However, most of the companies do not plan to cut their headcount or salaries, found the annual Global CEO Survey released by consultancy giant PwC here on the first day of the World Economic Forum meeting on Monday.
The Baltic Dry Index, which tracks global freight rates for ships carrying dry-bulk commodities such as coal, iron ore and grains, has seen a fall of 32 percent. It fell from 1123 to 803 since start of December.
As air travel demand has shown improvement month-on-month, Shivkumar believes that even operating costs are going up and hence the industry also needs to increase fares.
Ford Motor Co is expected to post its biggest annual profit in a decade on Friday, after lowering operating costs and increasing sales to make it No 2 in the US market.