Cathay Pacific transports 13.7% more cargo in October

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Cathay Pacific transports 13.7% more cargo in October
Photo courtesy of Cathay Pacific.
  • Cathay Pacific transports 13.7% more cargo in October 2023
  • Air cargo demand rose 4% month-on-month and 14% year-on-year; e-commerce played a key role
  • Despite a 8.3% drop in cargo load factor, a 25.7% rise in available cargo capacity was recorded
  • Passenger figures surged 320.2% in October

Cathay Pacific (CX) transported 13.7% more cargo in October to 124,469 tons, and flew 320.2% more passengers for that month.

CX chief customer and commercial officer Lavinia Lau noted the continuous strengthening of air cargo demand across the network, with growth particularly pronounced from the airline’s hub Hong Kong to transpacific trade lanes, aligning with the onset of the year-end peak period.

“Our tonnage grew about 4% month on month and around 14% year on year, with e-commerce continuing to be a key driver ahead of year-end sales events such as ‘Singles’ Day’ and ‘Black Friday,’” Lau said in a statement.

Looking ahead, CX sees sustained growth in air cargo demand, especially for fresh produce from key markets such as the Southwest Pacific, the Americas, and Japan into Hong Kong and the Chinese Mainland; and the continuous strength in e-commerce shipments that are likely to persist until the year-end.

Cargo load factor decreased 8.3 percentage points to 60.7% but this was offset by a 25.7% year-on-year increase in available cargo ton kilometers.

The airline said it strengthened its global cargo market position by expanding services to different destinations, with a key role played by the transpacific trade lanes.

Travel

Passenger figures were also robust in October, reaching 1,684,700, a 320.2% jump compared to October 2022.

Revenue passenger kilometers (RPKs) also jumped 225.8% year-on-year. The passenger load factor climbed by 11.1 percentage points to 84.7%, accompanied by a 183.1% surge in available seat kilometers (ASKs) year on year.

Throughout the first 10 months of 2023, the number of passengers carried witnessed a growth of 887.4%, surpassing the 461.5% increase in ASKs and the 608.7% increase in RPKs compared to the same period in 2022.

Outlook

In the coming months, the airline plans to operate 70% of pre-pandemic passenger flights, covering approximately 80 destinations by December 2023.

The emphasis on facilitating travel to and from Hong Kong aligns with the airline’s projection to reach 95% of pre-pandemic passenger numbers by the end of 2023.

The airline also expects a profitable second half in 2023 and a consolidated profit for the year.

READ: Cathay Pacific reports 15.3% rise in cargo business, 480.1% surge in passenger traffic in Sept