Expeditors International posted a 13% year-on-year rise in air cargo volumes in the third quarter, with growth accelerating from 8% in July to 19% in September. Air revenues climbed 51.4% to $1.5bn, supported by hyperscaler demand tied to AI infrastructure and elevated freight rates. Air operating costs rose 52% to $1.2bn, trimming the operating margin to 24.3% from 24.8% a year earlier, while airfreight service operating profits reached $375m against $253m last year. Capacity remained tight on fleet expansion limits, aircraft delivery delays, and EU de minimis rules affecting Asia-Europe e-commerce.
According to www.aircargonews.net, Expeditors International reported a 13% year-on-year increase in air cargo volumes in the third quarter, alongside a 51.4% rise in air revenues to $1.5bn, as hyperscaler demand and constrained capacity kept freight rates elevated.
Volume growth accelerated through the quarter
The US forwarder’s quarterly volume gains built steadily month by month, according to the report. July posted an 8% improvement, August delivered a 13% increase, and September closed the quarter with a 19% jump — all measured year on year.
The revenue increase was attributed to both higher volumes and higher airfreight rates, the company said. South Asia led the demand story, with export tonnage there rising most notably during the quarter.
Expeditors also flagged that airfreight demand remained strong across the period, with the growth concentrated in lanes tied to AI infrastructure build-out rather than broad-based consumer shipping.
Hyperscaler demand meets tight capacity
The company identified hyperscaler demand — including shipments from Tier 1 and Tier 2 suppliers supporting AI infrastructure — as a significant driver of volume growth. At the same time, air capacity stayed constrained by limited fleet expansion and ongoing new aircraft delivery delays.
“Hyperscaler demand, which also includes shipments from Tier 1 and Tier 2 suppliers supporting AI infrastructure, was a significant driver of volume growth, while air capacity remains constrained by limited fleet expansion and ongoing new aircraft delivery delays.” — Expeditors International
Capacity was further affected by aircraft redeployments that disrupted Asia-Europe e-commerce, a shift the company linked to European Union regulations aimed at curbing the flow of de minimis imports. Meanwhile, China-US e-commerce tonnage has nearly recovered to levels seen before the US terminated de minimis shipments in May 2025.
With geopolitical events added to the mix, airfreight rates remained elevated during the quarter as demand outpaced available capacity, the company said.
Costs outpace revenue as margin slips
Air operating costs grew faster than revenues, rising 52% to $1.2bn during the quarter. Air Cargo News calculations show the airfreight operating margin declined marginally from 24.8% in the third quarter of last year to 24.3% this year.
Airfreight service operating profits — service revenues minus operating expenses — reached $375m, compared with $253m in the same period last year.
The higher operating costs likely stem from elevated carrier rates as demand growth outstripped capacity additions, along with significantly higher fuel prices driven by the conflict in the Middle East. The latest IATA/Platts fuel price monitor figures show jet fuel costs up by more than 112% compared with last year.
Source: Air Cargo News
Compiled from international media by the SCI.AI editorial team.
