The global air cargo capacity has never been better utilized, since we started measuring, than in the recent week of Dec 7-13. The average dynamic load factor during this week reached the record height of 73%.

To put this number in to perspective: a global load factor of 100% is practically impossible because of the trade imbalances that exist between regions. Based on our analyses this practical maximum would be closer to 75%. In short: flights cannot be much fuller from a cargo point of view than what they currently are. The elevated rates on the major tradelanes (e.g. Europe to North America rates were up +175% in November versus 2019) are a clear signal thereof.