5 important bits of news about Singapore aviation industry you shouldn't miss

SIA to park another Boeing aircraft.

DBS comments that SIA Cargo‘s recent decision to idle a second B747 freighter for one year highlights the weak cargo markets.

Here are other hot stories about the industry as compiled by DBS:

1. Tiger Airways plans to add 38 aircraft to its fleet by 2015, bringing the carrier's total fleet to 68 units, according to commercial direct or Kaneswaran Avili. The new aircraft will be "used for Tiger Group, Tiger Singapore, Tiger Mandala and Tiger Philippines" in a bid to increase the number of passengers served. ( The Jakarta Globe)

2. Singapore Airlines signed on 23 May 2013 a major contract with Accenture for the development of a new IT system to enable the airline to deliver an enhanced travel experience that focuses on meeting more of its customers‘travel needs. Under the terms of the contract, Accenture will develop a new customer experience management (CEM) system, with implementation scheduled for 2H2014. The new system will help staff across different touch
points to more quickly understand a customer‘s needs , with a focus on soft skills to create extraordinary moments in delighting customers. (SIA)

3.Singapore Airlines Cargo is to park another Boeing 747 400 freighter aircraft as a result of a continuing capacity surplus. The aircraft will be put into storage in June 2013 and under current plans will remain out of service until May 2014. The aircraft will be put into storage in Victorville, California. This will be the second freighter aircraft placed in temporary storage . The first was in December 2012. Fuel prices remain high and we continue to see weakness in the air cargo market due to industry wide overcapacity, hich has put pressure on rates,‖ said SIA Cargo President, Mr Tan Kai Ping. SIA Cargo will have an operational fleet of 11 B747-400Fs once the second freighter is put into storage. (SIA)

4. Singapore Airlines is reportedly all owing cadet pilots to resign without penalty until 30 Sep 2013, due to an ongoing pilot surplus. The airline‘s cadet pilots are reportedly bonded for seven years, with a S$250,000 (US$198,589) penalty for resignation (HRMAsia.com)

5. Singapore's Minister for Transport Lui Tuck Yew said a fifth terminal would be constructed at Singapore Changi Airport within 10 years and further details on the project would be announced at the end of 2013. A third runway would be constructed before the fifth terminal is compl ete. The airport is considering multiple options for the construction of the new infrastructure. The airport plans to commence construction of its fourth terminal in 4Q2013 and complete the project in 2017, increasing the airport's overall passenger capacity by 16m p.a. to 82m p.a. (CNA/Today Online)