According to the latest weekly figures and analysis from Global Market Data, average global site rates registered a further +5 percent rise in week 45 (November 4-10), taking them +24 percent above their equivalent levels last year. Spot prices from the largest region of origin worldwide, Asia-Pacific, rose another +6 percent, to US$4.43 per kilo, with the second largest region of origin, Europe, also showing an increase of +6 percent. For us, it’s $2.49 per kilo, based on more than 450,000 weekly transactions covered by WorldACD data. Central and South America (CSA) rates rose more sharply, by +10 percent, to US$2.04 per kilo, with prices from North America recording a +5 percent increase, to US$1.83 per kilo. There was a bump in spot prices from Africa (-4 percent), the Middle East and South Asia (MESA, -2 percent).
Compared to the equivalent week last year, when various markets were already experiencing the effects of strong peak season demand, spot prices this year remain significantly higher, on a year-over-year basis (Yoy), especially from Asia-Pacific (+25 percent), Mesa (+70 percent), Europe (+14 percent), and CSA (+14 percent), with Africa also +10% higher and North America scoring A +5 percent Increase, Yui.
On the demand side, worldwide detectable weight at week 45 was stable, F, with small increases from Europe, Africa and CSA origins through declines from North America and MESA (both -4 percentamazing). Compared to last year, the worldwide whine, Yoy, rose by +2 Just +2 percent At week 45. That’s a much smaller year-on-year growth number compared to most weeks in the past six or seven months, although the comparison period this time last year was tough, as volumes were in the midst of a strong Q4 peak.
2WO2W analysis
Comparing weeks 44 and 45 this year with the previous two weeks (2WO2W comparison) reveals a +3 percent The whole market increase in prices, 2WO2W, is driven by +5 percent Increase of European assets and +4 percent Increase from Asia Pacific, with world average prices +12 percent percent Top, Yui. One market experiencing a strong price rise is Europe to North America, where prices are up +16 percentbased on 2WO2W, although -9 percent Drop in the moans that were conveyed on this corridor. This reflects a reduction in passenger belly capacity on the Transatlantic following the start of the 2024-25 (Northern) winter flight schedule from 27 October, combined with relatively high load factors in the westbound Transatlantic market.
Meanwhile, worldwide freight weight in weeks 44 and 45 fell to -4 percentcompared to the previous two weeks, including a decline of -8 percent Of Mesa’s origins and -5 percent Of European and African origins. Compared to last year, worldwide earnings rose +4 percent In weeks 44 and 45 this year, with Yoy growing out of all major parent regions except MESA, which recorded -3 percent The decline in Yoy, most likely reflects the impact of rising military and geological tensions in the region and Africa (-1 percentyui).
Capacity analysis
Global air cargo capacity in weeks 44 and 45 fell by -3 percenton a 2WO2W basis -partly reflects the start of the winter schedule, although it also fell -2 percent Compared with last year, mainly because of -4 percent Yue drops from European and North American origins.
Analysis of the capacity situation at week 45 reveals a decline in passenger capacity of just over -1 percentdespite some recovery from European airports. However, there was also an increase in charging capacity of around +3 percentresulting in overall impressive gross cargo capacity growth of nearly +1 percentamazing. Some of that reflects capacity recovery after Typhoon Kong Riri, which particularly affected Taiwan and also parts of mainland China. But there have been new routes and capabilities added to India, especially to Delhi. Last week also saw a significant increase in capacity for large global integration, reflecting a continued rise in peak season express traffic, including from the e-commerce sector.
