Lunar New Year slowdown less pronounced from February cargo traffic

Less visible in preliminary cargo traffic reports for Asia-Pacific based carriers are the usual slowdowns associated with idled factories during the Spring Festival holiday week, which this year ran Feb. 12 through 22. Carriers reported the typical peak-like rush to get product out ahead of the holiday, and saw stronger demand continue through the holiday. Annual comparisons remain distorted by the persistent shortage of bellyhold capacity in passenger aircraft. Hong Kong-based Cathay Pacific and Singapore Airlines reported lower cargo traffic, primarily reflecting lower capacity on passenger flights, and for Cathay, lower capacity overall due to heightened COVID-19 restrictions. [caption id="attachment_415593" align="alignright" width="550"] Singapore Airlines and Cathay Pacific reported lower year-on-year traffic in February 2021. (Photo/Singapore Airlines)[/caption] “We saw strong cargo demand in the first ten days of February driven by the pre-Chinese New Year holiday rush, particularly in the Chinese mainland market,” said Ronald Lam, chief customer and commercial officer of Cathay Pacific, in a traffic release. “Cargo volumes dipped over the Chinese New Year period, though not as drastically as in previous years due to fewer factories remaining closed during this time,” he said. Cathay Pacific reported a 26.2% YoY decline in cargo traffic, to 514.9 million RFTKs for the month of February. Even though cargo traffic recovered towards the end of the month, Cathay operated fewer flights due to crew quarantine measures. Systemwide, flights were down 73% compared to February 2020, leading to a 38.3% drop in cargo capacity, to 647 million AFTKs. Singapore Airlines reported a 27.1% decline to 349.4 million RFTKs, attributing the reduction to a 54.8% contraction in capacity. Taiwan-based China Airlines and EVA Air – two carriers with large freighter fleets or a robust cargo-only flight program, saw traffic that was up significantly from February 2020. China Airlines reported a 58.4% increase YoY to 546 million FTKs compared to February 2020, while EVA reported a 31.49% increase to 329 million FTKs. Carriers based in mainland China had been grappling with industrial slowdowns and lockdown related to the COVID-19 outbreak in February 2020, and thus saw a strong rebound in annual comparisons. Air China, based in Beijing, reported cargo traffic up 123.9%, to 273.2 million FTKs. Guangzhou-based China Southern Airlines reported cargo traffic up 66.55 YoY to 548 million FTKs in February. The mixed results are in line with data from CLIVE, which reported chargeable weight up 2% in February 2021, compared with the same month in 2020, and 1% lower compared to February 2019. Cargo Facts Asia, taking place April 20-21 as a virtual experience, is the event for exploring opportunity in the Asia-Pacific region. The event continues to bring together the best, brightest, and most innovative executives in the global air cargo industry. Learn more and register at www.cargofactsasia.com .

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