Global air cargo flown tonnages have stabilized in the last two weeks of July after dropping significantly in the first half of the month, although worldwide average rates continue to soften, the latest figures from WorldACD.

The air cargo market data provider said looking at week 30 (July 25 - 31) in isolation, worldwide chargeable weight "remained stable" compared with the previous week.

 Photo: WorldACD

Comparing the last two weeks of July with the preceding two weeks (2Wo2W), average worldwide rates decreased by 3% while chargeable weight increased by 1% and overall capacity remained stable, WorldACD.

It added that the figures follow a 10% drop in chargeable weight in the first half of July, on a 2Wo2W basis (and a 12% year-on-year drop).

Volume recovery on some lanes

One factor has been the partial recovery of North American outbound chargeable weight.

"After dropping more precipitously than usual this year in late June and early July around US Independence Day, North American outbound tonnages rose 5% in the last two weeks of July, on a 2Wo2W basis, and recovered to just 5% below their level this time last year," WorldACD said.

"That volume recovery was boosted by a 6% increase to the Asia Pacific in the last two weeks of July, compared with the previous two weeks, and a 4% rise to Europe in the same period," it added.

Meanwhile, the report said the chargeable weight from Central & South America to Europe went down particularly strongly in the last two weeks of July (or by 10%) compared with the preceding two weeks.

The air cargo market data provide noted that Asia Pacific outbound volumes have suffered the biggest decline on a year-on-year comparison basis, down -17% compared with the equivalent of two weeks last year.

For the overall global market, compared with last year the last two weeks showed a worldwide rate increase of 10%, despite a chargeable weight decline of 7% and a capacity increase of 5%, as higher fuel surcharges continue to inflate overall air cargo prices relative to their levels last year.

WorldACD said the 10% rate differential compared with last year continues to diminish, down from the 19% rise in late June.