Global tonnages in the last full week of November were at the same level as the previous week, according to the latest WorldACD report, while the overall average rate maintained a steady growth path, driven by increasing spot rates, mainly from North America and Europe origins.

The air cargo market data provider said the overall average rate grew 2% to its highest level recorded in 2024, at US$2.79.

Average spot rates from North America jumped by 12% week on week (WoW) in week 47 (November 18 to 24) to US$2.04, and from Europe by 8% to US$2.90.

Globally, WorldACD said average spot rates increased by 4% to US$3.21, while average contract rates decreased slightly, by 1% WoW, to US$2.65. 

Based on the more than 450,000 weekly transactions covered by WorldACD's data, global average rates in week 47 were 10% higher, year on year (YoY), with spot rates at 22% and contract rates at 8%.

"As rates continue to elevate, we see the weekly growth of the global tonnages that we reported on since the beginning of the month, pausing in week 47, with the exception of origin region Central & South America (3%, WoW)," the report said.

Compared to last year, all origin regions show a positive development in chargeable weight, except for Africa, which dropped 3%.

 [Source: WorldACD]

Capacity shift from Transatlantic to APAC affecting rates

On a region-to-region level, average rates have been increasing significantly on the trade lane from Europe to North America (up 8%, WoW), whereas average rates from Asia Pacific to North America are flattening week on week.

When comparing week 47 with the same period last year, rates ex-Europe to North America are 24% higher, while rates ex-Asia Pacific to North America are up 10%.

Meanwhile, the average rate ex-China to the US actually saw a year-on-year decline of 3%, from US$5.58 in week 47, 2023, to US$5.43 this year in the same period.

"These rate dynamics can partially be explained by a shift of capacity from the Transatlantic to the Asia Pacific region, anticipating a surge of, largely, e-commerce shipments from, mainly but not exclusively, China and Hong Kong, to Europe and North America," Levine said.

He added that more forwarders than last year secured their capacity before the peak season, which dampened the rate development pattern that we saw last year and was more typical for the trade lanes ex-Asia Pacific this season.