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If you needed any confirmation that “freight has become the perennial underachiever in the air transport industry” – this is the article for you. CAPA has published clear, in-depth analysis of the rotten state of air freight, which will account for just 8% of airline revenues this year – and shows how only structural change can cure its ills. It warns: “The situation has deteriorated so far that it will take much more than a period of more healthy traffic growth to fix a business now characterised by weak demand, too much supply, poor capacity utilisation and soft yields.” It looks at regional demand as well as the belly versus freighter issue – and concludes: “If freighter aircraft cannot be filled in both directions and yields are low, why operate them?” A worthwhile and perhaps salutary read for anyone in the airline business.