Cathay Pacific Airways has reported a double-digit drop in the volume of cargo and mail uplifted by Cathay Pacific and Dragonair in February this year compared to last.
Cathay Pacific and Dragonair carried a total of 117,299 tonnes of cargo and mail in February, a 10.1 per cent decrease compared to the same month last year, the company said in a press release. The cargo and mail load factor fell by 7.5 percentage points to 58 per cent.
Capacity, measured in available cargo/mail tonne kilometres, was up by 1.1 per cent while cargo and mail revenue tonne kilometres (RTKs) flown decreased by 10.4 per cent. In the first two months of 2016, tonnage carried fell by 4.6 per cent against a 1.8 per cent increase in capacity and a 5.2 per cent drop in RTKs.
Cathay Pacific general manager cargo sales and marketing Mark Sutch said: “Airfreight demand dropped away sharply in the early part of the month as factories in mainland China closed down for the Chinese New Year holiday.
"In comparison to the holiday period last year, demand was much slower in picking up after factories reopened, which led to a higher concentration of lower-yield cargo from South East Asia and India being uplifted onto our transpacific freighter flights," he added.
"The sustained drop in fuel prices has led to older aircraft becoming more economically viable.The resulting overcapacity continues to put downward pressure on cargo yields."