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219,746 passengers in July 2022, up 306.2% compared with July 2021, but 93.3% below the pre-pandemic level in July 2019
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Revenue passenger kilometers rose 348.4% y-o-y, but down 89.4% from July 2019
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Cargo volume was 100,714 tons, 17.2% y-o-y lower and 40.7% down from 2019
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Cargo revenue ton kilometers shrank 27.5% y-o-y and 42.6% below July 2019 levels
Cathay Pacific’s passenger traffic grew 306.2% year on year to 219,746 in July this year as further adjustments to Hong Kong’s travel restrictions and quarantine rules boosted travel. In contrast, the flag carrier’s cargo volume contracted to 100,714 tons.
The passenger volume in July year, however, was 93.3% below the pre-pandemic level in July 2019, the airline reported on August 16.
Revenue passenger kilometers (RPKs) grew 348.4% y-o-y, but still 89.4% below the July 2019 level. Passenger load factor rose 44.7 percentage points (ppts) to 73.3%. Capacity, measured in available seat kilometers (ASKs), gained 74.6% y-o-y, but was 87.6% down from July 2019.
Passengers carried in the first seven months increased 162.8%, against a 6.3% decline in capacity and a 189.8% jump in RPKs, compared with the same period in 2021.
Cargo volume last month fell 17.2% y-o-y and was 40.7% less than in the same period in 2019. Cathay’s cargo revenue ton kilometers (RFTKs) fell 27.5% y-o-y and were 42.6% below July 2019 level. The cargo load factor slid 10.8 ppts to 71% as capacity, measured in available cargo ton kilometres, fell 16.4% y-o-y and lagged the July 2019 level by 48.9%.
In the first seven months, tonnage eased 6.6% as capacity dropped 28.3% and RFTKs fell 34.2% from levels in the same period in 2021.
Chief customer and commercial officer Ronald Lam said Cathay raised passenger flight capacity 24% month on month in July as Hong Kong continued to relax travel and quarantine restrictions. Capacity remained 12.4% below the pre-pandemic level.
Passenger volume grew to an average of more than 7,000 per day, lifting the passenger load factor to 73.3% – its highest level since the pandemic began.
“The additional capacity we were able to operate provided enhanced connectivity options for our customers transiting through the Hong Kong hub, with demand from the Chinese Mainland to Australia and the US particularly robust,” Lam said.
He said Cathay saw strong demand on its UK routes, especially from students returning to Hong Kong. He said Cathay resumed passenger flights to Fuzhou, Nanjing and Wuhan in China.
Cargo demand was flat in many key markets in July as the traditionally quieter summer months set in for air cargo. July tonnage fell from June in most markets, reflecting reduced cargo flight capacity due to weather-related cancellations and operational restrictions.
“The major impact of these challenges was seen on our Indian and the Americas routes, while capacity on our European routes grew marginally,” Lam said.
Overall, Cathay’s cargo volumes dipped about 4% m-o-m as capacity eased about 7% in July, 51% below its pre-pandemic cargo flight capacity. The load factor was 71%.
Cathay began operating a full freighter schedule in August, complemented by its regional cargo-only passenger flights and more belly capacity on additional passenger flights.
“Looking ahead on the travel side, the latest adjustments to quarantine arrangements for passengers arriving in Hong Kong are expected to have a positive impact on inbound traffic as well as leisure travel among Hong Kong residents,” Lam said.
He said US and UK-bound student traffic should boost Cathay in August-September, but passenger flight capacity would be limited by COVID-related aircrew restrictions.
“We are cautiously optimistic about a solid seasonal winter peak season, although this is anticipated to be less pronounced than … in 2021 in light of the current global economic environment,” Lam said.
