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Air freight rates under downward pressure: HSBC report
March 14th 2023
There will be downward pressure on the air freight market in the period ahead due to increased air cargo capacity, some switch back to ships and macroeconomic conditions, HSBC Global Research said in its latest cargo report. Read More » “We see further downside for air freight rates,” HSBC said in a March 13 research note. “Demand will likely remain muted from macro headwinds, a modal shift to ocean shipping and the return of passenger flight belly capacity that will add to overcapacity, especially following China’s reopening.” The Baltic Air Freight Index, a measure of shipping rates for air cargo, had dropped 31% since the start of 2023 compared with 2022, the bank advice said.
