Air freight growth continued in April - Xeneta
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- Thursday, 02 May 2024
The impact of air cargo’s ‘black swan’ conflict in the Red Sea that's disrupting ocean freight showed signs of easing in April, while air freight volume growth registered its fourth straight month of 11 per cent, according to data analysis by Xeneta.
Extra cargo capacity from airlines' summer schedules boosted supply growth by five per cent, placing downward pressure on load factors that fell from 62 per cent in March to 59 per cent.
Xeneta measures cargo capacity based on volume and weight of cargo flown alongside capacity available.
The average global spot rate rose to US$2.59 per kg, its highest level this year. However, this year-on-year (yoy) growth in global spot rate should be viewed in the context of a weak market in April 2023.
“In absolute terms, the levels of demand and supply growth are what we expect to see in April after what was a typically strong month of March at the end of Q1. April may well represent an interlude to a quieter period for the air freight market,” said Niall van de Wouw, chief airfreight officer Xeneta.
