Singapore, Jan 24, 2026, 15:28 SGT — Market closed
- Singapore Airlines shares closed the week trading in a narrow band, as focus turns to next week’s key macroeconomic updates.
- Investors are zeroed in on passenger demand as rising costs, particularly for fuel and maintenance, continue to bite.
- The next definite milestone for the company is the scheduled business update in late February.
Shares of Singapore Airlines Ltd closed Friday at S$6.42, up 0.16%, having fluctuated between S$6.40 and S$6.43 during the session. The stock has risen roughly 5 cents since last Monday’s close but remains well off its 52-week peak of S$7.63. 1
With SGX closed over the weekend, Monday’s open looks set to hinge more on macro sentiment than fresh company news. The Monetary Authority of Singapore plans to revise its official forecast ranges in a monetary policy statement due Jan. 29, according to The Business Times. 2
Singapore Airlines reported that planes remain near full, though slightly less packed than last year. In its December 2025 update, the airline said passenger traffic increased 1.9% year on year, while capacity jumped 2.6%, pushing the group’s passenger load factor to 87.9%. (Load factor measures the percentage of seats filled.) The carrier also hit a new monthly passenger record, carrying roughly 3.8 million travelers. 3
The broader market showed strength heading into the close. The Straits Times Index hit a record high of 4,895.15 before settling 1.3% higher at 4,891.45, according to The Straits Times. “Washington’s noise has been loud, but the market is learning how to filter it,” said Stephen Innes, managing partner at SPI Asset Management. 4
Funding is back on the radar, partly because month-end is approaching. Singapore Airlines has priced S$500 million of 2.70% notes maturing in 2036. The deal is set to settle on Jan. 30 under its S$10 billion multicurrency medium-term note programme. According to the airline, net proceeds will fund aircraft purchases and related expenses, as well as general corporate or working capital needs, including refinancing. 5
Fuel prices are another factor. While airlines hedge some of their risk, jet fuel remains closely linked to crude oil, so sudden price swings quickly ripple through sentiment, particularly in Asia. In the U.S., a recent winter storm has caused shutdowns that might slash oil production by about 300,000 barrels per day, according to consultancy Energy Aspects, Reuters reported. 6
Maintenance costs remain a key concern for investors, and the industry isn’t out of the woods yet. GE Aerospace CEO Larry Culp pushed back on airline gripes about engine makers’ pricing power, telling Reuters, “We invest heavily in technology.” Airlines have flagged shortages of spare engines and lengthy waits for shop visits; Bain & Company reports turnaround times for newer engines are roughly 150% longer than before the pandemic. 7
Still, the downside is straightforward. If oil prices surge or extra capacity drives steeper discounts on Asian routes, passenger yields — revenue per passenger kilometre, a stand-in for average fares — could fall faster than traffic rises. Disruptions causing longer routes would also squeeze capacity and push costs higher simultaneously.
Singapore Airlines faces a key date on Feb. 24, set to release its third-quarter business update. Investors will look closely for signs on demand trends heading into mid-2026 and clues about whether cost pressures are easing or merely relocating. 8
