Worldwide air cargo rates rose to a 2024 high during November to $2.76 per kilo, despite a 2% drop in flown tonnages compared to figures from October.
In data from WorldACD, average worldwide rates rose in November by 6%, in comparison to the same period of the year prior, based on a full-market average of spot rates and contract rates.
Worldwide spot rates rose to $3.09 per kilo in November, an increase of 21% in comparison to the same period of the year prior, whereas contract rates worldwide averaged at $2.67 per kilo, a rise of 10% when looking at the comparable period of the year prior.
This resulted in rates being at their highest level since January 2023 and 11% higher in comparison to the same month of the year prior. The biggest increase in rates, in comparison to October 2024, was seen in Europe where rates were up by 10% and in Central and South America where rates were up 9%.
Despite the increase in worldwide rates, tonnages were down during November by 2%, when looking at data from the month prior, with the biggest decline seen in the Middle East and South Asia (MESA), with the region seeing an 11% decrease in tonnages during November.