Global air cargo tonnage fell in March, according to latest WorldACD data, reversing the growth seen in the first two months of 2026 as the conflict in the Middle East continues to weigh on the market.

The air cargo market data provider said after year on year (YoY) growth of 8% in January and 7% in February, it fell 4% in March.

"Tonnage flown in March reflects the impact of the war in the Middle East," WorldACD said.

The MESA region saw a 21% decline compared to the same month last year — taking the most hit from the disruptions in the Middle East, although it also affected Africa, which saw a 13% drop year on year.

Europe and the Asia Pacific region saw a 5% and 4% contraction in chargeable weight, respectively. 

"The combination of capacity loss in the Middle East with fuel and war risk surcharges drove up global pricing in March 12% higher YoY, coming from -1% in January and +5% in February," WorldACD said, adding that average rates last month were up 52% from MESA, 24% from Europe and 18% from Africa.

Return to normal some way out still

Meanwhile, WorldACD said the ceasefire agreement between Washington and Teheran raised hopes of a lasting settlement of the conflict, but the truce appears fragile at this point, with many open questions over the terms of the agreement.

It added that while news of the diplomatic breakthrough triggered a drop in the price of oil, most observers have warned that inflation and elevated fuel costs will persist for some time.

"By the same token, bellyhold capacity through the Middle East will take time to recover, keeping a floor under pricing," the report said.

"For their part, container lines are awaiting details from Teheran for the resumption of moves through the Strait of Hormuz and do not expect a return to pre-conflict flows for some time."