According to the most recent data from WorldACD Market Data, global air cargo tonnages have remained stable in the first full week of September after declining by -3 percent at the end of August. Average rates have remained roughly the same since mid-July, between USD2.26 and USD2.29 per kilo.

Weekly analysis

Figures for week 36 (4 to 10 September) show stable tonnages, compared with the previous week, while average worldwide air cargo prices increased slightly (+1 percent), based on the more than 400,000 weekly transactions covered by WorldACD’s data.

While capacity continued to slightly decline (-1 percent), as it has since the second week of August, overall tonnages and worldwide rates were steady compared to their combined total in weeks 33 and 34.

Regionally, declines in tonnages (2Wo2W) were most pronounced on flows out of North America (-8 percent) due to Labour Day on September 4 in the USA and Canada, followed by flows to Europe (-12 percent), Asia Pacific (-8 percent), and Central & South America (-7 percent).

Following the end of the main European summer holiday season, notable increases were recorded on flows between Europe and Asia Pacific (westbound +7 percent, eastbound +6 percent), ex-Europe to North America (+6 percent) and ex-Middle East & South Asia to Asia Pacific (+7 percent).

On the pricing side, average global rates remained stable on a 2Wo2W basis, along with prices from the main origin regions, with no notable deviations among the main regions.

Year-on-Year perspective

Comparing the overall global market with this time last year, chargeable weight in weeks 35 and 36 was down -7 percent compared with the equivalent period last year (YoY), with double digit percentage decreases in tonnages ex-North America (-20 percent) and ex-Europe (-13 percent).

Tonnages ex-Africa were down -5 percent, while the other origin regions remained flat (Central & South America) or showed mild decreases (Asia Pacific -1percent, Middle East & South Asia -2 percent).

Overall capacity has increased by +7 percent compared with last year, with capacity ex-Asia Pacific up by a noteworthy +23 percent.

Other significant YoY capacity increases can be observed ex-Middle East & South Asia (+8 percent) and ex-Europe (+7percent), while a significant decrease was recorded ex-Central & South America (-7 percent).

Worldwide average rates are currently -35 percent below their levels this time last year, at an average of USD 2.29 per kilo in week 36, although they remain significantly above pre-Covid levels (+33 percent compared to September 2019).