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WorldACD has a rather positive take on the low-grade start to the year, in air cargo terms. Noting that unit revenues dropped year-on-year by a shocking 11% in January, and 8.5% month-on-month, it explains why – and the reasons broadly make up for the decline. First, it notes, fuel surcharges have fallen – whatever shippers are saying. Then it points out that the US$ decline in yields is partly attributable to deteriorating exchanges rates – while, of course, January is traditionally slow. “A bad start?” it asks. “We think not.” Encouraging.

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