Air cargo tonnages remain high, rates increase 40% over pre-pandemic levels

Air cargo rates and tonnages from Middle East and Asian markets, particularly to Europe, remain high as strong demand, as well as disruptions to ocean freight services throughout the week of May 13 to 19. According to WorldACD data, these factors are ""pushing up rates dramatically on several major intercontinental routes."" In week 20 of 2024, the data found that global tonnages rebounded 2% following a similar increase in the previous week. Global air tonnages had dropped approximately 8% at the start of May 2024 as Labour Day holidays had commenced. Global rates remain ""more or less stable"" after rising only two cents to $2.48 per kilo in the week, up around 2% year-on-year (YoY) and ""significantly above pre-COVID levels"" at around 40% above May 2019 levels. Tonnages are up 9% YoY, driven by strong demand from Asia Pacific, up 15%, and the Middle East & South Asia regions up 16%. Rates from these regions have increased a notable 45% YoY.