Ti：2026年 Q2航空货运运价追踪报告（英文版）（16页）.pdf

1、Air Freight Rate Tracker Q2 2026Air Freight Rate Tracker Q2 20262GLOBAL INTRODUCTIONAir freight markets in Q2 2026 are navigating a volatile recovery following the Middle East conflict that erupted in late February.Rates surged dramatically in March and April as airspace closures grounded Gulf carri

2、ers and eliminated critical transit capacity,but have shown early signs of stabilisation in May as a ceasefire brought partial airspace reopening.Global air cargo spot rates surged+30%year-on-year in April to$3.34 per kg to reach their highest level since October 2022,according to Freightos data.The

3、 sharp quarterly increase reflects supply-side shocks rather than demand growth.Demand has been mixed.IATA reported strong 11.2%year-on-year growth in February 2026,but this reflected Lunar New Year effects and pre-conflict momentum.March saw a 4.8%contraction in global air cargo demand as the confl

4、ict took hold.Capacity remains the binding constraint,with global air cargo capacity down 4.7%year-on-year in April according to IATA data,driven by Gulf hub closures.Middle Eastern airlines like Emirates and Qatar Airways have begun restoring operations in May.However,even if conditions stabilise,a

5、 rapid return to normal is unlikely as airlines will be cautious about reinstating routes through the Middle East,given the fragility of the ceasefire and ongoing geopolitical risk.Jet fuel prices have been the other major factor,which have doubled since the war started.Although prices eased from Ma

6、rch peaks,they remain elevated.For Q2 as a whole,capacity constraints and fuel volatility have defined the market,with the ceasefire offering only tentative relief.Air Freight Rate Tracker Q2 20263GLOBAL RATESJAN 21FEB 21MAR 21APR 21MAY 21JUN 21JUL 21AUG 21SEP 21OCT 21NOV 21DEC 21JAN 22FEB 22MAR 22A