Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)

Monthly Air Cargo Tracker | August Shows Pockets of Growth | But LF, Pricing Both Still Very Weak

Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)

Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Based on a wide range of sources, air cargo tonnage growth improved in November 2025</li>
<li>But air cargo load factors generally remain very low, with lots of slack in the system</li>
<li>November could mark the beginning of a modest recovery in air activity (but two caveats)</li>
</ul>


Based on a wide range of sources, air cargo tonnage growth improved in November 2025
But air cargo load factors generally remain very low, with lots of slack in the system
November could mark the beginning of a modest recovery in air activity (but two caveats)


Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived

Eva Airways

Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived