The airfreight industry experienced record high rates in the spring of 2020. Around 45% of airfreight is transported in the belly of passenger planes, but with passenger traffic down, about 75% of airfreight capacity was removed from the market.
The world is returning to the skies, but the effects of the pandemic still linger for the air cargo industry. Global international air cargo capacity is down 6% as of April 2022, while Asia to the Middle East to Europe is up 9% from continuous rerouting.
Several other factors are impacting air passenger traffic and cargo capacity, including the ongoing conflict in Ukraine, the skyrocketing fuel prices, the rising shipping costs, and the continued demand straining ocean and land freight. As expected, the demand for air cargo capacity is expected to continue well into 2023, and possibly longer.