Singapore Airlines' cargo growth dipped 6% in August

Is the recent capacity drop to be blamed?

According to CIMB, mainline passenger loads improved 4% pts in Aug as travel was boosted by strong leisure travel over the summer as well as the shift in the Hari Raya period from late Aug to early Aug. 

Traffic rose 9% even though capacity increased just 3% yoy. Encouragingly, improvement in load factors was evident across all route regions last month.

Here's more from CIMB:

In contrast, SilkAir’s loads declined 2% pts as capacity growth of 13% outpaced traffic growth of 11% last month.

Cargo growth fell 6% yoy even though capacity declined just 5% last month. Excluding Chinese New Year distortions, air freight traffic has waned for 20 consecutive months.