Air cargo capacity above pre-pandemic level
According to the latest weekly market analysis released by Clive Data Services, part of Xeneta, an ocean and air freight rate benchmarking platform, global air cargo capacity increased for the eleventh consecutive month in February 2023, up 11% on the same period last year, rising above the pre-pandemic level for the first time in four years.
Niall van de Wouw, Xeneta's chief air freight officer: "The volumes are not there, flights are less full, and more capacity will be coming in April, so I don’t see fundamental changes that will help the current market conditions. There is a hope and expectation of volumes increasing in Q3/2023 as companies restock, but when I talk to shippers, I don’t hear anyone saying they’re going to ship more airfreight. If restocking comes, many shippers will look firstly to use cheaper modes of transport." (ah)