How was 2023 for Cathay Cargo?
As with 2022, last year was a continuation of the normalisation in the air-cargo market in terms of yields and load factors from the highs of the COVID-19 period. From our own point of view, we returned our cargo capacity to around about 85 per cent of pre-COVID levels, which is encouraging, while I'd say the overall market was fairly challenging for traditional air-cargo sectors. We definitely felt some of the global issues around trade, consumer confidence and inflation, and some geopolitical issues didn't help matters. That said, e-commerce has been an exception. Demand built and it finished on a strong note, which helped put our yields above 2019 levels, which was positive.