Cathay Pacific in good financial shape and back adding capacityBack to Forum
There are headlines here over the weekend in all of the local press and media that the Covid restrictions are going to be greatly eased next week to the extent that tourism
and business are back on for Hong Kong.
From all that I can gather it is still speculation ( but much by people that I would expect to be in a position to know) and does not involve opening the mainland border.
Given that the Chinese president is here next week for the formal appointing of the new Hong Kong chief executive (in itself very unusual) it does appear fairly likely though. Also mainland authorities have been having direct discussions with local business and banks recently which in its self is unpresented I believe.
Anyone intending a trip to Hong Kong in the next couple of months would I believe be wise to make a booking now as CX and others will take some weeks to ramp up capacity should the above happen.
Hotels rooms are likely to be tight also as most hotels have been functioning with much reduced staff and will take time to ramp up, however if all goes ahead I am reasonably confident that the ridiculous UK airport delays and disruption will not happen to any extent here as Hong Kong people are lifters not leaners and management trained.
Of course the above may not happen at all… we live in interesting times!27 Jun 2022
I love all their lounges – Vancouver, SFO, LHR and of course, the plush ones in HKG. My problem with CX has been extremely close connection times connecting from West coast N Am to Asian and Indian flights. I’d hardly get to experience their lounges as the flights always arrive late and I’m running from one gate to another, with a 5 minute peep into the lounge.
Service is the best though. Very personalised service, very friendly cabin crew, the Only airline in J class where they consistently call me by name.
The fondest memory I have is on a YVR – HKG flight: I’d casually mentioned to one of the FAs that I liked mango as the flight was taxiing for takeoff in YVR, apparently that day they had mango ice cream stocked. She’s told the rest of the crew. Every time I woke up to use the washroom or stretch my legs, whichever FA was present and was sitting in the kitchen area would ask “Mr ____, time for your mango ice cream”!27 Jun 2022
I hope so also Martyn.
I gave even looking at CNN about 7 years ago when the became a propaganda department of US government.
For me no substance for a very long time. Pity – they were good and did add something useful to the mix.28 Jun 2022
Cathay resumes Boston plus daily to LA and New York. According to reports most resumed flights full both ways and ‘weight lists’ again after a long absence.
Flights to most paused sub-continent destinations also resuming this month.
Announcement re quarantine reductions expected this week with the Chief Executive moving fast and confirming that it must happen soonest.6 Jul 2022
Yesterday The HK governments CE John Tang announced the removal of all flight bans on airlines for carrying infected passengers.
This to take place immediately.
Cathay pacific shares jumped a further 5% on the news as this is seen as the first of several planned moves to reopen Hong Kong in short order.
1 user thanked author for this post.8 Jul 2022
at 02:2615 Jul 2022
As an update, CX just released some new traffic figures
“Cathay Pacific carried a total of 150,077 passengers last month, an increase of 269.2% compared to June 2021, but a 95.2% decrease compared to the pre-pandemic level in June 2019.
The month’s revenue passenger kilometres (RPKs) increased 320.2% year-on-year, but were down 91.7% versus June 2019.
Passenger load factor increased by 45.3 percentage points to 67%, while capacity, measured in available seat kilometres (ASKs), increased by 36.2% year-on-year, but decreased by 89.3% compared with June 2019 levels.
In the first six months of 2022, the number of passengers carried increased by 113.5% against a 26.6% decrease in capacity and a 129.8% increase in RPKs, as compared to the same period for 2021.”15 Jul 2022
In a reported statement late last week the airline said that they expected to be have resumed 25% of its normal network both destinations and frequency before end November. It is current servicing about 80 destinations freight or passenger. This will be a significant increase on the present and given that the 27 routes to China are mostly paused and unlikely to restart this year this is good progress.
Also reported was that the CX A350 flights from LHR and Manchester are running at close to capacity on most days.20 Jul 2022
According to a Reuters report yesterday Cathay Pacific’s shares since the start of 2020 have outperform those of both Singapore Airlines and Deutsche Lufthansa.
They also reported that Cathay shares are up 34% in YTD and have sense 2020 only lost 17% of their value whereas Lufthansa and IAG group shares are down about 50% and 80% respectively in the same time frame.
With its huge debt burden one wonders how long before the ill founded IAG group is broken up or possibly collapses.20 Jul 2022