Air cargo rates have been kept stable in week 24 of the year - a typically quiet period for the market - driven largely by continuing strong demand and high spot rates from Asian and Middle Eastern origins, according to WorldACD market data.
Rates had stabilised at $2.51 per kilogram, up 8% year-on-year (YoY) as well as a significant 42% increase over the same period in pre-pandemic 2019.
Overall tonnages fell by 2% compared to the previous week. However, compared with the previous two weeks, reveals a 1% rise in both rates and tonnages. However, tonnages and rates were up 11% and 8% YoY respectively. This was driven by a notable 52% YoY increase in rates and 13% increase in tonnages from Middle East & south Asia (MESA) origins. In addition, rates and tonnages from Asia Pacific increased 17% and 16% YoY respectively.
Spot rates for air cargo from the Asia Pacific to the US soared from $4.80 to $5.34 per kilogram over the past five weeks, while China to the USA spot rates increased from $4.91 to $5.25. Meanwhile, routes from China to Los Angeles experienced rate hikes amid customs delays, with a notable 38% rise from the same period last year. Despite these rate increases, China to Los Angeles tonnages have declined, reflecting disruptions in freighter schedules.
Asia and Middle East drive air cargo rate stability
