GLOBAL air cargo average spot rates rose by a further +4 per cent in the first full week of December to a 2024 high of US$3.30 per kilo, driven by a +8 per cent surge from Asia Pacific origins, as the sectors strong but relatively stable fourth-quarter (Q4) peak season approached its zenith.
According to WorldACD Market data, average spot rates from Asia Pacific origins rose to $4.86 per kilo in week 49 (2 to 8 December), thanks to that +8 per cent week-on-week (WoW) increase, taking them +19 per cent above their levels in the same week last year.
Spot rates from Africa origins also rose by +12 per cent, WoW, partly in response to a surge in traffic to European markets, based on the more than 450,000 weekly transactions covered by WorldACDs data.
And there was a further +3 per cent increase from Europe origins to $2.93 per kilo, boosted by a +4 per cent WoW increase from Europe origins to North America, taking average rates to $3.97 per kilo on that westbound transatlantic lane.
Tonnages, worldwide, were stable in week 49, with a slight (+1 per cent) WoW increase, mainly driven by a +14 per cent WoW rebound in volumes from North America origins (+15 per cent from US), following the Thanksgiving holiday period in the US.
But there were also significant WoW tonnage increases from China to the US and to Europe, which helped drive up spot prices on those markets by +10 per cent and +12 per cent, WoW, to $6.83/kg and $5.52/kg, respectively.
Alongside that +12 per cent spike from China to Europe, Taiwan to Europe spot prices rose +20 per cent, WoW, in week 49 to $4.76 per kilo, and there were further WoW increases from Japan (+3 per cent), Vietnam (+3 per cent), Thailand (+4 per cent), and Malaysia (+3 per cent).
Hong Kong to Europe rates dipped slightly (-1 per cent), but have been significantly elevated in the last two weeks, standing at $6.22/kg. And compared to last year, there are some really big year-on-year (YoY) increases in spot prices to Europe, particularly from Southeast Asian markets such as Indonesia (+94 per cent), Thailand (+67 per cent), Malaysia (+50 per cent), Singapore (+42 per cent), and Vietnam (+30 per cent), while Taiwan to Europe spot prices are currently +62 per cent higher, YoY.
The YoY spot rate increases to Europe from China (+18 per cent), Hong Kong (+7 per cent) and South Korea (+14 per cent) are less pronounced than from some of those Southeast Asian markets, although rates from China and Hong Kong, particularly, were already highly elevated this time last year, boosted by surging cross-border e-commerce volumes.
Compared with last year, average worldwide spot rates in week 49 were up +21 per cent, YoY, led by a +62 per cent increase from Middle East & South Asia (MESA) origins, and +19 per cent YoY increases from Asia Pacific and Europe.
SeaNews Turkey
According to WorldACD Market data, average spot rates from Asia Pacific origins rose to $4.86 per kilo in week 49 (2 to 8 December), thanks to that +8 per cent week-on-week (WoW) increase, taking them +19 per cent above their levels in the same week last year.
Spot rates from Africa origins also rose by +12 per cent, WoW, partly in response to a surge in traffic to European markets, based on the more than 450,000 weekly transactions covered by WorldACDs data.
And there was a further +3 per cent increase from Europe origins to $2.93 per kilo, boosted by a +4 per cent WoW increase from Europe origins to North America, taking average rates to $3.97 per kilo on that westbound transatlantic lane.
Tonnages, worldwide, were stable in week 49, with a slight (+1 per cent) WoW increase, mainly driven by a +14 per cent WoW rebound in volumes from North America origins (+15 per cent from US), following the Thanksgiving holiday period in the US.
But there were also significant WoW tonnage increases from China to the US and to Europe, which helped drive up spot prices on those markets by +10 per cent and +12 per cent, WoW, to $6.83/kg and $5.52/kg, respectively.
Alongside that +12 per cent spike from China to Europe, Taiwan to Europe spot prices rose +20 per cent, WoW, in week 49 to $4.76 per kilo, and there were further WoW increases from Japan (+3 per cent), Vietnam (+3 per cent), Thailand (+4 per cent), and Malaysia (+3 per cent).
Hong Kong to Europe rates dipped slightly (-1 per cent), but have been significantly elevated in the last two weeks, standing at $6.22/kg. And compared to last year, there are some really big year-on-year (YoY) increases in spot prices to Europe, particularly from Southeast Asian markets such as Indonesia (+94 per cent), Thailand (+67 per cent), Malaysia (+50 per cent), Singapore (+42 per cent), and Vietnam (+30 per cent), while Taiwan to Europe spot prices are currently +62 per cent higher, YoY.
The YoY spot rate increases to Europe from China (+18 per cent), Hong Kong (+7 per cent) and South Korea (+14 per cent) are less pronounced than from some of those Southeast Asian markets, although rates from China and Hong Kong, particularly, were already highly elevated this time last year, boosted by surging cross-border e-commerce volumes.
Compared with last year, average worldwide spot rates in week 49 were up +21 per cent, YoY, led by a +62 per cent increase from Middle East & South Asia (MESA) origins, and +19 per cent YoY increases from Asia Pacific and Europe.
SeaNews Turkey
