Air cargo demand rises, shippers favor short-term contracts

Global air freight volumes delivered another month of steady growth in September, up +6% year-on-year, but shippers remain cautious of long-term capacity commitments and are looking for ‘floating mechanisms’ to manage changing market conditions and their impact on rates, according to industry analysts, Xeneta.

Global air cargo spot rates (valid for up to one month) averaged USD 3.10 per kg in September, +27% higher than the same month last year. Rates edged up +2% month-on-month, consistent with the usual seasonal firming at the end of the third quarter and as jet fuel prices climbed due to continuing tensions in the Middle East to roughly double their pre-conflict level.

September demand again outpaced capacity, which rose +2% versus a year ago after flatlining in July and August.

Analysis of new contracts valid starting from Q3 2026 shows 60% were for three months or less, compared with 25% in Q3 2025 and 47% in Q2 2026. Contracts of more than 12 months have all but disappeared, at 3%.

Northeast Asia to Europe rose +5% to USD 4.74 per kg, while Southeast Asia to Europe rose +3%.

Source: xeneta.com