International cargo demand for Asia Pacific carriers, measured in freight ton kilometres (FTK), for July 2011 was four per cent lower than in the same month last year. Offered freight capacity matched that of the same month last year, reflected in a 2.9 per cent decline in the average international freight load factor to 66.9 per cent. "Airlines have seen only modest revenue growth this year as a result of slightly slower than expected growth in the passenger business, and a lacklustre air cargo market," AAPA (Association of Asia Pacific Airlines) Director General Andrew Herdman said. "At the same time, high oil prices have seen jet fuel averaging US$130 per barrel, compared to $90 in 2010. As a result, airline margins have been severely squeezed, with profitability suffering accordingly." source: aircargonews