Air cargo rates continue to soften

Global air cargo rates have continued to soften in September, according to the latest figures from WorldACD Market Data. WorldACD said that air cargo prices continued their gradual decline in the first two full weeks of September, while volumes increased slightly in the second week after a drop in the first full week.This follows a drop in worldwide cargo volumes in chargeable weight in August. Notably, volumes ex-North America displayed a -10% drop. Looking at year-on-year comparisons, WorldACD said after remaining above last year’s levels for the first seven months of 2022, worldwide rates are softening week over week, to currently -7% below their level this time last year, despite the buoying effects of higher fuel surcharges compared with last year.

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Ocean freight rates decreased via the West Coast of North America (-5.6% week-on-week), via the East Coast of North America (-3.5%), Europe (-7.0%), and Korea (-4.4%).

IATA said the air cargo market is stable despite demand falling for the sixth month in a row in August. The airline association’s latest data shows that demand in August fell by 8.3%, which was a slig