Air cargo rates from China have surged in the final full week ahead of Lunar New Year (LNY) on 10 February, according to the latest figures from WorldACD Market Data, as shippers rush to get goods shipped before the LNY holiday period.
Fresh analysis this week by WorldACD reveals that rates for air cargo shipments from China to North America rose by +14%, week on week (WoW), in week 5 (29 January to 4 February), although rates are still well below their level in early December. Similarly, China to Europe rates rose by +8%, WoW, although rates on this lane are also still well below their fourth-quarter peak levels in early December.
It is unclear to what extent this pre-LNY demand is being boosted by the disruptions and delays to container shipping in the Red Sea, which have also reportedly led to some conversion of China-Europe sea freight to sea-air shipments, via the Gulf and to some extent via the US west coast. Air cargo prices from the Gulf to Europe remained broadly flat in week 5, WoW, and below their level in early December, WorldACD data indicate.
