But traffic is up, and these are still the good times.
The US and EU slug it out with the United Arab Emirates and Qatar.
Huge aircraft orders, booming traffic, dozens of upstarts with easy mega-funding, fierce competition, already a big collapse, and allegations of shady business.
Alarming signals are coming from an unlikely place, the market that the industry long touted as an engine of infinite growth.
The Long-Haul “Low-Cost Carrier” Business Model in a world awash in cheap money.
Converting them to freighters is a booming business, but overcapacity looms.
As with all “bleeding edge” technologies, the challenges are huge, and it’s possible they may end up derailing the whole venture.
Overcapacity reigns as companies splurge on the largest ships, consolidation rages, no one wants to back off.
Exports are dominated by two countries, imports by three. And everything revolves around China.
Years of “growth at any cost” led to accounting fraud, huge government bailouts, and murky restructuring plans.