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Korean Air feels impact of cargo demand drop

Korean Air (KAL/KL) is feeling the impact of the drop in global air cargo demand. Although the airline made revenue of KRW3.6tn ($2.8bn), a 28% year on year increase, based on the recovery in passenger demandas reflected in its financial results for the fourth quarter of last year. The airline has reported ‘tentative’ (i.e. non-consolidated) results that show cargo revenue fell by 29% year-on-year to KRW1.5tn ($1.2bn). Demand for freight capacity was diminished, the carrier said, by the “global economic slowdown”. It also suffered from decreasing shipment rates as a result of increasing passenger aircraft belly and dedicated cargo capacity. Because of the global economic slowdown, the airline is forecasting further weak demand for air cargo capacity in the future.

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CCFI Summary week 6

Ocean freight rates increased via the West Coast of North America (+8.4%) and via the East Coast of North America (+5.8%). Decreases were seen in South Korea (-7.7% week-on-week) and Europe (-3.4%).

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