Cathay Pacific reported underwhelming cargo figures for December 2022 as a result of overall flat market demand, but increased passenger flights has providing a boost for belly capacity, reports London's Air Cargo News.
The airline stated it carried 106,471 tonnes of cargo last month, a decrease of 21 per cent compared with December 2021, and a 40 per cent decrease compared with the same period in 2019.
The month's cargo revenue tonne kilometres (RFTKs) decreased 22.6 per cent year-on-year, and is down 34 per cent compared with December 2019.
The cargo load factor decreased 16.9 points to 67.3 per cent, while capacity, measured in available cargo tonne kilometres (AFTKs), decreased 3.2 per cent year on year, and was down 35 per cent versus December 2019.
Overall in 2022, the tonnage decreased 13.4 per cent against a 19 per cent decrease in capacity and a 29.8 per cent decrease in RFTKs, compared with 2021.
"In terms of cargo, overall market demand continued to be flat in December, as was the case for the fourth quarter. Tonnage saw a mild month-to-month increase of three per cent against a four per cent increase in cargo flight capacity," said Cathay Pacific chief executive Ronald Lam.
"Overall in December, we operated 65 per cent of pre-pandemic cargo flight capacity levels."
Covid crisis containment measures in China impacted Cathay Pacific's cargo volumes at the end of 2022.
Regardless, there was positive news for the passenger business when Cathay announced it would double its flights to the Chinese mainland and increase its belly capacity as China has eased Covid crisis restrictions.
Cathay Pacific carried a total of 801,088 passengers in December, an increase of 768.7 per cent compared with December 2021, but a 73.3 per cent decrease compared with the pre-Covid crisis level in December 2019.