- Aug 25 pax load rose 5.4% y-o-y to 103.8% of pre-pandemic (Aug 19) levels, outpacing the pax capacity growth of 2.7% y-o-y. According to Singapore Airlines (SIA), demand for air travel remained robust across all regions. As a result, SIA’s pax load factor improved 2.3ppt y-o-y to 88.0%, exceeding pre-pandemic levels by 1.6ppt. SIA and Scoot carried a combined total of 3.6m passengers in Aug 25, rising 9.4% y-o-y. See SIA's announcements.
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Network update.
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Jet fuel rebounded q-o-q, but remained benign in 2QFY26.
- Jet fuel spot prices have rebounded from the lows (near US$80 per barrel) seen in May 25 but is still hovering at benign levels in the past few months, with the latest spot price standing at close to US$90 per barrel.
- Based on our estimates, SIA’s average unhedged jet fuel cost per barrel in 2QFY26 (i.e. Jul-Sep 25) would be 5-6% higher q-o-q, but 8-9% lower y-o-y.
Air India expected to remain a key drag.
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