Concerns rise over global supply chain as airspace closures following Russia's invasion of Ukraine hit world's air cargo
Pure cargo carriers like Russia's AirBridgeCargo Airlines and Luxembourg's Cargolux are subject to the bans in a move that could send air freight rates - already elevated due to a lack of passenger capacity during the pandemic - soaring further.
In December, air cargo rates were 150% above 2019 levels, according to the International Air Transport Association. Russia's AirBridgeCargo alone moves just under 4% of global international air cargo, with most of that between Europe and Asia, Horst said. "Yields are high enough that flying a longer route via Southeast Asia, South Asia or the Middle East is an option, but it will still pull capacity out of the market."Shipping container shortages and port bottlenecks mean more products are being flown by air. Demand for air cargo last year was 6.9% above 2019 levels, according to IATA.said on Tuesday its cargo flights to and from Europe were operating normally and it would consider adding more services to meet market demand.
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