Airfreight calculates Sandy losses
HURRICANE Sandy cost the airfreight industry US$19m according to IATA.
Tony Tyler IATA director and chief executive added said the storm swept in on an already struggling air cargo industry.
October freight demand was 3.5 per cent over last year and 2.2 per cent down over September. Load factors were also down.
The storm cost aviation US$0.5b.
Tyler described the effect of the storm as a concentrated punch to the US, which was felt globally.
He added ominously: “The rapid decline in freight traffic is outrunning the industry’s ability to respond.”
Outside the states Asia carriers saw a 6.8 per cent decline is responsible for two thirds of the decline in airfreight volumes between September and October - the IATA release detailed. The Asia region is responsible for half the freight flown in the world.
In Europe, where demand remains flat since the end of 2011, volume growth was two thirds of point shy of the US decline for October, which was posted at 5.3 per cent.
Africa was slightly down after a decent run of form while in Latin America demand was lightly up but that figure was outstripped nearly eight fold by an 8.6 per cent rise in capacity lowering load factors in the key region.
The Middle East grew traffic by 13.4 per cent and grew 8.6 per cent of capacity.
At its peak the storm grounded nine per cent of global capacity.