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Investor Presentaiton

Air cargo continue to rise Demand surge still spread across various sectors from hi-tech, automotive to pharma. E-commerce contributed to robust air demand. > Cargo demand remains strong amidst the upcoming e-commerce heavy events (Black Friday, Singles Day) and holiday shopping along with new tech product launched. ☑Healthy PMI index, historically low I/S ratio & peak season indicate strong air cargo demand. Continued conversion of ocean freight to air as US port congestion worsens. Air Cargo vs Global Good Volumes, Indexed to 100 in 2019 US$ per kilo 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 2015 2016 Air Cargo Yields and Load Factors Index (Jan 2012=100, SA) Global air cargo yield 127 incl. fuel and other 115 surcharges (LHS) CTKs 122 110 -Global goods trade 117 105 112 100 Industry-wide cargo load factor (RHS) 2017 Dotted lines are seasonally adjusted 2018 2019 107 95 102 90 97 85 80 92 2020 2021 Yields elevated, load factors close to historical highs CHINA AIRLINES 2015 2016 2017 2018 2019 2020 2021 2022 Air cargo continue to rise, trend above goods trade Source IATA; DHL
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