Greece’s largest airline has reassured that there is no immediate risk of aviation fuel shortages in the country, despite growing concerns in global markets driven by geopolitical tensions.
Speaking at a shareholders’ meeting, Aegean chairman Eftichios Vassilakis said fuel availability at Greek airports remains secure for the coming months, with suppliers indicating sufficient reserves and continued production.
No Supply Disruptions Expected
According to Vassilakis, current data from fuel providers suggest that stocks are adequate and that supply chains remain functional. There are no signs of refueling issues at Greek airports for at least the next three to four months.
He added that even exports of refined jet fuel are continuing, while alternative supply routes are being strengthened, helping to maintain stability in the market.
Contacts with international financial institutions involved in fuel hedging also confirm that European reserves are broadly in line with levels seen before the outbreak of conflict in the Middle East.
Rising Costs Pose Major Challenge
While supply appears stable, the airline is facing mounting pressure from rising fuel prices, which could affect both operations and ticket demand.
For 2026, Aegean has secured 60% of its fuel needs through hedging, leaving the remaining 40% exposed to market fluctuations.
During the first half of the year, the additional cost burden is estimated at between €40 million and €65 million, depending on price trends. If similar conditions persist, a further €50 million impact is expected in the second half.
In a worst-case scenario, the total financial impact could reach between €90 million and €115 million. Without the hedging strategy, the company said the cost increase would have been significantly higher.
Impact on Fares and Demand
The airline has already made adjustments to ticket prices in response to rising costs. However, it remains unclear to what extent these increases will offset the financial pressure.
Vassilakis noted that passenger demand will be a key factor, as higher travel costs could influence consumer behavior if current conditions continue.
Despite the challenges, the company expressed confidence in its ability to navigate the evolving situation, emphasizing that fuel availability is not currently a concern, even as price volatility continues to weigh on the aviation sector.
