Air cargo capacity on key Asia-Europe corridors has plunged 39% following the shutdown of major Gulf airspace and hubs amid the escalating conflict in the Middle East. Using representative pre-Chinese New Year levels as a baseline, consultancy Aevean estimates that capacity across the Asia Pacific-Middle East and South Asia-Europe corridors is down 39% in available cargo tonne kilometres (ACTK) since the closures began. The sharp contraction reflects the sudden loss of some of the world’s most important cargo transit hubs, including Dubai, Doha, and Abu Dhabi, which are critical for connecting Asia with Europe. This disruption is significantly impacting global supply chains and increasing transit times and costs for air freight.