Remember that 50 per centish of all air cargo goes by belly anyway... those aircraft will be flying whatever the fuel price... As far as freighters go, air cargo is 60 per cent cheaper index-linked than 20 years ago... there is a lot of slack for price rises... forwarders have driven down the price to ludicrous levels but as capacity comes out prices will rise... some goods have to go by air and the future is relatively secure, even if prices rise by 80 per cent as long as you have effecient aircraft and good traffic rights