Strong March, but fears for May
Cathay Cargo recorded a 10.6% year-on-year increase in tonnage in March 2025, supported by strong demand for specialist products and the end-of-quarter rush. However, the airline is preparing for headwinds from looming changes in US import tariffs and the de minimis rule, expected to hit general cargo flows from mainland China from May onwards. Available Freight Tonne Kilometres (AFTKs) grew by 8.5%, while load factor declined slightly by 1.2 percentage points.
"Our refreshed Cathay Fresh product and cold-chain expansion via the Hong Kong–Zhuhai–Macao Bridge are great examples of where we're investing for quality and resilience," said Chief Customer and Commercial Officer Lavinia Lau. "But the impending tariff changes add significant uncertainty. We’re monitoring the situation closely and stand ready to redeploy freighter capacity to support stable volumes through emerging trade lanes." (ah)