According to the latest weekly figures and analysis from WorldACD Market Data, the average global rate rose by around +3% in week 12 (18-24 March) to $2.45, which is within 10% of its elevated level this time last year. Although global tonnages in week 12 were slightly down (-2%) compared with the previous week, tonnages for the last two weeks (weeks 11 and 12), combined, are up +1% compared with the previous two weeks (a 2Wo2W comparison), and average rates are up by +6%, 2Wo2W, with capacity up by +2%. That +6% increase in rates, 2Wo2W, was mainly driven by rises of +10% from Middle East & South Asia, and +7% from Asia Pacific origin points. Year-on-year growth Six weeks on from Lunar New Year (LNY), year-on-year (YoY) comparisons are now more meaningful and reveal some significant improvements in demand levels compared with this time last year, based on the more than 450,000 weekly transactions covered by WorldACD’s data. Overall global tonnages are up by +8%, YoY, led by a +15% rise from Middle East & South Asia and a +12% rise from Asia Pacific origin points, as disruptions to Asia-Europe container shipping – caused by the attacks on vessels in the Red Sea – and strong e-commerce demand continue to bolster air cargo demand from those regions. But there is also YoY growth ex-Africa (+10%), ex-Europe (+6%) and ex-Central & South America (+3%), with North America the only origin region to record a slight decline (-1%). Worldwide average air cargo rates are down, YoY, by -10%, but they remain significantly above pre-Covid levels (+36% compared to March 2019). Overall worldwide air cargo capacity continues to be significantly up on last year’s levels (+9%), most notably ex-Asia Pacific by +19%, and ex-Central & South America by +12%.