The drop in sales reflects the broader market, where China’s policies to contain the virus, the war in Ukraine and inflation have been weighing on demand growth. Revenue and operating profit at Lufthansa’s logistics division increased again this year.

Although cargo volumes fell 1% year-on-year to 1.8 billion tonne-kilometres in the second quarter, average load factor fell 13 percentage points to 60.2%.

Air logistics sector performance remains at record high; total market cargo capacity continues to decline due to COVID-19 and the consequent lack of passenger aircraft belly capacity; demand for cargo capacity remains high; despite a difficult operating environment, including circumnavigating Russia Airspace flight caused diversion, but operational stability remained.

However, due to COVID-19 restrictions, passenger volumes (and therefore belly capacity) are still limited in China and Hong Kong, so freight rates remain high.

IAG Cargo and Air France-KLM had worse numbers than Lufthansa in the quarter as they relocated planes from Asia to meet passenger demand and reduced cargo-only flights.

IAG’s sales were down 5%, while AF KLM’s sales were down 17.2% year over year. Freight revenues for IAG and AF KLM were largely flat in the quarter.

Lufthansa’s fleet of 15 Boeing freighters, 4 of which are operated by AeroLogic, could have taken better advantage of the high costs outside China and Hong Kong compared to IAG, which does not operate any freighters, and AF KLM, which operates 6 all-freighters s plane.

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