Cathay Pacific experienced a remarkable 25.3% growth in cargo volumes in March 2023, compared to the same period in the previous year. This expansion can be attributed to the relaxation of pandemic-related aircrew quarantine measures, which had significantly impacted cargo capacity.
The gradual resumption of passenger flights has also contributed to increased belly cargo, along with the continuation of freighter flights, further bolstering Cathay Pacific’s cargo operations.
The month’s cargo revenue tonne kilometres (RFTKs) increased 102.5% year-on-year. The cargo load factor decreased by 14.6 percentage points to 66.9%, while capacity, measured in available cargo tonne kilometres (AFTKs), increased by 146.7% year-on-year.
In the first three months of 2023, the tonnage increased by 35.6% against a 178.4% increase in capacity and a 128.1% increase in RFTKs, compared with the same period for 2022.
Cargo tonnage in March is also up on February, fuelled by e-commerce demand from Hong Kong and the Chinese Mainland.
Chief customer and commercial officer Lavinia Lau said: “For our cargo business, tonnage carried in March saw double-digit growth of 17% over February as volumes recovered after the Lunar New Year holiday, and we operated an enhanced freighter schedule to capture expected demand.
“E-commerce shipments from Hong Kong and the Chinese Mainland were the key drivers of growth; however, other regions remained relatively flat, reflecting the ongoing weaker demand for global airfreight.”
Looking towards the near future, she added: “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 continues to grow.”
