To round up the week we Cathay Pacific has some bittersweet news. The latest figures for the month of October 2022 shows the airline on a path to recovery, however still far from pre pandemic status quo. So let’s look a little closer into what the Cathay Pacific report has to say.
Cathay Pacific Carried in October Over 400,000 Passengers
The good news is that as restriction were lifted in the special administrative region of Hong Kong, demand for air travel immediately returned.
As a matter of fact Hong Kong based Cathay Pacific carried in excess of 400,000 passengers in October 2022. It is also good news that that represents a 424% increase compared to October 2021. However as a figure it is still far from the pre pandemic passenger load for the OneWorld member.
In October 2019 the airline carried 2,672,726 passengers. Which means that the 400,909 carried just last month is just about 15% of the pre covid figure.
However we must keep in mind that China and the Hong Kong SAR had some of the most restrictive covid contrast policies in the world. In my mind it means that air traffic demand was artificially compressed, particularly in the months leading up to October.
Cargo Figures In Contrast
What sticks out from Cathay Pacific’s October performance recap is that cargo tonnage transported is down even when compared to October 2021.
To my eyes as more and more routes reopen across the globe the market has more capacity on direct routes. Particularly on passenger routes that might have been closed due to covid that are now open again.
Cargo tonnage transported by Cathay Pacific is down 20.1% compared with October 2021 and 40.2% when compared to the same month in 2019.
The Light at The End of The Tunnel
There is hope for the coming holiday season and 2023. With most restrictions on travel to and from Hong Kong and China lifted the outlook is much rosier.
Also restrictions have been lifted for most of Cathay’s main markets. Which translated into a boost in tickets booked to destinations like:
- Japan
- South Korea
- Singapore
- Bangkok
Also the month of October 2022 marked the return of Cathay Pacific to airports such as:
- Madrid
- Milan
- Bengaluru
- Dubai
- Kathmandu
Also Chief Customer and Commercial Officer Ronald Lam stated that the Hong Kong based airline is on track to reach its 2022 goal of operating at 33% of its pre covid passenger capacity. Definitely Christmas season travel will help reach this goal.
Looking at 2023, when the aviation industry is likely to return more and more to normality, the goal is to finish the year operating at 70% pre covid capacity.
