Expeditors International has reported a 10% drop in air cargo tonnage volume for the second quarter of 2020.
Jeffrey S. Musser, president and chief executive officer, Expeditors International, commented: “While volumes for all of our products were down, as we would have expected during such unprecedented conditions, our airfreight revenue was much greater than anticipated.
“The air market has been particularly unsettled, with the cancellation of so many passenger flights limiting access to passenger belly space and requiring the increased use of charters to meet customer needs.
“While air capacity has been tight, demand for shipping technology-related equipment, medical equipment and supplies and other priority goods has been intense, creating a supply and demand imbalance and a spike in buy and sell rates.”
Bradley S. Powell, senior vice president and chief financial officer, added: “Compared to a year ago, the effects of COVID-19 led to lower volumes for all products. Air tonnage out of North Asia, however, increased 14%, driven by goods needed to support remote work and to combat COVID-19.”