Average global air freight spot rates rose a further +4% in the first full week of December to reach a 2024 high of US$3.30 per kilo, driven by a +8% rise from Asia-Pacific origins, where the sector The strong but relatively stable fourth-quarter (Q4) peak season is approaching its peak.
According to the latest figures and analysis by WorldACD Market Data, average spot prices from Asia-Pacific origins rose to $4.86 per kilo in week 49 (December 2-8), thanks to a +8% week-on-week (WoW) increase. . This made it 19% higher than its levels in the same week last year. Spot prices from African assets also rose +12%, partly due to increased traffic to European markets, based on more than 450,000 weekly transactions covered by WorldACD data. There was an additional +3% increase from European origin to $2.93 per kilo, supported by a +4% increase from European origin to North America, bringing average prices to $3.97 per kilo on this westbound transatlantic corridor.
Loads, worldwide, were stable in week 49, with a slight increase (+1%) y/y, mainly driven by a recovery in inbound volumes from North America (+15% y/y) following the US Thanksgiving holiday period. . But there were also significant tonnage increases from China to the US and Europe, which helped lift spot prices in those markets by +10% and +12%, to $6.83/kg and $5.52/kg, respectively.
Spot rates rise from Asia to Europe
Alongside this 12% rise from China to Europe, spot prices from Taiwan to Europe rose by 20%, in week 49, to $4.76 per kilo, and there were further increases from Japan (+3%), and Vietnam (+3%). . ), Thailand (+4%) and Malaysia (+3%). Prices from Hong Kong to Europe fell slightly (-1%), but rose significantly in the past two weeks, reaching US$6.22 per kilogram. Compared to last year, there are some really significant year-on-year increases in spot rates to Europe, especially from Southeast Asian markets such as Indonesia (+94%), Thailand (+67%), Malaysia (+50%), and Singapore (+42%). %), and Vietnam (+30%), while spot rates from Taiwan to Europe are currently 62% higher year-on-year. Year-on-year spot rate increases to Europe from China (+18%), Hong Kong (+7%), and South Korea (+14%) are less pronounced than some Southeast Asian markets, although rates from China Hong Kong, in particular, was already significantly higher at this time last year, supported by rising cross-border e-commerce volumes.
Compared to last year, the 49th week average worldwide spot rates rose +21% y/y, led by a +62% increase in Middle East and South Asia (MESA) assets, and a +19% increase y/y. Annual from Asia Pacific and Europe.
