Air cargo rates and demand continue on upward trend
Average worldwide rates of $2.37 per kilo rose 3% WoW in week 11, taking them 2% above their level this time last year.;
Global air cargo rates and demand edged slightly upwards in the second full week of March, with Middle East & South Asia (MESA) the only major origin region registering a drop in tonnages, according to the latest weekly figures from WorldACD Market Data.
Worldwide tonnages in week 11 (March 10-16) gained one percent compared with the previous week, taking them three percent higher year on year, the update added. "The small global WoW gain was driven by increases from Central & South America (up four percent) and Asia Pacific (up three percent) as Asia Pacific markets continue to bounce back from Lunar New Year (LNY).
"There was a four percent WoW drop in flown tonnages from MESA origins, partly linked to business closures during the Holi festival in India (March 13-14). Averaged across the last two weeks, flown tonnages from MESA origins in weeks 10 and 11 were comparable with their levels in weeks eight and nine combined with a drop to Europe (down three percent) but an increase to Asia Pacific (up nine percent)."
Average worldwide rates of $2.37 per kilo, based on a mix of spot prices and contract rates, rose three percent WoW in week 11, taking them two percent above their equivalent level this time last year, the update added.
Asia Pacific tonnages rebound
Tonnages from Asia Pacific have rebounded strongly in weeks 10 and 11 from their post-LNY lull to Europe (+13 percent) and to North America (+10 percent). "On a WoW basis, tonnages from Asia Pacific to Europe gained a further seven percent in week 11, their fifth successive WoW gain, taking volumes to their highest level this year and only around 10 percent below their levels in mid-December. There were significant WoW increases to Europe from most of the big Asia Pacific markets including South Korea (+18 percent), Taiwan (+13 percent) and Vietnam (up nine percent)."
Tonnages from Asia Pacific to the U.S. in week 11 also recorded their fifth successive WoW gain (up five percent) including increases from China (up six percent) and South Korea (+13 percent), the update added.
Average spot rates from Asia Pacific to Europe of $3.92 per kilo with no major WoW swings. From Asia Pacific to the U.S., average spot rates of $4.91 per kilo in week 11 were almost flat WoW and well above their equivalent level last year (+11 percent), the update added.