Ports

Freighter Access Divides Air Cargo Winners and Losers as Rates Climb

Control of freighter capacity is determining which carriers gain ground in air cargo markets. Demand outpaces available aircraft, dividing industry fortunes. IAG Cargo, which exited dedicated freighter operations over a decade ago, saw traffic decline following service cancellations. Conversely, asset-heavy operator DHL reported double-digit volume expansion. Global demand rose 6% year-over-year in October while capacity held flat, according to Xeneta data. Load factors climbed two percentage points to 63%, combining both weight and volume metrics. Yet rising rates may not signal a seasonal peak, analysts cautioned. Steady growth has persisted since March without acceleration indicators typical of peak season demand surges. Pressure on AI infrastructure routes is constraining availability on select lanes, while elevated fuel costs are supporting rates even as volumes soften on other corridors.