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Air freight demand still spiraling down

April 3, 2019 by Forimmediaterelease

For the fourth consecutive month, global air freight performance has reported a negative year-on-year growth and the worst performance in the last three years. The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight ton kilometers (FTKs), decreased 4.7% in February 2019, compared to the same period in 2018.

Freight capacity, measured in available freight ton kilometers (AFTKs), rose by 2.7% year-on-year in February 2019. This was the twelfth month in a row that capacity growth outstripped demand growth.

Demand for air cargo continues to face significant headwinds:

  • Trade tensions weigh on the industry;
  • Global economic activity and consumer confidence have weakened;
  • And the Purchasing Managers Index (PMI) for manufacturing and export orders has indicated falling global export orders since September 2018.

“Cargo is in the doldrums with smaller volumes being shipped over the last four months than a year ago. And with order books weakening, consumer confidence deteriorating and trade tensions hanging over the industry, it is difficult to see an early turnaround. The industry is adapting to new markets for e-commerce and special cargo shipments. But the bigger challenge is trade is slowing. Governments need to realize the damage being done by protectionist measures. Nobody wins a trade war. We all do better when borders are open to people and to trade,” said Alexandre de Juniac, IATA’s Director General and CEO.

 

Regional Performance

All regions reported a contraction in year-on-year demand growth in February 2019 except for Latin America.

  • Asia-Pacific airlines saw demand for air freight contract by 11.6% in February 2019, compared to the same period in 2018. Weaker manufacturing conditions for exporters in the region, ongoing trade tensions and a slowing of the Chinese economy impacted the market. Capacity decreased by 3.7%.

 

  • North American airlines saw demand contract by 0.7% in February 2019, compared to the same period a year earlier. This was the first month of negative year-on-year growth recorded since mid-2016, reflecting the sharp fall in trade with China. North American carriers have benefited from the strength of the US economy and consumer spending over the past year. Capacity increased by 7.1%.

 

  • European airlines experienced a contraction in freight demand of 1.0% in February 2019 compared to a year ago. The decline is consistent with weaker manufacturing conditions for exporters in Germany, one of Europe’s major economies. Trade tensions and uncertainty over Brexit also contributed to a weakening in demand. Capacity increased by 4.0% year-on-year.

 

  • Middle Eastern airlines’ freight volumes contracted 1.6% in February 2019 compared to the year-ago period. Capacity increased by 3.1%. A clear downward trend in seasonally-adjusted international air cargo demand is now evident with weakening trade to/from North America contributing to the decrease.

 

  • Latin American airlines posted the fastest growth of any region in February 2019 versus last year with demand up 2.8%. Despite the economic uncertainty in the region, a number of key markets are performing strongly. Seasonally-adjusted international freight demand achieved growth for the first time in six months. Capacity increased by 14.1%.

 

  • African carriers saw freight demand decrease by 8.5% in February 2019, compared to the same month in 2018. Seasonally-adjusted international freight volumes are lower than their peak in mid-2017; despite this, they are still 25% higher than their most recent trough in late-2015. Capacity grew 6.8% year-on-year.

View full February freight results (pdf).

Travel News | eTurboNews

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Boeing 737 MAX’s disasters could impair global Artificial Intelligence development

March 23, 2019 by Forimmediaterelease

Two deadly crashes involving Boeing’s newest airplane in less than six months puts in jeopardy not only the credibility of the manufacturer, but also new technologies actively being pushed by the world’s top tech firms.

All Boeing 737 MAX 8 planes operated by global carriers were grounded earlier this month after an Ethiopian Airlines aircraft crashed shortly after take-off, taking a steep nosedive not far from Nairobi.

The fatal accident which claimed 157 lives followed a similar crash in Indonesia, which killed all 189 people on board in October.

The two crashes appear to have something in common. The crews of both aircraft reportedly struggled with the MAX 8 autopilot system which pointed the nose of the airplane down before the crash.

The implications of the deadly incidents are much bigger than aviation itself, according to Alessandro Bruno, an independent international affairs and aerospace industry analyst.

“I think this accident shows the limitations of artificial intelligence and it should convince Elon Musk and Tesla to slow down efforts to push down self-driving cars,” the expert said, highlighting that the latest crashes occurred due to software problems, not mechanical ones.

A recall of Boeing’s flagship planes, lawsuits from global air carriers and a fall in the manufacturer’s market value may undoubtedly result in the firm lagging behind Airbus, its key rival, according to international finance experts, who say that if this scandal is not ‘extinguished’ in time, it may trigger deep concerns over the entire sector of artificial intelligence and its credibility.

Travel News | eTurboNews

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Indonesian national airline Garuda cancels order for 49 Boeing 737 Max 8 jets

March 22, 2019 by Forimmediaterelease

Indonesia’s flag carrier Garuda has announced the cancellation of its multi-billion-dollar order for 49 Boeing 737 Max 8 passenger jets after two fatal crashes involving the aircraft in less than five months.

In 2014, Garuda Indonesia signed a $4.9 billion agreement for the delivery of 50 of the Boeing planes, one of which was handed to the company.

The air carrier has now reportedly sent a letter to Boeing to cancel the order for the remaining 737 MAX jets with the representatives of the world’s biggest aerospace group expected to visit Jakarta in late March for “further discussion” of the issue.

The move comes amid the latest crash of Boeing’s best-selling passenger jet in Ethiopia. The tragedy, which killed all 157 people on board, followed a similar deadly accident in Indonesia that took the lives of 189 people in October.

“Our passengers have lost confidence to fly with the MAX 8,” Ikhsan Rosan, spokesperson for Garuda said.

Earlier this month, global air carriers and aviation authorities had to ground the troubled jet over safety concerns until the results of a probe into the crashes are known.

The investigation, currently in its early stages, was launched after the first crash of a 737 MAX aircraft operated by Indonesia’s Lion Air.

Boeing’s best-selling 737 Max 8 has been extremely popular among the company’s customers since it hit the market in 2017. Global airlines and leasing corporations have placed some 5,000 orders for the jet.

Travel News | eTurboNews

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