Every cloud has a silver lining and Covid-19 is just another example of that.
With passenger airlines looking at mass reductions in flights, with them goes the belly cargo capacity that has come close to stealing 50% of the air freight market over the last few years.
This has caused charter rates across the Atlantic, and from China and Hong Kong to spike, as space is quickly consumed. Spot rates are also rebounding but there are warnings that even if you book a shipment there’s no guarantee when it will be delivered. Airlines are looking at close to $560,000 for a one way trans-Atlantic 744F flight.
Korean Air has started using some of its stranded passenger aircraft for cargo flights to attempt to maintain some revenue streams. Others may well follow suit if they can make it pay.