According to the latest analysis by Xeneta, the global air cargo demand growth continued to spike in the last week of August 2024. The average global spot rates demand growth grew to 24% Year-on-Year. The global average spot rates reached USD 2.68 per kg, whereas the global cargo supply grew at its slowest ratio this year at 2% YoY. The cargo spot rates for Europe – ME & Central Asia route surged 2% at USD 1.58 per kg, and spot rates for ME & Central Asia – Europe route at the end of August stood at USD 3.11 per kg.
“Typically, air cargo market performance in August tends to follow the July trend. But another month of double-digit demand growth and the strongest rate growths of the year means there was no summer slack season in 2024. Rates we saw bottoming out in late July started picking up again in mid-August. This is too short a period to call a season. This has been a busy summer, and now we’re at the threshold of Q4, it will be interesting to see what will happen and if all the anticipation of a red-hot peak season materialises”, Niall van de Wouw, Chief Airfreight Officer, Xeneta, said.
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