Drewry’s East-West Air Freight Price Index slipped 2.3 points in March to a reading of 99.5, losing the gains achieved in February.

The London-based research and advisory firm said: “A retreat in pricing was anticipated with load factors softening following factory closures over the Chinese Lunar New Year holiday period and from easing congestion in US West Coast ports dampening air freight demand.”

Drewry expects air freight pricing to have recovered through April, with the onset of the Northern Hemisphere spring season, adding: “Thereafter, some softening is anticipated as carriers release additional passenger capacity.”