THE air cargo market remains flat as the industry heads towards its traditional peak season, reports London's Air Cargo News.
Data provider TAC Index said that its latest figures showed that overall air freight rates according to the Baltic Exchange Index (BAI) were down 0.8 per cent compared with the prior seven days.
'Prices did not move much from most major outbound locations, with Shanghai showing the biggest gain (against a week before) of 2.4 per cent taking the year-on-year change from there to 13 per cent.'
The data firm said that with inventories high and China still not fully re-opened from Covid lockdowns, it had been predicted that other countries in Asia Pacific would report an increase in rates.
However, prices from Vietnam to the US saw a fall of 6.3 per cent leaving the year-on-year change at 24.6 per cent and India to the US prices were down 14.7 per cent compared with the previous week and are down 9.8 per cent against last year.
'Many observers still expect prices to firm as we head towards the peak season for air cargo, while others suggest that if and when China fully re-opens that could add a large amount of extra bellyhold capacity - which might have the opposite effect,' TAC said in a market summary.
Meanwhile, figures released by the Association of Asia Pacific Airlines (PA) show that the air cargo markets weakened further in July 'set against a backdrop of falling export orders alongside worsening business and consumer confidence levels'.
'International air cargo demand in freight tonne km (FTK) dropped markedly, by 11.6 per cent year on year [in July], whilst freight capacity offered held relatively steady, edging just 0.4 per cent lower.
'As a result, the average international freight load factor declined by 8.6 percentage points to 67.8 per cent for the month.'
Said PA director general Subhas Menon: 'Prevailing supply chain disruptions, inflationary pressures and geopolitical tensions further dampened demand for air shipments.'
SeaNews Turkey
Data provider TAC Index said that its latest figures showed that overall air freight rates according to the Baltic Exchange Index (BAI) were down 0.8 per cent compared with the prior seven days.
'Prices did not move much from most major outbound locations, with Shanghai showing the biggest gain (against a week before) of 2.4 per cent taking the year-on-year change from there to 13 per cent.'
The data firm said that with inventories high and China still not fully re-opened from Covid lockdowns, it had been predicted that other countries in Asia Pacific would report an increase in rates.
However, prices from Vietnam to the US saw a fall of 6.3 per cent leaving the year-on-year change at 24.6 per cent and India to the US prices were down 14.7 per cent compared with the previous week and are down 9.8 per cent against last year.
'Many observers still expect prices to firm as we head towards the peak season for air cargo, while others suggest that if and when China fully re-opens that could add a large amount of extra bellyhold capacity - which might have the opposite effect,' TAC said in a market summary.
Meanwhile, figures released by the Association of Asia Pacific Airlines (PA) show that the air cargo markets weakened further in July 'set against a backdrop of falling export orders alongside worsening business and consumer confidence levels'.
'International air cargo demand in freight tonne km (FTK) dropped markedly, by 11.6 per cent year on year [in July], whilst freight capacity offered held relatively steady, edging just 0.4 per cent lower.
'As a result, the average international freight load factor declined by 8.6 percentage points to 67.8 per cent for the month.'
Said PA director general Subhas Menon: 'Prevailing supply chain disruptions, inflationary pressures and geopolitical tensions further dampened demand for air shipments.'
SeaNews Turkey
