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TUI To Partially Restart Summer 2020 Programme; Stock Up

Shares of TUI Group (TUIFF.PK) were gaining around 6 percent in the early morning trading in Germany after the tour operator Tuesday announced its plans to partially restart its Summer 2020 programme with easing of travel restrictions in Europe.

Based on the current restart dates, TUI is planning to operate around 30 percent of its original capacity in the fourth quarter.

Over the last two weeks, the company has reopened its hotels in Germany and Austria. TUI said it gradually resumes flights out of Germany, Switzerland and the Benelux countries from mid-June and beginning of July.

The company currently anticipates its remaining markets such as UK and Nordic region to follow suit later in the summer.

TUI said it restarted the summer season Monday with two fully booked flights from Germany to Majorca. In addition to these two flights, a further 20 departures are planned in the coming days, to include Faro as second destination.

The company plans to offer from July a variety of destinations including Spain, Greece, Cyprus, Italy, Croatia, Bulgaria, Portugal, Austria, Germany and Switzerland.

The company said it plans to reopen around 50 percent of Group hotels from beginning of July . This may increase as travel restrictions ease through the summer.

TUI also plans to begin a gradual restart of cruise business with comprehensive health and safety protocols on board its vessels. TUI Cruises is planning to restart operations with short three to four day cruises this summer.

Subject to the opening of further ports, TUI Cruises is planning additional longer routes as a next step.

Summer booking position is currently around 25 percent sold and ASP is up 14 percent, supporting the restart of business operations.

Additionally, Winter 2020/21 bookings for UK are up 6 percent with ASP up 5 percent but remain early in the booking cycle.

In Germany, TUI Group shares were trading at 5.37 euros, up 6.38 percent.

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