According to weekly data from WorldACD Market Data, global average air freight spot rates recorded a further 5% weekly increase in Week 45 (November 4-10, 2024), marking a 24% rise compared to the same period last year. Spot rates from the Asia-Pacific, the world's largest origin region, climbed another 6% to $4.43 per kilogram, while Europe, the second-largest origin, saw a similar 6% increase, reaching $2.49 per kilogram. Central and South America (CSA) also showed significant growth, with rates rising 10% to $2.04 per kilogram, while prices from North America increased by 5% to $1.83 per kilogram. However, weekly declines were recorded in spot rates from Africa (-4%) and the Middle East & South Asia (MESA, -2%).
Compared to the same week in 2023, when several markets were already experiencing strong peak season demand, this year's spot rates remain significantly elevated year-on-year, particularly from Asia-Pacific (+25%), MESA (+70%), Europe (+14%), and CSA (+14%). Rates from Africa also increased by 10%, while North America reported a 5% rise.
In terms of demand, global chargeable weight transported in Week 45 remained stable, with slight increases from Europe, Africa, and CSA origins offset by declines from North America and MESA (both down by 4% week-on-week). Compared to last year, global transported volumes increased by 2%, a lower annual growth than seen in most weeks over the past six to seven months, partly due to comparison with a particularly strong period last year.
A comparative analysis of Weeks 44 and 45 this year versus the prior two weeks reveals an overall 3% market rate increase, driven by a 5% rise from European origins and a 4% increase from Asia-Pacific, lifting global average prices by 12% year-on-year. One market that experienced particularly strong rate growth was Europe to North America, where prices surged by 16% over the two-week period, despite a 9% drop in transported volumes along that route. This reflects reduced belly-hold capacity on transatlantic passenger flights following the start of the 2024-25 winter schedule from October 27, combined with relatively high load factors in the westbound transatlantic market.
Meanwhile, global chargeable weight transported in Weeks 44 and 45 declined by 4% compared to the previous two weeks, with an 8% drop from MESA and 5% decreases from European and African origins. Compared to last year, global transported volumes increased by 4% in Weeks 44 and 45, with annual growth from all major origin regions except MESA, which registered a 3% decline, likely due to rising military and geopolitical tensions in the region, and Africa (-1% year-on-year).
An analysis of global capacity shows a 3% decrease in Weeks 44 and 45 compared to the previous two weeks, partly due to the start of the winter schedule, but also down 2% year-on-year, mainly because of annual reductions of 4% from European and North American origins. Capacity analysis for Week 45 shows a slight weekly drop in passenger capacity of just over 1%, despite some recovery from European airports. However, air cargo capacity saw a 3% weekly increase, leading to an overall freight capacity growth of nearly 1% week-on-week.
Part of this recovery can be attributed to the restoration of capacity following Typhoon Kong-rey, which particularly impacted Taiwan and parts of mainland China. New routes and capacity have also been added to India, especially to Delhi, and last week saw a significant increase in capacity by major global integrators, reflecting continued growth in peak season express traffic, including e-commerce shipments.
