Spot rate at its lowest in more than three years
According to the latest weekly market analysis from Clive Data Services, part of Xeneta, the global air cargo spot rate flattened to USD 2.19 per kg in August, its lowest level since the onset of the pandemic.
Of ten major trade lanes, only China-USA and Southeast Asia-USA recorded growth. This is attributed to a more resilient US economy with strong retail sales and, to some extent, also delayed recovery of US-China passenger bellyhold capacity, which is growing at a much slower pace than Europe-China.
Even so, due to capacity shortage triggered by various geopolitical issues, airfreight spot rates on other major routes remained highly elevated, still up by around 55% from their pre-pandemic levels.
While shippers and forwarders continue to benefit from the overall decline of general air freight rates, rising jet fuel prices should concern an already contracted market. (ah)