Cathay Pacific sees 9.1 % year-on-year drop

Cathay Pacific and sister airline Cathay Dragon combined carried 163,977 tonnes of cargo and mail in June, representing a year-on-year decline of 9.1 %.

The cargo and mail load factor decreased by 7.8 % to 62.8 %. Capacity, measured in available freight tonne kilometres (AFTKs), rose by 1.5 %, while cargo and mail revenue freight tonne kilometres (RFTKs) dived by 9.7 % to 928.056 million.

In the first half of the year, the tonnage contracted by 5.7 % to 979,152 tonnes against a 1.1 % rise in capacity and a 6.1 % decrease in RFTKs to stand at 5,477,669,000.

No signs of recovery

Cathay Pacific’s cargo director Ronald Lam said: “Weakening market sentiment has been impacting our tonnage uplift and yield. With the exception of the Americas, northeast Asia and mainland China, which had a marginal increase in uplift compared to May, overall volume has seen decline against the previous month and year, with only a short-lived recovery from Asia towards the latter half of June.

“The outlook for the coming months has not seen signs of volume rebound. We shall further our efforts to maintain a healthy market share by working closely with our forwarders and shippers, and further rationalize our freighter capacity to better match demand.”