SYDNEY - An air cargo boom driven by demand for protective gear against the coronavirus has peaked and rates, while still 50 per cent above normal levels, are falling in a worrying trend for airlines relying on freight revenue in the absence of passengers.
About half of the air cargo carried worldwide normally flies in the belly of passenger jets rather than in dedicated freighters. But flight cuts due to weak travel demand squeezed freight capacity at a time when demand for masks, gloves and other protective gear was surging, leading many airlines to fly empty passenger jets as freighters.
"I wouldn't say they have come back to earth, but they are heading toward it," Brian Bourke, chief growth officer of US-based SEKO Logistics said of rates. "We estimate around 100 passenger freighters are flying globally and we think the number is going to reduce over the next weeks and months when more capacity comes back into the market because it is simply not viable," he said.
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