A sharp rise in air cargo spot rates from Europe origins, particularly to the Americas, has helped to further drive up average worldwide spot prices in the second full week of November, with rates to Brazil rising especially rapidly in the last two weeks, linked to congestion problems at São Paulo’s Guarulhos International Airport (GRU).

According to the latest weekly figures and analysis by WorldACD Market Data, average spot rates from Europe origins rose by a further +10% in week 46 (11 to 17 November), week on week (WoW), to US $2.71 per kilo. That’s +23% higher than this time last year. Average spot rates ex-Asia Pacific were flat in week 46 compared with the previous week at $4.39 a kilo, although a +3% increase in tonnages ex-Asia Pacific also contributed to a +4% WoW rise in average worldwide spot rates to $3.14 per kilo. There were modest WoW spot rate increases from Central & South America (+4%) and North America (+3%) origins.

Buoyant transatlantic market

However, the biggest shifts in the last few weeks have been on the westbound transatlantic market, particularly from Europe to the USA and to South America. Europe to the USA spot rates recorded consecutive WoW increases of +16% and +17% in weeks 45 and 46, taking them to $3.34 per kilo – a rise of +48% in five weeks and +36% in only two weeks. That reflects a fall in capacity following the start of airlines’ winter schedules from 27 October, and some demand increases ahead of the Thanksgiving holiday on 28 November – but also the fact that cargo load factors on the westbound transatlantic market were already relatively high.

https://www.ajot.com/news/worldacd-weekly-air-cargo-trends-week-46-2024