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The USA and Israel’s war against Iran is having a significant impact on the global air freight market. According to data from WorldACD, closed airspaces and restricted flight operations have led to declining transport volumes and rising freight rates.
In the week ending on the 8th of March, global air freight volumes decreased by 4% compared to the previous week. Year-on-year, they were even 12% lower. The Middle East and South Asia were particularly affected, with transported freight volumes dropping by 36%. Africa (–23%), Europe (–7%), and Central and South America (–2%) also recorded declines.
Severe impacts in the Middle East
The conflict hit the Gulf region the hardest. There, export volumes plummeted by 62%, while available capacity decreased by 70%. A drone attack temporarily suspended flights in Dubai.
Freight forwarders responded with alternative routes through other airports in the region, as well as additional charter flights. At the same time, road transport was increasingly utilised.
Rising freight rates worldwide
The decline in capacity led to rising air freight rates. The average global price increased by 6% to USD 2.4/kg. Spot rates even rose by 10%.
Transport costs from the Middle East to Europe increased significantly, with prices rising by 57%. Industry observers expect further price increases as higher fuel costs and insurance premiums put additional pressure on the market.
