A shallow peak, a gradual recovery

------=_Part_18294380_725423049.1671612718028 Content-Type: multipart/alternative; boundary="----=_Part_18294381_1407812691.1671612718028" ------=_Part_18294381_1407812691.1671612718028 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable =09 =20 =09 Your essential monthly Cargo round-up =20 =09 =20 =20 =09=09=09 =20 [3D"Cathay] =20 =20 =20 =20 =20 A SHALLOW PEAK, A GRADUAL RECOVERY= =E5=B9=B3=E6=B7=A1=E6=97=BA=E5=AD=A3=EF=BC=8C=E7=A9=A9= =E5=AE=9A=E5=BE=A9=E8=98=87 --------------------------------------------------------------- George Edmunds GM Cargo Commercial =E8=B2=A8=E9=81=8B=E5=95=86=E5=8B=99=E7=B8=BD=E7=B6=93=E7=90= =86=E8=89=BE=E5=8D=93=E8=B3=A2 =20 [3D""] =20 =20 =09 =20 2022 has been a year of c= hallenges. It started with the temporary grounding of our long-haul freight= er operations, travelled through continued supply chain issues, and then en= countered inflation and a fall in consumer confidence resulting in a peak t= hat underperformed. Despite this, in many ways 2022 was as exceptional as t= he record-breaking run of 2021. Why exceptional? The lack of capacity and the = record levels of demand witnessed in 2021 meant it was no surprise that las= t year=E2=80=99s peak was one of the most exceptional ever witnessed. 2022,= on the other hand, was a year of many surprises =E2=80=93 some good and so= me bad, but all of which were dealt with by the Cathay Pacific Cargo team w= ith agility and professionalism. The specific challenges of operating from Hong Kong as the= fifth COVID-19 wave hit meant we had to be adaptable from the first day of= the year, changing our network focus to reflect the resources at hand. Our= team in the Chinese Mainland then had to deal with the impact of localised= lockdowns from Q2 onwards, making demand forecasts especially difficult. W= hen adding the macro impacts of the Ukraine conflict on cost (increased fue= l and increased flying time) and a drop in consumer demand as the cost of l= iving crises impacted many of our core markets, it is amazing we have come = through the year with such positivity. It has resulted in an underwhelming = peak, but the team and our customers have continued to show resilience to a= dapt to this. Working together I am even more confident that we will overco= me the challenges of next year, whatever they may be. One lesson I learned over the course of the pandemic was t= hat making predictions is a fool=E2=80=99s game. Nonetheless, I will give i= t a go! On the capacity front, as we head into 2023 our expanding passenger= network will provide our cargo customers with more destinations and greate= r frequencies to choose from. However, we expect headwinds in the air cargo= market to continue in the short term until supply chains in the Chinese Ma= inland become more stable and inventory levels in key consumer markets redu= ce. We think that global economic effects will linger certainly into Q1 202= 3, but as the COVID-19 policies on the Chinese Mainland start to ease =E2= =80=93 and there are encouraging signs =E2=80=93 it will help normalise sup= ply chains. Additionally, as winter recedes, some of the acuteness of = the cost of living crisis will alleviate, which will stimulate demand even = as cargo belly capacity starts to grow. Cathay Pacific is aiming to have 70= per cent of its pre-pandemic passenger capacity flying by the end of 2023 = and return to pre-pandemic levels by the end of 2024, which is ahead of IAT= A=E2=80=99s Asia Pacific traffic forecast. You can read more of my thoughts= on the past year and [our view on early 2023 here](3D"). One thing that air cargo is particularly good at is creating the link betwe= en products and new markets. For example, we=E2=80=99re delighted to have b= een involved in the first shipments of pomelos from Vietnam to the new expo= rt market of the US after the country was granted an import licence in 2021= . We=E2=80=99re proud to play our part in [getting the first of this Vietnamese fruit to marke= t](3D".=) using our Fresh LIFT solution. =09 In other stories this month, you can also read about the c= hallenges and planning that go into shipping bigger and more valuable cargo= es =E2=80=93 in these instances [helicopters](3D"=) and priceless artefacts. We=E2=80=99re proud = to have carried some of [Yayoi Kusama=E2=80=99s artworks](3D"=) as part of our sponsorship of = a retrospective of her work at M+ in Hong Kong, which made for a colourful = end to the year. =09=09 For now, and following another unique and challenging year= , I wish to pass on our very best wishes for a relaxing and recuperative ho= liday season for you and your families. =09 =09=09=09=09 =09=09=09 =09=09=09 =09=09=09 =20 =09=09 =20 =20 =09=09=09=09 2022= =E5=B9=B4=E6=98=AF=E6=8C=91=E6=88=B0=E9=87=8D=E9=87=8D=E7=9A=84=E4=B8=80=E5= =B9=B4=EF=BC=8C=E6=88=91=E5=80=91=E7=94=B1=E9=95=B7=E9=80=94=E8=B2=A8=E9=81= =8B=E8=88=AA=E6=A9=9F=E7=9F=AD=E6=9A=AB=E5=81=9C=E9=81=8B=E9=96=8B=E5=A7=8B= =EF=BC=8C=E5=88=B0=E6=8E=A5=E9=80=A3=E5=87=BA=E7=8F=BE=E4=BE=9B=E6=87=89=E9= =8F=88=E4=BA=8B=E6=95=85=EF=BC=8C=E4=BB=A5=E8=87=B3=E5=BE=8C=E4=BE=86=E9=9D= =A2=E5=B0=8D=E5=85=A8=E7=90=83=E9=80=9A=E8=84=B9=E5=92=8C=E6=B6=88=E8=B2=BB= 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=B2=A0=E8=B2=AC=E9=81=8B=E9=80=81=E9=83=A8=E5=88=86=E5=B1=95=E5=87=BA=E4=BD= =9C=E5=93=81](3D"T=)=EF=BC=8C=E4=BB=A5=E5=8F=8A=E7=82=BA=E9=80=99=E5=B9=B4=E5= =B8=B6=E4=BE=86=E5=85=85=E6=BB=BF=E8=89=B2=E5=BD=A9=E7=9A=84=E5=AE=8C=E7=BE= =8E=E7=B5=82=E7=B5=90=E6=B7=B1=E6=84=9F=E6=A6=AE=E5=B9=B8=E3=80=82 =09 =E5=9C=A8=E6=AD=A4=EF=BC=8C=E7=B6=93=E9=81=8E=E5=8F=88=E4= =B8=80=E5=80=8B=E7=8D=A8=E7=89=B9=E8=80=8C=E5=85=85=E6=BB=BF=E6=8C=91=E6=88= =B0=E7=9A=84=E4=B8=80=E5=B9=B4=EF=BC=8C=E6=88=91=E8=A1=B7=E5=BF=83=E7=A5=9D= =E9=A1=98=E4=BD=A0=E8=88=87=E5=AE=B6=E4=BA=BA=E8=83=BD=E5=A4=A0=E6=AD=A1=E5= =BA=A6=E4=B8=80=E5=80=8B=E8=BC=95=E9=AC=86=E6=84=89=E5=BF=AB=E7=9A=84=E4=BD= =B3=E7=AF=80=EF=BC=8C=E5=A5=BD=E5=A5=BD=E4=BC=91=E9=A4=8A=E7=94=9F=E6=81=AF= =E3=80=82 =09 =09=09=09=09=09 =20 =20 [3D""] CARGO IN ACTION =E8=B2=A8=E9=81=8B= =E6=96=B0=E5=8B=95=E6=85=8B Cathay Pacific Cargo ships Yayoi Kusama artworks to= Hong Kong =E5=9C=8B=E6=B3=B0=E8=B2=A8=E9=81=8B=E7=82=BA=E9=A6= =99=E6=B8=AF=E7=9A=84M+=E9=81=8B=E9=80=81=E8=8D=89=E9=96=93=E5=BD=8C=E7=94= =9F=E5=9B=9E=E9=A1=A7=E5=B1=95=E7=9A=84=E8=97=9D=E8=A1=93=E5=93=81 [[3D"read]=](3D") [3D"read](3D"B264p_Fp=) =20 =20 =20 = [3D""] =20 =20 =20 =20 NE= WS & ANALYSIS =E6=96=B0=E8=81=9E=E8=88= =87=E5=88=86=E6=9E=90 =20 =20 A look back at the year that was: five key takeaways fr= om 2022 =20 =20 =E5=9C=8B=E6=B3=B0=E8=B2=A8=E9=81=8B=E8=89=BE=E5=8D=93= =E8=B3=A2=E7=9A=842022=E5=B9=B4=E7=A9=BA=E9=81=8B=E6=A5=AD=E4=BA=94=E5=A4= =A7=E9=87=8D=E8=A6=81=E5=9B=9E=E9=A1=A7 =20 =20 =20 =20 [= [3D"view]](3D"TxPmGahY/OTIvUG=)= [3D"read](3D") =20 =20 =20 =20 [3D""]=20 CARGO = IN ACTION =E8=B2=A8=E9=81=8B=E6=96=B0= =E5=8B=95=E6=85=8B Ensuring helicopter shipments take off successfully and sa= fely =E7=A2=BA=E4=BF=9D=E6=8A=8A=E5=AE=B9=E6=98=93=E6=90=8D=E5= =A3=9E=E8=80=8C=E4=B8=94=E5=83=B9=E5=80=BC=E4=B8=8D=E8=8F=B2=E7=9A=84=E7=9B= =B4=E5=8D=87=E6=A9=9F=E5=AE=89=E5=85=A8=E9=80=81=E6=8A=B5=E7=9B=AE=E7=9A=84= =E5=9C=B0 [3D"read] [3D"read](3D"=) =20 =20 =20 [3D""] =20 =20 =20 =20 CARGO IN A= CTION =E8=B2=A8=E9=81=8B=E6=96=B0=E5= =8B=95=E6=85=8B =20 =20 Cathay Pacific flies Vietnam=E2=80=99s first pomelo exports to = the US market =20 =20 =E5=9C=8B=E6=B3=B0=E8=B2=A8=E9=81=8B=E8=B2=A0=E8=B2=AC=E9=81=8B= =E9=80=81=E9=A6=96=E6=89=B9=E8=B6=8A=E5=8D=97=E6=9F=9A=E5=AD=90=E5=87=BA=E5= =8F=A3=E5=88=B0=E7=BE=8E=E5=9C=8B =20 =20 =20 =20 [3D"view](3D=) [3D"read](3D"=) =20 =20 =20 =20 =20 =20 =20 =09=09 =09 =20 =20 =20 =09=09=09=09=09=09=09Follow us on LinkedIn= span> =09=09=09=09=09=09 =09=E8=AB=8B=E6=96=BCLin= kedIn=E8=BF=BD=E8=B9=A4=E6=88=91=E5=80=91 =09=09=09=09=09=09 =20 =09=09=09=09=09=09 =09=09=09=09=09=09 =09=09=09=09=09=09=09[=09=09=09=09=09=09=09=09[3D"linkedin] =09=09=09=09=09=09=09](3D"=) =09=09=09=09=09=09 =09=09=09=09=09=09 = p> =09=09=09=09=09=09 To unsubscribe, please = [= click here](3D") =E5=A6=82=E6=82= =A8=E4=B8=8D=E6=83=B3=E6=94=B6=E5=8F=96=E6=88=91=E5=80=91=E7=9A=84=E9=9B=BB= =E5=AD=90=E9=80=9A=E8=A8=8A=EF=BC=8C=E8=AB=8B[=E6=8C=89=E6=AD=A4](3D"=) =20 =20 =20 =20 =20 =20 Copyright =C2=A9 2022 by [Cathay Pacific Carg= o](3D"=). Opinions in Cargo Clan are the writers=E2=80=99 and not necessarily endorsed by Cathay Pacific Cargo.= Cathay Pacific Cargo and Cedar Hong Kong accept no re= sponsibility for unsolicited manuscripts, transparencies or other materials= . Our mailing address is: Cathay Pacific Cargo 9/F, South Tower, Cathay Pacific City, 8 Scenic Road, Hong Kong International Airport, Lantau, Hong Kong =20 =20 ------=_Part_18294381_1407812691.1671612718028-- ------=_Part_18294380_725423049.1671612718028--