Soaring air cargo spot rates from Bangladesh and Japan and a surge in tonnages from Dubai have further boosted the air cargo market in the first half of September, according to the WorldACD Market Data.
Worldwide air cargo tonnages flown increased by 4% in week 37 of the year (September 9-15), driven by 5% increase from Asia Pacific origins, a 6% increase from central & south America, and a rebound of 10% from North America origins. The latter was linked to labour day holidays on September 2, 2024.
Average worldwide rates edged up slightly further to $2.58 per kilo, based on a full-market average of spot rates and contract rates, with a 1% further increase from Asia Pacific origins partially cancelled out by a 2% drop from Middle East & South Asia (MESA) origins. Average worldwide rates from those two regions are up 24% and 53%, respectively, compared to the same period last year. This drove average worldwide prices, which were up 14% over last year in the same period.
Attacks on shipping in the Red Sea, which have disrupted ocean freight supply chain operations, has elevated rates from MESA origins for most of this year so far.