While global air cargo volumes held steady in the tenth week of 2024 (March 4-10), analysts at WorldACD Market Data have observed a consistent rise in combined sea-air transport from Asia to Europe, especially through the hubs of Dubai and Bangkok. Specifically, air tonnages on the Dubai-Europe route saw a 205% increase compared to the same period last year, with a 7% increase over the previous week. This trend is part of a broader context marked by a strong recovery in air traffic in the Asia-Pacific area following a dip associated with the Lunar New Year in early February.
Key hubs for combined sea-air transport between Asia and Europe - such as Dubai, Colombo, and Bangkok - have recorded exceptionally high demand for Europe since the beginning of the year, largely due to disruptions in container shipping caused by Houthi attacks on vessels in the Red Sea. Dubai, in particular, has shown remarkable resilience and strength, with tonnages more than doubling compared to last year and showing no signs of weakening.
Meanwhile, the Bangkok-Europe demand continues to rise sharply, with a +33% increase year-on-year in the tenth week, consistent with the +32% in the ninth. This increase is partly supported by road-air volumes transported from Vietnam and other origin points in the region, also affected by disruptions in Asia-Europe container shipping. However, the surge in Colombo-Europe demand appears to be slowing, with a +20% increase year-on-year in the tenth week, compared to +35% in the ninth and approximately +80% in the preceding three weeks.
Globally, total worldwide tonnages in the tenth week remained broadly stable compared to the previous week, after a recovery of 3% in the ninth and 14% the week before a 11% drop around the Chinese Lunar New Year holiday week. Average global freight rates also saw a slight increase (+2%) compared to the previous week, settling at $2.32 per kilo, roughly at the level of the weeks leading up to the Lunar New Year.
Looking ahead, data indicates a post-Lunar New Year rebound primarily driven by the Asia-Pacific region, with tonnages increasing by 28% from origin points in this area. This includes a 38% rise from Asia-Pacific to the Middle East & South Asia (MESA), along with significant increases to Europe (+29%), North America (+26%), and other Asia-Pacific destinations (+23%). Despite a slight decline on a bi-weekly basis, tonnages from MESA origins remain significantly elevated compared to last year (+17%), with the strongest average rate increases (+6%) and the only positive year-on-year change (+17%).
In conclusion, overall global air cargo capacity remains significantly higher than last year's levels (+9%), with double-digit percentage increases from Asia-Pacific (+18%) and from Central & South America (+14%) year-on-year. This not only underscores the sector's resilience in the face of global challenges but also highlights the growing importance of strategic hubs like Dubai in meeting European demand for air cargo freight.
