Air Cargo: Post-pandemic Slump and
Possible Recovery — December 2023

In the depths of the pandemic air cargo rescued some major airlines — Cathay Pacific, SIA and Korean, for instance — as airfreight rates soared by up to four times the pre-pandemic level. Post-pandemic, air cargo supply and demand have readjusted and rates have slumped. But there could be positive repercussions from problems in the maritime sector.

There were three inter-connected reasons for 2021/22 air cargo boom: