Hong Kong’s Cathay Pacific Cargo said  freight traffic has lifted slightly due to Christmas orders, but the volume has yet to match the peak season levels of two years ago.

The airline, the world’s top air cargo carrier, said it has noticed a little rise in demand over the past few weeks owing to the approaching holiday season. In September, the company also reported handling 2.4 percent more cargo year-on-year due an increase in the shipment of high-tech products, the first significant growth in throughput in 18 months.

Meanwhile, competitor Singapore Airlines (SIA) Cargo, the world’s third largest carrier by market value, saw operating losses of S$50 million for the quarter ended September as it grappled against a slower trade and rising threat from Middle East carriers. For the first half of fiscal year 2012-2013, its operating loss also ballooned to S$99 million from S$31 million year-over-year.

The company does not expect a good outlook for the year, especially with the state of the economy in Europe.

“The air cargo market remains badly depressed and the near-term outlook continues to be challenging,” said SIA Cargo president Tan Kai Ping in the statement. “Freight rates have declined to a level where certain flights are no longer viable.”

 

Photo: D464-Darren Hall

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