Global airfreight volumes fell by 1.4% year over year in February according to IATA. While that looks modest given the COVID-19 outbreak it’s worth bearing in mind that lunar new year fell in February in 2019 – lowering the comparator – while many firms may have used airfreight to expedite shipping in the face of supply chain disruptions. Of more concern was a 4.4% reduction in capacity, the fastest rate of decline since at least 2010. That included a 6.1% slide in international availability from North American airlines. The loss of capacity raises the risk of further force majeure decla...