In 2024, the air cargo industry saw significant developments across multiple regions, with rates climbing, capacity increasing, and demand surging in specific markets. Notable changes were observed in the Asia Pacific region and Vietnam, a burgeoning hotspot for air cargo due to the e-commerce boom. Here’s a snapshot of the major updates:
| Key Aspect | Description | Major Data Points |
|---|---|---|
| Air Cargo Spot Rates | Global air cargo spot rates reached a high in 2024, with rates increasing even during China’s Golden Week holiday. | – Tonnages in Asia Pacific: -7% |
| – Spot rate increase: 1% ($2.84/kg) | ||
| Vietnam as a Hotspot | Vietnam is emerging as a significant market for air cargo, especially for e-commerce with increased activity from markets like India, China, and Vietnam. | – Key players: Qatar Airways, Lufthansa Cargo |
| Increased Capacity | Ho Chi Minh saw extraordinary capacity growth, catering to increased air cargo demand in North America and Europe. | – Capacity growth Ho Chi Minh to NA: 359% YoY |
| Rate Increases | Despite capacity surges, rates have remained high, indicating robust demand. Rates from Vietnam to the US and Europe continue to rise. | – Vietnam to US: $6.38/kg |
| – Vietnam to Europe: $4.44/kg | ||
| Outlook | Strong demand is expected, particularly on profitable routes, but details on demand are limited due to confidentiality. | – Positive booking trends forecast |
| Industry Impact | Rising air cargo rates are prompting operational flexibility and route shifts to manage demand efficiently. | – Notable reroutes: China to US |
This increase in air cargo rates and capacity highlights ongoing shifts in the air freight market, reflecting the industry’s adaptation to booming demand in e-commerce and strategic regional investments. The trend is expected to continue, bolstering air cargo profitability across key routes.
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