14 June 2024

DHL Market Update

Air Freight State of the Industry
May 2024

Learn from the valuable industry insights created by our Air Freight Experts.


    • Global air cargo demand remains solid in May, currently +9% vs same period last year.
    • Rising e-commerce demand and a modal shift from ocean to air freight due to ongoing Middle East conflicts continue to boost air volumes.
    • AP-EU and MEA-EU routes lead demand growth.
    • Global air cargo capacity up +11% YoY in May, almost exclusively driven by passenger belly cargo increase.
    • Capacity remains stable across most regions, except for specific trade lanes where high demand is causing some constraints.
    • Overall capacity from Asia to US, EU and MEA remains tight.
    • Global air cargo spot rate sees first YoY increase in April since Aug’22, amid geopolitical disruptions and strong e-commerce demand.
    • Shippers are preferring long-term contracts for stability, competitive rates and reliable operational performance.
    • Brent crude oil averaged $90/b in April, marking a $5 increase from March and the fourth consecutive monthly rise.
    • Jet fuel spot price averaged $110/bbl in April, showing relative stability compared to the previous month.

Click here to read Air Freight State of the Industry update (May 2024)

Ocean Freight Market Outlook June 2024


    • Pick up in demand has taken the market by surprise, leading to a shortage of containers and capacity. Containership diversions to the Cape route remove another 7% of the total capacity. Despite a record increase in nominal capacity from new deliveries, effective demand currently exceeds it.
    • Container shortage has  worsened in many Asian locations, with all new boxes fully booked until August.
    • Capacity shortage could last through usual peak season until October.
    • Rates to Europe are raising. The rate gap between the Mediterranean and North Europe is expected to narrow.
    • Port congestion in Dubai and Singapore is causing schedule delays and more blanked sailings are anticipated.
    • The SCFI for the US West Coast has reached a two-year high. Space shortage persists with no new service additions.
    • Despite capacity additions to Mexico, market rate remain high.
    • Following a robust 8% yearon-year growth in Q4 2023, container demand continued to show yoy growth in the first quarter of this year.
    • The short-term outlook by Accenture Cargo indicates a reasonable growth of around 5% in the first half of 2024 which is reflected in the strong volumes we are seeing in the market right now.
    • Carriers’ earnings have rebounded from the losses in Q4 ‘23. However, year-on-year EBIT earnings are still down.

    Click here to read Ocean Freight Market Outlook June 2024

    You are welcome to contact Karl McCombe, Business Development Executive for DHL Global Forwarding (NZ) Ltd about your specific requirements by emailing karl.mccombe@dhl.com or phoning 029 940 4001.

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