Lufthansa Cargo is “cautiously optimistic” about its performance in 2015 after filling nearly 70 percent of its capacity in a fiercely competitive market last year, CEO Peter Greber said.

 

The German all-cargo carrier transported 1.67 million metric tons of freight in 2014, down 2.7 percent on the previous year, while the load factor dipped just 0.2 percentage points to 69.7 percent.

 

“Competition on the market was very fierce again last year,” Greber said. “The fact that we continue to fly in this environment with an unchanged high capacity utilization rate, testifies to the success of our network management and strength of our global offerings and sales.”

 

The carrier said a new IT cargo-handling system is being rolled out, marketing of lucrative express products is being reinforced and preparations for a new air freight terminal at its global hub in Frankfurt are in full swing.

 

Lufthansa Cargo reiterated its forecast that operating profit in 2014 will be higher than the 77 million euros ($91 million) that it earned in the previous year on revenue of 2.44 billion euros.

 

The Lufthansa group said it expects the lower price of oil — now trading at a six-year low — will reduce its 2015 fuel fill by 13 percent after the cost of hedging, setting it on course for “significantly" higher operating profit than the expected 1 billion euros posted in 2014.

 

The group, which also includes Swiss, transported 1.92 million metric tones in 2014, down 2.1 percent on the previous year. The load factor improved by 0.8 percent points to 69.9 percent.