5. Conclusion
This paper has explored the role of dedicated freighter aircraft in the provision of global airfreight services. It has shown that airfreight is provided by two distinct sources of capacity and revealed that, at the time of writing, a fleet of over 1,600 freighter aircraft transport 56% of the world’s total air cargo by RTK. Moreover, empirical evidence of recent airline behaviour has shown that many passenger-cargo airlines are redeploying, reducing or entirely eliminating their fleet to concentrate on belly hold freight that can be carried at marginal cost. The review of the literature revealed that the challenges to dedicated freighter operations include the lack of bi-directional demand (the back haul problem), the introduction of new passenger aircraft that have larger belly hold capacities, the imposition of new security directives, and a slowdown in consumer demand for airfreighted goods. In addition, the dedicated freighter market is affected by the factors that influence demand for all types of airfreight, namely global economic vitality, oi price volatility, security concerns, trade protection measures and the introduction of new environmental safeguards.