Seasonally adjusted load factors for airfreight also hit a three-year high in August, and oil prices are likely to remain relatively stable over the next four years, IATA says.

Overall, global airlines reported a slight decline in earnings before income and taxes (EBIT) margins during the second quarter, from 9.8 percent in Q2 2016 to 9 percent in Q2 2017, but the decline was seen primarily in North America and Asia-Pacific — the former of which posted the strongest overall margin of 14.5 percent for the second quarter. Meanwhile, margins actually increased for Latin American and European carriers, with improving economics in both regions.

Freight volumes, compared with the prior year, continued to rise through August, pegged by IATA at a 12.1 percent, year-over-year, increase during the month, while available capacity in freight tonne kilometers grew by a much slower y-o-y pace of 4.7 percent. The increasing daily utilization rates of widebody freighters helped push seasonally adjusted load factors to a three-year high.

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