Cathay Pacific Reports Strong January Traffic

DALLAS — Cathay Pacific Airways (CX) has released its traffic figures for January 2024, reporting a significant increase in passenger numbers and a positive outlook for cargo.

The Cathay Group comprising CX and HK Express (UO) carried over two million passengers throughout the month, averaging more than 70,000 daily passengers.

B-KPR Cathay Pacific Boeing 777-300ER KLAX/LAX. Photo: Tony Bordelais/Airways

Passenger Traffic

In January 2024, Cathay Pacific reported a significant surge in passenger numbers, carrying a total of 1,717,200 passengers, marking a significant 66.4% increase compared to January 2023.

This growth was complemented by a 56.7% year-on-year increase in revenue passenger kilometers (RPKs). While the passenger load factor dipped by 4 percentage points to 82.8%, available seat kilometers (ASKs) surged by 64.2% year on year.

Cathay Pacific’s Chief Customer and Commercial Officer Lavinia Lau attributed this growth to the resurgence of business travel demand post the holiday season.

Notably, Chinese Mainland routes witnessed exceptional performance, with strong demand observed across premium cabins. According to the press release, the Philippines route also emerged as a popular one, boasting a load factor close to 90%, surpassing all other short-haul routes.

Cathay Pacific Cargo B-LJKBoeing 747-867F. Photo: Brandon Farris/Airways

Cargo Traffic

The cargo sector also saw positive developments in January, with cargo tonnage increasing by 20.7% year-on-year. However, the cargo load factor decreased to 58.6%. This decrease is likely due to the typical dip in cargo tonnage in January.

Despite this, Cathay Pacific remains optimistic about the cargo sector, citing its upcoming hosting of the IATA World Cargo Symposium in March 2024 as a positive indicator for future growth.

Cathay Pacific 777-300ER B-KQY. Photo: Christian Winter/Airways

Conclusion

Overall, the January 2024 traffic figures highlighted the recovering airline industry, with CX experiencing growth in both passenger and cargo sectors.

However, the slight decline in load factors suggests that there is still time for full recovery, but the overall outlook is positive. The airline is expected to see continued strong demand in February, particularly around the Lunar New Year holiday.

“As Lunar New Year fell in the first half of February, we began to witness a noticeable increase in holiday demand from the Chinese Mainland towards the latter part of January. This demand was for travel both to Hong Kong and beyond.”