Global air cargo rates continued to climb in mid-April despite falling worldwide tonnages and increased Gulf bellyhold capacity, reported Sydney's Asian Aviation, citing WorldACD Market Data.

Average worldwide spot rates rose three percent in week 15 to US$3.76 per kilo, which is 37 percent higher year on year and more than 40 percent above late February levels when US and Israeli strikes on Iran began. North America origins saw the largest weekly increase, up six percent to $2.73 per kilo, which is 52 percent higher year on year.

Spot rates from Africa rose four percent to $2.95 per kilo, marking a 62 percent increase year on year, while Asia Pacific rates edged up two percent to $4.95 per kilo, which is 24 percent higher year on year. Middle East and South Asia rates dipped one percent to $4.81 per kilo but remained 66 percent higher year on year.

Worldwide tonnages fell six percent week on week, following a three percent drop the previous week, leaving volumes eight percent below last year. Europe origins saw the steepest decline, down 15 percent due to Easter holidays, with Africa, Asia Pacific, MESA, and North America also recording falls.

Global capacity rose one percent week on week, led by a seven percent recovery from MESA. However, capacity from the region remains 20 percent below last year, though freighter use and strong demand lifted tonnages five percent year on year. South Asia capacity has recovered to within five percent of pre-war levels, with new direct services to Europe.

Rates from MESA to Europe surged 89 percent year on year to $4.53 per kilo, including a 94 percent rise from Bangladesh. Observers warn that fuel inflation and shortages may drive further cancellations and rate increases unless the fragile ceasefire between Washington and Tehran holds.

Bellyhold capacity through the Middle East is expected to take time to recover, while container shipping remains disrupted. Analysts say air cargo pricing is likely to stay elevated for the foreseeable future.