Global capacity for the air cargo industry will increase in the next five years, giving air freight buyers and users more selection, according to an executive with Lufthansa's air cargo unit.

Andreas Otto unit product and sales chief at Lufthansa, says global air cargo demand is expected to grow at 5.4% a year while air freight capacity will grow at more than 6% a year. That level of overcapacity could shift some freight from ocean to air, as ocean freight rates look to remain high for some time.

In the U.S. air freight market, Forward Air Corp. has agreed to buy assets of Black Hawk Freight Services, a provider of expedited line haul, local cartage, exclusive use vehicles for the air freight industry.