THE recent deterioration in the ocean shipping market could be pushing more cargo to airfreight following the impact of the Red Sea crisis.
In its latest market update, data provider WorldACD said that over the last few weeks air cargo demand and rates from Asia Pacific origins 'continue to soar well above last year's levels'.
Its figures show that in the last two weeks, overall Asia Pacific tonnages are up 20 per cent year on year and rates are 16 per cent ahead of the year-ago level, although WorldACD pointed out that there are some big variations between origins, reports London's Air Cargo News.
This comes as ocean shipping - already under pressure due to the Red Sea crisis - has seen volumes and rates soar due to unseasonal capacity shortages and port congestion.
'Shippers face significant shortages of both air and ocean freight capacity due to strong demand and disrupted seafreight services,' the data provider said.
'Those disruptions to container shipping services, in part caused by the attacks on vessels in the Red Sea, have been exacerbated further in recent weeks due to port congestion and vessel capacity shortages in certain key markets, driving more cargo owners to air cargo solutions.'
The disruption in ocean shipping was also noted by Marc Zeck, senior research analyst at investment bank Stifel, in the monthly Baltic Exchange newsletter.
Mr Zeck said that ocean freight rates for the China-Europe trade lane jumped by 324 per cent year on year in May, while from China to the US west coast there was a 309 per cent increase.
However, he said it remained to be seen whether this would result in more cargo heading to the skies.
SeaNews Turkey
In its latest market update, data provider WorldACD said that over the last few weeks air cargo demand and rates from Asia Pacific origins 'continue to soar well above last year's levels'.
Its figures show that in the last two weeks, overall Asia Pacific tonnages are up 20 per cent year on year and rates are 16 per cent ahead of the year-ago level, although WorldACD pointed out that there are some big variations between origins, reports London's Air Cargo News.
This comes as ocean shipping - already under pressure due to the Red Sea crisis - has seen volumes and rates soar due to unseasonal capacity shortages and port congestion.
'Shippers face significant shortages of both air and ocean freight capacity due to strong demand and disrupted seafreight services,' the data provider said.
'Those disruptions to container shipping services, in part caused by the attacks on vessels in the Red Sea, have been exacerbated further in recent weeks due to port congestion and vessel capacity shortages in certain key markets, driving more cargo owners to air cargo solutions.'
The disruption in ocean shipping was also noted by Marc Zeck, senior research analyst at investment bank Stifel, in the monthly Baltic Exchange newsletter.
Mr Zeck said that ocean freight rates for the China-Europe trade lane jumped by 324 per cent year on year in May, while from China to the US west coast there was a 309 per cent increase.
However, he said it remained to be seen whether this would result in more cargo heading to the skies.
SeaNews Turkey
