Air-freight costs are still soaring, squeezed higher as space in the belly of passenger jets dries up and demand rises for sending goods faster than a container ship can make the journey.
Cargo rates on flights from Hong Kong to North America surged to the highest level in almost 16 months, according to TAC Index data tracked on Bloomberg. The route from Frankfurt to North America is also still spiking upward.
As the Covid-19 pandemic discourages consumer travel and forces governments to close borders to non-citizens, “air freight is getting severely constricted,” Phil Levy, chief economist with Flexport, a freight logistics provider, in an interview on Bloomberg Television.
“It’s a particularly acute problem now,” he says. “Often when you…