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            september 18, 2019

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Hanjin debacle prompts world air cargo boom


The International Air Transport Association (IATA) reports that global air cargo traffic grew 8.2 per cent year on year in October, helped by the demise of Korea's Hanjin Shipping that left cargo stranded the world over.
This was the biggest jump of the year and followed a 6.6 per cent increase in September that was also helped by the insolvency of the South Korean container shipping line, according to IATA.
The October increase was also partly due to some last minute reliance on air transport by companies that had exercised too much caution in ordering.
The increasing popularity of sales events such as Black Friday and Cyber Monday may also have contributed to the increased demand peak, IATA said.
Three million more shoppers participated in Black Friday this year than last, bringing the total to 154 million shoppers, according to the National Retail Federation.
All regions except Latin America posted gains though results continued to vary widely, IATA said.
"Global air freight markets look set to end 2016 on a high note. Demand is growing at its fastest pace in 18 months," said IATA director general and CEO Alexandre de Juniac.
"It remains to be seen how long this growth trend will endure after the year-end peak period and we still face headwinds from weak global trade," he said.
Asia-Pacific airlines saw demand in freight volumes both from within the Asian air cargo market as well as on routes to and from the region increase in October compared to the same period last year.
Regional demand increased 7.8 per cent and capacity grew 3.9 per cent. International freight volumes expanded eight per cent in October, contributing to a seasonally adjusted annualised increase of 15 per cent since March.
North American carriers boosted traffic by 3.7 per cent, outstripping a capacity increase of just 0.1 per cent. International volume was up 7.2 per cent - the fastest pace since the disruption at US west coast ports in February 2015.
European airlines posted the biggest growth - of 13.4 per cent - in October, driven by the sustained increase in German exports and the continued weakness of the euro.
Middle East carriers saw demand rise 9.2 per cent, marking an improvement over recent months, but seasonally adjusted growth has slowed largely due to weaker volumes to and from Asia and North America.
Latin American airlines experienced a 0.1 per cent contraction while capacity shrank 1.8 per cent as the region continued to be blighted by weak economic and political conditions, particularly in the leading Brazilian economy.
African demand was up 7.4 per cent, but was overshadowed by a 24.7 per cent surge in capacity on the back of long-haul expansion, especially by Ethiopian Airlines.

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