The war between US and Iran has affected global energy supply, causing oil prices to surge. Cathay Pacific Airways earlier announced the consolidation of a small number of passenger flights scheduled from the 16th of next month to June 30, canceling flights accounting for about 2% of the total—mainly short-haul regional routes and a small number of flights between Hong Kong and Australia, South Asia, and South Africa.
Cathay Pacific said it plans to operate all regular passenger flights after June, but this will depend on the latest developments in the Middle East and on the trend of aviation fuel prices. The airline noted that March performance showed a contrast: on one hand, in response to developments in the Middle East, travel demand shifted to other aviation hubs, and the Group's passenger traffic remained steady; on the other hand, aviation fuel prices have risen significantly since last month. According to figures released by the International Air Transport Association (IATA), for the week of April 10, the global average aviation fuel price was US$197.83 per barrel—up sharply by about double compared with the end of February—creating heavy cost pressure for airlines worldwide.
Cathay Pacific reported that last month's passenger volume increased year-on-year by 24% to nearly 2.81 million passengers, while first-quarter passenger volume increased year-on-year by 20%. Cargo volume last month increased year-on-year by 11%, and first-quarter cargo volume increased year-on-year by 8%. Hong Kong Express carried more than 750,000 passengers last month, up 22% year-on-year.
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