Lufthansa Cargo delivered a standout performance in the first quarter of 2026, emerging as one of the clearest bright spots in the Lufthansa Group's overall results. The logistics division recorded an Adjusted EBIT of €83mn, a significant jump from €62mn posted in the same period a year earlier, representing a 35% improvement and continuing the positive trend established through 2025.

Capacity was a key driver of the result. Lufthansa Cargo substantially expanded available cargo tonne-kilometres by seven percent in the first quarter compared to the prior year, supported by an increase in belly capacities aboard passenger aircraft as well as a broader rise in flight activity. Sales, measured in revenue cargo tonne-kilometres, grew by five percent over the same period. The cargo load factor edged down by 0.4% points to 59.1%.

Revenue at the logistics segment rose five percent to €876mn, up from €834mn in Q1 2025. Traffic revenue climbed three percent to €951mn from the prior year's €922mn, driven primarily by higher sales volumes even as yields came under modest pressure. Traffic revenue in the Middle East/Africa and Asia/Pacific regions performed particularly strongly, with overall traffic revenue reaching €821mn, a 5% increase on the previous year's €782mn.

On the yield side, Lufthansa Cargo reported that yields were 1.9% lower year-on-year across most traffic regions in the first quarter of 2026, decreasing in all regions except the Middle East/Africa. Towards the end of the quarter, however, the significant change in the market environment stemming from the conflict in the Middle East prompted a recovery in yields relative to previous quarters. A reduction in the volume of capacity available on the market and ongoing disruptions to global supply chains contributed to that late-quarter pick-up, particularly in the Asia/Pacific corridor, where business remained consistently strong.

Operating expenses at Lufthansa Cargo rose three percent to €813mn from €788mn in the prior year. This increase was mainly driven by the growth in belly capacities and higher flight-related costs, including fees, charges, and fuel-related expenses, reflecting the higher price environment. Higher charter costs also weighed on expenses. Partly offsetting these pressures, unit costs overall came in 4% below the prior year, thanks to lower maintenance expenses and consistent cost discipline, a significant contributor to the division's margin improvement.

Several strikes took place at Lufthansa Cargo during the first quarter of 2026, which the group identified as a headwind to the business during that period.

Looking ahead, the strong cargo business is expected to deliver an additional revenue increase for the Lufthansa Group through the rest of 2026, with Asia, Africa, and transatlantic routes anticipated to have a positive impact on revenue, partly as a result of the strong yield trend driven by higher demand.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, acknowledged the division's role in the group's resilience, stating: "Complemented by a successful Lufthansa Cargo and Lufthansa Technik, together with our team of 110,000 employees, we will therefore as so often in the 100 years of our history, emerge from this crisis even stronger."

CFO Till Streichert also highlighted the cargo segment's importance to the group's earnings position, noting: "The cargo business, which continues to perform well, provides additional support to the earnings situation."

The Lufthansa Group maintained its full-year 2026 outlook, with Adjusted EBIT expected to remain significantly above the prior year. The group acknowledged that uncertainty has increased, primarily due to rising kerosene costs and geopolitical risks, but expressed confidence that robust demand, network optimisations, cost discipline, and the continued strong performance of Lufthansa Cargo would collectively support its ability to deliver on its full-year targets.

Dimerco Express Group (5609) posted strong April 2026 numbers, with consolidated sales revenue climbing to NT$2,840 million, up 12% from a year ago. The standout driver was air freight, where volumes surged nearly 20% year-over-year, more than compensating for a modest softening in ocean freight volumes during the month.

Looking at the first four months of 2026, the picture remains encouraging. Air freight volumes are up roughly 20% and ocean freight close to 10%, pushing total consolidated revenue to NT$9,891 million, a 3.8% gain over the same period in 2025. For a market buffeted by volatile freight rates and an unpredictable global environment, that kind of steady momentum speaks to genuine operational resilience.

Not that the backdrop has been easy. Escalating tensions across the Middle East are weighing heavily on key shipping lanes. Security concerns in the Persian Gulf, combined with restricted movement through the Strait of Hormuz, have forced carriers to rethink how they deploy capacity in the region. The knock-on effects are already visible at major Asian transshipment hubs, with Singapore, Malaysia, India, and Sri Lanka all experiencing notable port congestion, while logistics flows through the Philippines and Indonesia have also been disrupted.

Energy costs are adding another layer of pressure. Climbing aviation fuel prices are prompting airlines to revise fuel surcharges and reallocate flight capacity, pushing up the total cost of moving goods by air. In response, shippers are increasingly exploring alternative routing strategies. China-Europe rail connections and sea-air combinations via the U.S. West Coast are gaining traction as ways to balance speed against cost. These are not yet mainstream solutions, but they reflect a broader shift toward building flexibility into supply chains.

Within air freight, AI-related cargo continues to anchor U.S. import demand. However, the reduction in commercial passenger flights out of the Middle East has squeezed belly cargo capacity on Asia-Europe corridors, a constraint that is not easily resolved. Dimerco's VP of Global Sales and Marketing, Kathy Liu, points out that while core cargo demand holds steady, the upward pressure on fuel surcharges means shippers need to plan considerably further ahead than they might have in calmer times. Ted Chen, Global Sales and Marketing Director for Dimerco Ocean Freight, raises a related concern: rising bunker fuel costs at major refuelling hubs could translate into supply tightness and further carrier rate adjustments down the line.

On the regulatory front, a notable change took effect on 20 April 2026, when U.S. Customs and Border Protection rolled out Phase One of its Consolidated Administration and Processing of Entries (CAPE) system. The platform enables companies to electronically file for IEEPA tariff refunds through the ACE Portal, a potentially significant tool for managing import costs. Dimerco is advising clients to get ahead of this by auditing affected import entries and confirming that digital authorisation arrangements between importers of record and their customs brokers are properly set up.

Taken together, the combination of strong revenue performance, supply chain disruption, and evolving trade policy creates a complex picture. Dimerco's approach is to use its global network and digital visibility tools to help customers find stability within that complexity, turning the ability to adapt quickly from a nice-to-have into a genuine competitive edge.