To your original question, freight by far is much more stable than the passenger airlines. I believe (and don't quote me on this) but a good rule of thumb is take the gross revenue on the best day of a typical passenger trip i.e. Chicago to London and multiply by 4 for the freighter along the same route. Here's another good one. A few years ago circa 1995 I was working at JFK as a cargo sales rep. A friend of mine was a manager for ASIANA Cargo. They were the first airline in the world to use a 747-400F. They used it about 3 days a week on the New York - Seoul run with a tec stop in ANC. One night he showed me some paper work on the flight and told me that every trip going and coming back NETS over $1,000,000 in profit. That's over $2,000,000 in PROFIT per round trip. Go figure.