Singapore Airways Extends Sponsorship Of Native Method 1 Race

With the return of this yr’s Singapore Grand Prix till 2028, Singapore Airways has determined to proceed because the Method 1 Singapore Grand Prix title sponsor for 3 extra years. The deal extension will begin with this yr’s race held from September thirtieth to October 2nd.

Again on the race calendar

Inaugurated in September 2008, the Singapore Grand Prix is certainly one of Method 1’s premier and most highlighted occasions as drivers race by way of the tight Marina Bay Road Circuit in opposition to the improbable backdrop of town’s night-time skyline.

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Singapore final hosted an F1 race in 2019 because of the pandemic. Its contract had elapsed in direction of the top of final yr, although F1 did make it clear that renewing it was a prime precedence and named Singapore on its then-provisional 2022 calendar. In January, F1 agreed to a brand new long-term cope with Singapore to cement the unique evening race’s return for the following six years, making it the longest ever contract extension from F1.

As for Singapore Airways, the nationwide provider first signed because the title sponsor again in 2014 for 4 years. Subsequently, the deal was prolonged in 2018 and 2020 for 2 years every. This newest three-year extension would see the airline’s continued help for the Singapore Grand Prix not simply when it comes to tourism and sport however for the atmosphere too, as highlighted by Mr Brandon Snow, Managing Director of Industrial, Method 1:


“We’re happy that Singapore Airways will proceed to be the title sponsor of the Singapore Grand Prix for one more three years. The Singapore Grand Prix is the unique F1 evening race, an iconic Method 1 occasion liked by followers and drivers, and it returns to the calendar after two years away. This yr’s race will see additional use of renewable power and sustainable supplies. The commitments from Singapore Airways in direction of sustainable aviation fuels mirror the continued alignment between all companions and Method 1 in lowering environmental affect.”

Singapore Airways didn’t disclose the sponsorship price. Nonetheless, the worth for the primary two years in 2014 and 2015 is estimated to be price between S$10 million and S$15 million yearly ($7.2 million to $10.8 million). Picture: Getty Photos

Dashing up restoration

Though Singapore Airways noticed its first quarterly revenue within the third quarter of final yr and has forecasted extra quarterly income this yr onwards, the Star Alliance member nonetheless has a comparatively lengthy method to get well totally. Sadly, the restoration of air journey in Singapore has been barely slower than the remainder of the world, particularly because it lacks a home sector.

Within the week ending April seventeenth, passenger visitors inbound to Singapore solely reached an estimated 400,000, or 31% of pre-pandemic ranges. And when it comes to passenger flights, additionally they elevated to 38% of pre-pandemic ranges in the identical week.

Moreover, Singapore Airways has seen a big improve in passenger demand, however capability had solely risen to only over 50% of pre-pandemic ranges final month. This month, the nationwide provider expects passenger capability to extend additional because of the summer season journey season however has solely forecasted capability to succeed in round 61% of pre-pandemic ranges.

The renewal of the F1 contract emphasizes Singapore’s dedication to woo again tourism. Luckily, the recognition of F1 continues to develop, giving the excessive risk that Singapore internet hosting the Grand Prix will assist enhance the restoration of its nationwide provider. The information was celebrated by Mr Lee Lik Hsin, Govt Vice President, Industrial, Singapore Airways:


“This yr’s extremely anticipated Method 1 Singapore Grand Prix shall be an vital milestone for Singapore, marking the return of a serious worldwide sporting occasion to town after a two-year disruption because of the pandemic. The race shall be warmly welcomed by Singapore residents and guests alike and improve our status as a world metropolis. SIA’s extension of its title sponsorship alerts our continued help for each tourism and sports activities, enhances the growth of our international community, and can bolster Singapore’s restoration as a key worldwide air hub.”

Singapore Airways has seen excessive passenger visitors to and from Australia, Indonesia, Malaysia, and Thailand. Picture: Getty Photos

The end line

Contemplating Singapore solely totally reopened its borders final month, the sluggish however gradual rise in capability for Singapore Airways is as anticipated. Because the nationwide provider resumes extra routes, the continued sponsorship of the Grand Prix will undoubtedly usher in a wanted wave of passengers. Hopefully, it is going to be sufficient to convey capability ranges even nearer to pre-pandemic ranges.

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