April marked the fourth consecutive month of robust global air cargo demand growth, exceeding 11%, but a slowdown has ensued after a bustling start to the year, according to Xeneta’s analysis. The influx of additional belly capacity is impacting dynamic load factor, and air cargo demand may wane due to the anticipated reduction in disruptions from the Red Sea shipping crisis.
Despite a rise in global air cargo spot rates, this surge is unlikely to be sustained. The average global spot rate reached US $2.59 per kg in April, propelled by regional conflicts and heightened e-commerce activity. However, Niall van de Wouw, Xeneta’s chief airfreight officer, anticipates rates to ease as market conditions stabilize. Van de Wouw also noted a shift in airfreight procurement strategies, with longer-term contracts and mechanisms to manage market rate fluctuations gaining traction amidst market volatility. While forwarders seek extended capacity commitments, airlines face a balancing act in optimizing profitability amid uncertain demand patterns. With preparations underway for the fourth quarter peak season, stakeholders are positioning themselves to navigate evolving market dynamics and capitalize on emerging opportunities.
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