Wednesday, November 11, 2009

Cathay Pacific October Cargo Tonnage Best For Year

Management Urges Caution on Calling Recovery
Shipping News Feature

HONG KONG - Cathay Pacific Airways has reported its strongest cargo figures of the year with traffic reaching its highest level for 2009 in October. Though air freight tonnage fell by 2% compared to October 2008, this is the lowest year-on-year decline the airline has seen this year.

Cargo tonnage was also up by 7.9 % from September to October, figures which seem to support the idea that the sector is recovering from the economic slump. Cuts in the airline's capacity have also ensured that the carrier's load factors have improved and now stand at the best the airline has had since 2005.

Cathay Pacific’s General Manager for Cargo Sales & Marketing, Titus Diu, said: “October was the best month of the year so far for our cargo business, with strong demand out of the key Hong Kong and Shanghai markets leading to high load factors, particularly to North America and Europe, and a welcome increase in yield.”

However, he did strike a note of caution on calling this the start of a recovery, saying: “We expect demand to remain strong through to mid-December, though it is still too early to say whether we are seeing a sustained recovery.”