Japan typhoon, European holidays cause mid-August tonnage drop
Average rates – based on a full-market average of spot rates and contract rates – edged up 1% to $2.49/kg in week 33
Flight cancellations caused by a typhoon in Northeast Asia and national holidays in several European countries have led to a significant mid-August fall in air cargo tonnages, according to the latest figures and analysis from WorldACD Market Data.
Air cargo tonnages in week 33 (August 12-18) dipped sharply by seven percent compared with the previous week, dropping especially steeply from Asia Pacific (-nine percent) and Europe (-11 percent) origins.
"Further analysis, based on the more than 450,000 weekly transactions covered by WorldACD’s data, reveals that most of the decline ex-Asia Pacific (almost 70 percent) can be explained by a drop in tonnages ex-Japan (-47 percent) due to a typhoon that led to flight cancellations to and from the island nation. Flights to and from South Korea were also affected, but to a much lesser extent."
Most of the -11 percent decline ex-Europe (around 80 percent) can be explained by a fall in tonnages flown from countries where an August 15 holiday was widely celebrated (significantly in France, Italy and Spain but also parts of Germany and Belgium), the update added.
Compared with the equivalent period last year, tonnages flown were still up globally by nine percent, including year-on-year (YoY) rises from both Asia Pacific (+10 percent) and Europe (+eight percent) origins.
Rates edge up further
Average worldwide rates – based on a full-market average of spot rates and contract rates – edged up one percent to $2.49 per kilo with most regions flat WoW, but with a two percent increase from Asia Pacific and a two percent decline from Africa. The level of $2.49 a kilo represents a 45 percent rise compared with the last pre-Covid equivalent period, in August 2019, the update added.
Year on year, average worldwide prices were up +11 percent in week 33, thanks to YoY increases of +57 percent from Middle East & South Asia and +22 percent from Asia Pacific.
