Aviation
WORLDACD: GLOBAL AIR CARGO TONNAGES, AVERAGE RATES’ SLOW RISE CONTINUES
September 29, 2023

Global air cargo tonnages and average rates have continued their slow rise into the third full week of September — their third consecutive week-on-week increase — taking tonnages to within 2% of their level this time last year, according to the latest figures from WorldACD Market Data. 

 

The air cargo market data provider said figures for week 38 (September 18-24) show a small rise of +1% in both tonnages and rates compared with the previous week.

 

That follows tonnage growth of +2% and +3%, respectively, in weeks 36 and 37.

 

WorldACD said comparing weeks 37 and 38 with the preceding two weeks (2Wo2W), overall tonnages increased by +5% versus their combined total in weeks 35 and 36, while worldwide rates and capacity went up by +2%.


At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows ex-North America to Europe (+11%), intra-Asia Pacific (+9%) and ex-North America to Asia Pacific (+9%).

 

Other notable increases were recorded between Central & South America and Europe (northbound +8%, southbound +7%) and ex-North America to Central & South America (+8%).

 

Tonnages ex-North America as a whole was up by a noteworthy +9%, on a 2Wo2W basis, partially driven by Labor Day in the USA and Canada on September 4.

 

WorldACD said the only lane that showed a notable decrease was ex-Africa to Europe (-3%). 

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[Source: WorldACD]

On the pricing side, average global rates increased by +2% on a 2Wo2W basis, with the most notable rises ex-Asia Pacific to, respectively, Europe (+5%) and North America (+5%), and ex-Middle East & South Asia to Asia Pacific (+4%).

 

The report said the strongest drop was recorded on the lane ex-North America to Asia Pacific (-5%).


Tonnages and rates down year-on-year

 

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[Source: WorldACD]

 

Comparing the overall global market with this time last year, chargeable weight in weeks 37 and 38 was down -2% compared with the equivalent period last year (YoY), with the most notable change on an origin region level being a +9% rise ex-Asia Pacific.

 

But, similar to previous reports, WorldACD said there were double-digit percentage decreases in tonnages ex-North America (-12%) and ex-Europe (-11%). Also, tonnages were slightly down for origin Africa (-2%), and Middle East & South Asia (-1%), but for origin Central & South America, the tonnages were stable.
 
Overall capacity has increased by +11% compared with last year, as passenger air services continue to return to the market, with capacity ex-Asia Pacific up by a noteworthy +32%.

 

It added that other significant YoY capacity increases were observed ex-Middle East & South Asia (+10%), ex-North America (+9%), and ex-Europe (+7%), while a drop was recorded ex-Central & South America (-4%).
  
Meanwhile, worldwide average rates are currently -32% below their levels this time last year, at an average of US$2.32 per kilo in week 38, although they remain significantly above pre-Covid levels (+35% compared to September 2019).