The Freight 50: 2023 a year of normalization for carriers

FedEx, Qatar Airways and UPS continue to lead carriers in air cargo traffic, weathering headwinds and maintaining operations. As 2024 draws to a close, Cargo Facts is looking back at 2023 cargo volumes and the top carriers of the year. While the top three remained the same, there were some significant changes from the forty-seven others rounding out the top fifty, from carriers moving up the list, falling down the list and entering the list for the first time. [caption id="attachment_56865390" align="aligncenter" width="1949"] FedEx ranked No. 1 on the Freight 50 list, flying the most cargo tonne kilometers in 2023. (Photo/FedEx)[/caption] While many carriers saw a dramatic boost in air cargo volume in 2021 due to the pandemic, they later experienced drastic year-over-year drops in volume as the market began to normalize. In 2023, some carriers saw volume gains while others saw drops, with no across-the-board trend. Though 2023 traffic remained 3.6% below pre-pandemic levels , down just 1.9% YoY. Comparatively, 2022 traffic was down 8% YoY and 1.6% from pre-pandemic levels. Traffic remained sluggish in early and mid-2023 but picked up by yearend. And, so far, 2024 traffic has been much improved. As of October, data from IATA show that air cargo traffic has increased for fifteen consecutive months . For the fifth year in a row, Cargo Facts is pleased to provide the Freight 50 , a fully sortable listing of the top 50 carriers ranked based on data compiled from the latest World Air Transport Statistics (WATS) report from IATA. The sorting options allow carrier information to be viewed by ranking from 2023 through 2019; cargo tonne kilometers (CTKs); and YoY change by CTKs and percentage. FedEx stays in No. 1 spot FedEx was 2023’s top cargo carrier, a distinction it has held for more than a decade. The express carrier flew 17.9 billion CTKs in 2023, down 8.31% YoY. This marked a larger drop than in 2022, when CTKs fell 5.39% YoY. FedEx had 698 aircraft in its fleet at the conclusion of its first quarter, which ended Aug. 31, with plans to bring that number to 721 in fiscal 2025. [caption id="attachment_56867772" align="aligncenter" width="1869"] Qatar Airways ranked No. 2 on the Freight 50. (Courtesy/Qatar Airways)[/caption] According to its Q1 earnings report, FedEx has: Plans for delivery of nine 767-300Fs in fiscal 2025 and three more in fiscal 2026, with options to purchase an additional forty-three. Plans for delivery of two 777Fs in fiscal 2025 and options to purchase an additional twenty-three. Plans for delivery of seventeen Cessna SkyCourier 408s in fiscal 2025 and fourteen more in fiscal 2026, with options to purchase an additional fifty. Plans for delivery of four ATR 72-600Fs in fiscal 2025 and an additional four in fiscal 2026, with options to purchase an additional twenty. FedEx has thirty-seven MD-11Fs, with plans to retire nine in fiscal 2025, ten in fiscal 2026, nine in fiscal 2027 and nine more in fiscal 2028. However, FedEx said in September that its MD-11F retirement schedule is subject to change. This appears likely after the company brought an MD-11F out of storage to prepare for fleet reentry in September. This was at least the third MD-11F that FedEx brought out of storage this year, despite the company’s announced plans to retire all its MD-11Fs by May 31, 2028. Explore the 2023 Freight 50 here. Qatar Airways No. 2 followed by UPS Qatar Airways took second place in 2023, 2021 and 2019, displacing UPS, which took third place those years. UPS took second place in 2022 and 2020, while Qatar Airways took third place both those years. Qatar Airways saw a slight volume increase in 2023, flying 14.4 billion CTKs, an increase of 0.97% YoY. In January, Qatar Airways added its twenty-seventh 777F (68063) — the first freighter it had added to its fleet in two and a half years. The carrier took delivery of its twenty-eighth 777F (68064) in April. It no longer flies 747-8Fs , after selling units 37564 and 63199. Both units this year joined UPS’ fleet. [caption id="attachment_56868649" align="aligncenter" width="1229"] UPS ranked No. 3 on the Freight 50. (Courtesy/UPS)[/caption] UPS, meanwhile, flew 14.2 billion CTKS in 2023, a 10.39% drop from 2022. UPS will likely see boosted volumes in 2025 after winning an air cargo services contract from the U.S. Postal Service in April. The contract, which went into effect Sept. 30, makes UPS express carrier the postal service’s primary air cargo provider — a role held by FedEx for more than twenty years. Rounding out the Freight 50 top five were: Emirates at No. 4, flying 10.6 billion CTKs, up 4.76% YoY. Emirates was No. 4 in 2022 as well. Atlas Air at No. 5, flying 8.9 billion CTKs, up 2.76% YoY. Atlas Air was No. 6 in 2022. Atlas Air Worldwide, which operates flights for Atlas Air and Polar Air Cargo, disputes the IATA WATS numbers. Atlas told Cargo Facts it flew 14.8 billion CTKs in 2023. Polar Air Cargo was also on the Freight 50 list at No. 22. The carrier, operated by Atlas, flew 3.9 billion CTKs in 2023, according to IATA WATS. Rising up the list The biggest leap up the list came from Avianca , which rose to No. 15 from No. 40 in 2022. In 2023, Avianca flew 5 billion CTKs of cargo, a 253.5% increase from 2022, according to IATA WATS. Avianca did not respond to requests for comment by press time. Other jumps up the list came from: Cathay Pacific at No. 8 from No. 13 in 2022; China Cargo Airlines at No. 19 from No. 26 in 2022; and DHL Air at No. 40 from No. 49 in 2022. Cathay made a concerted effort to rebuild its cargo and passenger operations after Hong Kong’s travel restrictions were relaxed in late 2022, the carrier told Cargo Facts . In 2023, Cathay flew 8.1 billion CTKs, up 40.25% YoY. So far, 2024 is shaping up to be another good year for Cathay, with cargo revenue tonne kilometers in October up 9.8% YoY, the carrier said. In the first ten months of 2024, tonnage increased 10.4% YoY to 1.2 million tonnes and cargo revenue tonne kilometers rose 4.1% YoY. [caption id="attachment_56867682" align="aligncenter" width="2560"] Emirates ranked No. 4 on the Freight 50. (Courtesy/Emirates)[/caption] China Cargo Airlines flew 4.2 billion CTKS in 2023, up 33.39% YoY. The carrier did not respond to requests for comment. DHL Air , DHL’s United Kingdom-based airline, flew 1.6 billion CTKs in 2023, up 57.79% YoY, according to IATA WATS. While DHL did not comment on these figures, the company confirmed that 2024 has seen increased volumes from 2023. “We’ve experienced a positive impact from a strong seasonal peak, particularly in October and November, driven by higher import volumes,” Dennis Cancino, vice president and head of airfreight USA at DHL Global Forwarding, told Cargo Facts . Air Atlanta Icelandic and Iberia joined the list this year at No. 45 and No. 48, respectively. Malaysia Airlines and Martinair dropped off the list. Falling down the list The two largest tumbles down the list came from: All Nippon Airways (ANA) at No. 24 from No. 18; and Virgin Atlantic Airways at No. 50 from No. 45. ANA flew 3.6 billion CTKs in 2023, down 19.68 YoY. ANA attributes the decrease, in part, to post-pandemic normalization. “In particular, the market to/from Japan remained sluggish through the year,” an ANA spokesperson told Cargo Facts . All three Japanese carriers on the Freight 50 fell down the list in 2023, the carrier noted. Japan Airlines fell to No. 28 from No. 24 in 2022 and Nippon Cargo Airlines fell to No. 39 from No. 34 in 2022. 2024 is shaping up better for ANA, with the carrier capturing “strong demand” for cargo between Asia and North America, the spokesperson said. [caption id="attachment_56869359" align="aligncenter" width="2411"] Atlas Air ranked No. 5 on the Freight 50. (Courtesy/Atlas Air)[/caption] Virgin Atlantic flew 997 million CTKs in 2023, down 17.87% YoY. The carrier has been consistently falling down the Freight 50 since 2020. It was No. 35 in 2020, then No. 39 in 2021, then No. 45 in 2022 and now No. 50 in 2023. “ Virgin Atlantic Cargo played a crucial role in the airline's survival following the COVID-19 pandemic [leading] to a record performance and increased tonnage in 2021,” a Virgin Atlantic spokesperson told Cargo Facts . Despite “strong performance,” 2023 was impacted by market uncertainty and competition, the spokesperson said. The carrier expects 2024 tonnage to surpass 2023’s following a strong summer and the holiday season peak, especially from India and across the North Atlantic, it said. Register now for Cargo Facts' essential regional events for industry stakeholders: Cargo Facts LATAM 2025 on Feb. 10-11 at the Pullman Sao Paulo Guarulhos Airport in Brazil; Cargo Facts Asia 2025 on March 24-26 at the W Shanghai in China; and Cargo Facts EMEA 2025 on May 6-8 at the Shangri-La Bosphorus in Turkey.

The Freight 50: 2023 a year of normalization for carriers

FedEx again takes top spot despite drop in volumes

Maersk’s Fabio Acerbi joins Cargo Facts LATAM 2025

Tianjin Air Cargo considers widebody market with A330P2Fs

Related Posts

From the Cockpit with K2 Aviation’s Karl Ryan

Production freighter activity highlights May FATs

Widebodies account for more than half of April’s transactions

Tianjin Air Cargo considers widebody market with A330P2Fs

Cargo Facts Free Newsletters

Cargo Facts Connect Podcast

Follow Us

Welcome Back!

Retrieve your password