Icelandair has downgraded its EBITDA forecast from $140-$145 million to $138-$143 million for the year following May’s industrial action by its pilots. The revised forecast assumes an average €/$ cross rate of 1.35 and average fuel price of $1,000 per ton for the remainder of the year. The direct effect of the pilots’ industrial action is estimated to be $3.5 million. The flight deck crew, which staged a strike May 9, resulted in the cancellation of 26 flights. Afterward, ...

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