Reporting a 22 per cent decline in turnover for the first quarter of 2009, year-on-year, Hong Kong-based Cathay Pacific Airways Ltd. said Thursday that it will cut capacity and ask its staff to take unpaid leave over the course of the next twelve months. The carrier said that from May 2009, overall planned cargo capacity will be reduced by 11 per cent while passenger capacity at Cathay Pacific will be reduced by 8 per cent and at subsidiary Dragonair by 13 per cent. The company also said it is … [Read more...] about Cathay Pacific makes further capacity cuts
Air Logistics Asia
FedEx pulls 14 aircraft from service
FedEx Corp is pulling capacity as the ongoing downturn hits its global express business, with the US-based carrier announcing in a notice to the Securities and Exchange Commission earlier this week that it will remove 10 Airbus A310-200s, four Boeing MD10-10s from service between now and the end of the quarter ending May 31. "This decision reflects management's ongoing efforts to optimise the company's express network in light of continued excess aircraft capacity due to weak economic conditions … [Read more...] about FedEx pulls 14 aircraft from service
Semiconductor decline may be moderating
Global semiconductor sales declined again in February, down 30.4 per cent year-on-year to US$14.2 billion, but there is some indication the rate of decline is moderating from the fourth quarter of last year, according to the Semiconductor Industry Association (SIA). "The global semiconductor industry is going through one of the steepest corrections in its history," said George Scalise, SIA president. "While it would be premature to conclude that the sales decline has hit bottom, there are some … [Read more...] about Semiconductor decline may be moderating
AAT cautious on levelling of cargo declines
Hong Kong's second largest cargo terminal, Asia Airfreight Terminal Co Ltd (AAT), announced today that its March throughput declined by 28 per cent year-on-year, to a total of 40,217 tonnes. The decline was marginally worse than February's 26 per cent decline and slightly better than January's 29 per cent fall. “Although the tonnage in March 2009 was slightly higher than the previous two months, it does not reflect that the air cargo industry is getting back on track yet; when the market … [Read more...] about AAT cautious on levelling of cargo declines
Three more carriers nabbed for price fixing
Three more cargo carriers - Cargolux, Nippon Cargo Airlines and Asiana Airlines - have agreed to pay criminal fines totalling US$214 million for their role in a global price fixing conspiracy. Additionally, Asiana was charged with fixing the passenger fares on flights from the US to Korea from as early as 2000. Cargolux will pay a fine of $119 million; Nippon Cargo, $45 million; and Asiana, $50 million. In addition, three senior air cargo industry executives agreed to serve jail terms. The … [Read more...] about Three more carriers nabbed for price fixing
Hactl’s March volumes come as “minor relief”
Hong Kong Air Cargo Terminals Limited (Hactl) announced that its tonnage throughput for March and the first quarter both went down more than 20 per cent, but the figures provided "minor relief" as they are a further indicator that the sharp declines have levelled off. "The March figures came as a minor relief, as compared to the sharp tonnage declines registered in the previous months," said Hactl's general manager of Marketing and Customer Service, Lilian Chan. "But the market outlook remains … [Read more...] about Hactl’s March volumes come as “minor relief”
