Wait for airfreight recovery could extend deep into 2024

News Snapshot:

Air logistics companies are grudgingly writing off the traditional peak season as weak macroeconomic conditions drag out the freight downturn longer than expected. Low rates will carry over into next year, even if demand eventually picks up, because many businesses are negotiating contracts to lock in low prices instead of shopping for one-time quotes when ready to ship, analysts say. Airfreight remains mired at the bottom of a 16-month downturn and, by some measures, is worsening on the cusp of the busy season when retailers rush in orders for big shopping events and the holidays. The soft Chinese economy, slower...