Cathay Pacific cargo carried up 3% in Feb

Cathay Pacific carried 107,039 tonnes of cargo in February 2024, an increase of three percent compared with February 2023.

The month’s cargo revenue tonne kilometres (RFTKs) increased 3.8 percent year on year, says an official release. "The cargo load factor decreased by 7.5 percentage points to 59.2 percent while available cargo tonne kilometres (AFTKs) increased by 16.9 percent year on year. In the first two months of 2024, the tonnage increased by 11.4 percent against a 17.6% increase in AFTKs and a 7.5 percent increase in RFTKs compared with the same period for 2023."

Chief Customer and Commercial Officer Lavinia Lau says: "Demand was weaker in February, which was expected given the timing of Chinese New Year with tonnage down by seven percent compared with the previous month. However, when compared with February 2023, tonnage was up by three percent. There was a healthy spike in demand before Chinese New Year, and although demand from Hong Kong and the Chinese Mainland declined during the holiday period, the impact was also less than in previous years.

“Taken across the two months, we saw good growth in tonnage on long-haul routes from other markets in Asia as well as on routes from Hong Kong and the Chinese Mainland. We observed encouraging growth in special products such as pharmaceuticals, perishables and machinery parts. Overall for January and February combined, our cargo performance has met expectations, with increased tonnage carried compared with the same period last year.

“Earlier this month, we were delighted to welcome the IATA World Cargo Symposium – one of the largest global events in the air cargo industry – to Hong Kong for the first time. The event achieved record attendance, and as the host airline, Cathay Cargo was pleased to be able to showcase everything that makes Hong Kong best-in-class as an air cargo logistics hub."

Outlook
Lau adds: “We expect demand to pick up towards the second half of the month as we approach the end of the first quarter. E-commerce continues to drive demand out of Hong Kong, although we maintain a balance in our tonnage with the wide range of freight solutions we provide to customers to meet their cargo requirements."