Very true. JQ is getting delivery of 2xA332 in 2012 -- that is all. These could be based in NZ, Australia or SIN; presumably JQ/QF is making that evaluation now, and leaking this speculation. I believe JQ has 2 A330 basd in SIN now. So flying to north Asia is likely, but to FCO/ATH in 2012 is next to impossible, much less elsewhere in Europe.

I've heard that JQ/3K makes 70% of its revenue ex-SIN in O/D traffic. Which astonishes me, if true; I had presumed it was mostly transit from Oz. So it really is a SIN based airline, at least for that part of the operation. No wonder SQ wants to start an LCC, if JQ is getting all that business there.

JQ has no widebody orders for 2013 delivery; after those 2 A330s there are no new widebodies until 2014 when the B787s start to arrive. So not much new capacity to work with, though I suppose JQ is good at redeploying from routes.