Delta is retiring its newly-retrofitted Boeing 777 fleet to help 'stem the bleeding' during the coronavirus crisis

Delta is retiring its full Boeing 777 fleet, describing it as a necessary move to help "stem the bleeding" caused by the coronavirus crisis.

The company announced Thursday that as it faces an "unprecedented" drop in travel demand during the pandemic, it has made the "difficult" decision to retire this 18-aircraft fleet permanently by the end of 2020.

"Retiring a fleet as iconic as the 777 is not an easy decision," CEO Ed Bastian said. "...However, parking this fleet will provide significant cost savings over the next several years. Delta is currently burning about $50 million every day, and steps like this help us stem the bleeding, in an effort to safeguard Delta jobs and our future."

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Bastian said Delta's more fuel-efficient and cost-effective A330s and A350-900s will be used for long-haul flying when "international demand resumes." The announcement comes just a few months after, as The Points Guy's Emily McNutt noted, Delta finished retrofitting its 777 fleet.

But the move signaled, CNBC noted, that Delta "doesn't expect a quick return of long-haul international travel." Earlier this week, the CEO of Boeing predicted that amid the "grave" threat airlines face while travel plummets during the crisis, one major carrier is likely to go out of business, and traffic likely won't return to 2019's level for about "three full years."

Meanwhile, Reuters reported on Thursday that Delta expects to have 7,000 more pilots than it needs by this fall, a number John Laughter, senior vice president of flight operations, acknowledged is "alarming."