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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Japan Airlines counts losses from wrecked Tokyo plane

Japan Airlines counts losses from wrecked Tokyo plane
Japan Airlines counts losses from wrecked Tokyo plane Japan Airlines counts losses from wrecked Tokyo plane
Japan Airlines counts losses from wrecked Tokyo plane
Japan Airlines counts losses from wrecked Tokyo plane Japan Airlines counts losses from wrecked Tokyo plane

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Japan Airlines (JAL) announced on Thursday that it estimated more than $100 million in damages after one of its planes was wrecked in a runway collision this week at Tokyo’s Haneda airport.

The 379 passengers and crew on board the JAL (9201.T) Airbus (AIR.PA) A350 widebody airplane evacuated before the plane was entirely consumed in flames that took over six hours to extinguish.

However, five of the six crew members of the second aircraft—a smaller Coast Guard jet on its third flight to provide supplies to earthquake-ravaged areas on Japan’s west coast—were killed, while the remaining pilot was severely injured.

Transport officials are investigating the events that led to the Coast Guard plane accessing the runway where the passenger airplane was landing as investigators examined the charred wreckage on Thursday. According to media reports, police are also investigating alleged professional malpractice in the case.

Air traffic control ordered the Coast Guard jet to fly to a holding area near the runway minutes before the disaster. According to transcripts obtained by officials, the pilot seemed to have read back the orders in recognition.

According to the transcripts, Japanese officials confirmed on Wednesday that the passenger flight had been cleared to land, but the smaller plane had not been approved for takeoff. According to Coast Guard officials, the Coast Guard pilot stated that he had been given clearance to access the runway after the incident.

Authorities have recently begun their investigations, and aviation experts warn that an airplane crash typically requires the collapse of many safety guardrails. According to a copy of the advisory released by US authorities, a notification to pilots in effect before the disaster warned that a strip of stop lights embedded in the tarmac as an added safety precaution to prevent erroneous turns was out of operation.

According to a UK-based travel industry statistics company, Haneda was the world’s third-busiest airport in 2023. According to Shigenori Hiraoka, director general of the Civil Aviation Bureau, the airport was at capacity on the day of the tragedy, a public holiday in Japan. According to Reuters on Thursday, the Coast Guard jet was on its third emergency flight to an earthquake zone in 24 hours when it crashed.

According to a JTSB spokesperson, the Japan Transport Safety Board (JTSB) is conducting the safety inquiry, which has been joined by 14 outside investigators from Airbus, French, and British agencies and one representative from the jet’s engine producer, Rolls Royce. According to the official, the police are conducting their investigation in parallel.

LARGE LOSSES

On Thursday, JAL predicted that the catastrophe would result in an operational loss of around 15 billion yen ($105 million).

According to the firm, the aircraft’s loss should be compensated by insurance, which added that it reviewed the impact on its profit estimate for the fiscal year ending March 31. According to JAL authorities, the airline was considering compensation with specific customers, two of whom had dogs that died in the event.

According to insurance industry insiders, AIG (AIG.N) was the primary insurer on a $130 million “all-risks” policy for the two-year-old jet destroyed by fire. AIG refused to comment.

The Aviation Safety Network said this was the first hull loss for the A350 aircraft in the world. The type, mainly comprised of carbon composite, went into commercial service in 2015.

JAL shares dipped as high as 2.4% as trading reopened following the New Year’s vacation before ending up 0.8%.

It took the crew 18 minutes from the incident to get everyone off the plane and securely accounted for.

According to a JAL spokeswoman, most of the passengers on the aircraft from Hokkaido were Japanese, with at least 43 foreigners verified among them, including Australians, Swedes, Hong Kong, Chinese, and South Korean nationals.

Wreckage from the planes remained spread around the runway on Thursday as many authorities assessed the damage, some wearing masks, gloves, and hard helmets, according to video carried by national broadcaster NHK. On Wednesday, a Coast Guard officer said they retrieved a voice recorder from the Coast Guard jet.

Since Tuesday’s tragedy, hundreds of flights into and out of Haneda have been canceled or delayed, leaving many angry passengers at the airport.

Michio Kusunoki, a 67-year-old teacher, said he faced two canceled flights from Haneda to his hometown of Fukuoka in south Japan.

“I was supposed to board an aircraft yesterday evening at 7.30 p.m. Then I moved to this morning at 8:30 a.m., and that flight was also canceled,” he explained. “I couldn’t get anything after that till 4:30 p.m., so I am going to roam around as I can’t get home.”


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