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By Greg Waldron2021-03-11T09:29:00+00:00
Recent financial results from Asia-Pacific airlines highlight how the disappearance of bellyhold space has given a massive boost to cargo yields.
Amid the Coronavirus pandemic, Asia-Pacific airline financials make for gloomy reading. They are rife with massive losses, collapsing revenue, layoffs, and the retirements of aircraft that still had years of useful service ahead of them.
Source: Korean Air
A Korean Air 777F in 2019
The only bright spot is air cargo, with freight units at virtually all the region’s top carriers enjoying record performances. Sharply higher cargo yields underpin this performance, because 2020’s actual freight capacity and freight carried is down for most carriers.
Biden Boosts J&J Dose Order; Moderna Booster Shot: Virus Update Bloomberg 3/10/2021 Bloomberg News
(Bloomberg) President Joe Biden said he will double the U.S. order of Johnson & Johnson’s vaccine, bringing the country’s supply to enough for 500 million people. Contagious Covid-19 variant seems dominant in Texas and Florida.
Brazil reported a record number of deaths for the second day in a row, breaching the 2,000 level. The U.K. accused European Union politicians of damaging its vaccination program by making misleading statements that cast doubt on AstraZeneca Plc’s shot, in an escalation of tensions between the two sides.
Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.
Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.