Bosses at Hong Kong-based Cathay Pacific have confirmed that demand in major air cargo markets "remained weak" in the first half of 2013.

Recent reports have suggested the air freight industry is struggling at the moment, although this could change as the global economy continues on the road to recovery.

It is not just Hong Kong that is being blighted by sluggish activity, as a recent study by Fast Market Research indicated that weak demand in the UK, US and Europe is hindering Singapore's air cargo industry too.

As such, many companies have had to alter their management processes in order to combat rising airline fuel prices, including Cathay Pacific, which changed schedules, withdrew less fuel-efficient aircraft from its fleet and reduced capacity where necessary.

On releasing its latest interim financial results, the firm provided a statement that said: "The airline's cargo business has been affected by weak demand since April 2011."

However, the company is optimistic for the future, with its new cargo terminal at Hong Kong International Airport expected to be fully operational by the last quarter of 2013.