But freight rates remain red hot.
For the majority, pay has remained flat or has fallen over the past year.
This is a very cyclical business.
But no letup in freight rates yet.
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.
But ballooning inventories point at risks next year.
They’re a measure of the goods-based economy.
Converting them to freighters is a booming business, but overcapacity looms.