Recent weeks have provided more evidence of a mode shift from ocean to air transport due to the Red Sea disruptions. The Middle East to Europe market saw air cargo demand nearly doubled in the week ending 17 March compared to early January, reaching its highest level since December 2021. Unlike previous instances, there was no capacity squeeze this time. During the same period, the air cargo spot rate from the Middle East to Europe showed a modest gain of 26% from early January, reaching USD 1.68 per kg.
