In February, the transportation production scale of listed airlines reached a historic high, and the international passenger transport market recovered to 80% of its level
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According to data from the Civil Aviation Administration of China, in February of this year, the production of civil aviation transportation showed the characteristics of "busier passenger season" and "not lighter freight season". The entire industry completed a passenger transportation volume of 62.478 million, a year-on-year increase of 44.6% and a year-on-year increase of 16.1% compared to the same period in 2019, with a daily average of 2.154 million passengers completed. Among them, the domestic passenger transport scale increased by 35.5% year-on-year, an increase of 20.3% compared to the same period in 2019; The scale of international passenger transportation increased by 593.4% year-on-year, recovering to 81.8% of the same period in 2019. The daily utilization rate of passenger aircraft reached 9.8 hours, only 0.1 hours lower than the same period in 2019. The passenger occupancy rate of the regular class was 85.0%, an increase of 5.4 percentage points compared to the previous month.
On the evening of March 15th, six listed airlines, including China Southern Airlines, China Eastern Airlines, Air China, Hainan Airlines, Spring Airlines, and Lucky Air, all disclosed their main operating data for February this year. The passenger transportation volume, passenger load factor, and other key indicators of the six major airlines have all exceeded the same period in 2019. At the same time, with the gradual opening of the international market, the growth rate of international route passenger transportation volume is outstanding.
After sorting out, the passenger flow of domestic listed airlines reached its peak in February. From the perspective of passenger recovery, the total passenger volume of the six listed airlines in February was 50.251 million, a month on month increase of 8.3%, exceeding the same period in 2019 by 16.8%. Among them, Air China and Spring Airlines performed the best among passengers, with the largest increase. Overall, passengers exceeded the pre pandemic (same period in 2019) level by 40%, followed by Lucky Air, with an increase of nearly 30%.
In February, the six major airlines had a total passenger volume of 4.589 million on international routes, which overall recovered to 83.3% of the same period in 2019.
Since February this year, the steady recovery of international scheduled passenger flights has mainly benefited from the recovery in demand. The favorable policies of visa exemption and entry exit have promoted the recovery of demand for two-way travel between entry and exit.
It is understood that at present, China's international scheduled passenger flights are available to 64 countries, including 48 countries along the "the Belt and Road", accounting for 75%. The flight volume of 22 countries, including Singapore, Australia, the United Arab Emirates, the United Kingdom, Italy, New Zealand, Türkiye, Qatar, Egypt and Bangladesh, has exceeded the pre epidemic level, and 5 new countries, including Kuwait, Luxembourg, Tanzania, Serbia and Papua New Guinea, have been added. In addition, starting from March 31st, airlines from both China and the United States can operate up to 100 regular passenger round-trip flights per week.
Continuously promoting the resumption of international flights still has great market potential to be explored. Zhan Fen believes that the future increase in China's international air routes will come from traditional peripheral markets, including Southeast Asia and Northeast Asia, which can be further explored through measures such as route refinement and express delivery. Second, from emerging markets, such as countries jointly building the "the Belt and Road", the travel demand potential of emerging markets is expected to be further released under the promotion of bilateral and multilateral cooperation strategies.
In addition, the overall capacity deployment (ASK) and passenger turnover (RPK) of each airline far exceeded the same period in 2019. Among them, Spring Airlines and Lucky Airlines saw the largest increase in two indicators, both exceeding the pre pandemic level by 40%.
The boost in the industry is also reflected in the passenger load factor, with all airlines overall exceeding the new high in January. Among them, Spring Airlines still leads the industry with a load factor of 93%, while the other five airlines have all exceeded 80% for the first time. Among them, Jixiang Airlines has a load factor of 87.4%, an increase of 4.2 percentage points year-on-year; China Southern Airlines achieved a monthly passenger load factor of 85.6%, a year-on-year increase of 9 percentage points; Air China's passenger load factor in February increased by 9 percentage points year-on-year to 82.5%; China Eastern Airlines increased its passenger load factor by 10.4 percentage points year-on-year, reaching 83.4%; The passenger load factor of Hainan Airlines reached 85.8%, a year-on-year increase of 3 percentage points.
Figure: Passenger load factor of six major airlines from January to February 2024 Map: Civil Aviation Resources Network
In terms of freight transportation, in February, the entire industry completed a freight and postal transportation volume of 546000 tons, a year-on-year increase of 20.8% and a year-on-year increase of 45.0% compared to the same period in 2019. Among them, the domestic and international freight volume increased by 20.5% and 21.3% year-on-year, respectively, and increased by 34.0% and 65.9% compared to the same period in 2019. The daily utilization rate of cargo aircraft is 4.5 hours, an increase of 1.1 hours compared to the same period in 2019.