- Cargo revenues took over pax revenue for the first time in April and reached an incredible 151% YoY growth in May, offsetting overall revenue decline to roughly a quarter. CI mgmt. told local media that profits from May alone is higher than a half year profit from 2019. CI also benefits from less restricted access to Mainland China; the "five one" policy that led to the US-China FAA spat doesn't apply to Taiwanese carriers.
- No monthly cargo figures but, according to Pulse News, investment firms are estimating an operating profit of 72m USD for KE in Q2. Demand for medical and chip supplies has been high and “[freight rate] levels are already 20 to 30 percent higher than the previous peaks in its heyday between 2010 and 2017". KE saw a 3.1% YoY increase in RFTK for Q1 2020.
It's possible that May marks the peak of this cargo growth. With airlines gradually restarting services, increase in belly space supply will push AFTK back up and lower rates. Nonetheless, amazing how much cargo helped CI and KE during this difficult period.
Any other airlines expected to better weather the storm during this period? Hopefully those with sizable freighter fleets (e.g. CX, LH, QR) can at least see smaller losses.
China Airlines: https://ctee.com.tw/news/industry/281843.html
Korean Air: https://pulsenews.co.kr/view.php?year=2020&no=572760