Page 34 - AAA March / April 2024 Digital Magazine | GBP
P. 34
The Tide
is Turning by companies during the pan-
demic are likely to fall in place
during the year. With many
industry players eager to replace
ageing freighters, among the
most eagerly anticipated events
Growth in demand after a this year is the introduction of
the 777-300ERSF and A330-
long period of decline and the 300BDSF conversions.
expected entry of new Light After a Dark Night
freighter types make 2024 A course correction was
expected after airfreight busi-
a landmark year for the air ness soared to record highs
in 2021, but what the industry
cargo industry did not anticipate was that the
tough times would last nearly 18
months. A strong fourth quar-
By Arun Sivasankaran ter performance in 2023 and
an exceptional end to the year
- global demand was 10.8%
eclining market demand strong start to 2024 indicate a above 2022 levels and up 11.5%
and rates dragged period of relatively smooth sail- for international operations in
D down revenues for the ing for the industry. December – could not mask the
air cargo industry in 2022 and gloom that pervaded the indus-
much of 2023, forcing several It is not just the continuing try for much of the year - global
all-cargo carriers to scale back recovery of air cargo demand full-year demand in 2023, mea-
operations and postpone aircraft that makes the ongoing year sured in cargo tonne-kilometres
investments, but the resurgence one to watch; many long-term (CTKs), was down 1.9%, with
in volumes late last year and the plans and programs put in place for international operations
34 | MARCH - APRIL 2024 WWW.GBP.COM.SG/AAA
