Air Freight Market Stabilizes as Rate of Decline Slows
The global air cargo market is showing signs of stabilization as the rapid decline in rates and demand begins to ease. According to the latest data, global air cargo spot rates in May fell by only 1% compared to April, though they remain 40% lower than the previous year. Demand, measured in chargeable weight, also saw a marginal 1% year-on-year drop. This 'softening of the softening' is occurring despite a 14% increase in cargo capacity, driven by the return of passenger airline belly space. Analysts suggest the market is returning to a more normalized, pre-pandemic state, though a traditional peak season is not yet apparent.
Official Source: https://aircargoweek.com/airfreight-holds-the-line-as-trade-slows/
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