Cathay Feb cargo carried down 21% to 65,126 tonnes on Covid norms

Cathay Pacific carried 65,126 tonnes of cargo in February 2022, a drop of 21 percent compared to February 2021, and an over 50 percent decrease compared with the same period in 2019.

Cargo revenue tonne kilometres (RFTKs), the amount of cargo, measured in tonnes, carried on each sector multiplied by the sector distance, declined 53 percent year-on-year and were down 68 percent compared to February 2019, according to an official statement from Cathay.

"The cargo load factor increased by 0.9 percentage points to 80.5 percent while capacity, measured in available cargo tonne kilometres (AFTKs) was down 53.8 percent year-on-year and was down 75.8 percent versus February 2019. In the first two months of 2022, tonnage dropped over 27 percent against a 59 percent drop in capacity and a near 60 percent decline in RFTKs compared to the same period for 2021."

"We continue to operate a reduced long-haul cargo schedule in light of ongoing crew quarantine measures and in February we operated around 25 percent of our pre-Covid-19 cargo flight capacity. Tightened requirements for cross-border trucking between the Chinese Mainland and Hong Kong, as well as the surge in Covid-19 cases in Hong Kong, reduced demand from our home market. Furthermore, the anticipated market recovery from Asia to long-haul destinations was slower than expected post-Chinese New Year.

"In order to mitigate these headwinds, our teams focused on regional routes and we saw encouraging demand on these services. Of particular note was the demand for Rapid Antigen Test (RAT) shipments, which was strong throughout the month and continues to be so. As of the end of February, we have delivered over 13 million RAT kits to Hong Kong. We will continue to support the Government's anti-pandemic efforts with the delivery of important medical supplies."

Outlining the outlook for March, the statement added: "we are re-deploying freighters to North Asia and the Indian sub-continent to maximise opportunities within the region while our ability to operate long-haul services remains constrained. Nevertheless, we are continually looking to increase our long-haul cargo flight capacity where possible, and we have resumed freighter services into Atlanta, Houston and Miami in the U.S. Our total Hong Kong export volumes will likely remain under pressure throughout the month. Despite this, overall demand from other markets is strengthening and we will look to capture as much of this opportunity as possible."