Cathay’s cargo volumes off to slow start

Cathay’s cargo volumes off to slow start Cathay Pacific is feeling the pinch from higher fuel prices and increased competition from the ocean sector as its cargo volume dropped by 1.2 percent in February to 110,006 tons.
   Since January, Cathay Pacific’s figures include those of its new wholly owned subsidiary Dragonair.
   The Hong Kong-based airlines’ combined cargo load factor in the month fell 4.8 percentage points to 63.7 percent. Capacity, measured in available cargo and mail ton kilometers, was up 10.2 percent year on year.
   “The cargo market in Hong Kong has got off to a slow start so far this year, and the usual pre-Chinese New Year rush did not materialize,” said Ron Mathison, Cathay Pacific’s director and general manager cargo. “There is a lot of new capacity in the market and Hong Kong is facing increased competition from Pearl River Delta region airports and within the region as a whole. Due to continued high jet fuel prices we have also been seeing more shippers move from airfreight to marine cargo transportation.”