Wizz Air to fly to USA this summer despite shares plunging to historic low

Wizz Air has weathered the coronavirus pandemic – not without substantial Hungarian state aid – as well as the ensuing energy crisis and inflationary turmoil. Now, the low-cost carrier is planning transatlantic flights this summer. Yet another challenge threatens to derail these ambitions: the company’s shares plummeted on the stock market yesterday, a fate shared by its rivals. Who will emerge standing from this fresh crisis, as ticket prices continue to climb?

Wizz Air takes wing to America

Following regulatory approval, Wizz Air’s UK subsidiary announced charter flights to the United States during the football World Cup. This means Wizz Air aircraft will ferry European football teams, fans, and group travellers across the Atlantic in June and July. “We are ready to deliver an outstanding charter experience and bring fans closer to the action in the United States,” said Yvonne Moynihan, managing director of Wizz Air UK.

The company added, however, that it has neither the intention nor plans for scheduled services across the ocean – for now.

Wizz Air shares hit historic low

Wizz Air’s shares tumbled to a historic nadir yesterday, reports Tőzsdefórum. The Hungarian budget airline is not alone in its woes: even as it shelves Middle East expansion amid the region’s precarious security, peers are suffering too. Soaring kerosene prices have sent Lufthansa, EasyJet, and Air France-KLM shares into a steep weekly decline.

The culprit is stark: on 28 February, US President Donald Trump launched strikes on Iran alongside Israel, prompting Tehran to seal off the Strait of Hormuz last week. Oil tankers are stranded, the global economy braces for another energy shock, and prices for petrol, diesel, and kerosene – along with transport sectors – bear the brunt.