Asian airlines, already facing a worldwide downturn in passenger travel, should brace for a fall of as much as 20 per cent in their cargo revenues by the middle of next year, according to one of the region’s leading aviation executives.

David Turnbull, newly appointed chairman of Seabury Asia and former chairman of Cathay Pacific, forecast a sharp drop in air cargo revenues after the Christmas holiday season. Asia is home to some of the world’s largest air freight operators.