Global air cargo rates up by 50% after COVID: WorldACD

Global average air cargo rates are now 50 percent above their pre-Covid levels following the significant rebound in the last few months in demand and pricing, especially ex-China, according to the latest figures from WorldACD Market Data. Preliminary figures for week 50 (December 11-17) indicate that global tonnages and average worldwide rates have been stable compared with the previous week after recovering more quickly than last year from the seasonal post-Thanksgiving dip last month based on the more than 400,000 weekly transactions covered by WorldACD’s data. “Comparing weeks 49 and 50 this year with the preceding two weeks (2Wo2W), overall tonnages increased one percent and overall global average rates continued to rise, by two percent, with capacity up one percent. The figures indicate that demand and pricing are levelling off, as they usually do in the second half of December, after rallying in the last three months. Although the main driver for the recent increases has been a surge in tonnages and rates ex-Asia Pacific, especially China, volumes ex-Asia Pacific have now flattened although there have still been some modest rises in average rates ex-Asia Pacific, especially to North America (up four percent), on a 2Wo2W basis.” Tonnages to and from North America, and in some cases prices, have continued to recover in the last few weeks after dropping significantly for much of this year, especially outbound, the update added. “Notable tonnage increases in the last two weeks from North America include to Asia Pacific (13 percent), Europe (12 percent) and Central & South America (11 percent).”