The air cargo industry should expect a non-existent, or at best muted, peak season as rates and volumes continue to slide.

September saw rates drop 19% year on year out of Hong Kong to North America, while out of Shanghai they fell 42%, according to the TAC Index.

On Asia to Europe, rates fell 25% from Shanghai and were flat from Hong Kong, but all lanes are still significantly – between 92% and 175% – above pre-Covid levels.

World ACD, meanwhile, reported lower volumes, with chargeable weight down 12% year on year in weeks 38 and 39, with volumes ex-Asia Pacific 20% below and North America-origin tonnages 12% down.

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