Demand for air freight is sky high , and profits are healthy , but the industry is facing serious challenges from the Great Resignation and war in Ukraine
RIDIN
WRITTEN BY : SEAN ASHCROFT
Despite the pandemic resulting in net losses for the air passenger industry – estimated at US $ 51.8bn in 2021 – the air cargo market is soaring , and the rest of 2022 is looking even better .
While there has been huge focus on stratospherically high revenues for sea freight carriers , less attention has been paid to the air freight market , where similarly high demand and limited capacity continues to drive up shipping prices .
Accordingly , in March 2022 , the International Air Transport Association ( IATA ) – a trade association of the world ' s airlines – said air cargo revenues hit a record US $ 175bn in 2021 , and it expects revenues to remain at a similar level in 2022 .
Not all passenger aircraft carriers are able to take advantage of the opportunity to capture increased air cargo volume , but those who do are getting much-needed trade in what is turning out to be one of the most difficult periods of economic strife in living memory .
74 June 2022