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The global airfreight spot rate fell 40% in May from a year earlier, reaching its lowest level, at US$2.41 per kg, in over three years, just days after IATA predicted airline cargo revenues and yields could fall by more than 31% and 29% respectively in 2023.
Softening global air cargo demand saw a less severe year-over-year drop of 1% in chargeable weight in May, the smallest monthly decline in the past 12 months, but the influx of belly capacity for the peak summer leisure travel market applied more downward pressure on rates. Global air cargo capacity in May continued its double-digit increase, up 14% year-on-year.
Read more in an article from Cargo Trends.