Global air cargo tonnages, rates stabilise
Rates are currently 32% below their levels this time last year at an average of $2.73/kg
The latest air cargo demand and pricing data provide further evidence of stabilisation following the declines seen throughout much of last year and the annual turbulence around Lunar New Year.
Figures for week 11 (March 13-19) show a clear stabilisation in both worldwide tonnages as well as the global average rate compared with the previous week and following several weeks of relative stability since mid-February, according to figures from WorldACD Market Data.
"Comparing weeks 10 and 11 with the preceding two weeks (2Wo2W), overall tonnages are flat versus their combined total in weeks 8 and 9, accompanied by a two percent increase in capacity whereas average worldwide rates slightly declined by one percent based on more than 400,000 weekly transactions covered by WorldACD data."
At a regional level, on a 2Wo2W basis, there are still signs of a relatively robust (+5 percent) recovery in air cargo tonnages ex-Asia Pacific, driven by growth in flows to Middle East & South Asia (+9 percent), North America (+6 percent), Europe (+4 percent) and intra-Asia Pacific (+3 percent), respectively. The notable declines were ex-Middle East & South Asia to Asia Pacific (-13 percent), and ex-Central & South America to Europe (-11 percent), the update added.
On the pricing side, average rates have continued to show a negative trend on a 2Wo2W basis from all regions except Asia Pacific (+1 percent), particularly ex-Middle East & South Asia (-5 percent), ex-Europe (-3 percent) and ex-Central & South America (-3 percent).
Chargeable weight in weeks 10 and 11 was down nine percent compared with the equivalent period last year. Notable percentage declines in tonnages year-on-year were ex-North America (-19 percent) and ex-Middle East & South Asia (-9 percent).
Overall capacity increased 14 percent compared with the previous year with double-digit percentage increases from all regions. Most-notable increases were ex-Africa (+23 percent), ex-Asia Pacific (+17 percent) and ex-Europe (+16 percent).
"Worldwide rates are currently 32 percent below their levels this time last year, at an average of $2.73 per kilo in week 11 despite the effects of higher fuel surcharges but significantly above pre-Covid levels."