DHL – Airfreight Market Update, July 2024

In July 2024, global air cargo volumes experienced a slight decline from the previous month but were still higher than the same period last year. Increased demand for air cargo was driven by the e-commerce boom, disruptions in ocean freight, and improvements in global manufacturing activities. Capacity constraints were expected across all Asian markets, especially in Southeast Asia, with space already pre-booked to handle demand surges. Several airlines, such as Atlas Air, Air France KLM Martinair Cargo, Lufthansa Cargo, Etihad Cargo, and SF Airlines, expanded their freighter services to meet the growing cargo demand. Jet fuel and Brent crude oil prices remained stable in June. Shippers and forwarders were seeking long-term contracts to secure stable rates during the peak season in Q4. Natural disasters, such as Hurricane Beryl in the US, and a global IT outage caused flight disruptions. DHL partnered with Envision to work on sustainable aviation fuel and eco-friendly initiatives. Sanctions between Russia and Ukraine were expected to continue in the foreseeable future.