The summer rebound in airline passenger traffic, and fourth quarter trading, has been stronger than we expected, but as customers tend to make bookings within a couple of months of travel, visibility remains low. Ocean freight rates have plummeted after record highs. The industry faces mounting macroeconomic challenges in 2023 as cost inflation escalates, interest rates rise, and disposable incomes come under pressure. Furthermore, if the conflict in Ukraine escalates and/or new COVID-19 variants emerge, this could further discourage people from traveling.