<p data-path-to-node="5" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">Reflecting a broader stabilization across international aviation logistics, global air cargo spot rates have extended their systematic descent into the traditional mid-year slack season. According to market analytics and freight pricing indices, average yields are facing downward pressure as international bellyhold capacity expands and cross-border e-commerce momentum begins to cool under evolving international trade policies.</p><p data-path-to-node="6" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">Despite the softening rate environment, global supply chain networks remain highly sensitive to underlying geopolitical triggers, with airspace closures, longer rerouted flight tracks, and sudden maritime shifts preventing freight rates from hitting historical baseline lows.</p><h3 data-path-to-node="8" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b data-path-to-node="8" data-index-in-node="0" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">Expanding Bellyhold Fleet Supplies Collide with Weaker E-Commerce Yields</b></h3><p data-path-to-node="9" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;">The ongoing rebalancing of the air freight market is driven by shifting capacity numbers and changes in global export regulations:</p><ul data-path-to-node="10" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="10,0,0" style="line-height: 1.15 !important;"><b data-path-to-node="10,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">The Rise of Summer Passenger Bellyhold Capacity:</b> The gradual softening of cargo spot rates is closely tied to the seasonal launch of international passenger flight schedules. The heavy introduction of widebody passenger aircraft onto major intercontinental corridors has substantially injected automated bellyhold cargo capacity into the market, outstripping current demand growth.</p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,1,0" id="p-rc_a4c9bed0df6d6b0a-52" style="line-height: 1.15 !important;"><span class="citation-81" style="line-height: 1.15 !important;"></span><b data-path-to-node="10,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">Shifting US and European E-Commerce Policies:</b><span class="citation-81 citation-end-81" style="line-height: 1.15 !important;"> The global spot market is directly experiencing the regulatory impact of tightening tax exemptions on low-value parcels, such as changes to de minimis thresholds.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3127491531="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c3127491531="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> Chinese customs and airfreight consultancy data indicate that outbound e-commerce growth on critical transpacific and eastbound trade lanes has slowed, cooling the intense volume surges that dominated previous quarters.<sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c912401505="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c912401505="" _nghost-ng-c2841247079="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,2,0" id="p-rc_a4c9bed0df6d6b0a-53" style="line-height: 1.15 !important;"><span class="citation-80" style="line-height: 1.15 !important;"></span><b data-path-to-node="10,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">A Cautious 2026 Volume Outlook:</b><span class="citation-80" style="line-height: 1.15 !important;"> Leading maritime and aviation data firms like Xeneta have adjusted their long-term growth forecasts, projecting global air cargo volumes to grow at a more modest rate of </span><b data-path-to-node="10,2,0" data-index-in-node="202" style="line-height: 1.15 !important;">2% to 3% over the course of 2026</b><span class="citation-80 citation-end-80" style="line-height: 1.15 !important;">.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3127491531="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c3127491531="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> This represents a clear shift toward strategic stability following a highly volatile, surge-heavy operational year.<sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c912401505="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c912401505="" _nghost-ng-c2841247079="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="10,3,0" style="line-height: 1.15 !important;"><b data-path-to-node="10,3,0" data-index-in-node="0" style="line-height: 1.15 !important;">Geopolitical Risk Premium Restricts Deeper Rate Drops:</b> While general cargo rates show a steady month-on-month decline, they remain elevated compared to pre-war historical data. Ongoing operational restrictions in Eastern Europe and the Middle East continue to force extended flight times and higher fuel burn rates. This keeps structural operating costs high and prevents an immediate return to rock-bottom freight pricing.</p></li></ul>