Traditionally, air cargo spot rates tend to decline or remain flat at best during H1, before rebounding from September onward until the year-end holiday season.
And yet, the average global air cargo spot rate has secured its seventh consecutive week of growth in the week ending 14 April. It was up 9% from four weeks ago and up 6% from the same period last year.
The surprisingly strong start to 2024 for air cargo rates has been mainly demand-pull and can be (partly) attributed to a lower base in the corresponding months of 2023, when consumer demand was weak.
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