Global cargo volumes, rates drop in June

Global air cargo volumes fell 8% year over year in June as rates also dipped due to added bellyhold capacity with the return of summer flight schedules. Available capacity increased 6% YoY in June , although it is still down 11% compared with June 2019, according to today’s update from Xeneta’s CLIVE Data Services. June’s dynamic load factor — an analysis of weight and volume flown compared with available capacity — was 59%, 9 percentage points lower than the same period in 2021, and 2 percentage points lower than 2019. [caption id="attachment_57065891" align="aligncenter" width="2560"] Photo / CLIVE Data Services by Xeneta[/caption] The trans-Atlantic market has seen declining rates, with a reported 30% drop in prices between April and June, bringing rates close to 2020 levels, Niall van de Wouw, CLIVE founder and chief airfreight officer at Xeneta, said in the report. June’s general airfreight rates were 13% higher YoY and 129% higher than June 2019, but have seen a gradual drop since the start of the year . Meanwhile, spot market rates at the end of June were 5% lower than the same period in 2020, according to the report. Demand from Asia to the U.S. and Europe continues to keep flights full, but “a more subdued North Atlantic market” saw increased capacity and falling volumes with summer flights, van de Wouw said. “It will also be interesting to see the reaction of forwarders that have secured air cargo capacity directly with airlines or through charter brokers or ACMI providers because, in a softening market, more options are available,” he said. “They were willing to pay a price for reliability and their own control, but they may now be considering how much cheaper it could now be to use commercial airline capacity.” Various challenges like COVID-19 and the consequences of labor shortages in the supply chain — including new restrictions on freighters — will continue to impact the air freight market, van de Wouw said

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