GLOBAL air cargo rates and volumes have continued a gradual decline in recent weeks despite a broadly stable capacity environment, according to WorldACD Market Data, reports the American Journal of Transportation.
Looking at week 29 (July 18 - 24) in isolation, worldwide chargeable weight increased one per cent compared with the week before, and the average worldwide rate decreased slightly, based on the more than 350,000 weekly transactions covered by WorldACD's data and analysis of the main international air cargo lanes.
But comparing the last two weeks with the preceding two weeks, average worldwide rates decreased two per cent and chargeable weight fell six per cent, while overall capacity remained stable.
Chargeable weight from Middle East and South Asia to Europe and Asia Pacific went down particularly strongly in the last two weeks, 19 per cent and 17 per cent, respectively.
But there were also substantial drops in outbound tonnages from the key Asia Pacific region to various markets, including a nine per cent drop to Middle East and South Asia, a eight per cent fall to North America, and a four per cent decline to Europe in the two weeks to July 24.
Overall outbound chargeable weight from Asia Pacific dropped by five per cent, compared with the previous two weeks, and is down 17 per cent compared with the same two weeks last year. Outbound chargeable weight from Europe also dropped five per cent, compared with the previous two weeks, and Africa outbound volumes were down 14 per cent in the same period.
After several weeks of volume decline, outbound chargeable weight from North America appears to have stabilised, although it remains well below - eight per cent- its levels this time last year.
For the overall global market, compared with last year the last two weeks showed a worldwide rate increase of 14 per cent, despite a weight decline of nine per cent and a capacity increase of six per cent, as higher fuel surcharges continue to inflate overall air cargo prices relative to their levels last year. But that 14 per cent rate differential compared with last year is also slowly diminishing, down from 19 per cent just a month ago.
As one senior logistics executive highlighted this month: 'This is what we used to call the slack season, and that is now back. It just seems apocalyptic because for the first time in two years we're seeing a decrease in volumes. But if you look at it compared to previous years prior to the pandemic, trade is still strong and volumes are still high.'
SeaNews Turkey
Looking at week 29 (July 18 - 24) in isolation, worldwide chargeable weight increased one per cent compared with the week before, and the average worldwide rate decreased slightly, based on the more than 350,000 weekly transactions covered by WorldACD's data and analysis of the main international air cargo lanes.
But comparing the last two weeks with the preceding two weeks, average worldwide rates decreased two per cent and chargeable weight fell six per cent, while overall capacity remained stable.
Chargeable weight from Middle East and South Asia to Europe and Asia Pacific went down particularly strongly in the last two weeks, 19 per cent and 17 per cent, respectively.
But there were also substantial drops in outbound tonnages from the key Asia Pacific region to various markets, including a nine per cent drop to Middle East and South Asia, a eight per cent fall to North America, and a four per cent decline to Europe in the two weeks to July 24.
Overall outbound chargeable weight from Asia Pacific dropped by five per cent, compared with the previous two weeks, and is down 17 per cent compared with the same two weeks last year. Outbound chargeable weight from Europe also dropped five per cent, compared with the previous two weeks, and Africa outbound volumes were down 14 per cent in the same period.
After several weeks of volume decline, outbound chargeable weight from North America appears to have stabilised, although it remains well below - eight per cent- its levels this time last year.
For the overall global market, compared with last year the last two weeks showed a worldwide rate increase of 14 per cent, despite a weight decline of nine per cent and a capacity increase of six per cent, as higher fuel surcharges continue to inflate overall air cargo prices relative to their levels last year. But that 14 per cent rate differential compared with last year is also slowly diminishing, down from 19 per cent just a month ago.
As one senior logistics executive highlighted this month: 'This is what we used to call the slack season, and that is now back. It just seems apocalyptic because for the first time in two years we're seeing a decrease in volumes. But if you look at it compared to previous years prior to the pandemic, trade is still strong and volumes are still high.'
SeaNews Turkey
