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Cathay Pacific notes unprecedented length of cargo slump

17-May-2013 12:09 PM

Cathay Pacific CEO John Slosar, in CX World Magazine May-2013, noted (May-2013) the air-cargo industry has been in a slump for more than two years now, stating this is "an unprecedented length of time" and there is "still no indication that things are about to change for the better". He added: "There are few positive signs of the world’s economy getting back on a firmer footing and the simple fact is that cargo demand won’t see any sustained uptick until that happens". Cargo accounts for a significant portion of the overall business at Cathay Pacific, with Mr Slosar noting: "We didn’t anticipate the markets being down for such an extended period and we have had to be nimble and flexible in our response, cutting back freighter capacity in line with demand at the same time as trying to develop new markets". He also said the carrier has "adapted well to the short-term challenges and at the same time have been looking to the future. In the longer-term we are confident that the markets will bounce back, that Mainland China will continue to be major source for both export and import cargo, and that Hong Kong will maintain its role as one of the world’s major international airfreight hubs". The carrier now has nine Boeing 747-8Fs in its freighter fleet, following a delivery on 09-May-2013. Four more of the freighters are due to be delivered in 2013 with the next scheduled to arrive in Jun-2013. [more - original PR]