Global air cargo rates remain stable at $3.55/kg in week 41

Global air cargo spot rates remained stable at $3.55 per kilo in week 41 (5 to 11 October 2026), despite worldwide tonnage falling 1% week on week for the third consecutive week, according to the latest figures from WorldACD Market Data.

The decline in volumes was mainly due to China's annual Golden Week holiday and, to a lesser extent, national holidays in Taiwan and South Korea. Despite the fall, global air cargo tonnage was 9% higher year on year, matching the growth recorded in September.

Full-market rates, which include spot and contract rates, also remained stable at $3.13 per kilo. Spot rates from Asia Pacific origins fell 3% week on week to $4.83 per kilo, while tonnage from the region declined 1%. Spot rates from Middle East and South Asia origins fell 2%, while rates from Africa increased 10%, offsetting declines in other markets.

Golden Week weakens demand
Worldwide air cargo tonnage fell 1% in week 41 compared with the previous week. Tonnage from Central and South America declined 4%, while North American volumes fell 3%.

Chargeable weight from Asia Pacific origins dropped 1% in week 41, following declines of 2% in week 40 and 6% in week 39 ahead of China's Golden Week holiday. Combined tonnage from the region in weeks 40 and 41 was 7% lower than in the previous two weeks. This was a steeper decline than the 4% fall recorded over the equivalent period last year.

However, global tonnage in week 41 was 9% higher than in the same week last year. Full-market rates increased 29% year on year, while spot rates rose 34%.

WorldACD attributed the higher rates to continued disruptions to air cargo capacity in certain markets since the start of the US-Iran conflict, along with significantly higher jet fuel prices and related fuel surcharges. Jet fuel prices were up 111% year on year, based on data from IATA and Platts.

Global capacity contracts
Worldwide air cargo capacity fell 1% week on week for the second consecutive week in week 41. Capacity from Asia Pacific and Middle East and South Asia origins declined 3% each, reflecting national holidays in Asia and renewed disruptions in the Middle East.

Capacity from Gulf markets fell 4% week on week, reversing the 4% increase recorded in week 40. Capacity from the region was 20% below its level in late February, before the US and Israel attacked Iran.

Compared with the same week last year, global air cargo capacity increased by around 1%, with freighter and passenger bellyhold capacity recording similar growth.

WorldACD expects capacity from Asia Pacific markets to recover following the end of early-October national holidays in East Asia. However, renewed conflict between Saudi Arabia and Yemen's Houthis is expected to cause further disruption to air cargo capacity and services to, from and within the Gulf.