Rates rise further
According to the latest analysis by World ACD Market Data, average worldwide air cargo spot rates rose by a further +5% in the last full week of October. The reasons are week-on-week (WoW) increases in spot prices from Asia Pacific (+3%), Europe (+7%), and Central & South America (CSA, +8%), while global tonnages remained broadly flat, WoW, at around +4% above last year’s levels.
Preliminary figures for the full month of October indicate that tonnages were up by around +7% compared with last October. While that remains a significant YoY increase, it’s below the double-digit YoY percentage rises the industry has become accustomed to for much of this year – although the comparison month, last October, was a relatively strong one as e-commerce volumes, in particular, surged towards the end of 2023. (ah)