The latest air cargo figures from IATA show that demand continued to recover in October, although not as strongly as in September.Meanwhile, industry-wide load factor reached a record high in October as the capacity crunch, driven by significantly reduced passenger services and bellyhold capacity, continued.
“The biggest problem for air cargo is the lack of capacity as much of the passenger fleet remains grounded,” said Alexandre de Juniac, IATA’s director general and chief executive.As available capacity struggled to keep up with demand, industry-wide cargo load factor (CLF) rose from 56.9% in September to a record high 57.6% in October.
“That is nearly four times larger than the contraction in demand, indicating the continuing and severe capacity crunch,” IATA said.
IATA also reported that airfreight volumes measured in cargo tonne kms (CTKs) decreased by 6.2% year on year in October — a slight improvement on the 8% decline seen in September.Global capacity in October, measured in available cargo tonne-kilometers (ACTKs), shrank by 22.6%.
Factors driving demand in October included growth in cross-border e-commerce and the manufacturing sector being “largely unimpacted by the resurgence of Covid-19 in Europe and North America”.