Figures released by Cathay Pacific show that the cargo airline carried 109,834 tonnes of cargo in May 2023.
The airline state this is an increase of 18.8 per cent compared with May 2022, when their cargo capacity was significantly reduced due to stricter aircrew quarantine measures.
Other figures show that the month’s cargo revenue tonne kilometres (RFTKs) increased 73.4 per cent year on year, and the cargo load factor decreased by 14.2 percentage points (61.5 per cent), while capacity, measured in available cargo tonne kilometres (AFTKs), increased by 113.6 per cent year on year.
In the first five months of 2023, the airline states that the tonnage increased by 28.2 per cent against a 154.6 per cent increase in capacity, and a 107.2 per cent increase in RFTKs, compared with the same period for 2022.
Lavinia Lau, chief customer and commercial officer said that for their cargo business, “market volume remained largely flat in May.”
Lau continued: “High-tech demand and new consumer product shipments continued to underperform due to elevated inventory levels.
“However, the e-commerce market remained relatively active and, in the special solution segment, aircraft engine volumes improved as passenger services resumed.”
Lau explained that for cargo, “the summer months are traditionally slower and any significant pick-up in demand is not expected until the end of the third quarter.
“We also anticipate more intense competition as overall cargo demand lags behind supply. As we rebuild our capacity through the expansion of the widebody passenger network, we will continue to source new demand and optimise our freighter schedules accordingly. Toronto and Miami will receive additional freighter capacity as a result.”