Page 12 - STAT June 2023 Latest Issue

industryreport

CARGO CHARTER BIZ

COASTS ALONG IN YEAR

OF UNCERTAINTY

Has the cargo charter market demand experienced a softening compared to
the peak of the Covid-19 pandemic and will ‘market adjustments’ follow? If so,
how are chartering companies preparing for this as we dive into lessons past
and from the vantage point of moving towards digitalisation and sustainability?

Lakshmi Ajay

ccording to the latest Market Some of the significant growth drivers shipments, or urgent deliveries that are
Research Future (MRFR) report, in the business of transporting cargo and required immediately and cannot be ac-
the global air charter services passenger charters include the sharp rise commodated by regular cargo airlines or
Amarket is slated to touch $53.65 in air travel globally, the increasing volume by scheduled air cargo services.
billion at a 5.8% CAGR by 2032,(denoting of charter services, and ongoing improve- Charter capacity is also utilised when
global aircraft charter market including ments in airport facilities and air charter the demand for airfreight is high and the
passenger and cargo). services, particularly in developing nations. available capacity offered by commercial
Charters are mainly utilised for time-
sensitive and high-value freight transporta-
tion such as specialised cargo, oversized

10 | JUNE 2023 www.stattimes.com