Air freight spot rates spike 41% YoY in May, but relief expected soon

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Dive Brief:

Global air cargo spot rates jumped 41% year over year in May to $3.40 per kilogram, but relief may be in store this month, according to a June 5 Xeneta report.

During the last week of May, average spot rates from Northeast and Southeast Asia to North America were up 39% and 33%, respectively, compared to the week of Feb. 23 to March 1.

However, spot rates on the Europe to North America trade lane followed a lower trajectory, down 26% over the same timespan, according to the report.