Cathay Pacific Airways (0293) saw forward bookings slumped over 80 percent amid the spread of the Covid-19 virus. In a press briefing today, Ronald Lam, chief customer and commercial officer, said the average forward bookings fell to around 15,000-16,000 per day recently from 90,000 per day for the same period last year. He added that cargo capacity has also declined by a third due to cancellation of passenger flight, the carrier is trying to rebalance the flight capacity as it still is cautiously optimistic about cargo in the midterm, due to the recent ease in US-China trade war. Chairman Patrick Healy said the carrier is negotiating with major suppliers and aviation authorities for relief measures. He said the current challenge that the company is facing is "unprecedented", adding that cash preservation is the overarching goal for the short term.

Source: The Standard March 11, 2020 11:03 UTC