India to Europe air cargo spot rate in Mar rose 68% MoM to $3.38/kg

The Middle East and South Asia to Europe market continued to lead the growth of air cargo rates in March as the influx of air cargo demand caused by Red Sea concerns squeezed capacity on these lanes, according to Xeneta.

The average spot rate on this corridor jumped +46% over February’s level to $2.82 per kg, up +71% year-on-year.

This was especially seen for the India outbound market, where the India to Europe air cargo spot rate in March rose 68% month-on-month to $3.38 per kg

In contrast, the average ocean containerised spot rate on the India West Coast to North Europe lanes experienced a -9% decline in March after its peak in February, although this remained +340% above the level in December, prior to the Red Sea disturbance.

The Middle East and South Asia to US air cargo market followed suit. Its average spot rate of $4.03 per kg in March was up +35% month-on-month and +51% year-on-year.

In comparison, the air cargo spot rate from Europe to US increased only marginally by +3% month-on-month to $2.12 per kg due to this corridor being less impacted by the Red Sea.

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