Airfreight in Europe has hit capacity for the first time in at least ten years and it has seen some shippers paying sky-high air rates to get their shipment loaded, according to the Freightos International Freight Index.

Freightos Webcargo chief executive officer, Manel Galindo says: “While ocean freight rates are still tanking, airfreight is at peak capacity. For as far back as I can remember, all carriers maxed out on capacity in Europe.

“This triggered holiday-season auctions, with bookings bumped by the highest bidder. In one extraordinary case, I saw spot rates on a transatlantic route hit $13/kg. Prices have stabilised, but this frenzy may happen again in the run-up to Christmas.”

Freightos Webcargo also explains that after Christmas, rates traditionally ease off before picking up again for the Chinese New Year, but with e-commerce growth fueling strong demand, it believes and expects prices to flatline in January instead.