cathay pacific

Strong Passenger and Cargo Momentum Continues for Cathay Pacific

Cathay Pacific has reported impressive growth figures for November 2024, with passenger and cargo operations showing strong momentum. The airline saw a 27% increase in passenger numbers for the first 11 months of the year, underscoring a resurgence in global travel demand.

Robust Travel Demand Drives Growth

In November alone, Cathay Pacific carried over two million passengers, marking a 23.1% increase compared to the same period in 2023. Revenue passenger kilometres grew by 25.8%, with the passenger load factor reaching an impressive 83.5%, up by 3 percentage points.

Cathay Pacific recorded a stellar performance in November 2024, demonstrating a strong recovery and sustained growth in its passenger operations. The airline’s key metrics for the month include:

  • Over 2 million passengers carried: This milestone underscores Cathay Pacific’s robust operational recovery and strong demand for travel.
  • 23.1% year-over-year increase in passenger numbers: A clear indicator of growing consumer confidence and the airline’s ability to meet market demand.
  • Passenger load factor at 83.5%: Reflecting efficient capacity utilization and high demand for available seats.
  • Available seat kilometres (ASK): Increased by 21.3%, signaling expanded network capacity and a greater number of routes served compared to the previous year.

Cathay

Cumulative Growth in 2024

The performance over the first 11 months of 2024 highlights Cathay Pacific’s remarkable recovery and strong operational momentum:

  • 20.5 million passengers transported: Representing an impressive 27% growth year-on-year, this figure showcases the airline’s successful rebound from the global aviation slowdown.
  • Available seat kilometres up by 31.5%: This increase indicates the airline’s strategic expansion of available capacity to cater to rising demand.
  • Revenue passenger kilometres (RPK): Grew by 26.7%, reflecting higher levels of passenger engagement and increased flight occupancy.

Cargo Operations See Strong Seasonal Demand

Cargo operations remained strong in November, with cargo volumes reaching 142,601 tonnes, a 15% increase from the previous year. Cargo revenue tonne kilometres grew by 11.9%, and the load factor rose to 62.3%.

Cargo Highlights

Cathay Pacific’s cargo operations in November 2024 showcased significant growth, reflecting a strong demand for air freight during the peak season. Key performance metrics for the month include:

  • 142,601 tonnes of cargo transported: A testament to the airline’s ability to meet growing demand in global air freight markets.
  • 15% year-over-year growth in cargo volumes: Highlighting sustained recovery and increased reliance on air logistics for various sectors.
  • Load factor at 62.3%: Demonstrating efficient utilization of available cargo capacity amidst rising demand.

Driving Factors Behind Growth

The impressive cargo performance was fueled by several key factors:

  • E-commerce Boom: Major e-commerce events in Hong Kong and the Greater Bay Area, such as Singles’ Day and pre-holiday sales, spurred a surge in air freight demand. These events significantly contributed to higher shipment volumes of consumer goods and electronics.
  • Perishables from the Americas and Southwest Pacific: The airline experienced increased demand for transporting fresh produce, seafood, and other perishable goods, ensuring timely delivery to global markets.
  • Machinery from Japan: An uptick in the transportation of industrial machinery and equipment from Japan underscored Cathay Pacific’s role in supporting global trade and supply chains.

Premium Travel and Business Class Demand Surges

Business and premium travel sectors also performed strongly, particularly following major events such as the Canton Fair in Guangzhou. The Riyadh route experienced significant transit traffic, reflecting Cathay’s strategic position in connecting key markets.

Cathay Pacific’s Chief Customer and Commercial Officer, Lavinia Lau, commented:

“Our travel business remained robust across our network, exceeding two million monthly passengers for the fourth time this year. Japanese and South Korean routes were exceptionally strong, driven by demand from Hong Kong, Australia, and Southeast Asia.”

Fleet Expansion and Strategic Investments

Cathay Pacific recently announced the purchase of 30 Airbus A330-900 (A330neo) widebody aircraft as part of its fleet renewal strategy. This investment aims to improve fuel efficiency and enhance passenger experience across regional and long-haul routes.

Looking Ahead: 2025 and Beyond

The Cathay Group has successfully completed its two-year rebuilding strategy. By January 2025, both Cathay Pacific and HK Express are expected to restore pre-pandemic flight schedules.

Key Future Plans:

  • Serve 100 global destinations in 2025.
  • New routes to Hyderabad, Dallas, Munich, Brussels, and Sendai.
  • Recent additions include Cairns, Phu Quoc, Hualien, and Shizuoka.
  • Hiring of over 7,000 employees in 2024.

Financial performance remains strong, with expectations of improved results in the second half of 2024. The group has benefited from increased cargo demand and lower fuel costs, despite normalized passenger yields.

Additionally, Cathay Pacific anticipates a financial gain of approximately HK$0.5 billion from Air China’s A-share issuance.

Conclusion

Cathay Pacific continues to demonstrate resilience and strategic foresight as it navigates a dynamic global travel landscape. With strong passenger and cargo growth, coupled with fleet modernization and route expansion, the airline is well-positioned for a successful 2025.

Stay tuned to edgestravel for the latest updates in aviation and travel.

 

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