Singapore Airlines Ltd (SIA), flush with $16 billion raised since the start of the pandemic thanks to help from a state investor, is in a position of dominance among its Southeast Asian rivals as they downsize and restructure. The crisis threatened the survival of hub carriers that lack domestic markets such as SIA, Hong Kong’s Cathay Pacific Airways Ltd and Dubai’s Emirates. Indeed, Singapore Prime Minister Lee Hsien Loong last year said the government would “spare no effort” to ensure SIA made it through the pandemic. Its majority shareholder, government-owned investment arm Temasek Holdings underwrote one of the world’s biggest airline rescue packages. Thanks to that, SIA’s has enough funds to keep going for at least two more years without cuts, and is modernising its fleet to save fuel, reduce maintenance costs and meet environmental goals while other airlines shed aircraft. Read more
