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Coronavirus

Airfreight rates spike as China factories restart production

Slashing of flight schedules leaves shippers scrambling for space

UPS workers load medical masks and other protective gear bound for China onto a cargo plane at Hartsfield-Jackson Atlanta International Airport on Feb. 1.   © Reuters

HONG KONG/TAIPEI -- Airfreight rates for shipping goods in and out of China have soared, with companies facing two or three times the cost before the coronavirus outbreak forced airlines to cut routes.

Net prices to ship cargo from Frankfurt Airport to Shanghai Pudong Airport, for example, soared to 2.55 euros ($2.75) per kilogram last week from 0.86 euros/kg a week earlier, according to Hong Kong air cargo data service TAC Index.

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