restored more than 75% of its lost crude oil output and expects to return to full production by early next week.