Cathay Cargo recorded an 11% year‑on‑year increase in cargo tonnage in March, marking one of its strongest monthly performances since late 2025, according to figures released by the Cathay Group.
The carrier also expanded its Available Freight Tonne Kilometres (AFTKs) by 2% compared with March last year.
The improvement followed a softer February, when shorter month length and post‑Lunar New Year seasonality typically dampen volumes, making March’s rebound a notable uplift.
Over the first quarter, Cathay Cargo’s total tonnage rose 8% from the same period in 2025.
Cathay Chief Customer and Commercial Officer Lavinia Lau said the end‑of‑quarter cycle helped drive broad‑based growth across the network.
“March marks the traditional quarter-end peak period for cargo. Tonnage growth was solid across our network, particularly from our home market of Hong Kong and the wider Greater Bay Area, as well as the rest of the Chinese Mainland, Southeast Asia and Europe,” she said.
Lau added that Cathay Cargo’s specialist products also performed well. “Among our specialist solutions, Cathay Priority recorded increased tonnage as shippers sought to secure capacity on our long-haul routes amid ongoing market capacity adjustments arising from the Middle East situation. Meanwhile, Cathay Expert and Cathay Dangerous Goods also saw a boost from semiconductor and chemical shipments.”
Looking ahead, Lau said the Hong Kong-headquartered airline expects steady demand through April’s holiday period but warned that geopolitical tensions continue to shape market conditions.
“Turning to April, we anticipate demand on long-haul trunk routes to remain healthy through the seasonal holidays. Market conditions are expected to remain dynamic and sensitive to the ongoing developments in the Middle East, and the consequential capacity constraints across certain trade lanes,” she said, adding that Cathay’s freighter services to Dubai and Riyadh, however, remain suspended until May 31, 2026.
The cargo gains came as Cathay’s passenger businesses also saw strong demand in March, though the airline faced mounting cost pressures from surging fuel prices.
“March was a month of contrast,” Lau said. “On the one hand, the ongoing situation in the Middle East shifted demand towards other aviation hubs and generated robust volumes on our flights. On the other hand, the price of jet fuel has increased significantly since the start of March and this is placing huge cost pressure on airlines around the world.”
She cited IATA data showing global average jet fuel prices nearly doubling to US$197.83 per barrel by April 10, up from US$99.40 at the end of February.
Lau said Cathay has taken steps to manage the spike in operating costs. “In the past month, we have pursued every suitable means to keep our flights operating as normal, including the adjustment of fuel surcharges. However, these measures have not been enough to mitigate the significantly increased fuel costs,” she said.
As a result, the airline will consolidate a small number of passenger flights from mid‑May to the end of June, affecting about 2% of Cathay Pacific frequencies and 6% of HK Express flights.
“Beyond June, we plan to operate all our scheduled passenger flights, subject to developments in the Middle East situation and jet fuel price in the coming months,” Lau said.
“We are remaining agile in our response while striving to maintain our network and frequencies as much as possible for our customers, business partners and the Hong Kong international aviation hub.”