Global air cargo tonnages have surged back 24% in the second week of 2024 (January 8 to 14), reveals World ACD, following the typical slowdown in the first week of January that saw a 3% decrease. It also marks a stronger performance from the second week of 2023, which saw global tonnages rise 19%.
Global tonnages in weeks 1 and 2 of 2024 were down 7% compared to the preceding two weeks (2Wo2W), and average yields fell by 3%, with capacity down 3%. However, these are familiar patterns for this time of year.
There were 2Wo2W tonnage declines from most of the main origin regions, including Europe (-15%), Central & South America (-9%), Asia Pacific (-7%), Africa (-4%), and ex-North America (-1%), with only Middle East & South Asia (+2%) in positive territory. Many of the major intercontinental lanes saw significant declines, 2Wo2W, including double-digit percentage drops ex-Europe to Central & South America (-26%), Africa (-24%), North America (-16%), and to Asia Pacific (-12%).
However, tonnages to Europe increased from Asia Pacific (+12%) and from Middle East & South Asia (+17%). In the equivalent two-week period at the start of 2023, tonnages to Europe from Asia Pacific and from Middle East & South Asia also rose, on a 2Wo2W basis, but less sharply: by 4% and 13%, respectively.
There have been anecdotal reports in recent days of cargo owners switching some cargo from sea to air because of longer ocean voyages caused by the disruptions in the Red Sea. Although it’s unclear yet to what extent this has contributed to air cargo demand, those elevated tonnage figures to Europe from Asia Pacific and from Middle East & South Asia likely reflect some contribution from modal shift on these lanes from sea to air and to sea-air.