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According to published schedule data from OAG filings, AMR’s system-wide capacity (measured by seats, not ASMs) over the next three months (May-July) is down 1.6% y/y, exactly in line with the schedule data from the last two weeks. Domestic capacity is expected to decline 1.5% y/y, transatlantic capacity is expected to decline 3.7% y/y, transpacific capacity is expected to decline 13.3% y/y (driven by ORD-DEL), and Latin capacity is expected to decline 1.0%, all in line with last week.
We attended SAVE & ALGT’s appeal of DoT “Rule 2” at the Court of Appeals in Washington D.C. on Monday. SAVE (and others) are suing the DoT for overreaching with the Department’s so called “Rule 2” mandate that requires airlines to refund fares purchased within 24 hours if the customer asks, prohibits the advertisement of fares that exclude taxes/fees (this impacts SAVE’s $9 fares), preemptively disallows airlines from selling tickets that have a variable fuel price component that would be calculated shortly before the flight, but after the ticket was purchased (we refer to this as post purchase price adjustments, or PPPA), and more. The appeal was argued by outside counsel primarily representing SAVE, and we believe we were the sole attendees from the investment community, and below in the note we recapped key themes from the hearing.
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