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US spending on data centers jumped 26.4 % to a record $ 59.3 billion in Q1 2026. Around the World Photos / Shutterstock. com
wide body freighter access rather than being loaded below decks in the bellies of passenger aircraft.
“ We’ re hearing about AI-hardware being a major driver [ of demand ] at the moment, while e-commerce is adjusting to the changing policy landscape, including relying more on local sellers and inventory-building by ocean,” said Judah Levine, head of research at Freightos.
AI-related components also have more than 10 times the commercial value density of e-commerce shipments, although Wormer said high-rate levels were more a result of capacity constraints than a changing cargo mix.
“ E-commerce and data centerrelated air trade are competing for the same type of capacity.”
Nevertheless, the steady flow of industrial imports is keeping rates from collapsing.“ There are still some legs to this rally,” the carrier source said.
Competing for capacity
Air cargo is also riding the tailwind of high demand for AI-related data center components that are competing with e-commerce for limited air cargo space on the trade lanes out of Asia, with carriers scrambling to address the demand. Freighter capacity out of Vietnam rose 30 % from January through June, while Thailand capacity was up 12 % and Taiwan capacity increased 7 % over the six months, according to data from air freight consultancy Aevean.
“ Freighter capacity out of Asia continues to be constrained, given both e-commerce and data center-related air trade are competing for the same type of capacity,” said Maarten Wormer, head of consulting at Aevean.
While e-commerce growth has slowed this year after the US scrapped its de minimis exemption last year, the slowdown came off a high base. Data from Aevean shows that Chinese e-commerce air exports grew 2 % in early 2026, following 32 % growth per year since 2019.
Shipments of data center-related air trade, which typically consists of servers, network equipment and computer components, and e-commerce goods both ideally require
“ Yields may be better for data center-related trade, but the key driver of yields is the overall supply shortage that is affecting the industry,” he told the Journal of Commerce.
Roughly one-third of the existing global freighter fleet is 30 years old or older, according to industry estimates, and almost half of all freighters will reach retirement age by 2030. With high demand for freighter space, airlines have little incentive to retire their older aircraft, and despite the aging fleet, best-case projections estimate new freighter deliveries will only cover 12 % of the deficit.
Tight supply has kept air cargo spot rates on China – US routes above $ 5 per kg since January, according to Freightos. Average pricing slipped to $ 5.87 per kg in the week of July 17, down 13.3 % from the previous week but still up 13.5 % from the same week last year.
email: greg. knowler @ spglobal. com email: bill. mongelluzzo @ spglobal. com
US data center power demand to surge 88.1 % from 2025 to 2030
Annual power demand from data centers, by region, in terrawatt-hours( TWh)
TWh
600
200 400
200
50 0
L 2020 2025
2030 2030
Source: S & P Global Energy
US Europe Mainland China Rest of Asia-Pacific Latin America Middle East & Africa
© 2026 S & P Global
L www. joc. com August 3, 2026 | Journal of Commerce 13