Caribbean Airlines plans to cut around a quarter of its staff, or 450 employees, as part of a restructuring of the carrier.

The airline, headquartered in Trinidad & Tobago capital Port of Spain, also said it would put a number of aircraft into storage.

Caribbean Airlines said the restructuring strategy comes in the wake of the devastating Covid-19 crisis.

“We will need to adjust operations to cater for a reduced scale of demand after the opening of the borders,” explained a statement.

”Put simply, passenger demand in the short- to medium-term is not going to recover sufficiently to support the existing company structure,” the airline added.

“As a consequence, Caribbean Airlines is required to take further steps to ensure it has a sustainable business model for 2021 and beyond.

“These steps include major cost reductions in all areas of the operations, specifically its human resource complement, its fleet and other assets, and its route network.”

According to Cirium fleets data, the airline currently has six ATR 72-600 turboprops in operation, as well as seven Boeing 737-800 aircraft.

It has five Boeing 737 Max planes on order.

The carrier did not say how many aircraft it will take out of its operating fleet as part of the new strategy.

The news comes on the same day that Caribbean reported first quarter 2021 results.

The carrier posted a TT$172.7 million ($26 million) loss for the period, and a 75 per cent decline in revenue, compared to the same three months in 2020.

Aircraft operated by Emirates, at Dubai International Airport in the United Arab Emirates.

Christopher Pike | Bloomberg | Getty Images

DUBAI, United Arab Emirates — The chief executive of Dubai Airports panned a decision by authorities in the United Kingdom to keep the UAE on its international travel “red” list, as new data from the group shows passenger traffic through the airport fell 67.8% in the first quarter.  

“I think the approach is wrong,” Dubai Airports CEO Paul Griffiths told Dubai Eye Radio on Thursday, expressing frustration at the rule, which bans air travel or forces a costly quarantine on arrival for thousands of Brits in the Emirates who want to go home.   

U.K. Transport Secretary Grant Shapps indicated the UAE could stay on the list due to its status as an international transit hub, despite falling cases and the world’s second-fastest vaccination rate. 

“I can’t be too honest with you about my thoughts about those comments,” Griffiths said when asked to respond. “We’ve made very strong representations to the British government about the credibility of the numbers here and the way we’re handling everything.”  

Griffiths called for “a far more proactive relationship” to address the confusion surrounding the ruling, as public frustration grows. The UAE remains on the U.K. red list, even though Abu Dhabi has the U.K. on its own “green” list of travel countries. 

“There are countries on the (United Kingdom) green list that we believe haven’t taken anything like the care and the number of measures that we’ve put in place here in Dubai to keep everyone safe,” Griffiths said. “It’s just not practical in terms of how we’re going to get back to life as we once knew it.” 

Spokespersons for the U.K.’s Foreign Office and Transport Ministry were not immediately available for comment when contacted by CNBC. Last week, Shapps said: “We’re not restricting the UAE due to the level of coronavirus in the UAE. The issue is one of transit.”

The U.K. Foreign Office currently “advises against all but essential travel to the whole of the United Arab Emirates based on the current assessment of COVID-19 risks.”

A health worker checks a man’s temperature before receiving a dose of vaccine against the coronavirus at a vaccination center set up at the Dubai International Financial Center in the Gulf emirate of Dubai, on February 3, 2021. The United Arab Emirates has suffered a spike in cases after the holiday period.

Photo by KARIM SAHIB | AFP via Getty Images

The UAE has administered more than 9.9 million vaccine doses out of its population of roughly 10 million people, only behind Israel in the global vaccination race. Residents in Dubai can choose from the Chinese-made Sinopharm vaccine, U.K.-developed AstraZeneca, the American-German made Pfizer jab or Russia’s Sputnik V, while residents of Abu Dhabi could access only Sinopharm until Pfizer was introduced in the capital emirate last week. 

Some in the medical community have cast doubt on the efficacy of the Sinopharm shot, due to conflicting