According to WorldACD air cargo market data for the first week of April, the figures for India and Bangladesh origin points were dramatic, with India-Europe spot rates rising to more than $4 a kilo in week 14 ($4.13/kg, +160 percent), and Bangladesh-Europe spot rates soaring to $4.59 a kilo in week 14 – a near-trebling of their level this time last year (+179 percent).
Middle East South Asia (MESA) to Europe spot rates have soared in the last three weeks to around double their level this time last year, rising to $3.43 a kilo in week 14 (+109 percent).
“A big surge in spot rates from Middle East & South Asia (MESA) to Europe in recent weeks was reported, especially from India and Bangladesh, linked to strong demand developments combined with supply issues caused by disruptions to container shipping and Ramadan,” reads the release.
Alongside continuing rates rises from Asia Pacific and MESA origin points, boosted by strong demand from cross-border e-commerce and because of the ongoing disruptions to container shipping in the Red Sea, another factor beginning to have an impact on rates is increasing jet fuel prices, which rose by more than +4 percent in week 14, compared with the previous week, and rose more than +3 percent on the previous month, although they remain slightly below their level this time last year (-1 percent).
Worldwide air cargo rates have continued to rise into the first week of April, boosted by a surge in prices and demand from Middle East & South Asia origins, according to the latest weekly figures and analysis from WorldACD Market Data, despite a fall in tonnages from most regions linked to various holiday periods around the world, including Easter, Ramadan , and China’s Qingming Festival.