Tension mounting in global air cargo market over low rates?

Tension is mounting in the global air cargo market heading into the weaker summer months with general airfreight rates falling in May to their lowest level since March 2020 as restless airlines and freight forwarders went in search of volumes, indicates the latest weekly market analysis by CLIVE Data Services, part of Xeneta. The global airfreight spot rate fell 40 percent in May from a year earlier, reaching its lowest level in over three years of $2.41 per kg, just days after IATA predicted airline cargo revenues and yields could fall by more than 31 and 29 percent respectively in 2023.