That is right, Leftof,
Air New Zealand seem to have adopted an impressive honesty since the lying and attempted cover up of the Antarctic Erebus disaster.
As pilot investor, not spending all my money on wine, women and song , I have been known to invest sometimes in airline shares, but I sell out when the fuel price rises, because I am assuming no hedging because no information
Hedging must be done through a middle man who gets his cut, so really hedging is a loss of efficiency. There is no free lunch and nobody really knows where fuel prices are going, so it is more efficient not to hedge at all if the company has reserves to weather a storm.