Global air cargo tonnages showed a positive development in the second full week of September after stabilising at the beginning of the month.
Average rates are also on an upward trend, breaking out of the bandwidth reported since mid-July – between $2.26 and $2.29 – per kilo, now reaching $2.31, according to the latest figures from WorldACD Market Data.
Figures for week 37 (September 11-17) show a jump in tonnages of four percent compared with the previous week while average worldwide air cargo prices increased slightly (+1 percent) based on more than 400,000 weekly transactions covered by WorldACD’s data.
“Comparing weeks 36 and 37 with the preceding two weeks (2Wo2W), overall tonnages increased by three percent versus their combined total in weeks 34 and 35 while worldwide rates went up by two percent at slightly higher capacity (+1 percent).
“At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows intra-Asia Pacific (+11 percent) and ex-Asia Pacific to, respectively, North America (up six percent) and Europe (up six percent). Other notable increases were recorded ex-Europe to, respectively, North America (up six percent) and Central & South America (up four percent). However, some key lanes showed a notable deterioration: ex-North America to, respectively, Central & South America (-10 percent) and Europe (down four percent), and ex-Middle East & South Asia to, respectively, Europe (down seven percent) and Asia Pacific (down five percent).”
On the pricing side, average global rates increased two percent on a 2Wo2W basis with most regions remaining stable while rates increased ex-Asia Pacific to, respectively, Europe (up six percent) and North America (up four percent).
Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 36 and 37 was down two percent with the most notable change on an origin region level being +10 percent, ex-Asia Pacific. “There were double-digit percentage decreases in tonnages ex-North America (-13 percent) and ex-Europe (-12 percent). Tonnages ex-Middle East & South Asia were down four percent while the other origin regions showed mild changes (Africa down one percent, Central & South America up two percent).
“Overall capacity has increased by 13 percent compared with last year with capacity ex-Asia Pacific up 30 percent.”
Worldwide average rates are currently 33 percent below their levels this time last year at an average of $2.31 per kilo in week 37 although they remain significantly above pre-Covid levels (+34 percent compared to September 2019), the update added.