REUTERS/John Sommers II/File Photo Acquire Licensing RightsAug 18 (Reuters) - Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains.
Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing.
Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play.
The Florida-based carrier cited "the unyielding and rapidly mounting macro-economic headwinds that plagued the entire air cargo transportation sector starting in late 2022".
In June, air cargo experienced the slowest contraction since February 2022, the International Air Transport Association said.
Persons:
John Sommers, Xeneta, they're, Peter Sand, we're, Sand, planemakers, Eddy Pieniazek, expective, Pieniazek, Robert, Tim Hepher, Lisa Bartlein, Allison Lampert, Valerie Insinna, Barbara Lewis
Organizations:
Parcel Service, UPS, REUTERS, Air, Reuters, Western Global Airlines, Japan Airlines, Xeneta, International Air Transport Association, Ishka, Cathay, HK, Boeing, Airbus, Aeronautical Engineers, Thomson
Locations:
Louisville , Kentucky, Delaware, Florida, China, Asia, United States, Miami