Global tonnages for the full year 2023 ended up -5% lower than in 2022 according to the latest figures from WorldACD.
Meanwhile, global air cargo has yet to see any significant uplift from the recent disruptions to container shipping in the Red Sea, although there is likely to be some conversion of sea freight to air freight in the coming weeks if the disruptions continue.
Compared to this time last year, total global tonnages in weeks 51 and 52 were up +5%, YoY – driven by a +17% YoY increase ex-Asia Pacific and a +14% rise ex-Middle East & South Asia, with demand ex-Central & South America also strongly ahead of last year (+7%).
There remain significant decreases in tonnages ex-North America and ex-Europe (-7%), YoY, although these are less severe than the deficits reported until the end of November, particularly ex-North America.
Worldwide average rates are currently -18% below their levels this time last year, at an average of US$2.49 per kilo in week 52, although they remain significantly above pre-Covid levels (+39% compared to December 2019).
Meanwhile, overall available capacity has increased by +8% compared to last year, with capacity ex-Asia Pacific up by a noteworthy +19%.
Most other regions also show significant YoY capacity increases, with a +9% rise ex-Middle East & South Asia, a +8% increase ex-Africa, a +6% capacity recovery ex-North America, and a +5% rise ex-Europe, with only a small (+1%) rise ex-Central & South America.