According to the Baltic Exchange Airfreight Index (BAI), the rates paid for airfreight services from Hong Kong to North America and Europe in January 2023 have declined year-over-year, but still remain 67.8% higher than pre-COVID levels. The elevated rates can be attributed to a combination of factors including higher fuel prices, a shortage of belly […]
Read More2022 saw many disruptive events impact the global freight market, and we’re bound to witness some spillover from last year on air rates and volumes in 2023. In January and February last year, air freight volume was sky-high, seeing an accumulative 4% year-on-year growth compared to 2021. But this growth dropped from mid-April 2022. […]
Read MoreAir Freight rates continue to decline on major routes with exception of the China-U.S. route which has grown 10%, the TAC Index shows. This development comes on the heels of early factory closures in China as the Chinese New Year (CNY) holiday nears but also in part because of new COVID cases and weak […]
Read MoreWith factories already closing in China, ahead of next week’s new year holiday, airfreight rates on major routes have continued to decline. One source reported that factories were closing early: in part, because some staff did not get a holiday last year owing to Covid lockdowns, partly because of new Covid cases and also […]
Read MoreEconomic pressures continue to hamper consumer spending, and industry players are not expecting to see the usual increase in demand as factories close for the two-week holiday. According to a global freight forwarder, the year-end holiday in 2022 did not deplete stock levels. For this reason, a limited uptick in demand is expected after the […]
Read MoreThe International Air Cargo Association (TIACA) predicts the next 12 months will be challenging for air cargo demand as the market faces reduced consumer spending due to high inflation, high-interest rates, high energy costs, and concern over job security. TIACA expects national economics to have a significant influence during the first half of 2023. It […]
Read MoreBoeing is projecting robust demand for air cargo services through 2041 with traffic doubling and the global freight fleet expected to grow by more than 60%, according to the company’s World Air Cargo Forecast report (see Figure above). The average annual growth rate is projected at 4.1% over the next 20 years. In comparison, […]
Read MoreAccording to CLIVE Data Services, air cargo volumes have declined -8% year-on-year, for an eighth consecutive month in October. The market outlook “remains uncertain” with “no indication there will be a peak” during the traditional Christmas peak weeks, said CLIVE. The drop in demand, measured in chargeable weight, stayed -3% below the pre-pandemic level […]
Read MoreBelow-deck capacity has significantly increased in Asian markets with rising long-haul passenger numbers, but freight demand in key markets of Europe and North America is slackening. Air cargo spot rates out of China have fallen sharply through the third quarter and into October, reflecting the supply-demand imbalance. Average rate levels from Shanghai to North Europe […]
Read MoreGeneral airfreight spot rates fell -9% year-on-year in September, below the 2021 level for the first time this year, as growing global cargo capacity continues to outpace air cargo volumes, CLIVE Data Services reported. Niall van de Wouw, chief airfreight officer at Xeneta said there are “no indications” demand will increase again. He noted some […]
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