Global air cargo rates edged down by 2% week on week in the period ending 10 May, their first retreat since the US-Iran war began, as markets digested the aftermath of the conflict, which gave way to a ceasefire on 8 April.
The pullback was sharpest on routes touching the Middle East. Rates on outbound South Asian lanes began softening in mid-April; those from Southeast Asia followed around the same time, though they staged a modest recovery in the most recent week. Outbound shipments from Northeast Asia peaked in late April before declining for two consecutive weeks.
Elsewhere, the easing of jet-fuel spot prices in early May provided some relief. The effect was most pronounced on Europe-North America routes, where falling fuel costs combined with a seasonal surge in passenger belly capacity—as airlines shifted to summer schedules—pushed air freight rates lower.
The lone exception was the Northeast Asia to North America corridor, where rates climbed to their highest level of 2026. Robust demand for semiconductors kept that lane buoyant even as the broader market softened.
