Global air cargo average spot rates rose by a further four percent in the first full week of December to a 2024 high of $3.30 per kilo, driven by an eight percent surge from Asia Pacific origins, as the sector’s strong but relatively stable Q4 peak season approaches its zenith.
“Average spot rates from Asia Pacific origins rose to $4.86 per kilo in week 49 (December 2-8), taking them +19 percent above their levels in the same week last year,” according to the latest figures and analysis by WorldACD Market Data.
Spot rates from Africa origins rose by +12 percent WoW, partly in response to a surge in traffic to European markets, based on the more than 450,000 weekly transactions covered by WorldACD’s data. “There was a further three percent increase from Europe origins to $2.93 per kilo, boosted by a four percent WoW increase from Europe origins to North America, taking average rates to $3.97 per kilo on that westbound transatlantic lane.”
Tonnages, worldwide, were stable in week 49, with a slight WoW increase, mainly driven by a +14 percent WoW rebound in volumes from North America origins (+15 percent from U.S.), following the Thanksgiving holiday period. “There were also significant WoW tonnage increases from China to the U.S. and to Europe, which helped drive up spot prices on those markets by +10 percent and +12 percent WoW to $6.83/kg and $5.52/kg, respectively.”
Asia to Europe spot rates surgeCompared to last year, there are some really big YoY increases in spot prices to Europe, particularly from Southeast Asian markets such as Indonesia (+94 percent), Thailand (+67 percent), Malaysia (+50 percent), Singapore (+42 percent) and Vietnam (+30 percent).
The YoY spot rate increases to Europe from China (+18 percent), Hong Kong (up seven percent) and South Korea (+14 percent) are less pronounced than from some Southeast Asian markets because rates from China and Hong Kong, particularly, were already highly elevated this time last year, boosted by surging cross-border e-commerce volumes, the release added.
