Air Freight News

Air cargo tonnages drop further

Sep 16, 2022

Worldwide air cargo tonnages dropped again in the first full week of September after recovering somewhat in the previous two weeks, the latest figures from WorldACD Market Data reveal, with no clear signs yet of a post-summer, pre-peak revival.

Looking at week 36 (September 5 - 11) alone, worldwide chargeable weight decreased

-5% compared with the previous week. But comparing weeks 35 and 36 with the preceding two weeks (2Wo2W), volumes in the last two weeks combined were broadly stable on a 2Wo2W basis, while average worldwide rates declined -1%, with a slight decrease in capacity.

Across that two-week period, tonnages showed a stabilizing trend from most of the main air cargo origin regions, except for flows ex-North America, which showed a strong decrease of -7%. That volume trend ex-North America can also be seen on a lane-by-lane basis, with significant decreases from North America to Europe (-8%) and to Asia Pacific (-11%).

Other notable lane-by-lane changes include a -10% drop in chargeable weight from Europe to Africa and a +5% increase from Europe to North America, on a 2Wo2W basis.

Year-on-Year perspective

Comparing the overall global market with this time last year, chargeable weight in weeks 35 and 36 was down -11% compared with the equivalent period in 2021, despite a capacity increase of +7%. Volumes ex-Asia Pacific are -20% below their strong levels this time last year, with Middle East & South Asia origin tonnages -15% below last year, North America and Africa origin traffic down -5%, and ex-Europe volumes -4% below the equivalent two-week period in 2021.

Capacity from all of the main origin regions, with the exception of Asia Pacific (-7%), is now significantly above its levels this time last year, including double-digit percentage rises from Africa (+18%), Europe (+11%) and North America (+10%).

Meanwhile, after remaining above last year’s levels for the first seven months of 2022, worldwide rates are now -4% below their level this time last year at an average of US$3.52 per kilo, despite the buoying effects of higher fuel surcharges compared with last year.

It’s worth comparing air cargo’s performance with that of the ocean freight market, where average worldwide spot prices are around half their level this time last year, and that downwards pricing trend is accelerating as congestion and capacity constraints continue to ease.

Similar Stories

https://www.ajot.com/images/uploads/article/Air_cargo_rates.jpg
General air cargo market demand fell for a ninth consecutive month in November, but decline slows
View Article
https://www.ajot.com/images/uploads/article/Westjet_Cargo_Boeing-B737-800BCF.jpg
WestJet Cargo confirms the launch of four Boeing 737-800 freighters
View Article
https://www.ajot.com/images/uploads/article/Ethiopian_Airlines_Boeing_737.jpg
Boeing and Ethiopian Airlines partner to transport humanitarian aid aboard new 737 MAX jets
View Article
IBA insights show Latin America continues to lead global air capacity recovery

IBA, the leading aviation market intelligence and consultancy company, has today published its monthly Aviation Industry Barometer for October 2022, highlighting that Latin America continues to lead global capacity recovery,…

View Article
https://www.ajot.com/images/uploads/article/Boeing_747.jpg
Final Boeing 747 airplane leaves Everett factory
View Article
Southwest Airlines reinstates dividend after Coronavirus suspension

Southwest Airlines Co. said it would reinstate its dividend following a pause of more than two years, becoming the first major US carrier to resume the shareholder payouts after they…

View Article