Although there is a decline heading into the fourth quarter, 2025 is expected to be "not as negative as anticipated."

In September, global air cargo demand growth slowed to 3% year-on-year, aligning with capacity growth, after a stronger 5% increase in the previous months. This decline was accompanied by a 4% drop in air cargo spot rates, marking five consecutive months of year-on-year declines. The demand shift from US to Europe due to tariff changes has impacted certain routes, while e-commerce volumes to Europe have surged. Although some stability is returning, fluctuations in demand persist across individual trade lanes. Overall, a modest growth of 3-4% in air cargo demand is expected for 2025, contrasting with last year's stronger performance.