Singapore, January 17, 2026, 15:34 SGT — The market has closed.
- Shares of Singapore Airlines ended Friday at S$6.35, slipping 0.16%.
- The carrier and Air India have agreed on a cooperation framework to strengthen commercial ties, pending approvals.
- December operating data revealed a record number of passengers carried, even as the group’s passenger load factor slipped.
Singapore Airlines Ltd shares ended Friday at S$6.35, slipping 0.2%, as the Singapore market closed for the weekend. The stock (C6L) approaches Monday amid new developments from India and a slew of traffic data hitting the tape. 1
Singapore Airlines and Air India announced they have signed a “commercial cooperation framework agreement” aimed at expanding routes, cutting overlap, and boosting collaboration, including corporate travel programs. Singapore Airlines holds a 25% stake in Air India, which is majority-owned by Tata Group. The airlines noted the plan still needs regulatory approvals and final agreements. Air India CEO Campbell Wilson described the deal as a step to elevate their partnership to “the next level.” 2
The deal comes amid ongoing concerns from analysts about rising seat capacity and weaker fares. DBS Group Research’s Jason Sum and Tabitha Foo pointed out that carriers like Singapore Airlines continue to face “persistent yield pressure.” They maintained a “neutral” rating on the stock and held their target price steady at S$6.50. 3
Separately, Singapore Airlines Group said December passenger traffic increased 1.9% year-on-year, with capacity up 2.6%. Passenger load factor, which gauges plane occupancy, dipped slightly to 87.9%. Total passenger carriage hit 3.8 million, marking a new monthly record with a 4.8% rise. Cargo and mail volumes also climbed 7.4%. During the month, Scoot added passenger routes to Labuan Bajo and Semarang in Indonesia, plus Okinawa in Japan.
Traders now face the question: does the Air India news shift the forward narrative or simply introduce another variable? The connection to India signals growth potential but also refocuses scrutiny on execution and returns.
The framework isn’t a done deal yet, and timing is crucial. Should regulatory hurdles slow down or the final agreement turn out weaker than expected, Monday’s gains might vanish quickly.
The December figures tell a mixed story. Volumes surged to a record high, but the load factor slipped compared to last year — a detail that keeps fare pressure firmly in play.
Investors will be watching closely this week for more details on what “cooperation” actually entails — whether that means schedules, joint sales, or corporate agreements — and if either airline sets a timeline.
Singapore Airlines is set to release its third-quarter business update on Feb. 24. This will probably be the next key moment for the market to reassess the stock based on demand, yields, and costs, rather than just headline news. 4
