It is now early 2009, fuel prices are at a record low - $40 and Quark still impose fuel surcharge. Now they claim:
"our company was introduced to a financial instrument that had not been available to us before. This instrument, a fuel hedge, functions somewhat like an insurance policy: a financial institution takes on the risk over the variable fuel costs. As fuel costs were reaching historic highs, our passengers were, quite rightly, seeking protection from future increases. Quark Expeditions purchased a hedge to protect its clients and business against further fuel price increases, which were widely anticipated by economists and analysts."
In short, they claim they fixed the price at its all-time high. Needless to say, they want the customers to pay...