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Companies in desperate hunt for aircraft to move cargo
Seller’s market means strong bottom lines for airlines, high rates for shippers
0 3,250 11 minutes read A forklift driver repositions an airfreight pallet, in front of a row of air containers and a cargo jet. (Photo: Jim Allen/FreightWaves at DFW Airport)
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Updated May 12, 10:15 P.M. ET with DHL Forwarding details on rail service)
The airfreight market is so saturated that companies without precommitments, or the stomach to pay premiums, are having difficulty finding aircraft to move their goods. And import cargo keeps coming, on top of record volumes for air and ocean shipping, further straining an air logistics system stretched by a shortage of equipment and airport labor.
Rates Shoot Higher
Shipping rates are steadily climbing with demand outstripping supply in many areas. The China and Hong Kong markets are leading the way on price strength, while others are more dynamic. In some cases, prices are even higher than during the PPE rush of spring 2020 when air cargo capacity worldwide contracted more than 40%.
The Baltic Air Freight Indices showed an increase of almost 17% in April from March largely driven by China and Hong Kong exports.
By the end of April, shipments from China/Hong Kong to the U.S. jumped 60% from March to $8.56 per kilo, according to the TAC Index. Prices are up 8% versus last year and 153% versus 2019. The Hong Kong rate is $8.65/kilo compared to $4.91 on March 1 and is approaching the highest level seen last year of $8.81 in May.
April air cargo volumes bounce back
Global air cargo demand bounced back into growth in April after a -3% dip in March.
With high load factors keeping the international airfreight system under significant strain as the traditional surge in summer capacity has so far failed to materialise for a second consecutive year, say industry analysts CLIVE Data Services and TAC Index.
CLIVE’s first-to-market weekly and monthly air cargo market data shows volumes in April up 1% over April 2019 and +78% compared to the same month of 2020, continuing the positive trend seen in the opening two months of this year. The second half of April 2021 showed particularly strong year-over-year growth, up 6%.
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