Specialist verticals drive up Cathay Cargo February volumes
21 / 03 / 2024
Source: Cathay Pacific Cargo
Pharmaceuticals, perishables and machinery parts shipments helped Cathay Pacific secure a small rise in air cargo volumes year on year in February.
The airline carried 107,039 tonnes of cargo in February 2024, an increase of 3% compared with February 2023. The month’s cargo revenue tonne kilometres (RFTKs) increased 3.8% year on year.
However, the cargo load factor decreased by 7.5 percentage points to 59.2%, while available cargo tonne kilometres (AFTKs) increased by 16.9% year on year.
In the first two months of 2024, the tonnage increased by 11.4% against a 17.6% increase in AFTKs and a 7.5% increase in RFTKs, compared with the same period for 2023.
Chief customer and commercial officer Lavinia Lau said: “For cargo, demand was weaker in February, which was expected given the timing of Chinese New Year, with tonnage down by 7% compared with the previous month.
“However, when compared with February 2023, tonnage was up by 3%. 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.”
She added: “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.”
Looking ahead, the carrier is expecting demand “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,” the carrier added.
Cathay Pacific handled 1.4m tonnes of cargo last year, which is a 19.6% improvement on 2022 when Covid-related lockdowns resulted in freighter and passenger flights being cancelled due to crew restrictions.
Cathay Cargo volumes continue recovery in 2023 but still lag 2019 levels
