The airfreight market has started to mirror the ocean freight market. This week, we are seeing the perfect storm in terms of increased demand, reductions in capacity (due to flight cancellations) and new restrictions as a result of COVID outbreaks in Nanjing, Zhangjiajie and Zhengzhou. Airfreight rates are currently $9 to $10/kilo and are trending to $11/kilo this week.

We encourage shippers to anticipate worsening congestion, longer lead-times, delays and climbing rates in the coming weeks.

Shapiro will keep you apprised of further developments.