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Fuel surcharges and capacity fall trigger airfreight price jumps of up to 95%

31 Mar 2026

London, UK, 31 March 2026: International general airfreight rates have surged by up to 95% between February and March, as reduced airfreight capacity and higher fuel prices caused by the Iran War threatened to bring prices back to Covid record levels.

According to Drewry Airfreight Insight, airfreight rates from Shanghai to Dubai have soared 95% since the start of the war, to $8.60. Rates could exceed the 2020 pandemic record of $9.40 if fuel surcharges continue to rise.

Cost pressures are being amplified by sharp increases in pricing components across specific routes: Fuel surcharges jumped by as much as 290% MoM in March from Singapore to London, while security surcharges rose 44% MoM on shipments from Dubai and Abu Dhabi to Amsterdam.

A similar, though more moderate, trend is emerging on routes from Mumbai and Delhi to Madrid, where March all in rates increased by an average of 27% MoM, including a 21% surge in fuel surcharges.

Airfreight rates are surging due to capacity reduction and jet fuel price increases Mar-26

Source: Drewry Airfreight Insight

“The airfreight market has been dealt a two-fold blow of reduced effective available capacity and increased fuel costs,” said Philip Damas, Head of Drewry’s logistics practice. Not only are airfreight costs increasing, but three of the top 20 world airfreight airlines (Qatar Airways, Emirates, and Etihad) have seen their flight operations reduced to varying degrees because of hostilities.

“About one-half of the international airfreight routes monitored by Drewry have witnessed a month-over-month price increase of 20% or greater in March 2026,” added Damas.

In addition, airlines which transit the Middle East have also seen curbed operations. All told, airfreight routes connected to the Middle constitute 15.6% and 18.2% of airfreight traffic and capacity, respectively, while the ongoing conflict impacts air trade lanes beyond those originating from the Middle East.

Drewry cautions beneficial cargo owners that timely rate data and market insight are crucial to managing increasingly expensive airfreight spend. With superior market intelligence, they can better anticipate fuel and security surcharges and ultimately mitigate overall rate increases.

Full benchmarking data on airfreight rates, including fuel and security surcharges (where applicable), are available to shippers with access to Drewry Airfreight Insight (AFI). Combined with Drewry’s renowned ocean data products, shippers are fully equipped to negotiate the most-economical solutions for their freight transportation budgets.