Cathay Pacific carried 124,236 tonnes of cargo in August 2024, an increase of 6.3 percent compared with August 2023.
Lavinia Lau, Chief Customer and Commercial Officer, Cathay Pacific says: “Cargo demand remained stable in August, continuing the trend of the past months with tonnage six percent above August last year. We observed an uptick in demand towards the end of the month, in line with expectations as we look ahead to the traditional year-end peak.
“In terms of our special solutions, Cathay Live Animal benefitted from exports from Southeast Asia and North America while Cathay Pharma saw increased exports from the United States. From the Greater Bay Area, e-commerce shipments continued to be the key
driver of export tonnage.”
While cargo revenue tonne kilometres (RFTKs) declined 0.9 percent YoY, cargo load factor decreased by 1.7 percentage points to 57.1 percent. “Available cargo tonne kilometres (AFTKs) increased by 2.1 percent year on year. In the first eight months of 2024, tonnage increased by 9.8 percent to 970,498 tonnes against an 8.8 percent increase in AFTKs and a 3.2 percent increase in RFTKs compared with the same period for 2023.”
Outlook
“For cargo, we expect demand will be robust as we move into the traditional peak season from the second half of September,” says Lau. “Five additional flights per week to North America will be operated. While e-commerce tonnage will continue to rise, we also foresee an increase in tonnage of high-tech and electronic goods from the Chinese Mainland, Southeast Asia and India. We look forward to welcoming the arrival of the two giant pandas gifted to the Hong Kong SAR by the Central Government. These two VIP customers will be shipped by Cathay Cargo, showcasing our expertise and care in carrying special cargo.”
As per the latest IATA 2023 World Air Transport Statistics, Cathay Pacific regained its position in the Top 10 cargo carriers based on scheduled cargo tonne kilometres, and achieved fifth position as a combination airline, Lau added.
On September 13, Cathay Pacific completed the buyback of all of the warrants it had issued to the Hong Kong SAR Government in 2020 as part of its recapitalisation. The total consideration paid for the warrants buyback was about HK$1.53 billion. Together with the total of HK$2.44 billion paid in preference share dividends, this represents a payment of nearly HK$4 billion to the Hong Kong SAR Government.