All Nippon Airways recorded a 5.4% year-on-year drop in the amount of international air freight it carried from April 1 to December 31, 2015, according to statistics released by ANA Holdings.

International cargo revenues also fell 5.8% year-on-year.

ANA said that, although it had rolled out a new reservation system and introduced Narita-Xiamen-Okinawa and Narita-Qingdao-Okinawa freighter flights, demand for cargo to Japan was still low because of the depreciation of the yen.

Announcing growth targets for the next five years in its corporate strategy plan, ANA said that it aims to develop a logistics service covering all of Asia and to achieve profitability by the financial year 2017. The company also said that it aims to increase capacity by 38% by the financial year 2020 compared to 2015, becoming one of the top five cargo carriers in the world in terms of freight handled.

“Weak tonnage is a big challenge, as well as declining yields,” said Makoto Sekuzu, senior vice president of international cargo sales at ANA Cargo. “But we continue to ask for our valued customers’ understanding of a restoration of fares to a fair level. We are afraid that there may be no alternative that allows us to maintain our network, service and quality unless we can absorb a cost for operations.”

Sekuzu added that ANA Cargo would commit to maximizing its uniqueness, with its Boeing 767 Freighters, the infrastructure at the cargo hub in Okinawa, the joint venture with Lufthansa Cargo and collaboration with OCS, an express subsidiary of the ANA Group.

The carrier received two more 767Fs in 2015 and now has a freighter fleet of 12 767Fs, mainly to cater to demand between Japan and the rest of Asia.