Air freight rates hit record levels despite a slowdown in traffic growth.

In week 13 (23-29 March), global air cargo tonnage remained stable, with regional variations reflecting a mix of declines and modest increases, indicating that returning capacity, although still below pre-conflict levels, is meeting current demand. Average air cargo rates rose to $2.98, driven by soaring jet fuel prices, which have more than doubled since late February. Despite capacity growth, demand lagged behind, particularly from the Middle East and South Asia, leading to significant year-on-year declines. Pricing trends showed increases, especially from MESA to Europe and the US, while the conflict in the Middle East continues to influence market dynamics.