Air freight rates return to earth as virus-driven boom cools; airlines fret

About half of the air cargo carried worldwide normally flies in the belly of passenger jets rather than in dedicated freighters

An air cargo boom driven by demand for protective gear against the coronavirus has peaked and rates, while still 50 per cent above normal levels, are falling in a worrying trend for airlines relying on freight revenue in the absence of passengers.

Declining prices may deal a blow to carriers that are scrambling to move cargo to offset weak passenger revenues as they rebuild networks by flying reopened routes with half-empty cabins.

"The early-mover advantage has disappeared and I can see why some of the rates are coming down," said Phil Seymour, president of aviation consulting firm IBA. "The market is becoming