Monday, July 22, 2024
Global tonnages in June down by -4% compared to 2022

Global tonnages in June down by -4% compared to 2022

Global air cargo tonnages in June show a continuation of the improving year-over-year trend that we have seen since May, characterized by a slowing rate of decline, according to the latest weekly figures from WorldACD Market Data. Air cargo tonnages for the full month of June ended at -4% compared to the previous year, an improvement compared to May at -6% (YoY), while April was still at -10% (YoY). Average rates stabilized throughout June around -38% compared to the previous year.

Figures for week 26 (26 June to 2 July) show a similar drop in tonnages (-4%) and a slight increase in average worldwide air cargo prices, week on week (WoW), based on the more than 400,000 weekly transactions covered by WorldACD’s data.

Comparing weeks 25 and 26 with the preceding two weeks (2Wo2W), overall tonnages decreased by -3% versus their combined total in weeks 23 and 24, with capacity up +1% and average worldwide rates stable.

READ: Flat air cargo market continuous through June

At a regional level, strong drops were recorded ex-Europe to Middle East & South Asia (-14%), between Middle East & South Asia and Asia Pacific (westbound -5%, eastbound -9%), and between Africa and Europe (northbound -11%, southbound -5%), partly related to the Eid al-Adha holiday at the end of June. Furthermore, notable changes were a drop ex-Asia Pacific to North America (-6%) and a jump in the other direction, ex-North America to Asia Pacific (+10%).

On the pricing side, average rates remained stable on a regional level, on a 2Wo2W basis, with two notable exceptions: on flows ex-Middle East & South Asia to Asia Pacific (-10%) and ex-North America to Asia Pacific (-5%).

READ: Year-on-Year airfreight tonnage decline eases to -4%

Year-on-Year perspective

Comparing the overall global market with this time last year, chargeable weight in weeks 25 and 26 was down -7% compared with the equivalent period last year, mainly driven by decreases in tonnages ex-North America (-13%), ex-Europe (-11%) and ex-Asia Pacific (-5%). The only increase was recorded ex-Central & South America (+3%).

Overall capacity has increased by +11% compared with last year, with capacity ex-Asia Pacific up by a noteworthy +30%. Other double-digit YoY percentage increases include traffic from Middle East & South Asia (+15%) and Africa (+13%), while a strong reduction was observed from Central & South America (-8%).

Worldwide average rates are currently -38% below their levels this time last year, at an average of US$2.39 per kilo in week 26, although they remain significantly above pre-Covid levels (+35% compared to June 2019).

Picture of Edward Hardy

Edward Hardy

Having become a journalist after university, Edward Hardy has been a reporter and editor at some of the world's leading publications and news sites. In 2022, he became Air Cargo Week's Editor. Got news to share? Contact me on Edward.Hardy@AirCargoWeek.com

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