Air France KLM saw its cargo revenues grow in the second quarter of the year despite a dramatic drop off in volumes.
The French-Dutch airline group recorded a 44.4% year-on-year drop in cargo traffic during the second quarter to 1.2bn revenue tonne kms, but revenues increased by 5.2% on last year to €566m.
The group's cargo load factor for the period was up 16 percentage points to 74.7% as capacity in available ton km terms dropped by 56.3%.
The results come as airlines have seen their cargo revenues improve this year as the loss of bellyhold operations caused a capacity crunch and pushed up prices.
“Global air cargo capacity is at the end of the second quarter 2020 approximately 27% lower than 2019 whereby industry air cargo load factors are the highest levels in past two years.
“On the demand side, worldwide air freight volumes are down due to Covid-19 crisis but are expected to rebound to 90 to 95% of pre-Covid-19 levels in 2021. The supply-demand gap of the past months is foreseen to narrow as industry capacity supply will increase.”
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