Air cargo demand falls 9pc in Feb due to coronavirus: CLIVE Data
RESEARCH by CLIVE Data Services shows that global air cargo volumes for February are nine per cent below the level seen in 2019, mainly due to the outbreak of the coronavirus
RESEARCH by CLIVE Data Services shows that global air cargo volumes for February are nine per cent below the level seen in 2019, mainly due to the outbreak of the coronavirus.
CLIVE's managing director Niall van de Wouw said: 'It is our opinion that the near -9 per cent decline in February is the best 'temperature reading' of the state of the global air cargo industry.'
While demand is down on a year ago, dynamic load factors remain at a normal level because of the amount of capacity that has been withdrawn from the market due to weaker passenger demand.
The dynamic load factor for February 2020 of 65 per cent was down one per cent year on year but three per cent higher than in January, reported London's Air Cargo News.
'Looking in further detail at the Hong Kong market, February's data reveals the return to a more 'normal' dynamic load factor picture,' CLIVE Data Services said.
'This, however, is more related to the capacity taken out of the market by airlines than a surge in demand. Air cargo volumes out of Hong Kong are still 30 per cent below their level post Chinese New Year and 23 per cent less than in the same week of last year.
'On a more positive note, the step-by-step growth in chargeable weight does indicate that Chinese demand for cargo capacity is showing the early signs of shifting gear.'
This reflects the latest freight rate data which points to an uptick in intra-Asia demand ahead of China production ramping up to full capacity.