Cathay Pacific has reported increased air cargo demand in March following the Chinese New Year, while e-commerce and express demand helped boost volumes.
The airline carried 134,551 tonnes of cargo in March, an increase of 10.5% compared with March 2023. The month’s cargo revenue tonne kilometres (RFTKs) increased 4.1% year on year.
In comparison, the cargo load factor decreased by 4.3 percentage points to 62.7% as available cargo tonne kilometres (AFTKs) increased by 11.2% year on year.
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In the first three months of 2024, tonnage increased by 11.1% to a total of 356,380 tonnes, against a 15.2% increase in AFTKs and a 6.2% increase in RFTKs, compared with the same period for 2023.
Cathay’s cargo volumes for the first quarter have been bolstered by its specialist verticals, especially perishables.
Chief Customer and Commercial Officer Lavinia Lau said: “Cargo demand was stronger in March, with our tonnage up by 26% compared with the previous month and up by 11% compared to March 2023.
“Cargo demand out of Hong Kong and the Chinese Mainland picked up quickly after factories re-opened following the Chinese New Year holidays, and we observed an increase in e-commerce and express shipments due to the end-of-quarter rush.”
Lau added that the airline’s outlook was positive ahead of the Chinese Mainland’s forthcoming Labour Day ‘Golden Week’ holiday period from April 29 to May 5.
She said, “We expect e-commerce demand to remain strong and for overall air cargo demand to be stable on long-haul routes”.
“Meanwhile on the cargo side, in April we expect that the Ching Ming Festival, Easter and Ramadan will dampen market demand. We will adjust our freighter capacity in an agile manner to reflect the demand picture, which remains variable but overall softer than prior periods. We are nevertheless continuing to expand market coverage for our customers, as the cargo belly space and network offered by our widebody passenger fleet continue to grow.
“Earlier this month, Hong Kong International Airport was once again named the busiest cargo airport in the world in 2022. As the city’s home carrier, we worked hard to ensure the movement of important cargo was maintained despite significant challenges and operational constraints last year. We are very proud to have contributed to this achievement and remain committed to rebuilding the Hong Kong international aviation hub to surpass pre-pandemic levels of airfreight tonnage ahead.”
