Cathay Pacific May cargo carried at 2021 level

Tonnage declined over 4% in first five months of 2022 compared to last year against 39% decrease in capacity.

Cathay Pacific May cargo carried at 2021 level

Cathay Pacific carried 92,426 tonnes of cargo last month, a similar level as May 2021 but a 45 percent decline compared with the same period in 2019.

"The month's cargo revenue tonne kilometres (RFTKs) dropped 32.5 percent year-on-year, and were down 59.9 percent compared to May 2019," according to an official announcement.

The cargo load factor decreased by 5.3 percentage points to 76 percent while capacity, measured in available cargo tonne kilometres (AFTKs), was down by 28 percent year-on-year and 66 percent versus May 2019, the statement added.

In the first five months of 2022, the tonnage declined over 4 percent against a 39 percent decrease in capacity and a 41 percent decrease in RFTKs compared to the same period for 2021.

"Regarding cargo, the situation in Shanghai continued to affect demand, although tonnage gradually picked up as Covid-19 restrictions started to ease towards the end of May," says Chief Customer and Commercial Officer Ronald Lam. "As for Hong Kong, volumes improved as cross-border feeder services between Shenzhen and Hong Kong allowed for a more stable flow of cargo although it remained below the capacity available prior to the fifth wave of Covid-19 in Hong Kong. Demand from other parts of our network remained relatively strong throughout the month. Overall in May, we operated about 34 percent of our pre-pandemic cargo flight capacity while load factor was 75.7 percent."

May also saw the expansion of the joint business agreement with Lufthansa Cargo to include Swiss WorldCargo, Lam added. "Cathay Pacific Cargo will expand its collaboration on trade lanes between Hong Kong and Europe to provide even greater choice and value for our cargo customers. Additionally, our cargo and lifestyle businesses have jointly developed a door-to-door solution that enables customers in Hong Kong to enjoy fresh fruit and vegetables sourced from premium producers in Northeast Asia and delivered directly to their homes. This fresh produce is available through the Cathay shop."

"On the cargo side, we have been able to progressively add long-haul freighter services on both Transpacific and European routes with a full freighter schedule operating from June. This will be further supplemented by increased passenger flight frequencies and cargo-only passenger services to provide additional lift. With disrupted supply chains in Shanghai and elsewhere in the world, the short-term outlook for our air cargo business remains positive, whilst we currently remain confident for a solid traditional peak season later this year."

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