Several weeks ago, I looked at how airlines around the world would be losing loads of money because of the financial crisis and swine flu. According to industry forecasts, they were set to lose $9 billion this year. That would be just a start. There is no relief in sight.

Not surprisingly, the industry's losses are starting to come in thick and fast.

The Financial Times reports that Singapore Airlines, the world's second largest airline by market capitalization, will record its first ever full year loss. This is from an airline that has consistently reported profits since it was established nearly 30 years ago.

Air France-KLM has reported a bigger than expected loss of $598 million because of a drop off in premium travel and cargo.

According to the BBC, British Airways has reported a pre-tax loss of $245 million because of falling traffic. People simply aren't flying anymore.

Lufthansa's profits have nose-dived 88%. With the recession, the demand for those high margin first class and business class seats has fallen away.

No doubt there will be speculation of consolidation. But then, mergers would be unlikely. No airline these days has the balance sheet power. We are more likely to see smaller carriers going out of business.