Global tonnages dip due to Eid: WorldACD
Worldwide tonnages flown in last full week (June 17-23) dropped 5% but average rates rose slightly (1%) to $2.54 a kilo
Worldwide average air cargo rates have continued to rise despite a drop in tonnages to and from countries with predominantly Muslim populations linked to the Eid al-Adha annual festivals and holidays – which this year took place between June 16-20.
Worldwide tonnages flown in the last full week (week 25, June 17-23) dropped five percent but average rates rose slightly (one percent) to $2.54 a kilo and up 10 percent compared with the equivalent week last year and significantly above pre-Covid levels (+43 percent) compared to June 2019, according to the latest analysis by WorldACD Market Data.
"Combining the figures for the last two full weeks (weeks 24 and 25) reveals a three percent drop in tonnages compared with the previous two weeks with rates up slightly (one percent). That fall in tonnages was driven by a 10 percent drop from Middle East & South Asia (MESA) origins although average rates from MESA during that period rose by a further five percent above their already highly inflated levels compared with the equivalent weeks last year (+57 percent YoY), boosted by the continuing disruptions to container shipping in and around the region."
Based on the more than 450,000 weekly transactions covered by WorldACD’s data, region-to-region figures show big decreases in chargeable weight in both directions between Asia Pacific and MESA (-15 percent eastbound; -13 percent westbound), and between Europe and MESA (-12 percent eastbound; -7% westbound).
Turkey tonnage down 69%
As many as 14 of the world’s top 60 countries by air cargo volume had a double-digit drop in outbound tonnages between week 24 and week 25, the update added. "The majority of these were countries with predominantly Muslim populations with the steepest declines in outbound traffic occurring from Turkey (69 percent), Saudi Arabia (66 percent) and Egypt (46 percent)."
Key Asian multimodal hubs - Colombo and Bangkok - recorded smaller declines (four percent and five percent, respectively), the update added.
Colombo to Europe and Dubai to Europe rates are close to their highest levels so far this year but Bangladesh to Europe rates and India to Europe rates have fallen somewhat from their levels in April and May.
