Global air cargo rates hit new high in March, says report – Trade Arabia

Global air cargo rates continued to rise throughout March, thanks to strong demand and rising rates from Asia and Middle East origins, taking average prices to within -7% of their elevated levels this time last year and recovering to their levels during last year’s winter peak season, according to latest weekly figures from WorldACD Market Data. 
 
Average rates rose, week on week (WoW), by around +2% in week 13 (25-31 March) to $2.48 per kilo, following consecutive weekly WoW rises of between +2% and +3% last month, on a globalized basis, progressively narrowing the gap between rates this year and the equivalent periods last year. 
 
Average rates in January and February were -19% below their equivalent levels in 2023, but throughout March the gap narrowed, from -15% in week 9 to just -7% in week 13, based on the more than 450,000 weekly transactions covered by WorldACD’s data, it stated. 
 
The narrowing of the rates gap compared with last year partly reflects high comparison rates in January 2023 of $2.92 per kilo, which dropped to $2.70 in February and $2.68 in March 2023, as rates continued to gradually slide from the extreme highs of early 2022. 
 
But it also reflects a recovery in average rates since the start of the fourth quarter (Q4) of 2023. And despite the usual seasonal drop at the start of this year, and after Lunar New Year, average rates have recovered to close to their peak levels in Q4 last year, the report said. 
 

Global air cargo rates hit new high in March, says report – Trade Arabia

Global air cargo rates continued to rise throughout March, thanks to strong demand and rising rates from Asia and Middle East origins, taking average prices to within -7% of their elevated levels this time last year and recovering to their levels during last year’s winter peak season, according to latest weekly figures from WorldACD Market Data. 
 
Average rates rose, week on week (WoW), by around +2% in week 13 (25-31 March) to $2.48 per kilo, following consecutive weekly WoW rises of between +2% and +3% last month, on a globalized basis, progressively narrowing the gap between rates this year and the equivalent periods last year. 
 
Average rates in January and February were -19% below their equivalent levels in 2023, but throughout March the gap narrowed, from -15% in week 9 to just -7% in week 13, based on the more than 450,000 weekly transactions covered by WorldACD’s data, it stated. 
 
The narrowing of the rates gap compared with last year partly reflects high comparison rates in January 2023 of $2.92 per kilo, which dropped to $2.70 in February and $2.68 in March 2023, as rates continued to gradually slide from the extreme highs of early 2022. 
 
But it also reflects a recovery in average rates since the start of the fourth quarter (Q4) of 2023. And despite the usual seasonal drop at the start of this year, and after Lunar New Year, average rates have recovered to close to their peak levels in Q4 last year, the report said. 
 

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