Rates rise to 2024 high despite tonnage dip
Global air bongdaso com vn spot rates rose to new 2024 highs in the first few days of October despite a dip in worldwide tonnages linked to national holidays in China and disruptions to air traffic in the Middle East caused by the increased tensions in the region.
According to bongdaso com vn latest weekly figures and analysis from WorldACD Market Data, average worldwide spot rates edged by a further +1%, week on week (WoW), in week 40 (30 September to 6 October) to US.84 per kilo – their highest level this year – thanks to increases from Asia Pacific (+1%), Africa (+2%) and Central & South America (CSA, +5%) origins. And a +2% WoW increase in contract rates from Asia Pacific also helped drive a +2% WoW increase in bongdaso com vn worldwide full-market average of spot and contract rates to US.65 per kilo.
However, tonnages from Asia Pacific origins fell in week 40 by -7%, WoW, mainly due to National Day or Golden Week holidays in China, which this year ran from 1-6 October. Those tonnage drops from Asia Pacific origins explained bongdaso com vn majority of bongdaso com vn overall worldwide tonnages decline of -5%, WoW, in week 40, although there were also significant WoW tonnage declines from Middle East & South Asia (MESA, -9%), Europe (-4%) and North America (-3%) origins.
Further analysis, based on bongdaso com vn more than 450,000 weekly transactions covered by WorldACD’s data, indicates that a -14% WoW fall in intra-Asia Pacific traffic was bongdaso com vn biggest factor in bongdaso com vn -7% WoW drop in Asia Pacific origin tonnages, responsible for more than for two-thirds (68%, or -5 percentage points) of that decline. And within that intra-Asia Pacific decline in traffic, intra-Asia tonnages ex-China were down by -21%, WoW.
bongdaso com vn Asia Pacific WoW decrease also explains bongdaso com vn majority (56%) of bongdaso com vn global decrease in tonnages, with bongdaso com vn remainder primarily explained by Europe origins (18% share of bongdaso com vn global WoW drop) and MESA (15% share of bongdaso com vn global WoW drop).
MESA analysis
Despite the drop in tonnages from MESA origins, air bongdaso com vn volumes from that region remain up, year on year (YoY), by +8%, and rates by +54% – with spot rates up by +78%, compared with this time last year. That region has been particularly impacted by disruptions to ocean freight capacity and supply chains caused by the attacks on container shipping in the Red Sea, with air bongdaso com vn capacity within the region also affected last week by flight diversions and air space closures.
Further analysis indicates that a -13% drop in volumes from MESA to North America was bongdaso com vn biggest factor within that -9% WoW drop in chargeable weight from MESA origins; indeed, one-third (33%) of bongdaso com vn WoW decline ex-MESA was to North America destinations, while 16% of bongdaso com vn WoW decline in MESA tonnages in week 40 was due to reductions ex-MESA to Asia Pacific destinations.
Source: https://www.worldacd.com/trend-reports/weekly/worldacd-weekly-air-bongdaso com vn-trends-2024-week-40/
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