The International Air Transport Association (IATA), WorldACD and Drewry have all reported disturbingly low air cargo rates and yields, while overcapacity continues to grow each month.

Global freight tonne kilometers (FTK) grew by just 2.1 percent in May, compared to the same month in 2014, marking the slowest rate of growth for the year to date, according to IATA's figures. At the same time, capacity expanded again, this time by 4.3 percent, year-over-year. For the year so far, freight volumes are up by 4 percent, y-o-y, but most of that growth, IATA pointed out, came in late 2014, during the U.S. West Coast port crisis.

“Cargo growth has undoubtedly come off the boil,” said Tony Tyler, IATA’s director general and CEO. “The expansion in volumes we saw in 2014 has ground to a halt, and load factors are falling. Some economic fundamentals still point to a rebound in the second half of the year, but we have to recognize that business confidence is flat and export orders in decline.”

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