TURKISH Cargo reported declining revenues and volumes for 2023 due to lower airfreight rates and market conditions, reports London's Air Cargo News.
The Istanbul-based carrier experienced a 30 per cent year-on-year decline in cargo revenues, amounting to US$2.6 billion, with cargo volumes decreasing 1.2 per cent to 1.7 million tons.
These declines reflect overall market conditions, with IATA estimating a 3.7 per cent decrease in volumes and a 30 per cent drop in yields for the year.
turkish Cargo also noted that an earthquake initially affected volumes in February.
Despite the challenging environment, cargo performance improved throughout the year, with a 12 per cent increase in demand observed in the final quarter - a positive shift after consecutive declines since 2021.
Turkish Cargo's share of overall revenues normalised to 12.4 per cent during the year, returning to pre-Covid crisis levels.
In 2023, the carrier expanded its freighter fleet with three additional aircraft, aiming for a fleet of 40 freighters.
SeaNews Turkey
The Istanbul-based carrier experienced a 30 per cent year-on-year decline in cargo revenues, amounting to US$2.6 billion, with cargo volumes decreasing 1.2 per cent to 1.7 million tons.
These declines reflect overall market conditions, with IATA estimating a 3.7 per cent decrease in volumes and a 30 per cent drop in yields for the year.
turkish Cargo also noted that an earthquake initially affected volumes in February.
Despite the challenging environment, cargo performance improved throughout the year, with a 12 per cent increase in demand observed in the final quarter - a positive shift after consecutive declines since 2021.
Turkish Cargo's share of overall revenues normalised to 12.4 per cent during the year, returning to pre-Covid crisis levels.
In 2023, the carrier expanded its freighter fleet with three additional aircraft, aiming for a fleet of 40 freighters.
SeaNews Turkey