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Hong Kong’s aviation fuel imports fall in August

Hong Kong's aviation fuel imports in August fell to their lowest levels since at least January 1997, after they rose to a five-month high in July, on expectations of still-low demand in September-October.

Hong Kong imported 101,179 kilolitres (20,500 b/d) of aviation gasoline and kerosine in August, the lowest monthly volumes imported since at least January 1997, according to data from its census and statistics department.


April imports decreased to nearly a 17-year low of 40,000 b/d, the lowest levels since June 2003 when about 35,000 b/d was imported. Imports then picked up to a five-month high of 80,255 b/d in July.


Hong Kong-based airline Cathay Pacific and its subsidiary Cathay Dragon carried 35,773 passengers in August, 16.78pc less than in July and 98.8pc less than a year earlier. New waves of Covid-19 in the airlines' key markets had dampened overall travel sentiment, said Cathay Pacific group's chief customer and commercial officer Ronald Lam. No new destinations resumed in August either. But the lifting of the ban on transit flights departing China via Hong Kong in mid-August generated reasonable demand towards the end of the month.


The airlines carried just 4.467mn passengers from January-August, 81.7pc less than a year earlier.


The group also lowered their operating passenger flight capacity to about 10pc last month and similar levels in October, subject to the further relaxation or tightening of travel restrictions and quarantine requirements, as no solid signs of immediate improvement are seen for passenger demand.


Asia-Pacific jet fuel refining margins, or jet fuel swaps against Dubai crude values, averaged at discounts of $0.11/bl in August, lower than the average premiums of $1.84/bl in July and premiums of $12.12/bl in January just before the pandemic took hold. Margins averaged at discounts of $0.94/bl in September.


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Originally published: https://www.argusmedia.com

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