The gap between global air cargo tonnages this year and the equivalent period in 2022 has narrowed to just -4% in the first two full weeks of June, down from -6% at the end of May, -10% in April, and -11% in the first quarter, according to the latest weekly figures from WorldACD Market Data.
Average rates in May and June have also stabilized at around -37% below their level this time last year.
The air cargo market data provider said figures for week 24 (June 12 to 18) show a "stable trend" in tonnages and average global air cargo prices, week on week (WoW), continuing the flattening of the negative trend seen since the beginning of June — based on the more than 400,000 weekly transactions covered by WorldACD’s data.
[Photo: WorldACD]
"Comparing weeks 23 and 24 with the preceding two weeks (2Wo2W), overall tonnages decreased by -1% versus their combined total in weeks 21 and 22, with capacity up +2% and average worldwide rates slightly falling (-1%)," WorldACD said.
It added that at a regional level, all origin regions showed a downward trend in tonnages on a 2Wo2W basis, except ex-Middle East & South Asia (+1%) and North America (+6%).
Region to region, notable decreases were observed between Europe and Central & South America (northbound -11%, southbound -7%), between Europe and Africa (both directions -8%) and ex-Central & South America to North America (-6%).
Meanwhile, it added that flows ex-North America displayed growth to Asia Pacific (+9%), Central & South America (+5%) and Europe (+5%), respectively.
On the pricing side, average rates remain more or less stable, on a 2Wo2W basis, with a few exceptions — most notably a -4% decrease on the flows ex-Europe to Asia Pacific and to Middle East & South Asia, and a -4% drop ex-North America to Europe and to Central & South America.
[Photo: WorldACD]
Volumes, rate down but capacity up year-on-year
Comparing the overall global market with this time last year, WorldACD said chargeable weight in weeks 23 and 24 was down -4% compared with the equivalent period last year — a "significant deceleration" in the rate of year-on-year (YoY) decline compared with the often double-digit percentage drops in the first few months of this year.
Tonnages ex-Asia Pacific was down just -1%, YoY, and there were increases in traffic ex-Africa (+6%) and ex-Middle East & South Asia (+4%).
But the air cargo market data provider noted that these limited YoY increases were outweighed by decreases in tonnages ex-North America (-14%) and ex-Europe (-5%).
WorldACD said overall capacity has increased by +15% compared with last year, with capacity ex-Asia Pacific up by a noteworthy +32% and double-digit YoY percentage increases from all regions except Central & South America (-7%).
"Worldwide average rates are currently -37% below their levels this time last year, at an average of US$2.40 per kilo in week 24, although they remain significantly above pre-Covid levels (+36% compared to June 2019)," WorldACD said in its report.
