Watching Bloomberg, one gets the distinct impression that Ivan the Terrible approves of hedging. I believe it can be laid directly at his door and, as such, he should resign or be fired.
Won't happen, of course, because that would mean admitting an almighty screw up which Cathay Managers cannot be seen to have committed.
Keep cutting corners and shutting engines down whilst taxiing in chaps. Don't waste that precious fuel cos it's very expensive - even though it could be quite cheap.
BA, by the way, have just refurbished their entire fleet of about 20 remaining -400's. How can they think ahead so well when our clowns are effectively doubling the price of our fuel.
Quite maddening.