Cathay Pacific cargo carried down 17% in July

Cathay Pacific carried 100,714 tonnes cargo in July 2022, down over 17 percent compared to July 2021 and a 41 percent decrease compared with the same period in 2019.

"The month's cargo revenue tonne kilometres (RFTKs) decreased 27.5 percent year-on-year, and were down 42.6% compared to July 2019," according to an official release.

The cargo load factor decreased 10.8 percentage points to 71 percent while capacity, measured in available cargo tonne kilometres (AFTKs), was down 16 percent YoY y and down 49 percent compared to July 2019.

In the first seven months of 2022, tonnage decreased 7 percent against a 28 percent drop in capacity and a 34 percent decrease in RFTKs compared to the same period for 2021, the statement added.

"Cargo demand remained flat in many of our key markets in July as we entered the traditionally quieter summer months for air cargo," says Ronald Lam, Chief Customer and Commercial Officer, Cathay Pacific. "Tonnage decreased month on month across most markets, reflecting reduced cargo flight capacity due to weather related cancellations as well as ongoing operational restrictions which impacted the July schedule. The major impact of these challenges was seen on our Indian and the Americas routes, whilst capacity on our European routes grew marginally.

"Overall, our cargo volumes dipped by about 4 percent month on month against an approximately 7 percent decrease in capacity. We operated 51 percent of our pre-pandemic cargo flight capacity last month. Meanwhile, the load factor was 71 percent."

Giving an outlook, Lam added: "Regarding cargo, we expect to operate a full freighter schedule in August and going forward, complemented by regional cargo-only passenger flights and more belly capacity provided by our additional passenger services. However, long-haul cargo-only passenger flights will be limited.

"The situation involving cross-border trucking services between Shenzhen and Hong Kong remains uncertain, and we will continue to monitor the situation closely and adapt accordingly. We are cautiously optimistic about a solid seasonal winter peak season, although this is anticipated to be less pronounced than the one we experienced in 2021 in light of the current global economic environment."

Cathay Pacific carried 219,746 passengers in July, an increase of over 306 percent compared to July 2021 but a 93 percent decline compared to the pre-pandemic level in July 2019. The month's revenue passenger kilometres (RPKs) increased 348 percent YoY but were down 89 percent compared to July 2019, the statement said.