Tonnages and rates rise in September: WorldACD

Global air cargo tonnages and average rates increased in September compared with August with full-month tonnages rising almost three percent and rates at the end of September around five percent higher than at the start of the month, according to the latest figures from WorldACD Market Data.

"The figures reflect a slight post-summer seasonal strengthening of the market, which appeared to have stabilised in recent months following a year and a half of persistent decline – or adjustment back towards pre-Covid patterns of supply and demand. Preliminary figures for September as a whole indicate that tonnages were down, year on year (YoY), by two percent, the smallest YoY monthly decline this year."

Weekly analysis
Figures for week 39 (September 25 to October 1) show a slight drop of one percent in tonnages compared with the previous week while rates increased two percent based on the more than 400,000 weekly transactions covered by WorldACD’s data. "That slight drop in tonnages followed after three consecutive weeks of growth of three percent, four percent and one percent, respectively."

Comparing weeks 38 and 39 with the preceding two weeks (2Wo2W), overall tonnages increased three percent versus their combined total in weeks 36 and 37 while worldwide rates went up three percent and capacity remained stable.

"At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows ex-North America to Central & South America (+15 percent) and Central & South America and Europe (northbound up nine percent, southbound up eight percent). "A slight weakening was recorded on the flows ex-North America to Asia Pacific (down two percent) and ex-Central & South America to North America (down two percent)."

On the pricing side, the most notable increases were recorded ex-Middle East & South Asia to Asia Pacific (+12 percent) and ex-Asia Pacific to Europe (up seven percent). The strongest drop was recorded in ex-North America to Asia Pacific (down four percent).

YoY view
Comparing the overall global market with this time last year, chargeable weight in weeks 38 and 39 was down two percent compared with the equivalent period last year (YoY) with the most-notable change on an origin region level being a seven percent rise, ex-Asia Pacific. "There were significant decreases in tonnages ex-North America (-15 percent) and ex-Europe (down nine percent)."

Capacity increased 10 percent compared with last year as passenger air services continue to return to the market with capacity ex-Asia Pacific zooming 30 percent.

Worldwide average rates are currently 31 percent below their levels this time last year at $2.37 per kilo in week 39 although they remain significantly above pre-Covid levels (up 38 percent compared to September 2019), the update added.