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FOR IMMEDIATE RELEASE 12 November 2002

Hactl set new tonnage records in October

(12 November 2002, Hong Kong) Hong Kong Air Cargo Terminals Limited (Hactl) set new tonnage records in October 2002. The Company recorded the highest daily throughput ever on 31 October, with a total of 7,601 tonnes handled on that day, breaking the previous record of 6,930 tonnes set on 24 September 2000. Another peak was achieved in the week of 21 October to 27 October 2002 when a weekly tonnage throughput of 45,297 tonnes was recorded.

The total tonnage handled in October 2002 was a record high of 189,758 tonnes, which represented an increase of 23.8% compared with October last year. The previous monthly record was 166,947 tonnes in October 2000. The aggregate throughput for the period January to October 2002 was 1,548,677 tonnes, up 20.1% year-on-year.

Total export volume for October was 107,789 tonnes, up 31% year-on-year. Export volume to the U.S. market, which accounted for 40% of the total export tonnage, surged 58.9% in October year-on-year, amid a very strong charter market.

Momentum has also kept up in the import sector in October, with a year-on-year increase of 18.7% to 56,745 tonnes. Growth in import volume from other Asian countries increased 20.9%, contributing to the overall import volume growth.

"We are very glad to have achieved several new tonnage records in October whilst maintaining our level of service to customers, reflecting the effect of our on-going efficiency-enhancement initiatives," said Summit Chan, Hactl's Director - Marketing & Customer Service. "However, we are mindful that the surge in air cargo volume has been partially an indirect result of the disruptions caused by the labour lockout at the U.S. West Coast sea ports. The volume growth is levelling off somewhat in November, indicating a relatively softer market tone." Chan concluded.

Hactl's Tonnage Report for October 2002 (in tonnes)

Tonnes   Oct-02   Cumulative
(Jan to Oct-02)
Import   56,745   528,144
Growth rate against '01   18.7%   10.9%
Export   107,789   813,021
Growth rate against '01   31.0%   29.1%
Transshipment   25,224   207,512
Growth rate against '01   8.6%   13.4%
Total   189,758   1,548,677
Growth rate against '01   23.8%   20.1%

- end -

Issued by Hong Kong Air Cargo Terminals Limited.  For further information, please contact :
Cindy Cheung - Corporate Communications Manager  Tel : 2753 2162

Source: SWIRE PACIFIC LTD
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