The Hedge Gap That Split Southeast Asia’s Airlines
Jet fuel hit USD 183 a barrel in Q2 2026. AirAsia lost MYR 830.5 million, Cebu Pacific PHP 5.5 billion, Singapore Airlines Group swung to a loss. The damage traces to one variable: hedging.
Jet fuel hit USD 183 a barrel in Q2 2026. AirAsia lost MYR 830.5 million, Cebu Pacific PHP 5.5 billion, Singapore Airlines Group swung to a loss. The damage traces to one variable: hedging.
The Hedge Gap That Split Southeast Asia’s Airlines

AirAsia’s Q2 2026 foreign exchange loss ran to MYR 331.0 million, nearly 40% of its total net loss. Fuel was not the only shock hitting Southeast Asian carriers. Currency moved with it.
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