News Content
Air freight market to turnaround this year: Lufthansa Cargo CEO
THE air freight market is likely to turnaround this year on the back of a recovery in global economies and rising trends such as e-commerce, according to Lufthansa Cargo's chief executive Peter Gerber.
"It's going very well this year," said Mr Gerber at event in Frankfurt, adding that other companies in the sector were benefiting, reported Business Times of Singapore.
The International Air Transport Association (IATA) in June upgraded its forecast for air freight, forecasting demand to increase by 7.5 per cent in 2017, compared with an earlier forecast for a rise of 3.5 per cent and against growth of 3.6 per cent in 2016.
IATA attributed the growth to the start of a global economic upturn, with companies seeking to restock inventories quickly to meet demand, plus e-commerce and shipping of time-sensitive pharmaceuticals products were supporting growth.
Lufthansa Cargo last year posted an operating loss of EUR50 million (US$57.05 million) as the market suffered from excess capacity. This year, it predicts losses will shrink slightly.
"It's going very well this year," said Mr Gerber at event in Frankfurt, adding that other companies in the sector were benefiting, reported Business Times of Singapore.
The International Air Transport Association (IATA) in June upgraded its forecast for air freight, forecasting demand to increase by 7.5 per cent in 2017, compared with an earlier forecast for a rise of 3.5 per cent and against growth of 3.6 per cent in 2016.
IATA attributed the growth to the start of a global economic upturn, with companies seeking to restock inventories quickly to meet demand, plus e-commerce and shipping of time-sensitive pharmaceuticals products were supporting growth.
Lufthansa Cargo last year posted an operating loss of EUR50 million (US$57.05 million) as the market suffered from excess capacity. This year, it predicts losses will shrink slightly.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
