Cathay Pacific Reports September 2010 Traffic

Cathay Pacific's and Dragonair's combined traffic figures for September 2010 show rises in the number of passengers and amount of cargo and mail carried compared to the same month in 2009, coupled with increases in both passenger and cargo capacity.

The two airlines carried a total of 2,178,726 passengers in September 2010 ? up 18.4% on the same month last year. The passenger load factor was 81.8%, a rise of 1.6 percentage points, while capacity for the month, measured in available seat kilometres (ASKs), was up by 12.9%. For the year to date, the number of passengers carried is up 10.9% compared to an ASK rise of 3%.

Cathay Pacific General Manager Revenue Management Tom Owen said, "Our passenger traffic remained robust as we moved from the summer holiday season into what is traditionally the period when premium demand picks up. High load factors were seen across the system in September and demand in our Economy cabins held firm. Premium volumes and quality grew strongly against 2009 but still lagged 2008, although this gap will begin to close in the months ahead as the negative impact of the financial crisis on premium demand began to bite hard from late September 2008."

Cathay Pacific and Dragonair carried 146,152 tonnes of cargo and mail last month, up 9.6% on September last year. The cargo and mail load factor was 69.8%, a drop of 4.6 percentage points, while capacity, measured in available cargo/mail tonne kilometres, was up by 25.4%. For the year to date, tonnage has grown by 20.5% compared to a capacity increase of 12.7%.

Cathay Pacific General Manager Cargo Sales & Marketing James Woodrow said, "We increased our capacity in September in preparation for the upcoming cargo peak, with all our freighters back in operation and a number of frequencies added on key trunk routes. Demand was up compared to September 2009, but at the same time we saw a significant increase in competitor capacity to Europe and North America. This led to a decrease in our overall load factor to below 70%."

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HKIA Reports September 2010 Traffic

Air traffic at Hong Kong International Airport continued to perform well in September 2010, with passenger throughput surging 16.9% to 4.1 million and cargo volume going up 13.9% to 346,000 tonnes. Aircraft movements also recorded a double-digit increase of 15.9%, totalling 26,140.

Last month saw traffic generated by Hong Kong residents and visitors rising by 19% and 17% respectively compared to the same period last year. All key regions registered year-on-year growth, with the Chinese Mainland and South East Asia remaining the best performers. Transfer / transit passengers also showed a yearly increase of 15% during the month.

On the cargo front, the increment in tonnage volume was led by robust exports, which surged 18% year-on-year. Major consumption markets in North America and Europe continued their momentum with double-digit year-on-year growth. During the month, imports grew 9% while transshipments were up 10%.

From July to September, the airport handled a total of 13.5 million passengers. This represented a yearly increase of 14.3%, a steady improvement from second quarter's 11.8% and first quarter's 6.6% rise, indicating a vigorous growth momentum in the passenger market. The third-quarter flight movement growth at 15% also outstripped that of the previous two quarters, while the increase in cargo tonnage narrowed down but maintained a healthy rate of 18.4%.

Stanley Hui Hon-chung, Chief Executive Officer of Airport Authority Hong Kong, anticipated that air traffic would continue to rise in the foreseeable future. He said, "During the 1-7 October National Day Golden Week this year, we handled around 924,000 passengers, 75,000 tonnes of cargo and 6,000 flight movements, representing increases of 10.7%, 20.7% and 13.2% from the corresponding period last year."

For the first nine months of 2010, the airport's passenger volume amounted to 38 million, up 10.9% compared to the same period last year. Cargo throughput jumped 28.7% to 3 million tonnes and air traffic movements went up 8.2% to 224,890.

"If everything goes well, we are confident that HKIA will achieve record volumes in both passenger and cargo throughput this year, strengthening HKIA's position as a leading international and regional aviation centre," Mr Hui added.

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IATA Reports September 2010 Traffic

IATA has released the international traffic results for September 2010, that show international passenger traffic had a 10.5% year-on-year increase which is significantly stronger than the 6.5% rise recorded for August. International freight traffic recorded a 14.8% year-on-year increase, which is significantly weaker than the 19% rise recorded in August.

The contrast between the performance of freight and passenger markets provides a mixed picture for industry performance. Seasonally adjusted figures show that, compared to the previous month (August), passenger traffic expanded by 2.1% while freight markets contracted by an equal 2.1%.

The rebound in growth in passenger markets during September can be attributed to normal volatility in travel patterns accentuated by special factors such as the effect of the Ramadan. Passenger capacity expanded by 7.3%, below the 10.5% growth in volumes, pushing global load factors up to 80%. This is a significant improvement on the 77.7% recorded for September last year.

While freight markets were expected to weaken towards year-end, September?s decline was larger than anticipated. Consumer and business confidence remains weak in many parts of the world. Re-stocking lifted freight markets earlier in the year, but this has not been followed by spending to solidify the economic recovery. Compared to September 2009, freight capacity has increased by 11.9%, below the 14.8% increase volumes, pushing cargo load factors to 52.4%.

?It is good news that the recovery in passenger markets continued in September. But the freight numbers are worrying. Freight activity has fallen 6% since May?s post-crisis peak. What we see in air cargo markets is inevitably reflected in the broader economy,? said Giovanni Bisignani, IATA?s Director General and CEO. As international air cargo accounts for 35% of the value of goods traded internationally, it is a leading indicator of economic activity.

International Passenger Traffic

? North American carriers saw their traffic climb back to pre-recession (early 2008) levels during the month with an 11.1% increase in passenger demand compared to the previous September. This outstripped a 7.2% capacity expansion. The region recorded the strongest passenger load factors at 84.1%.

? European carriers met an 8.4% increase in demand over the previous year with a 5.9% increase in capacity. The region?s carriers reported an average load factor of 82.6%. The region is now 2% above pre-recession levels.

? Asia Pacific carriers posted an 8.6% traffic increase over the previous September against a capacity increase of 6.9%. While the region led the recovery with an early surge in demand, growth in 2010 has been largely flat. Traffic in the region remains 2% below the pre-crisis peak of early 2008.

? Middle Eastern carriers led the industry growth with a 23.9% increase compared to 2009. The earlier occurrence of Ramadan dampened demand in August, but boosted September?s traffic. This outstripped capacity growth of 15.3%. Nonetheless, load factors of 76.8% were below the industry?s 80% performance.

? Latin American carriers posted the industry?s weakest growth at 6.6% with a 0.5% increase in capacity. The weakness is largely due to the ceasing of all operations by Mexicana.

? African carriers reported a 16% growth in demand over the previous September against a 10.1% increase in capacity. The region is now 7% higher than the pre-recession levels of early 2008.

International Freight Traffic

? September marked the second consecutive month of seasonally adjusted declines in freight demand (-1% in August, -2.1% in September). Freight volumes are 6% below their May peak and is equivalent to pre-crisis levels.

? European carriers recorded an 11.1% increase in freight demand compared to the same month in 2009. Although European exports have been helped with the weak Euro, freight demand for European carriers remains 14% below pre-recession levels.

? North American carriers recorded a 13% growth in September, down from the 21.2% recorded in August, which leaves the region 1% below pre-recession levels.

? Asia Pacific carriers recorded a 15% increase in freight demand over the previous year, a significant decline from the 22.3% growth recorded in August. This took the region?s carriers back to the pre-recession levels of early 2008 and, with their 44% market share, contributed the most to the global drop in freight demand.

? Middle East carriers bucked the declining trend with a 24% increase over previous-year levels. Even through this is less than the 24.2% recorded in August, when adjusted for seasonality this represents an increase of 1.4% over August levels. Moreover, when compared to pre-recession levels, the region?s carriers are carrying a third more traffic than they did prior to the recession.

?The industry?s situation is volatile. Passenger traffic represents about three quarters of the industry?s revenues. While September?s passenger growth is reassuring, the accelerating decline of air freight, including in Asia, is an early indicator of some turbulence ahead,? said Bisignani.

 ?Government actions can impact the sustainability of the recovery. Austerity measures will dampen demand. When combined with new or increased taxation, as we have seen in Germany and the UK, the challenges are even greater,? Bisignani added. ?Governments must understand that air transport is an economic catalyst. Last year, we saw that a EUR312 million departure tax in the Netherlands cost the Dutch economy EUR1.2 billion. Further taxing the industry makes no sense when the focus of governments should be on making the recovery sustainable.?

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STR Reports Global Hotel Statistics for September 2010

According to data compiled by STR Global, hotels in the Asia Pacific region experienced increases in all three key performance metrics for September 2010 when reported in U.S. dollars. In year-over-year measurements, the Asia Pacific region's ORs rose 7.4% to 66.9%, ADR increased 11% to US$135.54, and RevPAR jumped 19.2% to US$90.71.

"The September numbers were eagerly anticipated results as they should give us a good indication how strong the RevPAR recovery across the region really is," said Elizabeth Randall, managing director of STR Global. "September 2009 was the first month last year in which hoteliers reported only single-digit declines compared to the prior year. Therefore it was interesting to see if the double-digit growth we have seen so far this year would continue this month."

"September 2010 is now the 10th month with around 20% RevPAR growth for Asia Pacific", Randall continued. "One particularly strong market is Shanghai, China. The World Expo in Shanghai, which broke previous Expo attendance records and which ends in October, boosted Shanghai's year-to-date RevPAR performance 64% compared to the same timeframe last year."

Highlights from key market performers for September 2010: (year-on-year comparisons, all currency in U.S. dollars)

- Shanghai achieved the largest increases in all three key performance metrics. The market's occupancy rose 29.5% to 73.3%, ADR increased 34.2% to US$142.64, and RevPAR jumped 73.8% to US$104.50.
- Jakarta, Indonesia, ended the month with a 22.5% occupancy increase to 58.2%.
- Two markets posted occupancy decreases: Bangkok, Thailand (-1.5% to 53.7%), and Seoul, South Korea (-0.6% to 83.7%).
- Two markets, excluding Shanghai, reported ADR increases of more than 20%: Kuala Lumpur, Malaysia (+21.7% to US$113.24), and New Delhi, India (+20.2% to US$186.77).
- Along with Shanghai, Jakarta (+45.5% to US$46.96) and Kuala Lumpur (+39.4% to US$71.38) reported largest RevPAR increases for the month.

The Americas

The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for September 2010.

The region's OR rose 6.6% to 60.1%, ADR went up 2.3% to US$101.07, and RevPAR increased 9.1% to US$60.78.

Among the key markets in the region, Santiago, Chile, achieved the largest occupancy increase, rising 17.1% to 66.6%, followed by Miami, Florida, with a 12.1% increase to 59.3%.

San Juan, Puerto Rico, was the only market to experience decreases in any of the three key metrics. The market's occupancy fell 5.5% to 59.8%, ADR ended the month virtually flat with a 0.2% decrease to US$135.67, and RevPAR was down 5.7% to US$81.08.

Rio de Janeiro, Brazil, posted the largest ADR increase, rising 24.7% to US$190.18, followed by Sao Paulo, Brazil (+16.5% to US$115.50), and Santiago (+15% to US$142.61).

Five markets reported RevPAR increases of more than 20%: Rio de Janeiro (+37.1% to US$138.79); Santiago (+34.7% to US$94.91); Sao Paulo (+29.2% to US$81.15); Mexico City, Mexico (+27.0% to US$71.97); and Montreal, Canada (+22.5% to US$100.75).

Europe

The European hotel industry posted positive results in year-on-year metrics when reported in U.S. dollars, euros and British pounds for September 2010, according to data compiled by STR Global.

"September saw the highest monthly occupancy and average room rate so far for this year," said Elizabeth Randall. "With 74.8% occupancy and EUR106.68 ADR, Europe also achieved its highest RevPAR of EUR79.78. One has to go back to September 2008 to get a similar RevPAR (EUR82.86). As the continued RevPAR recovery gains strength, the outlook looks brighter for the European markets despite the continued risks to the wider economies and the hotel markets."

Highlights from key market performers for September include (year-over-year comparisons, all currency in euros):

- Prague, Czech Republic, reported the largest occupancy increase, rising 20% to 80.4%, followed by Istanbul, Turkey, with a 19.8% increase to 81.4%.
- Athens, Greece, posted an occupancy decrease of -5.4% to 72.9%.
- Stockholm, Sweden, experienced the largest ADR increase, rising 34.8% to EUR152.18, followed by Cologne, Germany (+30% to EUR119.21), and Geneva, Switzerland (+29.1% to EUR241.08).
- Two markets posted double-digit ADR decreases: Vienna, Austria (-22.3% to EUR95.83), and Aberdeen, Scotland (-15.5% to EUR83.58).
- Four markets experienced RevPAR increases of more than 35%: Stockholm (+49.1% to EUR127.44); Geneva (+45.3% to EUR183.69); Cologne (+42.5% to EUR95.48); and Munich, Germany (+37.5% to EUR134.44).
- Vienna (-15.2% to EUR81.66) and Aberdeen (-13.8% to EUR64.23) reported the largest RevPAR decreases for the month.

Middle East / Africa

According to STR Global, the Middle East / Africa region reported increases in all three key performance measurements for September 2010 when reported in U.S. dollars.

The region's occupancy ended the month with a 5.6% increase to 58.2%, ADR rose 8.2% to US$147.39, and RevPAR went up 14.2% to US$85.80.

"The Middle East/Africa region's performance was boosted in September with strong performances across Northern Africa. However, the subregion's 15.9% ADR increase to US$87.73 is still only half of the average rates achieved across the Middle East subregion (US$189.18)," said Ms. Randall. "We mentioned last month that we were looking forward to seeing September results, as the Middle East subregion had reported the first ADR increase in August. Unfortunately, we have to wait for this trend to stabilise. The impact of the changing Ramadan periods from 2009 to 2010 is making a reading of the current month's performance harder, and it will be interesting to see how October ends."

Highlights among the region's key markets for September include (year-over-year comparisons, all currency in U.S. dollars):

- Amman, Jordan, achieved the largest occupancy increase, rising 39.2% to 57.7%, followed by Riyadh, Saudi Arabia, with a 22.3% increase to 41.9%.
- Three markets posted occupancy decreases: Johannesburg, South Africa (-10% to 56.7%); Jeddah, Saudi Arabia (-8.6% to 63.1%); and Abu Dhabi, United Arab Emirates (-7.8% to 57.5%).
- Johannesburg reported the largest ADR increase, rising 32.5% to US$124.34.
- Abu Dhabi fell 27.8% in ADR to US$142.65, reporting the largest decrease in that metric.
- Three markets experienced RevPAR increases of more than 30%: Amman (+48.5% to US$82.84); Beirut, Lebanon (+31.3% to US$193.94); and Cairo, Egypt (+30.1% to US$81.73).
- Two markets reported RevPAR decreases for the month: Abu Dhabi (-33.4% to US$81.96) and Jeddah (-9.1% to US$132.55).

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