Global air cargo tonnages rebound after Lunar New Year dip as sea-air surge continues

Global air cargo tonnages have rebounded strongly in the final full week of February after the typical Lunar New Year (LNY) dip, according to WorldACD Market Data. Concurrently, key Asia-Europe sea-air hubs, including Dubai, Colombo, and Bangkok, continue to experience significant surges in tonnages due to disruptions in Red Sea container shipping. In week eight, Dubai-Europe air cargo traffic soared by over 146% compared to last year, with average tonnages up by 140% year-on-year for weeks seven and eight. Colombo-Europe tonnages surged by over 80% year-on-year in weeks seven and eight. While Bangkok-Europe volumes maintained a consistent year-on-year growth trend exceeding 40%, there was a slight ease to 15% in week eight. Despite the recent surge, the sustainability of heightened demand via hubs like Dubai and Colombo remains uncertain as the sector transitions into March. Nevertheless, there were no signs of abatement in demand during week eight. The resurgence in global air cargo tonnages in week 8 follows consecutive 10% declines in the preceding two weeks, primarily due to tonnage recovery post the LNY holiday dip. Despite year-on-year decreases in average yields rates, notably by 18%, global rates remain significantly higher than pre-Covid levels, indicating resilience and recovery in the air cargo industry. Overall, worldwide air cargo capacity remains substantially higher than levels observed in the previous year.