Cathay Pacific Airways posted robust cargo revenue of HK$24 billion in 2024, marking an 8% year-on-year increase, driven by firm freight rates and stable market demand. The airline handled 1.53 million tonnes of cargo, reflecting a 10.9% rise over the previous year.
Despite the increase in cargo volume, the airline’s cargo load factor slipped by 2.1 percentage points to 59.9%, as available freight tonne kilometres (AFTK) expanded by 8.6%, outpacing the 5% growth in revenue freight tonne kilometres (RFTK). However, cargo yield improved by 2.9% to HK$2.82, signaling stable pricing dynamics across key trade routes. The carrier’s cargo division saw strong performance across multiple sectors, reflecting sustained demand for air freight solutions.
E-Commerce and Specialized Cargo Drive Growth
E-commerce continued to be a major growth driver for Cathay Cargo, particularly shipments from China to long-haul destinations, with the Americas seeing a significant uptick. The global surge in online shopping fueled increased freight volumes, reinforcing Hong Kong’s role as a vital logistics hub.
Specialized cargo also played a key role in Cathay’s growth. Exports of perishables and pharmaceuticals saw strong demand, particularly from Europe to Hong Kong and other regional markets. The airline’s capability in handling temperature-sensitive shipments positioned it well in this high-value segment.
The automotive sector was another key contributor, with higher volumes of automotive components transported from Japan and Germany to key manufacturing hubs across Southeast Asia. Meanwhile, technology shipments, including semiconductors and consumer electronics, remained a vital component of Cathay’s cargo business. These goods were primarily shipped along major East Asia–North America and East Asia–Europe trade routes, reflecting continued demand for high-tech logistics solutions.
Increased Capacity Supports Cargo Expansion
The airline’s overall cargo capacity benefited from increased passenger operations, providing additional belly space for freight shipments. This was a critical factor in sustaining higher cargo volumes. Ronald Lam, Chief Executive Officer of Cathay Pacific, acknowledged this impact, stating, “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.”
Cathay’s expansion of cargo operations comes at a time when global supply chain trends continue to shift, with heightened reliance on air freight for time-sensitive shipments. .
