Market update

Freight Market Update: April 9, 2026

Shared by Elizabeth • April 09, 2026

AIR FREIGHT

CARGO CAPACITY STILL IN RECOVERY MODE

Global air cargo capacity is still in recovery mode following the Middle East war. Rotate data shows international widebody capacity last week was 11% below pre‑Chinese New Year levels, improving from the 20% drop immediately after fighting began. The decline is mainly due to heavily reduced flying by Middle East airlines, like Qatar Airways and Emirates, which are operating limited schedules.

Routes via the Middle East remain the most affected: capacity from Asia Pacific to the Middle East is down 39%, and Middle East to Europe down 36%. To offset this, carriers have increased direct Asia Pacific–Europe flying by 19%.

At the same time, air cargo rates are rising quickly, with Hong Kong–Europe spot rates now above $5.15/kg, nearly 30% higher than before the conflict. Rates from India have also surged, up 60% to the US and 80% to Europe

Total air cargo capacity growth

Tonnes, 11 Mar 2026 – 18 Mar 2026, growth vs 4 Feb 2026 – 11 Feb 2026

Airfreight Rates – Baltic Exchange Airfreight Index

Baltic Exchange Airfreight Index (BAI) powered by TAC Data

Rates are based on spot and contract prices provided by freight forwarders

TRANSHIPMENT HUBS DRIVE GROWTH IN GLOBAL PORT VOLUMES

Throughput at the world’s leading container ports again exceeded forecasts in 2025, rising an estimated 5.2% (2024: 7.5%), as volumes were driven by both higher trade demand and widespread disturbance in the liner shipping network. Recording a second year of solid growth, the figure was above the 4.7% increase seen in the general container trade. This reflected the serious operational disruption seen during the year, including largescale re-routing and supply chain disorder. The threat - and temporary imposition in April - of US tariffs resulted in major cargo redistribution, particularly in Southeast Asia, while the ongoing effect of the Red Sea closure continued to divert cargo to other ports.

Geopolitical events also influenced key US and Middle East ports. Volume growth at Los Angeles/Long Beach was far below the international average, at less than 1%, as US tariff policy deterred shipments into the country.

Port volumes in China (excluding Hong Kong) also grew at a much quicker pace in 2025, registering a growth rate of 8.3% in 2025, up from 3.5% a year earlier, driven principally by activity at the country’s top-10 ports.

Top 30 ports in 2025 (2024 ranking in brackets)

Source: Alphaliner 2026-11

Ocean Freight Rate Movement (Market Average) in the Past 3 Months

Source: Xeneta