Cargo rebound

It’s no secret that the air cargo market has been weak over the past few years. But we’re starting to see a light at the end of the tunnel.

Boeing’s new World Air Cargo Forecast, which I unveiled earlier this week in Seoul, projects that air cargo traffic will grow at an annual rate of 4.7 percent over the next 20 years, with global air freight traffic expected to more than double by 2033. Those are some pretty healthy figures considering where things have been.

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I was joined by members of the Boeing cargo team in Seoul.

In fact, growth has reached 4.4 percent for the first seven months of 2014— compared to no growth during the same period of time a year earlier. If that trend continues, 2014 will be the highest growth year for the air freight industry since 2010,

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Boeing offers freighters for every market, including (from left) the 777, 747-8 and 767 Freighter.

As the market continues to strengthen, our forecast shows carriers will need new, factory-built freighters and our lineup of airplanes—from the 767, to the 747-8 to the 777—- is well positioned to continue carrying more than half of the world’s air cargo traffic. Our freighters continue to bring our current customers value, and we look forward to bringing in new customers are the rebound kicks in.

I’ll leave you with a look at some of the great food we’ve enjoyed during this trip.

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Korean barbecue.

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Cold noodles.

Comments (4)

Norman Garza (Long Beach, CA):

The 767,777,and 747 can haul cargo like no other passenger jet derived freighter. Fed Ex and UPS and other cargo airlines can look to a long future with Boeing freighters. The food on the other hand is worth the visit alone, passenger or cargo.

Zhong Liang Ong (Singapore, Singapore):

To what extent does the increased demand impact new build freighters versus belly space and Boeing Converted Freighters?

Devesh Agarwal (Bangalore, India):

Ooh, I love the "soot bhul" short-ribs BBQ, as well as the Naengmyeon. While we get the latter in Bangalore, I have to just drool and imagine when I am going back to Korea to enjoy the short-ribs.

Bon Appetite.

Randy Tinseth:

We take belly cargo into account when developing our short and long term forecasts. The inherent problem with belly cargo is that it can only go where passenger jets go, while most cargo is moved by freighters on specialized routes.

Thanks for the question!

Randy

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