Air Freight Market Update
February 2026
What’s shaping Air Freight in 2026? Explore how various dynamics are impacting global Air Cargo.
Global Air Cargo Update
Demand
- Global air cargo demand grew 7% YoY in February 2026 and Asia led with 14% YoY growth.
- Volumes fell 6% YoY in Week 11 as the market reacted to reduced capacity and the Middle East crisis.
Capacity
- Global air cargo tracking capacity declined 7% YoY MTD on 24 March 2026 with the Gulf region at the centre of the disruption.
- Asia–Europe flows grew 29% YoY MTD on 24 March 2026 as carriers replaced lost Middle East-linked capacity.
Regulation/ News
- Average global air cargo rates rose 7% WoW in Week 12 to $2.84 per kilo and global spot rates increased 6% to $3.38 per kilo.
- EU ICS2 Phase 3 now requires a full ENS before loading for all air cargo entering the EU and India introduced new dangerous goods rules for foreign operators.
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Regional Air Freight News
Europe
- Eurozone PMI shifted from contraction in Jan’26 to expansion in the Feb’26 flash reading, with new orders returning to growth, a supportive indicator for outbound air cargo if momentum is sustained.
- Severe winter disruptions, strikes in Germany, airspace restrictions and tighter EU ETS carbon rules are lifting carrier costs and constraining usable capacity, effectively underpinning a higher rate floor.
- DHL is scaling Brussels (BRU) as a pharma gateway with 45,000 sqm of GDP-compliant facilities and a dedicated BRU–CVG B777 freighter, while expansions at LHR, LGW and LTN add capacity to the European air freight market, improve connectivity and enhance supply chain resilience.
Asia
- February Demand Patterns – Driven by pre-CNY pull-forward shipments amid factory shutdowns in China and SE Asia, led by High Tech; growth concentrated in China, Taiwan, Thailand, Singapore, and Vietnam. Volumes dropped mid-to-late February due to factory closures.
- Short-term capacity tightness from early-Feb demand compression compounded by adverse North Asia weather, causing flight cancellations and delays.
- Spot rates spiked early February with strong demand, then softened post-LNY in line with seasonal trends; March recovery expected from post-LNY ramp-up and quarter-end time-critical cargo surge.
Middle East and Africa
- Air freight space is tightening, with major carriers suspending operations in several Gulf countries and airlines halting flights, significantly reducing available cargo capacity —estimates a notable drop in global freight space.
- Widespread airspace closures across the Middle East (Iran, Iraq, UAE, Qatar, Israel, etc.) have caused a major disruption in global flight and air cargo operations. Over 3,400 flights cancelled or diverted — including cargo services — as key hubs such as Dubai, Abu Dhabi and Doha are affected.
- Ongoing regional airspace restrictions and safety risks are tightening supply chains and increasing freight rates, complicating logistics for exporters and importers dependent on Gulf hub connectivity.
Americas
- US & Transpacific Market Trends – US air cargo remains stable, though Transpacific volumes are softening except for data center and capital equipment shipments. US–LATAM demand is slowing, while US–EU shows slight improvement. AP–NORAM flows grew +8% YoY, benefiting Canada (notably YVR), despite recent winter weather disruptions.
- LATAM Capacity & Perishables Dynamics – US inbound freighter capacity from LATAM has normalized post–Valentine’s peak. Strong perishables flows from Honduras, Colombia, Costa Rica, and Peru continue to tighten space, with rising temperatures in Mexico also causing passenger flight cargo offloads.
- Network Developments & Capacity Additions – New capacity includes Emirates’ weekly EZE–UIO freighter, Iberojet’s MAD–QRO passenger cargo offering, and Air France adding CDG freighter frequencies (3x weekly from NLU, 2x weekly from GDL).
Detailed Air Freight Market Update
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