Barcelona, June 11, 2024.- According to SupplyChain 24/7 magazine, the global air cargo market is on track for double-digit growth in volumes in 2024, driven by a remarkable +12% year-on-year increase in demand observed in May, according to recent data from Xeneta. This positive trend follows six consecutive months of high regional demand for cargo capacity, which has boosted expectations beyond the single-digit growth forecasts set at the end of last year. Consequently, the global air cargo spot rate in May registered its second consecutive monthly growth, rising +9% year-on-year to $2.58 per kg, and up +5% month-on-month.
“In terms of growth data, analysts sometimes say ‘once is an incident, twice is a coincidence, and three times is a pattern.’ In the world of air cargo, there’s an undeniable pattern emerging. We can’t use the word ‘surprising’ anymore. When we take a mid-term view of the market, with these kinds of numbers, we might be on track for double-digit growth for the year. It is now a possible scenario,” said Xeneta’s Chief Airfreight Officer, Niall van de Wouw.
Looking ahead, van de Wouw pointed to other positive market indicators for the second half of the year. A promising outlook for Q4 2024 could be on the horizon, following last year’s robust end-of-year volumes. This optimism is further supported by a threefold increase in ocean container shipping spot rates from the Far East to North Europe and the U.S. West Coast compared to the previous year, primarily due to port congestion and disruptions caused by the Red Sea conflict. This reduction in the cost gap for shippers or forwarders may encourage a modal shift to air cargo, although a significant shift from ocean to air is unlikely.
Transportation & Logistics Software 