Signs of stability for capacity at end of Q1

Global capacity showed signs of stability at the end of March, growing 7% month over month. Overall global belly freight capacity increased 9% MoM, according to digital air cargo application CargoAi ’s March 2023 capacity report. Global freighter capacity increased 5% MoM. [caption id="attachment_57135625" align="aligncenter" width="1024"] Source/CargoAi[/caption] Asia-Pacific The region accounted for 23% of global outbound cargo capacity in March, increasing 4% MoM and 25% YoY. Belly capacity rebounded to third-quarter 2022 levels, CargoAi reported. The region saw a 10% increase in belly capacity from February. Freighter capacity declined by 1% MoM in March. The largest decline on Asia-Pacific outbound trade lanes came on the Asia-Pacific to North America route, where freighter capacity declined 8% MoM. Despite the decline, that route accounted for 40% of the region’s overall outbound capacity. Asia-Pacific to Europe had the second-largest share at 35.3%, followed by the Middle East at 22.9%. Routes to Africa and Latin America made up the remaining 1.8% of capacity. Chargeable weight decreased by 4% MoM in the region. Middle East The Middle East had a 13% share of global outbound capacity in March, following 10% MoM growth from February. “The capacity trend in the region has remained quite stable throughout Q1 of 2023,” CargoAi said in the report. Belly capacity increased 11% MoM in March, which CargoAi attributed to regularizing scheduled passenger flights of Middle Eastern carriers to significant destinations in South Asia and the Indian subcontinent. Belly capacity from the Middle East to the Asia-Pacific region grew 15% MoM. Outbound freighter capacity grew by an average of 8% and remained stable on routes to key markets in Asia-Pacific and Europe. The largest share of overall capacity was on the Middle East to Asia-Pacific route, at 46.7%. The Middle East-to-Europe route accounted for 41.2% of outbound capacity. Africa made up 6.6%, followed by North America at 5% and Latin America at 0.5%. Africa Outbound capacity increased 6% MoM in March, and the region had 4% of the global capacity. The increase marked a recovery from a slump in February that resulted from flight cancellations in North Africa due to bad weather and poor visibility. Capacity on the Africa-to-Asia-Pacific routes saw the largest increase in the region, increasing 26% MoM in March. Routes from Africa to Europe saw the largest capacity decrease at 44% MoM. Africa-to-Europe routes had the largest share of outbound African capacity in March, accounting for 63.9%, followed by Africa-to-Middle East at 24.1%. Routes to Asia-Pacific, Latin America and North America accounted for the remaining 12% of capacity. [caption id="attachment_57135626" align="alignright" width="819"] Source/CargoAi[/caption] Europe Europe held a 30% share of global outbound capacity in March, as the region’s capacity increased 9% from February. The March outbound capacity was on par with January capacity, recovering from a February drop. An 11% increase in freighter capacity out of Europe was “indicative of the increasing air cargo demand at a healthy yield,” CargoAi reported. Belly capacity increased 7% MoM, hitting a level even with January 2023 and October 2022. Improving passenger flight operations from Europe to North America caused a 12% MoM growth in belly capacity in March, according to the digital air cargo platform. The largest share of outbound capacity was on the Europe-to-Asia-Pacific route, accounting for 36% of the region’s outbound capacity. Europe-to-North America finished second at 27% and Europe-to-Middle East at 19.8%. Latin America and Asia-Pacific routes combined made up the remaining 17.2%. North America North America held 24% of outbound global capacity in March and saw an overall outbound capacity increase of 7% MoM, including 14% growth on North America-to-Europe routes. Belly capacity in the region grew 10% MoM. The primary cause of the increase was a 19% surge in belly capacity from North America to Europe, CargoAi reported. The platform said the surge could be “attributed to increasing demand of passenger travel between the regions and additional routes and flights rolled out by carriers like Delta Airlines [and] Air Canada among other operators.” The largest share of North America’s outbound capacity was on North America-to-Asia-Pacific routes at 41.5%. North America-to-Europe routes made up 34.9% of the region’s outbound capacity, followed by Latin America with 19.5%. Routes to Africa and the Middle East made up a combined 4.1% of capacity. Latin America The region accounted for 7% of global outbound capacity in March, with its capacity increasing 3% MoM, on par with January figures. Belly capacity grew 6% MoM, while freighter capacity declined 2% MoM. Airlines making additional routes operational for the summer schedule is a positive sign “anticipating a surge in the overall capacity to and from the Latin America region,” CargoAi said. Capacity from Latin America to North America accounted for 66.4% of the region’s outbound capacity, followed by Latin America to Europe with 32%. Latin America to Africa, Asia Pacific and the Middle East combined made up the remaining 1.6% of outbound capacity for the region.

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