each reporting roughly 40% declines in the business unit for the second quarter. But don't stress, that's good news. As CNBC's Leslie Josephs explains, about half of the world's air cargo flies on passenger planes. When Covid-19 restrictions hamstrung travel, they significantly reduced cargo capacity — and drove up shipping costs as a result. Now, with travel roaring back and demand for air cargo waning, those rates have fallen and so to has cargo revenue for the major carriers.
– CNBC's Brian Evans, Hakyung Kim, Diana Olick, Lauren Feiner, Leslie Josephs and Holly Ellyatt contributed to this report.
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