'Sick' air freight is set to remain in crisis until the US makes a sustained recovery

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Air freight has become a “sick industry” that will remain in crisis until there is a sustained recovery in US consumer confidence and carriers scrap their older freighters, according to the head of cargo at one of the world’s most important freight airlines.

James Woodrow, director of cargo at Hong Kong-based Cathay Pacific, said competition at the moment was “insanely fierce”, although pricing was not necessarily irrational, “because you can see what people are trying to do: chasing cash in order ...