Episode Transcript
[00:00:00] Speaker A: Greenland. It's not a word I would have ever heard myself mentioning in terms of chaos.
[00:00:05] Speaker B: The global aircraft backlog is at a record high.
[00:00:08] Speaker C: Is all of this risk, this geopolitical risk, is this a win for air cargo?
[00:00:12] Speaker D: One big swing factor I think might be those MD11s.
[00:00:16] Speaker A: E commerce is like a river.
[00:00:26] Speaker C: Hello, and welcome to the very first episode of Air Cargo Unpacked, a Freight Buyers Club production. I'm Mike King and this is your monthly deep dive into air freight markets, capacity and what actually matters for people who buy air cargo services. Coming up, geopolitical chaos. Exclusive TAC index data, IATA's outlook from head of Cargo Brendan Sullivan, and the truth about Chinese New Year. But first, to my co host, someone who spent decades in the trenches of air freight, from operations to sales. Forward aside and carry aside, Neil Jones. Shaw. How are you?
[00:00:57] Speaker A: Thanks, Mike. It's great to be here with you and really looking forward to unpacking what's really going on in this market. Needless to say, it's been an exciting start to the year and looking forward to getting into the details with you over the next few minutes.
[00:01:11] Speaker C: Great. Looking forward to it, Neil. Before we dive in, a quick word about our sponsor. This episode is brought to you by Ontegos Cloud, the freight forwarder profitability specialist. They were founded to fix a problem. Most forwarders accept huge operational effort but little economic control.
Not through narratives or transformation programs, but through operational control systems that make reality visible and actionable. Okay, let's get into it, Neil. 2026 kicked off with probably about as much geopolitical chaos as we've ever seen. But somehow air cargo keeps moving. In fact, it's thriving.
So the chaos factor, when you look at the geopolitical map, right now we've got Venezuela in crisis, Iran tensions boiling over, Russia, Ukraine grinding into year four. Now the Red Sea still disrupted, trade wars escalating. We're facing as much uncertainty as we've seen in decades. But China just posted its largest trade surplus in history.
What is going on?
[00:02:14] Speaker A: Well, Mike, there's one thing that you left off your list of, you know, early 2026 chaos, and that's Greenland.
It's not a. A word I would have ever, you know, heard myself mentioning in terms of chaos, but here we are.
[00:02:28] Speaker D: The.
[00:02:28] Speaker A: Actually, the headline in the Wall Street Journal recently was Europe deploys Troops to Greenland in message to Trump. In a first for NATO, America's closest allies are using their troops to thwart possible US action. Now that's a headline I never thought I would read. But it just goes to show the world we're living in today and the level of chaos that is sort of brewing around the world and involves a number of different dynamics. But let's jump back to the question that you asked me, and that's to do with the Chinese trade surplus. As we all know, you know, the official trade plot surplus was posted. They hit a record $1.2 trillion in 2025, which is remarkable given everything that went on in 2025, particularly a very intense trade war with the U.S.
in addition to the end of de minimis in the US for all of E commerce packages less than $800 in value, in spite of this, they hit $1.2 trillion. And really, E Commerce was the driver of this growth. You know, E Commerce is like a river that is going to find its way to the market regardless of what blocks you put in front of it. If you stop it from coming into the US it's going to flow into South America, Europe and Africa. If you put blocks there, it will find a home somewhere else. And so E Commerce continued to drive air cargo out of China.
And I expect E Commerce is going to have a good year in 2026 as well, and we'll get to that in a second. But look, this trade surplus is not all good news for China, okay?
It's actually difficult for an economy of China's size to continue to have these very large trade surpluses because there is something going on under the surface there that's not positive. I mean, first and foremost, the Chinese consumer is not in a good place.
[00:04:29] Speaker B: Right.
[00:04:29] Speaker A: They've had a real estate crisis that has wiped out the wealth for many, you know, Chinese individuals. They're. They're in a deflationary situation in China because they're producing a lot of goods, but domestically, they don't have the consumers to purchase those.
And so that obviously has a deflationary aspect.
And in addition to that, you know, their currency, which was devaluated during the COVID years, is. Has yet to sort of recover to where it would naturally be. That has obviously made their exports cheaper, has made imports more expensive, and has helped create this large surplus.
Now, it's something that many other countries don't take lightly. And we've been reading about how, you know, the EU plans to implement their version of the end of de minimis. Right. And additional tariffs. You know, on a package level, we have countries like India and Indonesia which are also taking targeted action at certain Chinese verticals. So the world is going to respond. Nobody likes being in a trade deficit to such a large extent with their trading partners. And so we'll see how this plays out over the coming months and even years.
[00:05:39] Speaker C: Yeah, everyone always looks at that dynamic as, oh well, China's doing well because it's exporting. But I mean, it's a symptom as well, isn't it? It's weak domestic demand and excess capacity. Exact production wise, when that will play out. That's playing out already. This is, this is all in ties into tariff wars and it ties into air cargo demand as well. Moving forward, short term, long term, just back on the chaos. There is this old industry while saying cliche, call it what you will. Air cargo thrives on chaos. Ocean gets disrupted, lead times become unpredictable and then you know, your bcos, your shippers that they don't mind paying that premium. So is all of this risk, this geopolitical risk, is it all, is this a win for air cargo? Is that what we're saying?
[00:06:24] Speaker A: Well, I don't know yet. You know, Mike, and it could be, and you're exactly right, is that air cargo does thrive on chaos, right? Air cargo is nimble. Air cargo is versatile. Air cargo has the flexibility that you don't get on the ocean side. And in particular when you get disruption in the ocean market, whether it's port strikes or things like that, or the Red Sea crisis, obviously air cargo does extremely well because you get those ocean to air conversions.
But all chaos is not created equal. Mike, if you look at the chaos that we're having today, right, you know, we have the US and EU squabbling over Greenland. This is going to have implications. Maybe Russia sees the breakdown of the US and EU relations as a way to, to continue to bolster their position in Ukraine. Maybe we don't see an end to the Ukraine, Russia war because of the fractured nature of the US EU relationship. We've also seen the oil markets not really react to all of this chaos in a very aggressive way or in a very volatile way. Right. Oil continues to trade in a very narrow band even though we have the protests in Iran, even, even though we had the action in Venezuela. Right. These are two of the biggest oil producing regions of the world. Yet oil stayed stable through this whole process. Will that continue into 2026 or will the oil markets respond? This sort of chaos may not be great for air freight and may hurt our ability to continue growing in 26.
[00:08:01] Speaker C: Yeah, well, that's always a big factor. Jet fuel oil is always a big factor on pricing. Just back on that de minimis you said that the US has shut down China de minimis exemptions already. The US Is looking at it. What are you hearing about how the likes of Shein and Temu are navigating all this?
[00:08:17] Speaker A: Yeah, I mean, you know, we don't exactly know how Sheehan and Temu are doing because they're private companies. So we, we can't look at the.
[00:08:24] Speaker C: Financials obviously, but industry gossip, Neil. I'm after industry gossip.
[00:08:29] Speaker A: Industry gobble. Here we go with the industry gossip. And I think that, you know, when you look at what's going on on the ground, the amount of cargo they're shipping, you know, the vast amount of capacity they continue to contract for, one would have to say that their business is doing quite well and that they are finding markets for their goods. And like I mentioned before, E Commerce always finds a way. We, as a globe, as a global citizen, citizenry, we have an insatiable demand for, for cheap products. And in many parts of the world, the penetration rate for E Commerce is still in the low single digits. So there's a tremendous room for growth. And that's what these Chinese E tailers are exploiting. They're looking for these markets, they're marketing their products in these markets and they're using air cargo to deliver these products to market. And so if the situation gets tough in the US Then they're going to Brazil. Right. And so on and so forth. And what's interesting is that even with E Commerce, while the U.S. volumes dropped by 50% when de minimis was implemented, they've recovered now to 90% of normalized 2025 volumes. So in spite of the end of de minimis, again, E Commerce is finding its way back into people's sort of, you know, ordering patterns when it comes to the consumer.
[00:09:49] Speaker C: We'll look at some other markets in a second. But just on that E Commerce, how are these changes affecting capacity allocation? As far as we've got insight on?
[00:09:56] Speaker A: Look, I mean the big E tailers are one of the largest buyers of air freight and collectively they are by far the largest buyer of air freight. Right. And particularly the largest buyer of freighter capacity. And so, you know, the moves that they make in terms of the geographies they want to serve, et cetera, do have a big implication right. On where this capacity is placed. The different O's and D's, you know, that are served. And so what we've seen now is that while business to the US has been slower, assets have been redeployed into South America, assets have been redeployed into Europe to handle the booming trade of E commerce into Europe. Now, if Europe implements some sort of similar de minimis regulations, I'm sure we'll see another shift in capacity as other markets sort of perk up. But air freight is really the only mode of transport that can do this. And I think this goes back to an earlier comment that I wanted to make when it comes to the chaos is that chaos is good for air freight when it encourages modal shift, right? When it encourages a shipper to move from ocean to air or rail to air or truck to air or whatever it might be.
That's the sort of chaos that air freight thrives on.
And E commerce is a great example of an industry that regardless of the chaos. Right. You know, they're leveraging air freight to be the anchor of their solution to get their product to market.
[00:11:29] Speaker C: Neil, through the year on air cargo on Pat, we'll be looking at some of these other verticals and to see how they play out. And we will be drawing on your experience to examine those. But just in terms of non e commerce business, what else are you Looking at in 2026? Semiconductors, pharma, auto parts, what's, what's catching your interest?
[00:11:50] Speaker A: Yeah, you know, I'll tell you, you know, right now I'm, I'm still thinking about how these other verticals are going to perform in 2026. But I'll tell you for sure, anything to do with AI is going to be booming in 2026. Right. We've talked about the AI bubble, you know, in many respects over 2025 that still could be true. But these everything to do with AI. There's so much investment going on, there's so much money being spent that air freight is going to be a big beneficiary when it comes to the industry. And again, this is everything that touches artificial intelligence, right? From racks to semiconductors to processors and everything. Right. To actually foundry equipment and things like that that are going to actually help build the infrastructure that then produces the semiconductors. So I anticipate that sector to do well, just like pharmaceuticals. Pharmaceuticals has always been a strong growth sector.
Hopefully we'll hear from Brendan later on on on the impact of pharmaceuticals. And then you have, you know, the traditional verticals like perishables all. We still have a growing middle class in this world. They demand fresh produce and the best produce and we're going to continue to see growth there. And one other comment I'll make is that just recently the US and Taiwan reached a trade deal. Right. And that's pretty big news because now Taiwan is off the list of countries that have sort of this ambiguous trade policy with the US and it actually is going to really stabilize and I think help Taiwanese exports.
So as these trade deals come about, as we get more clarity, right.
I think that you're going to see some of these traditional air cargo verticals begin to stabilize. And this Taiwan deal is a very big deal. I mean, they're going to be investing close to $500 billion in the US over the next few years again to help build the US manufacturing of semiconductors while having their tariff lowered and sometimes down to zero so that Taiwanese exports can continue to to flow freely into the US So the combination of both of those things are going to think going to have a really positive impact on the air cargo industry.
[00:14:13] Speaker C: Okay, let's see what the latest exclusive markets data show. And to explain it all, I'm joined by Neil Wilson, editor of Tacindex, the leading global price reporting agency on air freight rate and calculating agent for Baltic air freight indices. Welcome Neil. How was peak season at the end of last year?
[00:14:32] Speaker D: Hello Mike, great to be back on. Thanks for having me.
And to get straight onto it, the recent peak season for 2025 was remarkably similar to the previous ones we've had in 2023 and 24, despite what was obviously a year of turmoil with rapidly changing tariffs and trade patterns and after the end of de minimis. I think we can see this most clearly from our Baioo chart which is our global index. This is the average of all global outbound all around the world.
And it as you can see is remarkably similar to 23 and 24. It reflects on the demand side. That demand was still firm, including in E Commerce if going perhaps more on different lanes, perhaps less China US Direct, more China plus one, which I think people have commented on. Though I should point out both that China US and China Europe lanes, the rates are currently both slightly up 3 or 4% each year on year. So E Commerce is clearly still moving both direct and indirect.
And to look at this in a little bit more detail, I point you to our BAI 30 chart which is this is an outbound Hong Kong index which is we look at this quite closely because it's the biggest for air cargo by volume around the world.
And that as you can also see their least recent peak is very close to the previous two years, slightly below very, very similar pattern. Again underlying it, I think we have more Asia Europe volume, more intra Asia volume, more into the Middle East And Africa. Demand and volumes all up a lot on those routes.
And on the supply side we've had capacity constraints. Capacity has been constrained by a shortage of new freighters being buil and of feedstock for conversions to be done.
Plus a further impact late last year was the grounding of the whole MD11 freighter fleet after a tragic fatal crash later in the year. That's about 60 freighters, which is about 10% of the 600 or so that there are wide bodies around the world.
So to look at some specific areas of strength, one that I would point to from looking at our numbers is Taiwan and you can see from the Taiwan Europe lane which is in Euros, and then the Taiwan US lane which is in dollars, that they both have been strong over the year. They're both up year on year despite a slight drop in the latest week. And that we think reflects the strong market in semiconductor exports related to the huge growth of AI, which is obviously a major theme for markets. Other things of note in the data currently, Seoul is pretty strong, up 8% plus to Europe year on.
Bangkok up 7% plus to US year on year. Also firm Batan still firm Horizon Mexico Europe for instance is up about 5% year on year. And transatlantic rates Europe US continue to be firm, up nearly 10% year on year.
So the market is pretty tight overall and as we noted before, intra Asia is pretty strong. So one chart we don't tend to look at very much is our Bai60, which is our outbound Singapore index because unlike Hong Kong, it's more of a regional index. More of that volume is going within Asia rather than long distance and that's currently up 23% year on year because you see, it's quite a volatile chart, but it reflects that tightness in the market in Asia currently.
[00:18:10] Speaker C: Thanks for that, Neil. We've seen rates die in the early part of 2026. Chinese New Year, it falls on February 17th. That's the official start of the holidays when all factories close.
What are we expecting in the run up to Chinese New Year this year, which I'll just say for our listeners it's fallen two and a half weeks or so later than last year. So that does skew the year on year numbers, doesn't it?
[00:18:35] Speaker D: Well, that's a good question. I mean, the rates obviously dropped over New Year. They usually do at the end of that peak season, volumes drop and rates drop sharply in that period, particularly on the spot side. And what we're seeing obviously in the outlook for the Chinese New Year is that the ocean rates appear to be up more and earlier than usual ahead of Chinese New Year. You know more about this than we did looking at ocean and the question is, I suppose does that point to the same coming for air freight which comes a little bit later usually because the impact is near all the time.
In previous years if you look at the charts, we've had a mini peak into the Chinese year period which has been in early February recently. It's usually quite a modest bounce effect and there's not much sign yet of what might happen for 2026. The market is now in the tender period for forward block space agreements but as we know the market is pretty tight so it could be bigger this time. We could have more of a pronounced effect that might happen. One big swing factor I think might be those MD11s which are due to come back on stream that been grounded for a while as you say. There are 60 of those out of a wide body fleet of 600 plus.
So they would ease the capacity constraint side and probably moderate the effects. But any delay in them coming back off stream might have a further impact.
[00:19:56] Speaker C: Excellent. Thanks Neil. And what's next for Tacindex?
[00:20:00] Speaker D: So for us we're going to be doing Battlefin Miami in January and we're going to be doing Manifest in Las Vegas in early February.
[00:20:10] Speaker C: Thanks to Neil Wilson at Tacindex for that excellent analysis of their cargo market. Me and Neil Joneshar will be back with you shortly to share some further thoughts on on the market right after a quick word from our sponsor. Boost your EBIT by 10% in just a few months. Sounds like another empty promise, doesn't it? Maybe. We'll tell you it's magic. A sprinkle of fairy dust and poof, your profits soar. But here's the deal.
[00:20:33] Speaker D: No fairy dust, just proven results.
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[00:20:55] Speaker C: Neil, Chinese New Year is fast approaching. What are you hearing in the market?
[00:20:59] Speaker A: Well, I think it's important to note that, you know, Chinese New Year this year is about two and a half weeks later than it was in 2025, right? So that does have an impact. And I mean if you look at last year, you sort of didn't have a break between Christmas and Chinese New Year because if you wanted to get product in before cny, right you just had to keep the pace up, you just had to keep shipping through the holiday and then, you know, right up in, you know, to the end of January now shippers have a little bit more time, a little bit of breathing room. Right. So we've seen the ocean market I think be quite strong at the beginning of the year. Rates are up, you know, volumes are quite strong. We haven't quite seen that yet in air freights. A little early for the surge of, you know, CNY air freight. It's only mid January.
Typically what you see is about two to three weeks ahead of cny. That's when you get the mini peak.
I think we will see a mini peak this year and I think we'll see a mini peak because capacity is constrained. We'll talk a little bit about that more in a second. But capacity is constrained. Not a lot of spare capacity out there. So I think that any sort of tick up in demand is going to result in rates going up and us getting sort of that mini peak that we've all come to enjoy over the past few years. Heading into cny, just from an operator's.
[00:22:20] Speaker C: Side, Neil forwarder carrier, can you just give everybody a little feel for what the build up to Chinese New New Year is like and how, how the sort it fits into the rhythm of, of your air cargo year? It's quite a dramatic shutdown, isn't it?
[00:22:35] Speaker A: Yeah, it's, yeah, it's, it's quite, quite dramatic in the sense that, you know, it follows right on the heels of Christmas, which is also typically quite dramatic. But you know, typically what happens with CNY is that you get very strong demand up to, and during the first day or two of cny, right, You've got a lot of inventory that's built up, a lot of cargo that's sitting at the airport that then needs to get to destination. And then you have a really massive drop off, right, because all of the verticals that take this time off and it's not every vertical, okay, so. But many of the traditional air cargo verticals, right, those factories close for a period of time and because of that and then the workers go home. So you do then have quite a dramatic drop off in volume and that volume does not restart immediately. Okay. It takes some time to ramp these factories back up and we're also going into the slightly slower time of the year, right, End of February, March, it's not the typically the busiest time of the year. So these factories tend to ramp up quite gradually and it takes another two to three Weeks to really prime the pump from an air freight perspective. So if you look at the entirety of it, it's really slow for about 10 days, but it continues to be slow for about three weeks, to be honest with you.
[00:24:01] Speaker C: Where do the planes go, Neil? Where do those phrases, they just redeploy to all the markets and this is all planned in advance?
[00:24:07] Speaker D: No.
[00:24:07] Speaker A: Well, it is planned in advance because we know exactly when CNY is coming and we know exactly typically how long the decrease in demand is. However, I certainly hope those airplanes aren't redeployed to other markets. I hope they go into maintenance because that's where they should be. Right now we have a really aging fleet of freighters. The largest freighter, the largest number of freighters, 747, 400. They are getting really long in the tooth. And let's say the operational reliability of the Global fleet of 744s is not great. And so airlines need to be using this time, have their aircraft in maintenance bases where they can get a lot of preventive maintenance done, where they can clear any deferred maintenance items, which are known as mels, get those cleared out. Because if they can do that, then they can restart after CNY on a very solid footing. Right. If they start CNY with a number of deferred items on their aircraft and things like that, you know, one more item could put the aircraft into aog. And so these are the things that airlines should be planning very heavily for and be very focused on over this two to three week period.
[00:25:20] Speaker C: Right. And then when, when things all get started again? I mean, is that, that's another element of chaos? People are desperate for some parts. Are they. Or, or to ramp back up, you know, build back up those, some of those inventories. Is there a real rush at least at the start of Chinese, when Chinese new, when everyone goes back to the factories?
[00:25:35] Speaker A: Or is it.
[00:25:36] Speaker C: It's a drip drop of people of workers returning. How does that play out?
[00:25:40] Speaker A: Yeah, it's not necessarily a drip drop, but it's not a rush. Okay. I mean, you know, typically you see the factories restart, but you know, they're at 40%, 50%, 60% of capacity. Right. As workers return. It's not like everybody comes back on the same day. That's at least my experience. And so these factories restart. But remember, it takes time then for the finished products to get to the, to the shipping dock and then those products to get, you know, to the airport. So you've got several, several days, you know, between five and ten days before Volumes really start to return and the pump begins to be primed again. So there typically is not a rush. Now, again, the theme of today's conference has been, or today's podcast has been chaos. And so depending on what's going on in the world, there could be some sudden need for something or there could be some supply chains that get severely disrupted where air freight needs to come to the rescue. But right now I don't see that for 2026.
[00:26:42] Speaker C: We just heard there from Neil Wilson about capacity constraints, the MD11 grounding, and you've just covered a little bit on that. But does that make this Chinese New Year restart potentially more chaotic than usual in any way?
[00:26:56] Speaker A: Yeah, you know, the MD11 is a very interesting sort of, you know, impact right now because as Neil mentioned in his section, it's about 60 aircraft and they're primarily mid hull aircraft. They're used on a regional basis, primarily used by integrators, but the integrators are actually, you know, their volumes are quite good right now. They're doing quite well as they have had to put these 60 aircraft on the ground for the time being. Where did they go for this, for the capacity to replacement, to replace these MD11s? They went to the market and so they've got themselves 767s and 747s and things like that from a variety of different operators to fill the gap. And so again, we do not have a lot of spare capacity in the system. And so that, that bodes well for yields. It bodes well for this industry being able to sort of take advantage of, of any uptick in demand. But again, depending on what does happen long term to the MD11s, I don't think all of them are going to return. I think some of them will return over the course of the next three to six months. Again, it could put further pressure on the capacity, the overall global capacity, since these aircraft do represent about 8 to 9% of the global freighter fleet.
[00:28:14] Speaker C: Well, I promise you everybody, we'll be tracking that MD11 story as it plays out this year. Right, time for the Quick Fire briefing where we ask industry leaders to give us their take on something close to their heart. For our first episode, we're joined by someone who has a strategic view of the entire industry. Brendan Sullivan, global head of cargo at IATA, is here today to give us his outlook for 2026 by choosing his top headwinds and top opportunities to watch. So over to Brendan.
[00:28:42] Speaker B: I believe that the three main headwinds that will affect the air cargo industry in 2026 are first capacity and the aircraft backlog. The global aircraft backlog is at a record high. It's at 11 times the annual deliveries and that limits fleet expansion. In addition, then global fleet growth actually slowed in 2025, meaning conversions are down and it's tightening the available capacity.
This also leads to higher cost operational costs as well as reduced flexibility for shippers.
The second headwind would be regulatory complexity and some of the security frictions that we see. There is inconsistent implementation of the security regimes such as the cargo security Declaration and the advanced air cargo information requirements, which adds operational friction to the environment.
Post2024 we had a number of incidents that triggered stricter security measures and increased compliance burdens without necessarily being harmonized across jurisdictions, which remains then a challenge.
And the last is economic and trade uncertainty. So global GDP growth is forecast to continue to decelerate before recovering. Then in late 2026, merchandise trade growth is near zero and there are tariff impacts that are lingering into early 2026, meaning that we have slower trade growth that could dampen cargo demand, especially in certain corridors. I believe that three things that the air cargo industry can do to capitalize and take advantage of in 2026 is first and foremost digitalization. The industry is moving towards a single standardized data model, IATA's 1 record, which is for real time data sharing across the supply chain, completely open standard. It then unlocks automation, it unlocks the potential for artificial intelligence, predictive analytics, and it makes operations faster, safer and more scalable as people move.
Digitalization is no longer optional and it becomes the foundation and is the foundation for agility and resilience.
The second area is really around E commerce growth and specialized Cargo. So over 80% of cross border E commerce shipments are moving by air.
Global E commerce is projected to keep growing. And so as a result we have significant opportunity there as well as in high value time sensitive cargo, for example pharmaceuticals, perishables, personalized medicine will drive demand for specialized handling as well as temperature controlled logistics. And in all cases there air cargo remains the enabler for that speed and that reliability in those segments.
And lastly, we talk about the need for agility, especially in this fragmented trade environment they have made. Tariffs and geopolitical shifts have created really unpredictable trade flows. And air cargo then becomes the shock absorber for global supply chains, able to reroute quickly, maintain continuity where surface modes of transport are potentially slower and less quick to adapt. Therefore, companies will increasingly rely on air freight for that resilience. Amid that volatility, have a great 2026 to all the listeners of the Air Cargo Unpacked podcast by the Freight Buyers Club and I hope to see many of you at World Cargo symposium in Lima, Peru, the 10 to 12 March 2026.
[00:32:13] Speaker C: Neil, what do you make of those words of wisdom from Brendan? Digitalization, E commerce, agility. Are those the three pillars for 2026 in your view?
[00:32:21] Speaker A: You know Mike, I do think that those are three very important pillars. I would probably order those differently. I would say agility, E commerce and digital. Those are the three.
That would be my order for next year.
[00:32:35] Speaker C: Thanks Neil. Next month we're diving deeper into capacity rates and the forces reshaping air cargo networks. Plus we'll have more exclusive TAC Index insight and industry heavyweight in our Quickfire briefing.
[00:32:47] Speaker A: Thanks for tuning in to Air Cargo Unpacked. We'll be back with you next month with more market intelligence, more insights, and more unpacking of what's really happening in air freight. I'm Neil Joneshaw.
[00:32:59] Speaker C: And I'm Mike King. Big thanks to our sponsor on Tegos Cloud for making this show possible. Don't forget to subscribe on YouTube, Spotify, Apple Podcasts, wherever you get your shows. See you next month.
