May freighter capacity extends April’s higher operating level

May freighter capacity increased from April, with the strongest gains tied to large widebody freighters, Asia-linked flying and Middle East flows. Cargo Facts Consulting’s freighter capacity data shows global deployed freighter payload capacity rising to 7.63 million tonnes in May from 7.31 million tonnes in April, a 4.3% month-over-month increase. May had one additional calendar day, so the average daily increase was 0.9%. Tonne-kilometers rose 5.1%, showing that the added capacity included longer average flying and heavier widebody deployment. Table 1 frames the month-over-month shift. The headline capacity gain was larger than the daily average gain, while tonne-kilometers grew faster than flights. That combination points to more capacity on long-haul sectors and higher-payload aircraft. CFC reported that the Baltic Air Freight Index rose 23.09% month over month in April, reflecting how quickly the market tightened after Middle East disruption hit an already constrained capacity base. In May, CFC reported another 1.91% increase, with Hong Kong rates also firming. May pricing remained above the pre-April level even as freighter capacity increased. By late June, Cargo Facts reported a 14.2% week-over-week drop in global jet fuel prices after a memorandum of understanding to reopen the Strait of Hormuz, but May capacity was still shaped by the disruption that preceded that easing. Table 1: Global Freighter Capacity Summary, April-May 2026

Large widebody freighter lift leads The clearest capacity increase came from large widebody freighters. Large widebody capacity reached 3.93 million tonnes in May, up 260,187 tonnes from April. That was a 7.1% increase and the largest absolute gain by freighter size type. Medium widebody capacity increased 1.5% to 2.59 million tonnes. Narrowbody capacity increased 1.2% to 1.04 million tonnes, while regional freighter capacity rose 4.1% to 66,265 tonnes. Figure 1 shows the aircraft-level version of that shift. The 777F generated 2.07 million tonnes of May capacity, up 183,324 tonnes or 9.7%, from April. That single variant accounted for about 58% of the total month-over-month capacity gain. The 747-400F added 39,018 tonnes, a 6.4% increase, while the 767-300ERBDSF added 29,657 tonnes, up 6.4%. The 747-8F gained 23,086 tonnes, up 3.2%, and the 747-400ERF rose 18,820 tonnes, up 8.9%. Figure 1: Freighter Capacity by Aircraft Variant, May 2026

Several older or smaller widebody types moved lower. The 757-200PF declined 12,891 tonnes or 10.5%, while the 747-400BCF fell 12,394 tonnes or 13.5%. The 757-200SF declined 8,065 tonnes, down 7.7%, and the 767-300F slipped 6,048 tonnes, down 0.6%. The mix points to a month where the highest-payload freighters carried most of the incremental lift, while mature aircraft types saw more uneven deployment. Cargo Facts also reported that the Freighter Capacity Index reached its highest reading in four months , supported by widebody growth. Operators show where lift was added FedEx and UPS remained the two largest freighter operators in May. FedEx deployed 980,603 tonnes, almost unchanged from April. UPS deployed 966,275 tonnes, down 1.8%. Together, the two operators accounted for about one-quarter of measured global freighter capacity. Figure 2 shows the scale of their networks relative to the rest of the operator base. Figure 2: Top Freighter Operators by Capacity, May 2026

Table 2 shows that the strongest month-over-month gains came from international widebody operators. Qatar Airways posted the largest increase, adding 49,314 tonnes and reaching 239,496 tonnes in May, a 25.9% gain from April. Emirates added 36,686 tonnes, up 46.4%, rising to 115,829 tonnes. DHL Air increased 19,269 tonnes, up 11.1%, while China Airlines added 17,271 tonnes, up 11.6%, and ATI added 16,704 tonnes, up 10.5%. Cathay Pacific rose 8.2%, Silk Way West gained 13.9%, Air China Cargo increased 12.2%, SF Airlines rose 6.6%, Nippon Cargo Airlines gained 18.6%, Turkish Airlines increased 8.2%, Aerologic rose 5.9% and Korean Air gained 4.9%. Table 2: Largest Operator Capacity Changes, April-May 2026

The operator declines were more concentrated. UPS declined 17,444 tonnes, down 1.8%, while LATAM Cargo fell 16,689 tonnes, down 16.9%. My Freighter declined 8,058 tonnes, down 29.7%, and ABX Air fell 6,420 tonnes, down 6.1%. Kalitta Air was down 3,695 tonnes, a 1.7% decline, while remaining one of the largest operators. The LATAM Cargo decline coincided with lower Latin America-North America capacity, down 0.3%, and North America-Latin America capacity, down 1.6%, in the regional flow data. For the integrators, the May movement was more stable. Cargo Facts separately reported that FedEx had taken its final 767-300F from Boeing and later topped earnings estimates while warning of trade policy pressure , which fits a network environment focused on cost, utilization and trade-flow management. Middle East flows expand The regional data shows a clear increase in Middle East-linked capacity. North America remained the largest origin region, with 2.88 million tonnes of May capacity, up 0.9% from April. Asia was second at 2.36 million tonnes, up 4.6%. Europe increased 3.9% to 1.19 million tonnes. Middle East origin capacity increased 23.3% to 432,941 tonnes, the strongest percentage gain among major regions. Destination capacity followed the same pattern. Asia destination capacity rose 7.1% to 2.35 million tonnes. Middle East destination capacity increased 25.9% to 429,439 tonnes. Europe destination capacity rose 4.7%, Latin America increased 5.3% and Africa gained 6.8%. Figures 3 and 4 show the two-way Middle East and Asia movement. Middle East-to-Asia capacity increased 29.6% from April to May, reaching 200,381 tonnes. Asia-to-Middle East capacity increased 27.4% to 197,135 tonnes. Europe-to-Middle East rose 20.1% to 134,350 tonnes, and Middle East-to-Europe increased 13.0% to 136,400 tonnes. These flows accounted for a meaningful share of the month’s incremental international capacity. Figure 3: Middle East-to-Asia Freighter Capacity by Operator, May 2026

Figure 4: Asia-to-Middle East Freighter Capacity by Operator, May 2026

Qatar Airways, Emirates and DHL Air were central to the Middle East increase. Their May gains align with the regional flow data and with the rate environment after April’s market tightening. The data also shows support from Asian operators. China Airlines, Cathay Pacific, Air China Cargo, SF Airlines, Nippon Cargo Airlines and Korean Air all added capacity from April to May. The Middle East increase also fits the broader disruption backdrop. A May report on Qatar Airways noted that regional conflict disrupted air traffic and that shipping disruption in the Red Sea and Strait of Hormuz supported air freight demand through Doha. That pressure helped keep Gulf hubs relevant for cargo flows even as routes and fuel costs shifted. Route detail shows concentration Route-level data adds useful detail to the regional and operator view. Figure 5 shows the largest May airport routes available in the dashboard. The largest May route was Anchorage (ANC)-Chicago (ORD), with 86,742 tonnes, up 19.2% from April. Shanghai Pudong (PVG)-Anchorage (ANC) increased 45.6% to 54,741 tonnes. Hong Kong (HKG)-Anchorage (ANC) increased 8.6% to 53,490 tonnes. Seoul (ICN)-Anchorage (ANC), Bogota (BOG)-Miami (MIA), Anchorage (ANC)-Louisville (SDF), Quito (UIO)-Miami (MIA) and Taipei (TPE)-Anchorage (ANC) also remained among the largest May routes. Figure 5: Top Freighter Airport Routes by Capacity, May 2026

The top-route view shows the role of Anchorage (ANC) in Asia-North America flows, along with the continuing importance of Miami (MIA) for Latin America-North America freighter traffic. Anchorage remains central to trans-Pacific freighter patterns because it supports Asia-North America stage lengths and technical stops. Miami remains the main U.S. cargo gateway for many Latin America flows. The route mix also helps explain why the month’s capacity increase was stronger in tonne-kilometers than in flight count. More lift moved through long-haul lanes and large widebody aircraft. Outlook May freighter capacity built on April’s higher operating level. The gain was led by large widebody aircraft, especially the 777F, and by flows tied to Asia and the Middle East. FedEx and UPS kept the largest operator positions, while Qatar Airways, Emirates, DHL Air and several Asian carriers supplied the most visible incremental capacity. June should show how quickly the market moved from disruption response into regular network planning. By late June, Cargo Facts reported a 14.2% week-over-week drop in global jet fuel prices after the U.S.-Iran agreement to reopen the Strait of Hormuz, while its May rate analysis showed airfreight pricing holding at a higher base. That combination makes June important for a different reason: Lower operating cost could support additional flying, while reduced disruption risk could ease some urgency around Gulf routings. The June results should show whether Asia-Middle East capacity remains structurally higher, whether trans-Pacific flows keep building through Anchorage, and whether carriers with flexible widebody networks continue to capture the strongest lanes.

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