Cargo Breaking News
Global air cargo demand showed no signs of slowing down in November as volumes recorded a 13th consecutive month of double-digit growth and load factors hit their highest level since April 2022, according to the latest market analysis by Xeneta. Demand rose +10% year-on-year in November, fuelled by the continued boom in e-commerce. This, coupled with only a marginal +2% growth in air cargo capacity, contributed to global air cargo spot rates (valid for one month) also reaching their highest level in nearly two years at USD 2.90 per kilo, a sixth consecutive month of double-digit year-on-year growth. The air cargo market’s strong monthly performance in 2024 had led to hopes of a ‘peak of all peaks’ in Q4 from some sectors of the market. Niall van de Wouw, Xeneta’s Chief Airfreight Officer, however, says the industry has done well to avoid it. “The peak of all peaks should not be a goal. It should be avoided because of the imbalance it creates between winners and losers. 2024 had all the ingredients to see crazy peak season rates but the fact we haven’t seen this situation develop is another sign of the maturity we previously referenced in the global air cargo market. What we witnessed in 2023 was a mess and a valuable lesson. In 2024, we are seeing those lessons put into practice,” he said.
