On the theme of “there is always a winner”….Sanford Bernstein shows that tightness in the air freight market will persist for two years. 50% of the world’s air freight travels on passenger jets. Global widebody long haul traffic is still -70% in Q4 and we do not expect a full return until 2024, creating volume, mix, and pricing opportunities for air freight carriers, forwarders and express companies. There is no more air freight capacity coming on as the number of widebody freighters remains almost unchanged in Q3. Air freight pricing remains strong at +65%, leading to higher gross profits at all major forwarders.