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From the Document: The evolving COVID-19 [coronavirus disease 2019] crisis is taking a huge toll on aviation services worldwide The travel bans in effect and the sharp drop in demand have resulted in the grounding of passenger flights almost shutting down the global air transport market and significantly disrupting cross-border trade carried in passenger widebody aircraft (Figure 1a and 1b) Only 20 percent of the widebody passenger capacity is still flying today And since about half of air cargo globally travels in commercial scheduled passenger flights--mostly in the belly hold compartments of widebody aircrafts--hence daily international cargo capacity has dropped by approximately 35-40 percent in March 2020, as compared to 2019 Conversely, all-cargo operations (airlines using freighters and integrator carriers) have continued to serve and even increased capacity between early February and end March 2020 (Figure 2) However, the overall market drop in capacity is creating upward pressures in cargo rates, that have doubled or more between January and March 2020 (Figure 3) The upward movement on cargo rates is probably also related to lower levels of contestability as passenger airline competitors are offering only minimal levels of belly capacity COVID-19 (Disease);Epidemics;Public health;Aeronautics, Commercial--Freight
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Trade and COVID-19 Guidance Note: Facilitating Air Freight -- Policies and Actions
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