AIR cargo demand continued to increase at double-digit percentage levels in November, but the industry managed to avoid supply chain chaos despite the rapid growth
AIR cargo demand continued to increase at double-digit percentage levels in November, but the industry managed to avoid supply chain chaos despite the rapid growth. The latest figures from data firm Xeneta show that air cargo demand increased by 10 per cent year on year in November, the 13th consecutive month of double-digit improvements, according to London's Air Cargo News.
Meanwhile, capacity increased by the lower amount 2 per cent which resulted in a four-percentage point improvement in the dynamic cargo load factor to 63 per cent - its highest level in more than 30 months.
Average spot rates for the month were up by 22 per cent year on year to a high for the year of US$2.90 per kg.
Xeneta chief airfreight officer Niall van de Wouw said many had been predicting the 'peak of all peaks' in November, but he added that the industry had worked ahead of time to ensure that demand levels could be met.
'The peak of all peaks should not be a goal,' he said. 'It should be avoided because of the imbalance it creates between winners and losers. 2024 had all the ingredients to see crazy peak season rates but the fact we haven't seen this situation develop is another sign of the maturity we previously referenced in the global air cargo market.
'What we witnessed in 2023 was a mess and a valuable lesson. In 2024, we are seeing those lessons put into practice.'
He added: 'People should not be disappointed. We are witnessing a much more grown-up air cargo market based on better allocation of resources and better terms and conditions between all parties involved.
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