Economy Thai Airways Plots Comeback with 150-Jet Fleet by 2033

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Thai Airways International (THAI) is aiming for a significant expansion, with plans to double its fleet to 150 aircraft by 2033. This ambitious move comes as the airline's shares resume trading on the Stock Exchange of Thailand (SET) following a successful five-year business rehabilitation and debt restructuring.

 

Back in 2020, the national carrier embarked on a bankruptcy-protected restructuring due to the pandemic's impact. Since 2021, THAI has been on a transformational journey, overhauling its fleet and organisation in line with a comprehensive rehabilitation plan. As part of its capital restructuring completed by December 2024, THAI boosted its paid-up capital to a massive 283 billion THB before reducing it in early 2025 to cover past losses.

 

By March 2025, THAI's paid-up capital was 36.7 billion THB, while its total liabilities amounted to 242.3 billion THB. The Stock Exchange of Thailand (SET) reported an impressive 51.7 billion THB in revenue for the first quarter, resulting in a net profit of 9.83 billion THB. When shares began trading, they opened at 10.50 THB, a staggering 134.4% rise from the capital increase offering price of 4.48 THB, shooting the market capitalisation to nearly 300 billion THB.

 

"This milestone marks a new chapter, following our successful rehabilitation," stated chief executive Chai Eamsiri. THAI is now strategically positioned for stable and sustainable growth, focusing on delivering value to shareholders and stakeholders alike.

 

Plans are in place to increase the fleet from 78 aircraft in early 2025 to 93 by next year, with the goal of reaching 150 by 2033. This plan will include 98 wide-body and 52 narrow-body aircraft. The transformation aims to solidify THAI's position among global competitors, according to chairman Lavaron Sangsnit, who is also the Ministry of Finance’s permanent secretary.

 

Despite the promising outlook for THAI, the Stock Exchange of Thailand (SET) has decided to continue suspending trading for THAI futures. The extended suspension hinders price volatility assessments and affects trading liquidity. Consequently, THAI securities have not been slated for short selling, as per the bourse's statement, reported the Bangkok Post.

 

Financial analyst Boonyakorn Amornsank from Maybank Securities (Thailand) notes significant improvements in THAI’s capital structure post-restructuring. With an unrestricted budget, investments in aircraft are on the horizon. However, Maybank forecasts a 7% decline in THAI’s annual earnings from 2025 to 2027, aligned with industry trends and increased aircraft supply.

 

“We expect THAI’s decline to be slower, thanks to premium services and moderate competition on its direct European routes,” he explained. The airline is likely to maintain higher fleet utilisation rates due to increased flight connectivity at Bangkok airports. Additionally, alliances with codeshare partners, like Turkish Airlines, are boosting THAI's strategic growth.

 

As THAI navigates this new era with a promising path to expansion, the global airline scene will be keeping a keen eye on its progress.

 

  Adapted by ASEAN Now from Bangkok Post 2025-08-05

 

[BarraMarra]

TAT must have told them the Numbers will triple next year.