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title : Lufthansa slump hurts peak season hopes |
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Lufthansa slump hurts peak season hopes
Lufthansa, Europe's largest scheduled air cargo airline, on Wednesday quashed lingering hopes of a pre-Christmas rally in the air-freight market by announcing that shipments in August were down by more than 5 percent from the same period a year ago.
Lufthansa Cargo, the airline's independent cargo unit, carried 124,000 metric tons of cargo and mail in August, off by 5.2 percent on August 2002, that clipped revenues by 2.9 percent. The load factor, or proportion of capacity filled, was also down 2.9 percentage points at 61.1 percent. Traffic for the first eight months of the year is down 4.5 percent at 1.022 million tons.
The German carrier, which operates Europe's largest fleet of Boeing 747 freighters, said it has implemented a number of measures to combat the slump in demand and had noticed " faint signs of a slight upswing" in the coming months.
Lufthansa's larger-than-forecast decline, which came after British Airways announced a 0.3 percent decline in August cargo volume, is expected to be followed shortly by lower figures from Air France Cargo, Europe's second-largest scheduled cargo carrier.
KLM Royal Dutch Airlines continues to buck the trend by reporting freight traffic rose 9 percent in August thanks largely to the high utilization of two new Boeing 747 extended range freighters that were introduced recently into the booming Asia/Pacific market.
?By Bruce Barnard
The Journal of Commerce Online
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