Air cargo rates, tonnages continue to rise: WorldACD

Global air cargo tonnages and average rates continued their slow rise into the third full week of September – their third consecutive week-on-week increase – taking tonnages to within two percent of their level this time last year, according to the latest figures from WorldACD Market Data.

"Figures for week 38 (September 18-24) show a small rise of one percent in both tonnages and rates compared with the previous week based on the more than 400,000 weekly transactions covered by WorldACD’s data. That follows tonnage growth of two percent and three percent, respectively, in weeks 36 and 37."

Comparing weeks 37 and 38 with the preceding two weeks (2Wo2W), overall tonnages increased by five percent versus their combined total in weeks 35 and 36 while worldwide rates and capacity went up by two percent.

At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows ex-North America to Europe (+11 percent), intra-Asia Pacific (up nine percent) and ex-North America to Asia Pacific (up nine percent). "Other notable increases were recorded between Central & South America and Europe (northbound, up eight percent, southbound, up seven percent) and ex-North America to Central & South America (up eight percent). Tonnages ex-North America as a whole increased nine percent on a 2Wo2W basis, partially driven by Labor Day in the USA and Canada on September 4. The only lane that showed a notable decrease was ex-Africa to Europe (down three percent)."

On the pricing side, average global rates increased by two percent on a 2Wo2W basis with the most notable rises ex-Asia Pacific to Europe and North America (up five percent) and ex-Middle East & South Asia to Asia Pacific (up four percent). The strongest drop was recorded on ex-North America to Asia Pacific (down five percent).

Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 37 and 38 was down two percent compared with the equivalent period last year (YoY) with the most-notable change on an origin region level being a nine percent increase ex-Asia Pacific. There were double-digit decreases in tonnages ex-North America (-12 percent) and ex-Europe (-11 percent). Tonnages were slightly down for origin Africa, Middle East & South Asia but were stable for origin Central & South America.

Overall capacity has increased by 11 percent compared with last year as passenger air services continue to return to the market with capacity ex-Asia Pacific up by a noteworthy 32 percent. "Other significant YoY capacity increases can be observed ex-Middle East & South Asia (+10 percent), ex-North America (up nine percent) and ex-Europe (up seven percent)."

Worldwide average rates are currently 32 percent below their levels this time last year at an average of $2.32 per kilo in week 38 although they remain significantly above pre-Covid levels (+35 percent compared to September 2019).