Air Cargo Rates Rise to Yearly High in November 2024 Despite Dip in Tonnages

Worldwide air cargo rates rose to a 2024 high in November of US$2.76 per kilo, despite a slight (-2%) drop in flown tonnages compared with October, although demand and pricing both remain significantly above their already elevated levels last November, according to the latest figures and analysis by WorldACD Market data.

The figures reflect worldwide air cargo markets that remain relatively strong, including ex-Asia Pacific, but where good advance planning by air cargo stakeholders looks set to avert a major peak season capacity crunch and very steep rate rises in the final weeks of the year.

Nevertheless, average worldwide rates in November rose by +6%, month on month (MoM), based on a full-market average of spot rates and contract rates, taking them to their highest level since January 2023 and +11% higher, year on year (YoY).

The biggest MoM increases came from Europe (+10%) and Central & South America (CSA, +9%) origins, based on the more than 450,000 weekly transactions covered by WorldACD’s data.

Average worldwide spot rates rose to US$3.09 per kilo in November, a YoY increase of +21%, whereas contract rates worldwide averaged $2.67 per kilo, a +10% rise, YoY.

But overall global tonnages in November were down -2%, MoM, with the biggest percentage decline coming from Middle East & South Asia (MESA, -11%) origins, which have been highly elevated for most of this year.

The -4%, MoM, decrease from Europe origins was responsible for a similar drop in tonnage terms – reflecting reduced passenger belly capacity since the start of aviation’s winter season from 27 October, including cuts in passenger services by European carriers to and from China.

Read More: Air Cargo Traffic to Double by 2043 as Emerging Markets Drive Growth