GLOBAL air cargo tonnages and average rates have continued their slow rise into the third full week of September - their third consecutive week-on-week increase - taking tonnages to within two per cent of their level this time last year, according to the latest figures from WorldACD Market Data.
Figures for week 38 (18 to 24 September) show a small rise of one per cent in both tonnages and rates, compared with the previous week, based on the more than 400,000 weekly transactions covered by WorldACD's data. That follows tonnage growth of two per cent and three per cent, respectively, in weeks 36 and 37.
Comparing weeks 37 and 38 with the preceding two weeks (2Wo2W), overall tonnages increased five per cent versus their combined total in weeks 35 and 36, while worldwide rates and capacity went up by two per cent.
At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows ex-North America to Europe (+11 per cent), intra-Asia Pacific (+9 per cent) and ex-North America to Asia Pacific (+9 per cent). Other notable increases were recorded between Central & South America and Europe (northbound +8 per cent, southbound +7 per cent), and ex-North America to Central & South America (+8 per cent).
Tonnages ex-North America as a whole were up by a noteworthy +9 per cent, on a 2Wo2W basis, partially driven by Labor Day in the USA and Canada on 4 September. The only lane that showed a notable decrease was ex-Africa to Europe (-3 per cent).
On the pricing side, average global rates increased by +2 per cent on a 2Wo2W basis, with the most notable rises ex-Asia Pacific to, respectively, Europe (+5 per cent) and North America (+5 per cent), and ex-Middle East & South Asia to Asia Pacific (+4 per cent). The strongest drop was recorded on the lane ex-North America to Asia Pacific (-5 per cent).
Comparing the overall global market with this time last year, chargeable weight in weeks 37 and 38 was down -2 per cent compared with the equivalent period last year (YoY), with the most-notable change on an origin region level being a +9 per cent rise ex-Asia Pacific. But, similar to previous reports, there were double-digit percentage decreases in tonnages ex-North America (-12 per cent) and ex-Europe (-11 per cent). Also, tonnages were slightly down for origin Africa (-2 per cent), and Middle East & South Asia (-1 per cent), but for origin Central & South America the tonnages were stable.
Overall capacity has increased by +11 per cent compared with last year, as passenger air services continue to return to the market, with capacity ex-Asia Pacific up by a noteworthy +32 per cent. Other significant YoY capacity increases can be observed ex-Middle East & South Asia (+10 per cent), ex-North America (+9 per cent), ex-Europe (+7 per cent), while a drop was recorded ex-Central & South America (-4 per cent).
Worldwide average rates are currently -32 per cent below their levels this time last year, at an average of $2.32 per kilo in week 38, although they remain significantly above pre-Covid levels (+35 per cent compared to September 2019).
from: shippingazette