Cathay Pacific has announced its traffic figures for July 2024, revealing a significant year-on-year increase in cargo volumes despite a minor decline in revenue metrics. The airline transported 126,797 tonnes of cargo in July, marking a 9.6% rise compared to the same month last year. This growth reflects continued strong demand across various sectors.
While cargo tonnage surged, the revenue tonne kilometres (RFTKs), a key indicator of cargo revenue, decreased by 0.5% year on year. The cargo load factor also dropped by 1.5 percentage points to 58.3%, suggesting that although volumes increased, the efficiency in utilising available cargo capacity saw a slight decline. Available cargo tonne kilometres (AFTKs) increased by 2.1%, indicating an expansion in the airline’s cargo capacity.
For the year to date, Cathay Pacific has handled 846,261 tonnes of cargo, a 10.3% increase compared to the same period in 2023. This rise in tonnage is supported by a 9.9% increase in AFTKs and a 3.8% rise in RFTKs. The overall growth in cargo capacity and volume highlights the airline’s ongoing investment in its cargo operations.
Lavinia Lau, Chief Customer and Commercial Officer, attributed the strong cargo performance to healthy demand for perishable goods and project shipments. Notably, there was an uptick in shipments from Southeast Asia and the South West Pacific into Hong Kong and the Chinese Mainland. E-commerce shipments continued to drive significant volumes from the Greater Bay Area, while dedicated freighters for project shipments and outsized cargo also contributed to the increased tonnage.
Cathay Pacific has recently re-launched its Cathay Courier service with enhanced digital features, allowing customers to track their shipments online. This move aims to offer greater transparency and reassurance for urgent and high-value shipments, aligning with the airline’s focus on improving cargo service quality.
Looking ahead, Cathay Pacific expects cargo demand to remain robust, with a strong peak anticipated from September through the end of the year. The airline plans to increase freighter frequencies on transpacific routes and optimise the use of passenger aircraft belly space to meet customer requirements.
The airline’s July 2024 cargo performance underscores its resilience and adaptability in a fluctuating market, positioning it well for continued growth in the latter half of the year.
