Cathay Pacific Boeing 777-367ER B-KQH (c/n 42143)
The future is looking much brighter for Cathay Pacific. The oneworld Alliance member ended 2023 at around two-thirds of 2019’s capacity, benefiting from solid ticket sales to the Chinese mainland, Europe and the US. Such was its recovery that, by the end of 2023, the airline group – which comprises low-cost carrier HK Express and cargo operator Air Hong Kong – was on course to achieve its first annual profit since 2019. It plans to reach 100% of pre-pandemic passenger levels by the end of 2024.
The fates of Cathay Pacific and Hong Kong are inextricably linked, and COVID-19 combined with geopolitical instability have shaken the special administrative region’s position as a global metropolis. Strict travel restrictions forced the flag carrier to cut routes and implement cost-saving measures in 2020. Hong Kong only relaxed its border restrictions in December 2022, nine months after the UK and seven months after the US. It was also impacted by the delayed reopening of the Chinese market, on which it is heavily reliant.