Airlines are ramping up for the northern summer and this means additional belly capacity that affects dynamic load factors. (Dynamic load factor is Xeneta’s measurement of cargo capacity utilisation based on volume and weight of cargo flown alongside capacity available.)

Overall cargo capacity in April increased by five per cent year on year, placing "expected downward pressure on dynamic load factor, which dropped from 62 per cent in March to 59 per cent", said Xeneta.

April's average global spot rate rose to US$2.59 per kg, its highest level this year, but there was 'a weak market' in April 2023. 

“In absolute terms, the levels of demand and supply growth are what we expect to see in April after what was a typically strong March. April may well represent an interlude to a quieter period for the airfreight market,” said Niall van de Wouw, Xeneta’s chief airfreight officer.