The global air cargo industry has yet to see any significant uplift from the recent disruptions to container shipping in the Red Sea, according to the latest figures from WorldACD Market Data, although there is likely to be some conversion of sea freight to air freight in the coming weeks if these disruptions continue.
Preliminary figures for the final week of 2023 indicate that tonnages in December were +5% above their level in December 2022, with the final two weeks of the year also showing a +5% uplift compared with last year, in line with the year-on-year (YoY) improvement recorded across last month.
The first half of 2023 saw tonnages fall by -9%, YoY, the second half (H2) was characterized by an improving YoY performance for each consecutive month, closing with H2 flat compared to last year. This means that global tonnages for the full year 2023 ended up -5% lower than in 2022.
According to WorldACD Market Data, preliminary figures for the seven-day period (December 25 to 31) show the typical end-of-year drop in global air cargo tonnages, with demand down by -25% compared with the previous week, while average worldwide rates remained stable – a slight improvement compared with the previous year, which showed a decline in average rates of -2% in the equivalent week.
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