China Southern Airlines posted a $6.3 million gain on its fuel hedges in 2008, becoming the only Chinese carrier to avoid the impact of last year's wildly fluctuating oil prices. The Guangdong-based airline suspended its hedging contract in September, which is why it was able to remain in the black, a company insider told ATWOnline yesterday. International routes comprise just 20% of CZ's total, less than that of rivals Air China and China Eastern Airlines, which also helps insulate the ...

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