Asia Pacific surge lifts global air cargo rates
Spot rates from China to Europe increased 18% WoW to $4.39 per kilo – one of the highest levels this year.
Worldwide average air cargo spot rates rose to a new 2024 high in the first full week of September, boosted by a surge in tonnages and spot rates from Asia Pacific origins, particularly to North America and Europe, according to the latest figures and analysis from WorldACD Market Data.
Average global spot rates increased by six percent to $2.85 per kilo in week 36 (September 2-8) compared with the previous week, and +30 percent higher than the equivalent week last year.
Rates from Asia-Pacific origins increased six percent and seven percent from Middle East & South Asia (MESA) origins WoW, taking spot rates from those regions +41 percent and +101 percent higher, year on year (YoY), the update added.
"Average worldwide contract rates also edged up by a further three percent to $2.48 a kilo, generating a $2.59 per kilo full-market average of spot rates and contract rates – a WoW three percent rise and a YoY increase of +16 percent. That’s an increase of +51 percent compared with the last pre-Covid equivalent period, September 2019."
Worldwide tonnages edged downwards marginally in week 36, due largely to a 12 percent decrease from North America origins linked to Labour Day holidays on September 2 in the USA and Canada, the update added.
China-Europe spot rates soar
Among the biggest price increases in week 36 was a +18 percent WoW jump in spot rates from China to Europe to $4.39 per kilo – one of the highest levels this year and +46 percent above their level this time last year, the update added. "That accompanied a four percent WoW rise in China to Europe tonnages. Meanwhile, spot rates from Thailand to Europe surged by a further +14 percent WoW to $3.73 per kilo – a rise of more than one-third (+34 percent) in just three weeks – taking Thailand to Europe spot rates up 86 percent their level this time last year."
