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By Gabriel Araujo and Luciana Magalhaes

RIO DE JANEIRO, June 7 (Reuters) - Copa Airlines CPA.N has no plans to hedge fuel despite the recent price shock linked to the war in Iran, CEO Pedro Heilbron told Reuters, betting its strong balance sheet and pricing adjustments will help absorb the impact.

The Panamanian carrier has not used fuel hedges for more than a decade and does not intend to change course, he added in an interview on Saturday on the sidelines of a global gathering of airline executives in Rio de Janeiro.

"We're just assuming the cost," Heilbron said. "Yields have been adjusted, but we're not covering 100%. It's a partial impact."

Airlines globally have been raising fares in response to higher fuel costs, though increases are constrained by competition and demand sensitivity. The industry is banking on fuel prices to gradually ease, the executive said.

Heilbron noted Copa's strong liquidity and conservative balance sheet provide flexibility to weather volatility. "That gives us room to maneuver and to also be resilient," he said.

Demand in Latin America has remained healthy, Heilbron said, supported by stronger currencies in key markets such as Brazil.

Copa, which operates a hub model from Panama connecting destinations across the Americas and flies only Boeing BA.N 737 aircraft, continues to grow in line with deliveries from the U.S. planemaker.

The carrier recently agreed to buy up to 60 737 MAX jets, which Heilbron said would enable both expansion and fleet renewal.

"There's high demand for new aircraft for both Boeing and Airbus AIR.PA. So if one doesn't order early enough, then one is left without deliveries. So this new order is from 2030 to 2034," he said.

The order includes flexibility across MAX variants and options for the larger MAX 10, which has yet to be certified. Copa is reviewing its future fleet mix and has not made a final decision on the variant.

Boeing's performance has improved, with deliveries arriving on time or slightly ahead of schedule, the CEO said.