Cathay Pacific Airways, which earns 30% of revenue from its cargo business, has warned the slowdown in air freight may continue into the second half of the year. The passenger and cargo carrier reported a 10th consecutive decline in monthly volumes.
Chief Executive Officer John Slosar said he wasn’t expecting the trend to reverse in the next few months although he hopes “in the second half of this year things start to look better, but that will very much depend on the economy”.
Cathay has reduced freight capacity to North America and Europe as demand for goods decline. The airline’s cargo traffic fell by 18% in January from a year ago.