How has the year been from a business perspective?

We started the year saying that Cathay Cargo was going to have to navigate uncertainties. We knew things were going to change after the US elections and we could also anticipate that things would happen with e-commerce. We had to work out how best to adapt to tariff announcements and changes to de minimis exemptions, and we did so by staying in close touch with our customers, responding quickly and maintaining our brand positioning. We’ve also continued to differentiate ourselves with our service and our special solutions, for which we have developed imaginative marketing campaigns this year, alongside developing our industry leading digitalisation programmes.

Did things go according to plan?

In April, the tariff announcements took – if they’re being honest – everyone by surprise. We hadn’t anticipated the scale and reach of the tariffs or the developments that would follow. We then gradually observed frontloading, as different countries looked to negotiate. Demand for Cathay Cargo capacity on our key lanes has remained robust, though, throughout the year. I have noted, however, that in conversations with a number of customers there’s a sense that the full impacts of tariffs have not yet reached “Main Street”. Our goal was to keep the customer at the centre of what we do and to keep them informed of our plans and thoughts, particularly with regards to how we might modify our network. There’s been some rebalancing, with peak freighter services to Madrid and additional capacity into South East Asia this year as trade flows adjusted. We have nevertheless, retained our freighter capacity between Hong Kong and the Americas.

How did flows change from last year?

South East Asia was the year’s big growth story. The now combined South East Asia and Oceania region is our third-largest sales territory, behind Hong Kong and the rest of the Chinese Mainland. We’ve been able to add capacity to South East Asia by upgauging narrow-body passenger aircraft to Penang and adding more freighter capacity to Hanoi.

Throughout we kept monitoring demand to the Americas, and there have been more network-based volumes rather than those originating from Hong Kong and the Greater Bay Area specifically from e-commerce, as was the case last year. Yet, our load factors on the Americas lanes have remained robust, partly because the AI boom seems to have shortened technology cycles, driving demand for server racks, chips and processors.

What were the highlights of the year?

Winning the ATW Cargo Operator of the Year Award was a major highlight. It’s always good to receive this sort of recognition from the industry. The entire Cathay Cargo team really cares about providing excellent customer service and the recognition gives everyone a boost.

Another highlight was the continuation of our shipment solutions refresh, and this year that carried over into Cathay Live Animal and Cathay Dangerous Goods. The solutions have enabled us to tell stories that showcase our “We Know How” brand message in creative new ways, alongside sponsoring events like the Hong Kong International Horse Show. We’ve never carried so many horses on one freighter and it was a proud achievement requiring extensive planning within Cathay and with the organiser to deliver a top-class event to Hong Kong.

How about digitalisation?

On top of our work on the operational side work with ONE Record and Cargo Connect, which help our teams handle shipments more effectively, we continue to harness commercial data with AI-enabled platforms. We’re also investing a great deal in developing our website into an increasingly important place for us to engage with customers. The first part of the new user experience for registered users of Click & Ship was introduced this year, with Manage Booking functionality coming in the first quarter of next year. We want this to be a world-beating website and digital hub for our customers, and we’re making excellent progress.

There’s also been a change at the top

We said farewell to Tom this year. He’s been absolutely transformational for Cathay Cargo. It’s funny that while Tom is not somebody who seeks the spotlight, he absolutely put the spotlight on Cathay Cargo. Through his leadership Cathay Cargo has transformed our digital and brand focus and revitalised our people engagement. Prior to his move and together with our new Director Cargo Dominic Perret, Tom mapped out many of the priorities for the years ahead, building on the achievements of the past five years and identifying new areas of strategic focus. Now we’re looking forward to the era of Dom, who brings 25 years’ experience and a fantastic reputation as a champion for change. There’s no doubt that he’ll put the same passion and drive into Cathay Cargo that he’s put into all of his past roles.

What’s your message to customers?

For many obvious reasons... “thank you, and the very best wishes for the holiday season”. Listening to and understanding our customers is vital so that we can try our best to find the creative outcomes and solutions they need. We don’t always get it right, and that’s why we value their feedback. Feedback really motivates us because we know that to be the world’s best air cargo carrier, we have to strive to do better and it helps us focus on what matters. While we’ll always look to provide the capacity our customers need, it’s very important, especially at times like this, that we keep in close dialogue with them about their expectations moving forward. And that’s exactly what we’re doing right now as we look ahead to 2026.