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Air cargo spot rates experienced a significant drop in June, causing unease among airlines and forwarders.
The air freight industry saw a slowing of volume declines last month, which led to a significant drop of 41% year over year in general air cargo spot rates in June, according to Clive Data Services. The global average air freight spot rate in June stood at $2.31 per kilogram, showing an industry grappling with market fluctuations. Industry insiders, such as Niall van de Wouw, Chief Airfreight Officer at Xeneta, suggest that falling rates, rather than volumes, have caused increased anxiety among airlines and forwarders. In an industry trying to navigate the market post-pandemic, freight forwarders are feeling pressure from shippers to renegotiate prices, reflecting the current market value.
Source: Supply Chain Dive
Roughly 20% of global air trade demand loss can be attributed to COVID-related commodities.
— Arcadio Martinez (@tatin17) July 12, 2023
Unlike declines in e.g fashion or high tech, COVID-related commodities are a permanent loss to the air cargo industry. pic.twitter.com/UjI5nTvbMi
UPS pilots pledge solidarity with Teamsters, promising to halt flights if a strike occurs. The move puts UPS's labor costs and customer relationships at risk.
Global air cargo demand remains weak, barring southern China's strong e-commerce volumes. Rates see region-specific shifts amidst rising operational costs.
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