Photo courtesy of DHL.
And with thousands of passenger planes, which usually carry about half of global airfreight, still grounded, capacity constraints will continue to push up prices, according to Tim Scharwath, the chief executive officer of DHL Global Forwarding, Freight.
“People are very willing to spend, they have more money left because they didn’t go on holiday,” Scharwath said in an interview. Air cargo capacity “will also be scarce into 2022” because slow vaccine rollouts in Asia will dissuade people from traveling, he said.
Airfreight rates to North America from Hong Kong have risen as much as 24% this year after more than doubling in 2020, as the Covid-19 pandemic increased demand for electronics goods like gaming consoles and laptop computers as more people were forced to work from home. The cargo market has been a rare bright spot for Asian carriers such as Singapore Airlines Ltd. and Korean Air Lines Co., whose businesses have been decimated by the pandemi
DHL Express has expanded its Asia-Pacific operations using its new 777 freighters operated by U.S.-based Kalitta Air and AeroLogic, DHL’s Germany-based joint venture with Lufthansa, and announced today that its Express earnings more than doubled during the first quarter of the year from the same quarter last year, to 955 million euros (US$1.1 billion). DHL […]
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