"At the moment though, we are not seeing rising freight prices," he told journalists at a presentation at its headquarters in Frankfurt.
Capacity remains tight, he said, particularly with high oil prices keeping older, less fuel-efficient planes grounded.
The International Air Transport Association (IATA) said last week that air freight volumes -- an important measure of world trade -- had picked up 3.7 percent in March and that economic recovery should support recovery in cargo and passenger markets in the second half of the year.
Still, Garnadt cautioned that Lufthansa Cargo would be unable to repeat its result from 2010, when the rebound from global recession secured it record operating profits of 310 million euros.
"We would be satisfied even if profits fell 20 percent," said Garnadt, who took over as CEO of the unit in January.
Garnadt also said Lufthansa was keen to take advantages of the opportunities offered by the growing pharmaceuticals industry in Latin America and that demand for freight transportation there was helping to offset slightly weaker demand from China. (Reuters)
