It’s been an eventful year in logistics, as the global economy ground to a halt and then began to swiftly reopen. Ports around the world have experienced unprecedented backups. Demand for commercial air travel dried up. There’s been a surge of container cargo lost at sea. You might have heard about one very high-profile wrong turn in the Suez Canal.
Aided by record-breaking shipping volumes during the holiday season, FedEx reported a 23% year-over-year increase in revenue for its fiscal 2021. Net income rose 183%, and diluted earnings per share were up 175%. More recently, FedEx has helped deliver more than 100 million doses of COVID-19 vaccines to countries around the world.
It’s been a very different past year for companies more concerned with transporting people than cargo. In its latest annual report, the International Civil Air Organization said that commercial air travel declined by 60% in 2020, with a stunning 2.7 billion fewer passengers taking flights than in 2019. The group estimates that amounted to a $370 billion loss for the air industry.