Worldwide air cargo rates rose to a 2024 high in November of $2.76 per kilo, despite a slight (two percent) drop in flown tonnages compared with October, although demand and pricing both remain significantly above their already elevated levels last November, according to the latest figures and analysis by WorldACD Market data.
The figures reflect worldwide air cargo markets that remain relatively strong, including ex-Asia Pacific, but where good advance planning by air cargo stakeholders looks set to avert a major peak season capacity crunch and very steep rate rises in the final weeks of the year, the update added.
“Average worldwide rates in November rose by six percent, month on month (MoM), based on a full-market average of spot rates and contract rates, taking them to their highest level since January 2023 and +11 percent higher, year on year (YoY). The biggest MoM increases came from Europe (+10 percent) and Central & South America (CSA, +nine percent), based on the more than 450,000 weekly transactions covered by WorldACD’s data. Average worldwide spot rates rose to $3.09 per kilo in November, a YoY increase of +21 percent whereas contract rates worldwide averaged $2.67 per kilo, a +10 percent rise, YoY.”
Overall global tonnages in November were down two percent MoM, with the biggest percentage decline coming from Middle East & South Asia (MESA, -11 percent) origins, the update added.
Asia Pacific to Europe growth continuesRates to Europe rose significantly WoW from most key Asia Pacific markets, taking them at or close to their highest levels so far this year, including China ($5.10 per kilo, up seven percent WoW), Hong Kong ($6.25, +nine percent) and Vietnam ($4.88, +three percent).
Despite the flat volumes on a global basis, chargeable weight flown to Europe in week 48 rose further WoW from China (three percent), Hong Kong (five percent) and Vietnam (four percent). Tonnages to Europe from Thailand, Singapore, and Taiwan were up by around +15 percent YoY, the update added.
