• WorldACD Market Data shows global air cargo markets stabilised in week 21 (18–24 May 2026), with tonnages broadly flat week on week and around 2 percent higher year on year, following recovery from East Asia’s “super golden week” period.
• Pricing remained firm despite stable demand, with average worldwide rates holding at US$3.23 per kilo and spot rates edging up to US$3.75 per kilo, around 50 percent higher year on year, supported by tight capacity, elevated fuel costs and continued reliance on freighter lift.
• Capacity continues to rebuild unevenly, rising 1 percent week on week and 3 percent year on year, but still heavily constrained in the Middle East and Gulf region where availability remains significantly below pre-conflict levels, limiting overall network flexibility.

Worldwide air cargo markets appear to have broadly stabilised in mid-May after recovering from ‘Super Golden Week’ holidays in East Asia at the start of the month, with capacity continuing to slowly rebuild amid a highly volatile geopolitical backdrop.

According to the latest weekly figures from WorldACD Market Data, global air cargo tonnages were flat in week 21 (18 to 24 May), compared with the previous week, with volumes around +2% higher than the equivalent week last year.

With supply chain lead times in the US and Europe at their highest levels for several months, due to war-related shipping disruptions and stockpiling, demand for air cargo remains relatively robust. Tonnages from Asia Pacific in week 21 were well up versus the same period last year (+5%).

Despite continuing disruptions to air cargo capacity to and from the Gulf, chargeable weight from the Middle East & South Asia (MESA) region rose +2% week on week, although it remains slightly down (-1%) year on year.

On pricing, average full market air cargo rates were flat in week 21 at US$3.23 per kilo. Compared with the same period last year, restricted capacity, high jet fuel costs and greater use of freighter aircraft have pushed rates up +35%.

Average worldwide spot rates edged up +1% week on week in week 21, to US$3.75 per kilo, driven by increases from Africa (+4% week on week) and Asia Pacific (+2% week on week, to US$5.16 per kilo), based on more than 500,000 weekly transactions covered by WorldACD data.

That takes average worldwide spot rates +50% higher year on year, with spot rates from MESA up +59% year on year to US$4.26 per kilo. Spot rates from most other regions are up more than +40% year on year, with the exception of Central & South America (+18% year on year).

Slow capacity recovery

Worldwide air cargo capacity increased by around +1% week on week in week 21, with freighter capacity stable while passenger capacity recovered further by +2% week on week.

Capacity to and from MESA saw the largest week-on-week increase among major regions in week 21, up a further +5%. However, compared with pre-war levels in week 7, capacity is down almost one third (-32%), largely due to reductions in the Gulf, where capacity remains close to half its pre-war level (-48%).

These figures highlight the ongoing challenge of scaling up air cargo capacity in the current unstable environment, despite carriers outside the region increasing freighter operations.

The post Worldwide tonnages and rates stabilise appeared first on Air Cargo Week.