{"id":3509,"date":"2018-02-04T20:47:43","date_gmt":"2018-02-05T01:47:43","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/garuda-indonesia-adopts-bloombergs-electronic-platform-jet-fuel-hedging\/"},"modified":"2019-08-23T03:35:31","modified_gmt":"2019-08-23T07:35:31","slug":"garuda-indonesia-adopts-bloombergs-electronic-platform-jet-fuel-hedging","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/garuda-indonesia-adopts-bloombergs-electronic-platform-jet-fuel-hedging\/","title":{"rendered":"Garuda Indonesia Adopts Bloomberg\u2019s Electronic Platform for Jet Fuel Hedging"},"content":{"rendered":"
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Indonesia’s national airline sets benchmark in corporate treasury with\u00a0<\/em>trading and operational excellence<\/em><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n

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A Garuda airplane is seen taking off at Soekarno-Hatta International Airport in Cengkareng, Banten, Indonesia on Thursday, December 8, 2011. Photographer: Dimas Ardian\/Bloomberg<\/p>\n<\/div>\n

Jakarta \u2013 Garuda Indonesia (Garuda), Indonesia\u2019s flagship carrier, is the first airline in Asia Pacific to adopt Bloomberg\u2019s commodity electronic trading workflow (RFQC) to manage its jet fuel hedging needs. Garuda can now access and execute real-time price quotes, while minimizing operational risks inherent with manual tender processes.<\/p>\n

With full trading records available electronically on Bloomberg, Garuda can announce winning bids easily to all tender participants. Counterparties are now able to price and trade more frequently in a fair and secure environment.<\/p>\n

\u201cGiven that fuel accounts for 25 to 40 percent of Garuda\u2019s operating expense, proactively managing our fuel costs through hedging will enhance our competitive edge,\u201d said Helmi Imam Satriyono, Director of Finance and Risk Management at Garuda Indonesia. \u201cBy adopting Bloomberg\u2019s RFQC to transform our jet fuel hedging workflow, we are able to save substantial costs and time. Our partnership with Bloomberg allows us to leverage technology to manage the tender process with optimal efficiency and full transparency.\u201d<\/p>\n

\u201cGaruda has truly set a benchmark in fuel hedging for the airlines industry in the region,\u201d said Andrea Mosconi, Bloomberg\u2019s Head of ASEAN. \u201cFuel costs are one of the largest costs that airlines grapple with constantly. Bloomberg is very pleased to partner with Garuda in a milestone initiative that could reshape the jet fuel hedging business in Asia. We look forward to more firsts together in the future.\u201d<\/p>\n

Bloomberg\u2019s RFQC is a commission-free electronic platform for commodity trading and hedging. Available to Terminal subscribers, the platform enables corporations to receive and record real-time prices from preferred counterparties, execute and confirm trades and seamlessly integrate details into order management, risk management and back office systems.<\/p>\n

###<\/p>\n

About Garuda Indonesia
\n<\/strong>Presenting a new level of service excellence in air travel, Garuda Indonesia, the national airline of Indonesia, seamlessly connects 80 destinations worldwide to not only one of the largest economies in Southeast Asia, but also an array of exotic locations in the beautiful archipelago of Indonesia all at once. With close to 600 daily flights and a fleet of 144 aircraft with the average age of which is less than five years old, Garuda Indonesia proudly serves its passengers with the award-winning \u201cGaruda Indonesia Experience\u201d service, which highlights Indonesia\u2019s warm hospitality and rich diverse culture.<\/p>\n

The airline continuously strives, through its ongoing transformation program, to provide better and more convenient services with one of the youngest fleets in the sky. The progress of Garuda Indonesia\u2019s transformation program can be seen from achieving a Skytrax\u2019s 5-star airline rating, ranked as the 10th best airline in the world, as well as winning the prestigious \u201cThe World\u2019s Best Cabin Crew\u201d award in 2014 \u2013 2016. Garuda Indonesia is a member of SkyTeam, the global airline alliance with 20 members, providing access to an extensive global network with over 16.320 daily flights to 1,052 destinations in 177 countries.<\/p>\n

For further information, please log on to www.garuda-indonesia.com<\/a>, follow @IndonesiaGaruda on Twitter, like our Facebook page at PT.GarudaIndonesia, or subscribe to youtube.com\/GarudaIndonesia1949.<\/p>\n

About Bloomberg
\n<\/strong>Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company\u2019s strength \u2013 delivering data, news and analytics through innovative technology, quickly and accurately \u2013 is at the core of the Bloomberg Terminal. Bloomberg\u2019s enterprise solutions build on the company\u2019s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit\u00a0www.bloomberg.com or request a demo<\/a>.<\/p>\n

 <\/p>\n

Media Contacts
\n<\/strong>Garuda Indonesia
\n<\/strong>Corporate Secretary, Hengki Heriandono, hengki@garuda-indonesia.com<\/a>,<\/p>\n

Bloomberg
\n<\/strong>ASEAN, Grace Ngoh, gngoh2@bloomberg.net, +65-6231-3690<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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