Hong Kong-based Cathay Pacific Airways and its subsidiary Dragonair have reported moderating declines in cargo tonnage with the two carriers uplifting a total 123,860 tonnes of cargo and mail in June, down 10 per cent on June 2008. The airline’s cargo spokesman said June cargo traffic was down year-on-year, though the monthly drop was the lowest so far this year. “There are signs that the airfreight market has bottomed out, though as yet we are not seeing any sustained upswing in demand. Competition in the various cargo markets we serve remains fierce and as such yield remains under considerable pressure,” he said.