Airfreight rates up 0.2% last week

Airfreight rates rose slightly again for the week ending Sept. 18, with the overall Baltic Air Freight Index edging up 0.2% week over week, leaving the year-over-year decline at 44.4%, according to the latest data from TAC Index . The prior week, the global index increased 1.7% WoW. [caption id="attachment_57138235" align="alignnone" width="1024"] (Photo/TAC Index)[/caption] “Rates were steady again out of China,” Tuesday’s TAC Index report stated. The outbound Hong Kong International Airport (HKG) index fell 0.3% WoW, leaving its YoY decline at 38.3%, “still well ahead of other major centers over the year given continuing strong e-commerce business and in spite of higher jet fuel prices and rising capacity,” the report said. Outbound Shanghai Pudong International Airport (PVG) routes increased 1.3% WoW, trimming its YoY loss to 44%. “Out of Europe, the market was softer again — despite feared disruption from the strike at Cargolux , which has now been settled,” the report stated. Cargolux employees stopped working Thursday to fight for higher salaries but returned to work following a weekend agreement between management and the two unions involved. The outbound Frankfurt Airport (FRA) index fell again, down 2.3% WoW, taking its YOY decline to 47.9%. The London Heathrow Airport (LHR) index was worse, falling 4.7% WoW and 55.9% YoY. In the United States, the outbound Chicago O’Hare International Airport (ORD) index bounced back 8.8% from the previous week’s decline of 11.8%, leaving its YoY decline at 49.9%. Additionally, rates out of India were up again to both Europe and the U.S., but down from Vietnam in both directions, the report stated. Cathay’s tonnage increases The rising rates out of China are reflected in Cathay Pacific ’s August traffic figures, released today. The airline, which includes Cathay Cargo , carried 116,919 tonnes of cargo last month, up 11.5% YoY. The month’s cargo revenue freight tonne kilometers (RFTKs) increased 13.2% YoY. The cargo load factor decreased by 8.2 percentage points to 58.8%, while capacity, measured in available cargo tonne kilometers, increased 29% YoY. In the first eight months of 2023, tonnage increased 20.8% against an 87.8% increase in capacity and a 60.5% increase in RFTKs, compared with the corresponding period in 2022. “August saw similar levels of demand and tonnage carried as July, as we continued through the traditionally quieter season for air cargo,” Cathay Pacific Chief Customer and Commercial Officer Lavinia Lau said in the release. “As has been the case for a number of months now, e-commerce remains a bright spot for the business, with tonnage continuing to see positive growth.” Lau said she expects to see even better numbers in September. “For cargo, September marks the start of the traditional peak period and we are seeing demand beginning to pick up well as businesses [planning] ahead for consumer sales events such as Singles Day in the Chinese mainland and Black Friday in long-haul markets, as well as new consumer product launches that are on the horizon,” Lau said. Singles Day is an unofficial Chinese holiday that celebrates people not in relationships.

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