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Cathay Pacific sees weaker air cargo peak season this year

(Reuters) -Hong Kong's Cathay Pacific Airways (OTC:CPCAY) Ltd said on Thursday that the peak season for air cargo this year may not be as strong as last year because of supply...
Cathay Pacific sees weaker air cargo peak season this year © Reuters. FILE PHOTO: A Cathay Pacific Cargo Boeing 747-8F plane descends before landing at Hong Kong Airport in Hong Kong, China April 4, 2018. REUTERS/Bobby Yip

(Reuters) -Hong Kong's Cathay Pacific Airways (OTC:CPCAY) Ltd said on Thursday that the peak season for air cargo this year may not be as strong as last year because of supply chain snags, the impact of inflation on consumer demand and China's COVID-19 policies.

"We expect that this year's peak season may not be the same as last year's," Cathay freight executives said in an email update to air cargo clients.

The fourth quarter is typically the peak season for air cargo because of consumer electronics product launches and the busy Christmas holiday period. Many air freight carriers reported record revenue in the peak season last year.

Cathay has been relying on cargo for the majority of its revenue during the pandemic because of Hong Kong's strict COVID-related quarantine rules for passengers and crew.

The Baltic Exchange Air Freight Index fell 1.1% last week, dragging it into negative year-on-year territory for the first time in many months to be 2.3% below last year, TAC Index said on Wednesday.

"There has not been much sign yet of prices firming up as the market approaches the traditional peak season," the calculator of the Baltic index said in a weekly update.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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1.0658

-0.0008 (-0.07%)

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1.2475

-0.0015 (-0.12%)

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157.91

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AUD/USD

0.6469

-0.0003 (-0.05%)

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USD/CAD

1.3780

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168.32

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
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Cập nhật 01-05-2024 10:45:19
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