Cargo Breaking News
According to the latest weekly figures and analysis from WorldACD Market Data, air cargo rates held firm in the second full week of July, despite a second consecutive week-on-week (WoW) small drop in overall global flown tonnages, with volumes from Asia Pacific origins to the US recording further declines. Global average spot rates edged up slightly (over 1 per cent) in week 28 (7 to 13 July) to US$2.65 per kilo, thanks largely to over 6 per cent WoW rebound in both pricing and tonnages from North America origins following US Independence Day on 4 July. That followed a fall in tonnages of decline of 11 per cent from North America origins the previous week. Like in week 28 last year, the post 4 July recovery for origin North America has not yet fully materialised.
Those worldwide average spot rates, and many of the price and demand patterns during week 28, were very similar to the equivalent week this time last year – including global average full-market rates of $2.46 per kilo, based on a mix of spot and contract rates. However, the US dollar is around -6% weaker now than it was a year ago against other major world currencies, such as the euro. In euros, average worldwide rates are down by around -6%, year on year (YoY).
