Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing.
Consumers who had the means to spend the lockdown shopping online for goods needing to be delivered, diverting budgets from restaurants and leisure, are travelling in ever-rising numbers.
It's a perfect storm for the roughly $200 billion air cargo industry, which handles a third of global trade by value, industry executives and analysts say. " are in for a rough ride. Shippers are spoiled with capacity, but they're not really utilising it because demand is not really there," Xeneta Chief Analyst Peter Sand told Reuters.
Western Global's fortunes are emblematic of the risks and rewards in the volatile global freight business., once a dominant power in air cargo, stopped operating freighters following its own bankruptcy in 2010 - though it has since announced a limited return to cargo. Cargo rates from China or southeast Asia to the United States have risen 5%-7% since mid-July, according to Xeneta. Yet that may in part be due to China's difficulties in rebooting its internal economy, which"If you look at it from a global perspective, we're definitely still seeing a tendency of rates falling for this year, as well as next year," Sand said.
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