Air cargo tonnages stabilise in Oct: WorldACD
Worldwide average rates at $2.40 per kilo are currently 28% below their levels this time last year
Global air cargo tonnages stabilised in October with preliminary full-month tonnage figures down just one percent compared to October 2022, according to the latest figures from WorldACD Market Data.
"That difference (- one percent) in October is the smallest full-month year-on-year drop recorded so far this year, narrowing from a year-on-year decline of 10 percent in the first quarter, down six percent in the second quarter and down three percent in the third quarter of the year. This narrowing of the gap compared with last year’s demand levels should be seen more as a stabilisation than a recovery with tonnages in October 2022 having already experienced a double-digit percentage decline (-13 percent) compared with those of the previous year, heralding a non-existent peak season last winter."
Comparing weeks 42 and 43 this year with the preceding two weeks (2Wo2W), overall tonnages and worldwide rates increased three percent while capacity increased one percent versus the combined total in weeks 40 and 41, the update added.
At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows outbound from Africa to Europe (+14 percent), and from Asia Pacific to, respectively, North America (up nine percent) and Middle East & South Asia (up eight percent). On the negative side, the biggest percentage decreases were recorded on flows outbound from Europe to Middle East & South Asia (down six percent).
On the pricing side, there were small to modest increases in rates on a 2Wo2W basis on the majority of regional flows, most notably ex-Europe to North America (up six percent), and ex-Asia Pacific to, respectively, North America (up four percent) and Middle East & South Asia (up four percent). Slight decreases were recorded on flows ex-Europe to Central & South America and ex-Europe to Asia Pacific.
Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 42 and 43 was down two percent compared with the equivalent period last year with the most notable changes on an origin region level being an eight percent rise ex-Middle East & South Asia.
Overall capacity has increased 15 percent compared with last year as passenger air services continue to return to the market with capacity ex-Asia Pacific up 31 percent.
Worldwide average rates at $2.40 per kg are currently 28 percent below their levels this time last year although they remain significantly above pre-Covid levels (36 percent compared to October 2019).
