“The surprise move by the Swiss central bank in January to remove the currency’s ceiling saw the franc go up 23% against the euro and 21% against the US dollar in one day; a rise which has impacted Switzerland’s exports.” But, it added, the impact of currency fluctuations on consumers and shippers probably had a greater impact on freight flows.
Then there was fuel. Falling prices served to boost the freighter operators as gross yields did not fall as fast as the fuel price.