Ethiopian Airlines rides out pandemic on strength of cargo boom

Six months since the coronavirus pandemic upended the global airline industry, Ethiopian Airlines is facing a heavy toll: more than $1b in lost revenue, to say nothing of 850 infected employees. Yet Tewolde Gebremariam, CEO of the state-owned airline and jewel of Ethiopia's economy, maintains the situation would have been far worse if it had not rapidly adapted to a 90% drop in international passenger traffic. Africa's largest carrier pivoted in March to meet surging demand for air freight, repurposing 45 passenger jets in order to build out its cargo fleet. "We were very quick, very fast, flexible and agile to move our forces, resources and everything to cargo," Tewolde said. "I would say that those actions have saved the airline." So far Ethiopian has avoided seeking a bailout, laying off any full-time employees or requesting deferrals on debt payments, Tewolde said. It even reported a profit of $44m for the first half of the year, he said, although the company declined to give details because the figures are unaudited. The slow rebound in passenger traffic means Ethiopian remains in "survival mode", Tewolde said. But as the industry attempts to recover, he is looking to deepen ties with other African carriers, notably beleaguered South African Airways (SAA). "It is... an opportune time now to support other airlines because we are in a better position," he said.<br/>