Air cargo rates for transpacific shipments continued to fall in January, continuing a trend that began after a spike in November, according to Drewry’s new East-West Airfreight Price Index.
Last month, the average price per kilo of air cargo routing out of the United States stood at $3.25, nearly 40 cents below last year’s November high of $3.64. That high corresponded with an increase in activity, with Cathay Pacific turning in a 6.3-percent November increase in cargo carried, year over year. After the two months of price declines that followed, air cargo cost out of Asia is anticipated to bump up in February.
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| Sources: Drewry Sea & Air Shipper Insight. |
Analysts had predicted pricing out of Asia would decline in advance of the Chinese New Year, which fell on Sunday, Feb. 10. Air cargo activity typically receives a sizable boost in the period leading up to the holiday.
In its latest traffic report, the Association of Asia Pacific Airlines found that air cargo activity showed a 2-percent, year-over-year decline in December on a 3.4 percent capacity loss. Worldwide air cargo for the entire year was down by 3.4 percent, year over year. – Jon Ross