Entering the second quarter of 2026, the global aviation industry has officially embarked on its most extensive freight rate adjustment in two years. Driven by the direct impact of Jet A-1 fuel prices hitting a record high of nearly $200/barrel (a sharp spike from $95 at the beginning of the year), over 60% of international airlines have activated fuel surcharge (FSC) increases effective today.

A "Shock" price surge from major transport hubs
According to reports from key markets, new surcharge levels have been publicly listed by major carriers:

1. Asia-Pacific: Cathay Pacific leads the way

In Hong Kong, Cathay Pacific has implemented its second surcharge hike within just two weeks.

• Increase: An additional 34% compared to the previous period.
• Details: For long-haul routes (North America, Europe, Australia), the surcharge has risen from $149 to $200 per leg (approximately 5 million VND).
• New Mechanism: The carrier announced it will now review fuel prices bi-weekly instead of monthly to respond flexibly to market volatility.

2. Middle East: Emirates SkyCargo updates fuel index

Industry giant Emirates utilizes an automated system based on fuel price indices across 10 of the world’s largest spot markets.

• Applied Rate: The long-haul fuel surcharge has officially reached $1.61/kg (approximately 40,000 VND/kg).
• Warning: Should fuel prices remain above the 333-index level for two consecutive weeks, the surcharge will automatically climb to $1.96/kg.

3. Europe: Lufthansa and Air France-KLM adjust tariffs

European carriers are focusing on recovering operational costs for their dedicated freighters.

• Lufthansa Cargo: Increased its airfreight surcharge from €1.20 to €1.45/kg (under tariff version V104).
• Air France-KLM: Applied new surcharge levels for international itineraries (e.g., the Japan-Amsterdam route recorded an increase of approximately 15-20% compared to Q1).

"Double Impact" on air cargo and logistics markets
Beyond the surcharge figures, the freight transport market is facing even more severe challenges:

• Capacity constraints: To optimize fuel consumption, many airlines have announced cuts to low-load factor flights or flight consolidations. This has made booking increasingly difficult, driving up spot rates.
• Rerouting: Geopolitical tensions have forced flights to detour through safe airspaces, extending flight times by 2 to 5 hours. The extra fuel consumed for these longer distances is the primary reason surcharges show no signs of cooling down.
• Supply chain shifts: Electronics, perishables, and semiconductors are under the heaviest pressure. Many export businesses have had to budget an additional 25% for logistics costs in their Q2 projections.

Expert forecasts
The International Air Transport Association (IATA) notes that fuel currently accounts for 30-35% of total airline operating costs. With this upward trend, passenger ticket prices and cargo freight rates are forecasted to remain at elevated levels until at least the end of June 2026.

Source: Compiled from The Loadstar, Air Cargo News, IATA Jet Fuel Monitor, and official press releases from Cathay Cargo, Lufthansa, and Emirates. 

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