Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing.

Consumers who had the means to spend the pandemic shopping online for goods needing to be delivered, diverting budgets from restaurants and leisure, are traveling in ever-rising numbers.

The result? Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play.