Future scary says Cathay chief

CATHAY Pacific will have a difficult 2009 according to its chief executive. In its in-house magazine, Tony Tyler said that 2009 was “quite frankly, scary. The fact that there is so little visibility makes the situation even more unsettling.”

Cargo loads have fallen 15.4 per cent in November due in part to the drop in demand for Chinese products. Titus Diu, Cathay Pacific general manager cargo sales and marketing, claims that the drop is so significant that “this year the peak simply didn’t happen”.

As well as an over-reliance on the Chinese market, blame for Cathay’s slowdown was also put on the airline’s recent capacity expansion leaving it more exposed to the global economic downturn.

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