Air cargo spot rates go up in August as demand, capacity imbalance continue

Accordng to latest updates by Xeneta, air cargo spot rates were sky high in August as demand and capacity imbalances continued, flanked by additional e-commerce and Red Sea shipping disruption-related demand. Average spot rates showed their largest year-on-year growth of 24%, according to the latest monthly analysis by Xeneta. Global average air cargo spot rates were recorded at $2.68 per kg in August. Meanwhile, global cargo supply grew at its slowest ratio in 2024 to date, at 2% year on year, while global cargo demand continued its double-digit growth, rising 11%.  In terms of dynamic load factor – Xeneta’s measurement of capacity utilisation based on volume and weight of cargo flown alongside available capacity – the supply/demand imbalance led to the global load factor increasing four percentage points year on year to 58% in August. Additionally, there were ocean-to-air shift due to Red Sea disruptions and e-commerce continued to show strong growth ahead of the fourth-quarter peak season.