AI Chip Shipping Boom Lifts Asian Air Cargo Revenue to Three-Year High
Taylor Wilson
Surging air-freight demand for AI servers and chips has pushed cargo revenue at Korean Air, China Airlines, and EVA Air to three-year highs, turning Asian airlines into direct cash-flow beneficiaries of the AI capital-spending wave.
How much did cargo revenue jump?
Korean Air's quarterly operating profit beat analyst estimates by more than four times; cargo revenue rose nearly 50% year-on-year.
Both Korean Air and China Airlines posted their largest single-quarter cargo gains since the Covid-era rate spike of 2022.
This means → AI chip shipments are no longer a "potential tailwind" — they are showing up directly on the income statement.
Why these airlines in particular?
Korea's SK Hynix and Samsung hold two of the top three spots in AI server memory chips; TSMC is Nvidia's primary foundry partner.
EVA Air said AI server cargo accounts for 40%–50% of total freight volume on its Taiwan-to-U.S. routes.
In plain terms = chips fly from where they are made — and Taiwan and Korea sit at the departure gate of the supply chain.
How high have freight rates climbed?
TAC Index data shows rates on major Hong Kong, Seoul, and Taiwan-to-U.S. air routes have hit their highest since 2022.
Nathan Gee, BofA's head of Asia-Pacific transport research, cited three converging forces: the AI supercycle, healthy e-commerce demand, and tightening capacity.
He remains optimistic on air-freight fundamentals through 2027.
What does AI cargo crowding out other freight mean?
BofA notes AI shipments are already displacing other cargo categories in Asia-Pacific belly and freighter capacity.
This means → airlines can fully offset rising fuel costs with cargo revenue — something the passenger business still cannot do.
This reflects a structural shift: cargo is moving from a side business to the primary profit engine for these carriers.
Where are airlines putting real money?
EVA Air plans to add three freighters by 2028; China Southern ordered up to 10 Boeing 777 freighters.
Cathay raised its Airbus A350F order to 8 aircraft; Air China Cargo increased its A350F order to 10.
In plain terms = one airline buying planes could be an outlier — four ordering at once is an industry-wide bet that AI freight demand is not a short-term pulse.
What comes next?
Cathay Pacific Airways and mainland Chinese carriers have not yet reported quarterly results.
Analysts expect more cargo data in the coming weeks as earnings season progresses, which will further test the breadth of the AI freight trend.
This means → current data covers only the Taiwan and Korea carriers — the full Asian picture is still missing its last few pieces.
Content is for reference only, not financial advice.