Summary
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Air cargo spot rates continue to trade 45% above year-ago levels as of late April 2026, with global capacity down 3% year-on-year driven primarily by Gulf region hub disruptions. Asia-Europe air freight has been particularly affected, with carriers implementing emergency surcharges as Middle East airspace closures force longer routings. Intra-Asia volumes buck the trend with 7% growth, while Latin America exports rose 9% driven by perishables and Asia-bound demand. The structural capacity constraints are expected to persist through mid-2026, keeping air freight rates elevated.