From the Norwegian thread :
Its grim times for everyone in this industry with the possible exception of the Freight Dogs .
Sort of associated, but after 9/11 when passenger volume fell well away, the same happened with air freight volume too, both belly and full freighter. This was somewhat perplexing as freight was not worried about flying, and there was little equivalent economic downturn. I don't think it was ever satisfactorily explained.
Regarding belly freight, that is going to be impacted with the elimination of flights. All those Chinese imports, particularly at the higher tech end, pharmaceuticals, etc, even if shipped in bulk by container by sea, are dependent for product support and rush orders on air freight, much of whose capacity may be disorganised or lost. I was anticipating that as China gets economically back on its feet, as seems to be starting to happen, there might actually be an air freight surge to Europe/N America etc to recover supply lines.