HONG KONG's cathay Pacific Airways reported cargo revenue of HK$24 billion in 2024, reflecting an eight per cent year-on-year increase, supported by higher freight rates and stable demand.
'Our cargo performance was strong, thanks in part to the additional belly space provided by our increased passenger flights, which enabled us to carry more cargo,' said Cathay Pacific CEO Ronald Lam.
The airline moved 1.53 million tonnes of cargo, marking a 10.9 per cent rise compared to the previous year.
The carrier expanded its cargo capacity, with available freight tonne kilometres (AFTK) increasing by 8.6 per cent, while revenue freight tonne kilometres (RFTK) enjoyed five per cent growth.
Despite a 2.1 percentage point decline in the cargo load factor to 59.9 per cent, cargo yield improved by 2.9 per cent, indicating stable market pricing and strong demand across key trade lanes.
Cathay Cargo experienced substantial growth across various sectors, reflecting strong demand for air freight services.
E-commerce shipments from the Chinese mainland to long-haul destinations, particularly the Americas, saw a significant rise, driven by the global surge in online shopping.
The airline also recorded strong export volumes of perishables and pharmaceuticals, especially from Europe to Hong Kong and other regional destinations, demonstrating its capability in handling specialised cargo.
The automotive sector also contributed to the airline's cargo growth, with a notable increase in the transportation of automotive components. This was particularly evident in shipments from Japan and Germany to key manufacturing hubs in Southeast Asia.
Additionally, technology products, including semiconductors and consumer electronics, remained a major segment of Cathay Cargo's operations. These goods were primarily transported along major trade routes linking East Asia with North America and Europe.
Stake dilution in Air China In 2024, Cathay Pacific's stake in Air China declined following an external share issuance. On December 10, Air China issued 855 million new A shares, reducing Cathay's ownership from 15.87 per cent to 15.09 per cent.
This resulted in a one-off non-cash gain of HK$500 million (US$64.3 million). Separately, Air China Cargo's listing on the Shenzhen Stock Exchange on December 30 led to a further reduction in Cathay's interest from 23.99 per cent to 21.36 per cent.
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'Our cargo performance was strong, thanks in part to the additional belly space provided by our increased passenger flights, which enabled us to carry more cargo,' said Cathay Pacific CEO Ronald Lam.
The airline moved 1.53 million tonnes of cargo, marking a 10.9 per cent rise compared to the previous year.
The carrier expanded its cargo capacity, with available freight tonne kilometres (AFTK) increasing by 8.6 per cent, while revenue freight tonne kilometres (RFTK) enjoyed five per cent growth.
Despite a 2.1 percentage point decline in the cargo load factor to 59.9 per cent, cargo yield improved by 2.9 per cent, indicating stable market pricing and strong demand across key trade lanes.
Cathay Cargo experienced substantial growth across various sectors, reflecting strong demand for air freight services.
E-commerce shipments from the Chinese mainland to long-haul destinations, particularly the Americas, saw a significant rise, driven by the global surge in online shopping.
The airline also recorded strong export volumes of perishables and pharmaceuticals, especially from Europe to Hong Kong and other regional destinations, demonstrating its capability in handling specialised cargo.
The automotive sector also contributed to the airline's cargo growth, with a notable increase in the transportation of automotive components. This was particularly evident in shipments from Japan and Germany to key manufacturing hubs in Southeast Asia.
Additionally, technology products, including semiconductors and consumer electronics, remained a major segment of Cathay Cargo's operations. These goods were primarily transported along major trade routes linking East Asia with North America and Europe.
Stake dilution in Air China In 2024, Cathay Pacific's stake in Air China declined following an external share issuance. On December 10, Air China issued 855 million new A shares, reducing Cathay's ownership from 15.87 per cent to 15.09 per cent.
This resulted in a one-off non-cash gain of HK$500 million (US$64.3 million). Separately, Air China Cargo's listing on the Shenzhen Stock Exchange on December 30 led to a further reduction in Cathay's interest from 23.99 per cent to 21.36 per cent.
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