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Cathay-Dragonair cargo slips 10.1pc, Chinese New Year shutdown blamed
HONG KONG's Cathay Pacific Airways and Dragonair suffered a 10.1 per cent year-on-year mail and cargo decline in February to 117,299 tonnes, the company announced.
The cargo and mail load factor fell by 7.5 percentage points to 58.0 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.
"Air freight demand dropped away sharply in the early part of the month as factories in mainland China closed down for the Chinese New Year holiday," said Cathay cargo chief Mark Sutch.
"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 Southeast Asia and India being uplifted onto our transpacific freighter flights," he said.
"The sustained drop in fuel prices has led to older aircraft become more economically viable. The resulting overcapacity continues to put downward pressure on cargo yields," Mr Sutch said.
Cathay Pacific and Dragonair carried a total of 2,746,629 passengers last month ?an increase of 2.7 per cent compared to February 2015.
The passenger load factor fell by 2.5 percentage points to 82.4 per cent while capacity, measured in available seat kilometres (ASKs), grew by 8.6 per cent.
In the first two months of 2016, the number of passengers carried rose 6.7 per cent compared to a 7.2 per cent increase in capacity.
The cargo and mail load factor fell by 7.5 percentage points to 58.0 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.
"Air freight demand dropped away sharply in the early part of the month as factories in mainland China closed down for the Chinese New Year holiday," said Cathay cargo chief Mark Sutch.
"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 Southeast Asia and India being uplifted onto our transpacific freighter flights," he said.
"The sustained drop in fuel prices has led to older aircraft become more economically viable. The resulting overcapacity continues to put downward pressure on cargo yields," Mr Sutch said.
Cathay Pacific and Dragonair carried a total of 2,746,629 passengers last month ?an increase of 2.7 per cent compared to February 2015.
The passenger load factor fell by 2.5 percentage points to 82.4 per cent while capacity, measured in available seat kilometres (ASKs), grew by 8.6 per cent.
In the first two months of 2016, the number of passengers carried rose 6.7 per cent compared to a 7.2 per cent increase in capacity.
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