AC's planes are still flying full, particularly the front cabins. You won't see any award discounting like this for a while. SQ's business is in the toilet at the moment, particularly in the premium cabins. I was on three intra-Asia flights last week and there were only four of us max in the first class cabin, and peeking into business revealed just as light a load. (This echoes BA which also experienced a severe downturn in loads and had a half-price award sale in all cabins.) Airlines that rely on long haul international travelers have been hit hard by this economic downturn, so the upside may be more premium class award seats will be released to STAR partners too.

But AC reduced its capacity and is still filling its cabins on overseas, domestic and transborder flights. It has "right-sized" itself ahead of the major world carriers so even with the downturn here, don't expect too many sell-offs.

And remember, when loads did fall off in October and November, there were more AC award seats released into inventory at Classic prices, so that's likely how AC/AE will deal with any excess capacity and awards.