XADD Summary
Market sentiment remains pessimistic and during the past quarter, global air-freight spot rates reached their lowest level since the onset of the pandemic (but still higher than the period just prior to the pandemic).
The pick-up in passenger belly capacity amid increased widebody deliveries will continue to put downward pressure on rates if demand fails to improve. Although cargo demand was hit hard by the pandemic, there are some signs that the contraction is easing.
However, growth has been lagging world GDP and a softened global economy is likely to dampen hopes for a rosy year-end peak season.
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