DALLAS – Due to the Russian airspace block, Lufthansa Cargo (LH) will curtail certain cargo flights in March, according to the German airline.
Due to lower payload and individual flight cancellations, the market has less capacity, according to an airline spokeswoman on Tuesday, who added that the situation was already tight due to the coronavirus epidemic.
The news was reported by fxempire.com as the airspace restrictions in the aftermath of Russia’s invasion of Ukraine raised fears for a fifth of aviation freight, which has already been severely disrupted by the outbreak.
Effects of the Airspace Bans
After reciprocal airspace bans restricted European carriers from flying over Siberia and Russian airlines from flying to Europe, travel between Europe and North Asian countries such as Japan, South Korea, and China has been disrupted.
Due to the restricted airspace access, North Asian cargo flights have already been canceled by Air France-KLM (AF), Finnair (AY), which was looking forward to having a profitable summer flying to Asia, and Virgin Atlantic (VS).
Major Asian airlines, such as Korean Air Lines (KE) and Japan’s ANA Holdings (NH), as well as Middle Eastern airlines, continue to fly over Russian airspace.
On Tuesday, shares of Deutsche Post, a German logistics company, plummeted about 3%. Major airline stocks have declined by about 1%, according to Reuters.
Featured image: Lufthansa Cargo. Photo: Nick Sheeder/Airways