Multiple airlines and companies within the aviation sector have filed for insolvency. This trend comes in the months following the U.S.-Israeli strike on Iran and a subsequent surge in jet fuel costs, as quoted from Detik Finance.
At the start of June, cargo carrier European Cargo Limited entered administration. The move resulted in the loss of 178 jobs and will likely lead to the liquidation of multiple A340-60 aircraft in its fleet.
The carrier was established out of Bournemouth in 2020. It operated on a model that converted old Virgin Atlantic liners into freighter planes after the British government requested urgent transport for personal protective equipment from Malaysia during the pandemic.