To say the aviation industry is going through a tough patch is an understatement. The pandemic has wreaked havoc on the industry because of border closures and lockdowns, resulting in air travel getting decimated. Singapore Airlines Limited (SGX: C6L), or SIA, announced in March last year that it had cut 96% of its capacity, effectively grounding almost its entire fleet. This announcement was followed by a massive rights issue intended to shore up the airline’s balance sheet. While demand for air travel has gradually returned in December, it remains a far cry from pre-pandemic days. For the final month of 2020, SIA reported that overall passenger carriage was still 97.1% lower year on year. The good news is that mass vaccinations are underway around the world, bringing hope and relief to weary governments struggling to contain the coronavirus. If all goes well and more people are protected against this dreaded disease, could we see a recovery for SIA?...