WHAT a difference a month makes for commercial aviation.

An industry that only two months ago was projecting record earnings amid soaring demand is now suffering its worst turbulence since the 2002-2003 Severe Acute Respiratory Syndrome (Sars) crisis. A sharp fall in demand has led to plane groundings, reductions in staffings and even cutbacks in plane orders.

This is in stark contrast to January, when the signing of the US-China Phase 1 trade deal boosted sentiment and with it, demand for air travel. East Asia-based supply chains were starting to crank up again. Figures from the International Air Transport Association (Iata) found global air passenger demand surged in January to its best level since May 2019. Then came the novel coronavirus outbreak.