NTG Navigate – May edition
18. May 2026
Freight market update
Dive into our latest Air & Ocean Market Update, where we share key insights into the evolving air and ocean freight landscape – including demand trends, capacity shifts, and rate developments.
Air freight market overview
Air cargo demand fell 4.8% year on year in March 2026, driven by major disruptions across the Middle East that led to flight cancellations and airspace closures. Capacity contracted by 4.7% as Gulf hubs and transit routes were heavily affected. Regional performance varied widely, with Africa and Asia Pacific still growing, while the Middle East demand dropped by more than 50%. Freight rates and fuel costs both rose sharply, and volatility is expected to continue in the near term.
Ocean freight market overview
Global container volumes grew 4.4% year on year in Q1 2026 despite ongoing supply chain disruptions. Far East to Europe remained the strongest trade lane with volumes up 7–10%, while Far East to US shipments declined. Fleet capacity grew 6.2% year on year, but much of it is absorbed by longer sailing distances as vessels continue to bypass the Suez Canal. Spot rates rose in April, particularly on US-bound and transatlantic routes, while Europe-bound rates softened as capacity loosened.
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