Flight cancellations in northeast Asia and national holidays across several European countries have contributed to a mid-August fall in air cargo tonnages, according to market data from WorldACD.
Tonnages during week 33 of 2024 (August 12 to 18) dipped by 7% in comparison to the previous week. Rates in Asia dropped by 9% while dropping 11% in Europe. This drop in Asia was due to flight cancellations out of Japan, caused by Typhoon Ampil.
Similarly, the 11% decline in Europe was mostly driven by national holidays held across the continent.
On the pricing side, average worldwide rates – based on a full-market average of spot rates and contract rates – was relatively flat, up only 1% to $2.49 per kilo, with most regions not seeing a change in comparison to the week previous. Asia Pacific reported a 2% increase while rates declined 2% from Africa. The average global rates are 45% above pre-Covid levels in the equivalent period.
Compared to the same period last year, average worldwide prices were up 11% in week 33, largely driven by an increase of 57% from Middle East & South Asia and 22% from the Asia Pacific region.
Cargo tonnages dip after flight cancellations in Asia and national holidays across Europe
