Global air cargo average spot rates rose by a further +4 percent in the first full week of December to a 2024 high of US$3.30 per kilo, driven by a +8 percent surge from Asia Pacific origins, as the sector’s strong but relatively stable fourth-quarter (Q4) peak season approaches its zenith.

According to the latest figures and analysis by WorldACD Market data, average spot rates from Asia Pacific origins rose to $4.86 per kilo in week 49 (2 to 8 December), thanks to that +8 percent week-on-week (WoW) increase, taking them +19 percent above their levels in the same week last year.

Spot rates from African origins also rose by +12 percent, WoW, partly in response to a surge in traffic to European markets, based on the more than 450,000 weekly transactions covered by WorldACD’s data. And there was a further +3 percent increase from Europe origins to $2.93 per kilo, boosted by a +4 percent WoW increase from Europe origins to North America, taking average rates to $3.97 per kilo on that westbound transatlantic lane.

Tonnages worldwide were stable in week 49, with a slight (+1%) WoW increase, mainly driven by a +14 percent WoW rebound in volumes from North American origins (+15 percent from the US) following the Thanksgiving holiday period in the US. But there were also significant WoW tonnage increases from China to the US and to Europe, which helped drive up spot prices on those markets by +10 percent and +12 percent, WoW, to $6.83/kg and $5.52/kg, respectively.

Asia to Europe spot rates surge

Alongside that +12 percent spike from China to Europe, Taiwan to Europe spot prices rose +20percent, WoW, in week 49 to $4.76 per kilo, and there were further WoW increases from Japan (+3 percent), Vietnam (+3 percent), Thailand (+4 percent), and Malaysia (+3 percent). Hong Kong to Europe rates dipped slightly (-1 percent), but have been significantly elevated in the last two weeks, standing at $6.22/kg.

And compared to last year, there are some really big year-on-year (YoY) increases in spot prices to Europe, particularly from Southeast Asian markets such as Indonesia (+94 percent), Thailand (+67 percent), Malaysia (+50 percent), Singapore (+42 percent), and Vietnam (+30 percent), while Taiwan to Europe spot prices are currently +62 percent higher, YoY. The YoY spot rate increases to Europe from China (+18 percent), Hong Kong (+7 percent) and South Korea (+14 percent) are less pronounced than from some of those Southeast Asian markets, although rates from China and Hong Kong, particularly, were already highly elevated this time last year, boosted by surging cross-border e-commerce volumes.

Compared with last year, average worldwide spot rates in week 49 were up +21 percent, YoY, led by a +62 percent increase from Middle East & South Asia (MESA) origins, and +19 percent YoY increases from Asia Pacific and Europe.

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