Global air cargo tonnages down 6%: WorldACD
Worldwide average rates are down 19% YoY at $2.40 per kilo in the first week of January
Worldwide air cargo tonnages dropped further in the first week of 2024 following their typical slump in the second half of December, according to the latest figures from WorldACD Market Data.
Weekly analysis
Preliminary figures for week 1 (January 1-7) indicate that global air cargo tonnages fell six percent compared with the previous week (WoW), based on the more than 400,000 weekly transactions covered by WorldACD’s data, after falling by around 30 percent in the second half of last month, the update added.
"Average worldwide rates dropped by around two percent in the first week of 2024 after falling by around seven percent in the second half of December. The main lanes that contributed to the WoW decline in tonnages were ex-Asia Pacific to, respectively, North America and Middle East & South Asia (both down 17 percent) and intra-Asia Pacific (-13 percent).
Expanding the comparison period to two weeks, total combined tonnages for week 52 of 2023 and week 1 this year were down by 28 percent compared with the preceding two weeks (2Wo2W), and average rates fell by five percent with capacity down eight percent.
There were particularly big tonnage declines ex-Europe (42 percent) and North America (35 percent), followed by ex-Central & South America (29 percent) and ex-Asia Pacific (22 percent), the update added.
On the pricing side, the five percent global average decline in the last two weeks was mainly driven by falling rates on the big lanes ex-Asia Pacific to North America (-16 percent) and Europe (-14 percent).
"Most of these patterns are similar to those in the equivalent two weeks a year ago although the fall in rates ex-Asia Pacific to North America and Europe has been steeper in the last two weeks than a year ago, most likely reflecting a bigger spike in rates ex-Asia Pacific in the recent fourth quarter (Q4) of 2023 than was seen in Q4 of 2022."
Year-on-year perspective
Total global tonnages for week 52 of 2023 and week 1 this year were around three percent higher, year on year (YoY), led by double-digit percentage growth ex-Middle East & South Asia (18 percent) and ex-Asia Pacific (13 percent).
Overall available capacity has increased by nine percent compared to the equivalent period a year ago with capacity ex-Asia Pacific up by 18 percent.
Worldwide average rates are currently 19 percent below their levels this time last year at $2.40 per kilo in week 1, although they remain significantly above pre-Covid levels (30 percent compared to January 2019).
