SINGAPORE / PARIS - FedEx Corp, the biggest air-cargo carrier, and Cathay Pacific Airways Ltd forecast a pickup in freight demand in the second half of the year that may help airlines to offset surging fuel prices.

"The momentum we see in the cargo sector is strong," said David Bronczek, chief executive officer of FedEx's FedEx Express unit, on June 6 at the International Air Transport Association's (IATA) annual general meeting in Singapore. "The momentum will continue as long as the oil issue doesn't throw a wrench in the works."

Cathay, the largest international cargo carrier, also said customers were expecting a second-half rebound, signaling that consumer spending in the United States and Europe may withstand rising oil prices and slowing growth in payrolls.