Air cargo spot rates on the world’s main air corridors have become markedly more volatile, due to uncertainty over the Iran war. As US, Iran and Israel enter two-week ceasefire following over a month war, air cargo rates could show some corrections after double- to triple-digit increases in passing month—particularly on corridors serving the Middle East region and on Asia–Europe flows that typically transit through the Middle East.
Before the ceasefire, the disruption had already spread far beyond the immediate Asia–EMEA market. Higher jet-fuel costs helped drive double-digit rate increases on routes from Northeast and Southeast Asia to North America. Rates from South Asia to North America climbed even more dramatically, rising by over 80%, reflecting the heavy presence of Middle Eastern carriers on that corridor.
Europe–North America has been the exception. There, spot rates fell by about 16% in the week ending 5 April compared with five weeks earlier, as summer passenger schedules restored bellyhold capacity to the market.
