“Cathay Cargo kept the whole Cathay Group going during the pandemic”
Ronald Lam, CEO of Hong Kong-based airline Cathay Pacific, mentions the significance of cargo operations for the Cathay Group during the pandemic.

In an episode of Aviation Week's Window Seat podcast on air transport, Ronald Lam, CEO of Hong Kong-based airline Cathay Pacific, mentioned that cargo operations, particularly Cathay Cargo, the airline's dedicated cargo division, were instrumental in keeping the entire Cathay Group operational during the pandemic.
He said “Cathay Cargo kept the whole Cathay Group going during the pandemic. And even after the pandemic, the cargo business has gone from strength to strength.”
Lam stated that being based in Hong Kong is a great advantage, as the city is the world's leading air cargo hub and has been the busiest air cargo airport for over a decade. As Hong Kong’s home-based carrier, Cathay Cargo benefits from this position and has grown alongside the city in air cargo transportation.
He mentioned that in 2024, Cathay Pacific transported 1.5 million tonnes of cargo, reflecting a growth of over 10% compared to the previous year.
Lam explained that for many decades, Cathay Pacific’s core air cargo business has been driven by factories producing goods and shipping them in large volumes. However, the other half of its cargo now comes from cross-border e-commerce, which has been experiencing strong growth. He noted that roughly half of the airline’s cargo shipments currently come from traditional trade, while the other half is driven by e-commerce. This balanced mix helps smooth out seasonality throughout the year and even across the week, which he described as fantastic news for the airline.
Speaking about Cathay Cargo’s fleet, he mentioned that the airline currently operates 20 Boeing 747 freighters. Additionally, a significant portion of its cargo is transported in the belly hold of Cathay Pacific’s passenger aircraft, maximising the use of the airline’s overall fleet.
Regarding fleet modernisation for Cathay Cargo, he stated that the airline plans to acquire several Airbus A350 freighters, which will join the fleet starting in 2027, forming its next-generation freighter fleet.
Cathay Cargo has ordered six next-generation Airbus A350 freighters, with an option to purchase up to 20 additional aircraft.
He also mentioned that while considering the Airbus A350 freighters for Cathay Cargo, the company evaluated other options. However, given that Cathay Pacific already operates a large number of A350 aircraft, with 48 in service, it made more sense to add the A350 freighters. The familiarity with operating the aircraft was a key factor, and he noted that pilots would eventually be able to fly both the passenger and freighter A350 fleets, which he described as an ‘added bonus.’