Cathay Cargo carries 1.67mn tonnes in 2025; revenue hits $3.1bn

Cathay Cargo reported growth in cargo volumes in 2025, with total cargo carried rising 9.5 percent year on year to 1.677 million tonnes, according to the Cathay Group’s 2025 annual results. Cargo revenue increased HK$24,279 million (US$3.11 billion) during the year.

Cargo capacity, measured in available freight tonne kilometres (AFTK), grew 8.3 percent to 15,373 million, supported by increased passenger flight schedules that provided more belly space for cargo. Traffic, measured in revenue freight tonne kilometres (RFTK), increased 6.3 percent to 9,037 million.

Despite the increase in volumes, the cargo load factor declined slightly to 58.8 percent, compared with 59.9 percent in 2024, while cargo yield fell 4.6 percent to HK$2.69 (US$0.34).

Cathay Cargo said overall tonnage from Hong Kong and the Greater Bay Area recorded year-on-year growth, supported by strong demand across key trade lanes. E-commerce continued to be a major driver of capacity demand, while the airline also recorded robust shipments of high-tech and AI-related components and products.

The carrier operated more than 100 weekly return freighter flights to over 40 destinations from its Hong Kong hub, while also utilising belly cargo capacity on passenger services to more than 100 destinations worldwide.

Demand remained strong across several regions. On transpacific routes, the airline increased freighter frequencies from late August 2025 to meet peak-season demand. Exports from the Chinese Mainland remained strong, particularly general cargo and high-tech electronics, while cargo volumes from Southeast Asia were driven by electronics, garments and spare parts.

The airline also recorded growth in specialised cargo solutions. Demand increased for shipments such as perishables, pharmaceuticals, dangerous goods, semiconductor equipment and machinery components across multiple markets.

In South Asia, the Middle East and Africa, exports from India remained stable, with additional cargo momentum from Nepal, Sri Lanka and South Africa contributing to the region’s overall tonnage growth.