Ferry boss says airlines 'failed to hedge' as flights are cancelled or prices raised
The ferry company's boss Christophe Mathieu is accusing other providers of 'profiteering'
Last updated 17 hours ago
Brittany Ferries - which operates services out of Plymouth, Poole and Portsmouth - says fare hikes and cancellations are 'not unavoidable' as it criticises airlines.
This week Lufthansa became the latest to cancel some flights until October because of rising costs as it blamed the situation in the middle east with Iran. The airline insists the latest cuts only represent one percent of its 'available seat kilometres'.
Brittany Ferries said it secured the “vast majority” of its fuel at a fixed price – known as hedging – which limits the impact of the rise in the cost of oil.
CEO Christophe Mathieu said: "You can see that in the port of Plymouth we have some tanks where we can stock at least for three or four weeks of supply.
"More importantly we have hedged our fuel, therefore we have brought our fuel forward and we bought it - as we normally do - back in November, December and January when the prices were 70-dollars a barrel.
"That means we've secured (prices) for Summer 2026."
The ferry company operates routes to France and Spain from Plymouth - transporting 150,000 passengers to Santander and 400,000 to Roscoff each year.
The latest figures today have revealed that rising air fares and fuel prices pushed inflation up to three-point-three per cent last month, from three per cent in February.
When asked if he believes some firms were profiteering, Mr Mathieu said: "Maybe they are.
"I think fuel shortage is a bit of an excuse for those that have not hedged to actually cancel flights - because the best way of not paying your fuel is not to operate your flights.
"I find it extremely bizarre, almost, that they are cancelling flights - or putting prices up - when if you'd hedged there's no reason why you should put your prices up,
"It's a bit murky and it's a bit unclear what exactly they are doing.
"When big airlines cancel thousands of flights like that it makes you wonder whether they are protecting themself from not having hedged by cancelling all the flights - which is not very nice for the people who have booked."
Mr Mathieu says he is worried about the impact of concerns over rising fuel hitting the wider travel industry this Summer.
Today travel firm TUI warned more of us are waiting until the very last minute to book a summer holiday.
It blamed "consumer caution" and the ongoing war in the Middle East for a slump in profits, with the conflict continuing to squeeze jet fuel supplies.
TUI has already had to bring home 10,000 passengers from the region since the start of the conflict.
Brittany Ferries also said its suppliers have “guaranteed the free-flow of all maritime fuels”.
It made the comments as rival ferry operator DFDS told the Jersey Evening Post it will attempt to absorb higher costs but “ultimately, we are going to have to share that pain until prices drop again”.
Some airlines such as Virgin Atlantic have imposed fuel surcharges on passengers in response to higher oil prices, and others such as KLM have cancelled flights amid concerns about a shortage of fuel.
Mr Mathieu said: “If you have booked with us, or are considering doing so, we will get you to a beautiful and safe holiday destination this year. Period.
“Secondly, we will play no part in profiteering or seeking to recover losses from a gamble gone wrong, as some appear to be doing.
“The cost of our holidays rose by inflation earlier this year, and by inflation alone.
“There will be no further rises in the weeks or months ahead.
“Conflict or other global uncertainty should never be used as the basis to hike prices.
“It is absolutely the unacceptable face of capitalism.”
Brittany Ferries said it had recorded a 37% increase in reservations over the past fortnight for sailings in July and August, which it claimed indicated many families were “abandoning the volatility of travel by air”.
Meanwhile, travel company On the Beach said its prices for package holidays in the next three months were an average of 10% cheaper compared with the same period last year.
Its analysis of 11,500 holidays found they were typically £110 cheaper than a year ago.
Caspar Nelson, holiday expert at On the Beach, said: “This is a rare, sunny spot for consumers right now and our advice is quite simple: now is the right time to book and lock in your price.
“Take advantage of these deals while they are still working in your favour.”
A senior travel industry source said there had been downward pressure on the price of holidays in destinations closer to the war in the Middle East, such as Cyprus, Turkey and Egypt.
But prices are expected to rise closer to the summer peak period, in line with demand.