Aviation
Commercial /
cooling demand
Cargo market will experience difficulties in 2023, says IATA; Atlas Air says missing planes
Boeing 747
Khoshhat, CC BY-SA 4.0, via wikimedia commons
Rafael Ramos
3/17/2023
The International Air Transport Association (IATA) released air cargo market statistics showing that there was a slowdown in the cargo market in early 2023 as economic uncertainties continue.
”With cargo demand down 14.9% in January and capacity up 3.9%, 2023 started off with some challenging business conditions in addition to lingering uncertainties including the war in Ukraine, inflation and labor shortages. of work. But there is room for cautious optimism about air cargo. Yields remain higher than before the pandemic. And China's rapid move, relaxing its zero COVID policy, is stabilizing production conditions in the largest air cargo source market. This will provide a much-needed boost in demand as companies increase their connection to China,” said Willie Walsh, Director General of IATA.
CEOs of air cargo operators conveyed an optimistic outlook for 2023, despite the challenges. However, they acknowledged that the year is unlikely to deliver the same robust results as in 2021 and 2022.
The last Boeing 747-8F
Image: Boeing
According to IATA, the expected air cargo revenue for the year 2023 is around US$ 150 billion, compared to around US$ 200 billion in 2022. about 20%. Despite this, IATA claims that cargo revenue in 2023 will still be about 50% higher than the level seen in 2019. Andrew Matters, head of policy analysis at IATA, explained that cargo revenues grew by 52.5% in 2020 , 24.2% in 2021 and 7.2% in 2022. These levels are not sustainable.
Atlas Air Chief Commercial Officer Michael Steen said the air cargo market will suffer from a shortage of large cargo planes. This is because about 120 wide-body freighters are about to retire.
In addition, the International Civil Aviation Organization (ICAO) emissions agreement will cause the end of production of the Boeing 777F and 767F freighters, which are not suitable for being old projects. The agreement will come into force from 2027.
Conversions from passenger aircraft to freighters will not be enough to serve the market.
Source: IATA Economics
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Rafael Ramos
Aviation enthusiast from an early age, he had his first contacts with the area developing that good old habit of spending dozens of hours in front of the screens of Micrsoft Flight Simulator and other simulators. With a solid background in various technological areas, including engineering and chemistry, Rafael has rejoined aviation as editor and author of articles and materials on our portal, providing invaluable help to the dynamics and expansion of the website and the aeronautical community, bringing us the news and updates so indispensable for us to remain current in our area of operation.
   
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