Cathay Pacific cargo carried up 19% in May

Cathay Pacific carried 109,834 tonnes of cargo in May, an increase of 19 percent compared with May 2022 when capacity was significantly reduced due to stricter aircrew quarantine measures.

"The month’s cargo revenue tonne kilometres (RFTKs) increased 73.4 percent year on year. The cargo load factor decreased by 14.2 percentage points to 61.5 percent while capacity, measured in available cargo tonne kilometres (AFTKs), increased by 113.6 percent year on year," says an official release.

In the first five months of 2023, tonnage increased 28 percent (540,055 tonnes) against a 155 percent increase in capacity and 107 percent increase in RFTKs compared with the same period for 2022.

"Market volume remained largely flat in May," says Lavinia Lau, Chief Commercial Officer, Cathay Pacific. "High-tech demand and new consumer product shipments continued to underperform due to elevated inventory levels. However, the e-commerce market remained relatively active and, in the special solution segment, aircraft engine volumes improved as passenger services resumed."

Outlook
The summer months are traditionally slower and any significant pick-up in demand is not expected until the end of the third quarter, Lau added. "We also anticipate more intense competition as overall cargo demand lags behind supply. As we rebuild our capacity through the expansion of the widebody passenger network, we will continue to source new demand and optimise our freighter schedules accordingly. Toronto and Miami will receive additional freighter capacity."

The Group will recognise a one-off non-cash gain, estimated to be approximately HK$1.9 billion ($241 million), in the first half of 2023 as a result of the deemed disposal of interest in Air China from 18.13 percent to 16.26 percent, the release added.