The companies claim of eroding passenger demand as a result of the Iraq War is completely bogus. It is very clear that load factors are not down. April 2003 loads were virtually identical to that of April 2002: 74.1% vs. 74.3% respectively. As of yesterday, the May 2003 load factor = 72.2%. May 2002 loads were 73.6%. Loads for this past week are very high:
Sun 5/18 86%
Mon 5/19 78%
Tue 5/20 64%
Wed 5/21 76%
Thu 5/22 87% (Fri-Mon loads should be very high as well)
I would expect the final load numbers for May 2003 to be virtually identical to those of May 2002. Of course, these loads are not "floating the US boat", but I don''t believe anyone can make an effective arguement for a negative "war effect". If anything, there have been alot of positives for the airline industry as a direct result of the war in Iraq.