Cathay Pacific's May 2024 cargo volume rises 10.2% YoY
The Hong Kong-based airline observed a positive outcome last month, as per its traffic figures for May 2024.
In May 2024, Cathay Pacific transported a total of 121,088 tonnes of cargo, a significant 10.2% increase from the same period in 2023. The airline also reported a 3.8% YoY increase in its May cargo revenue tonne kilometres (RFTKs). However, the cargo load factor decreased slightly by 2.1 percentage points to 59.4%, while available cargo tonne kilometres (AFTKs) saw an increase of 7.5% YoY.
In the first five months of 2024, the tonnage increased by 10.2% to a total of 594,896 tonnes, against an 11.8% increase in AFTKs and a 4.4% increase in RFTKs, as compared with the same period for 2023.
"Cargo demand from Hong Kong and the rest of the Greater Bay Area remained solid throughout May. Across our network, tonnage grew 3% against last month and 10% compared with May 2023, underpinned by a capacity growth of 7.5%. We observed particularly strong growth from Hong Kong, the Chinese Mainland, the Taiwan region and Southeast Asia," as stated in an official release by Cathay Pacific.
"In terms of commodity mix, there was also an increase in tonnage of general cargo as well as special cargo, with significant movements of high-end electronics, seafood and consumer products. E-commerce continued to perform well," added the release.
The release also states, "For cargo, we expect demand to remain strong as it has been throughout the first five months of 2024. Market sentiment, particularly out of Hong Kong and the Chinese Mainland, remains positive, and we will continue to adjust our freighter capacity to suit the needs of our customers."
Additionally, the Hong Kong-based airline recently relaunched its Cathay Expert solution in response to customer needs in managing project-related cargo. This specialised solution fully customised handling for odd-size, heavy or fragile cargo.
The airline's May 2024 report stated that Cathay Pacific carried a total of 1,678,532 passengers in May 2024, which was an 18.4% increase compared to May 2023. The revenue passenger kilometres (RPKs) for the month increased by 20.8% year over year.
