Air cargo demand and rates from Asia Pacific origins continue to soar well above last year’s levels, with spot rates from Vietnam to Europe, in particular, spiking even further in the last two weeks, according to the latest weekly figures and analysis from WorldACD Market Data.
Based on the more than 450,000 weekly transactions covered by WorldACD’s data, overall tonnages and rates from Asia Pacific origins are up, year on year (YoY) by +20% and +16%, respectively, in the last two full weeks (weeks 22 and 23), based on a full-market average of spot rates and contract rates. But looking at spot rates on their own, highlights some big variations in the last few weeks between the various main Asia Pacific origin countries, especially to Europe, as shippers face significant shortages of both air and ocean freight capacity due to strong demand and disrupted sea freight services. Those disruptions to container shipping services, in part caused by the attacks on vessels in the Red Sea, have been exacerbated further in recent weeks due to port congestion and vessel capacity shortages in certain key markets, driving more cargo owners to air cargo solutions.
