Cathay cargo slumps more in May

Cathay cargo slumps more in May    Cathay Pacific and sister airline Dragonair saw cargo volume slide once again in May, continuing a trend for 2009.
   The two airlines carried a total of 121,966 tons of cargo and mail last month, down 13.3 percent on May 2008, while the cargo and mail load factor rose by 1.2 percent to 68.2 percent. Capacity for the month fell by 15.7 percent. Year to date, tonnage has fallen by 16.5 percent compared to a capacity drop of 14.0 percent
   'The story in May was very much in line with the first four months of 2009, with an overall weakness in the global airfreight business and continued soft demand out of Hong Kong and Mainland China,' Cathay Pacific general manager cargo sales and marketing Titus Diu said.
   'We introduced further capacity reductions in May in response to the sustained downturn. In terms of volumes, there are signs that the bottom of the slump has been reached, though visibility remains poor and there is no indication of any significant upswing in demand arriving soon.'