Global air cargo spot rates rose 41% year-on-year in May 2026 to an average of $3.40 per kilogram, driven by sustained e-commerce cross-border volumes, semiconductor supply chain restocking, and pharmaceutical cold-chain demand out of Asia and Latin America. Overall air cargo demand increased approximately 4% year-on-year, while global capacity remained constrained by ongoing Middle East airspace closures that have forced carriers onto longer routings, reducing effective available tonne-kilometers. The Asian export lanes saw the strongest rate gains, with China-origin air freight to Europe and North America trading at significant premiums above the global average. Forwarders expect the traditional summer air freight peak to arrive early in 2026, compounding already-tight ocean-to-air conversion demand as shippers seek alternatives to congested and expensive ocean freight lanes.
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