As reported last week air freight has seen a serious drop in capacity and a corresponding spike in rates.
North East Asia – Europe capacity shrunk by 22% last week, while rates from Japan to Europe rose by almost 15%.
Many airlines that have been banned from Russian airspace are now mostly flying from China via Kuala Lumpur and Dubai as an alternative route. This is adding between 1.5 and 2.5 hours to flight times.
One industry expert commented: "A fragile global air cargo supply chain is already sensitive to minor shocks. War in Europe and its resulting sanctions could turn the industry upside down once again, just at the time when the Covid impact was looking more under control. We remain in volatile and uncertain times."