The recent deterioration in the ocean shipping market could be pushing more cargo to airfreight following the impact of the Red Sea crisis.
In its latest market update, data provider WorldACD said that, over the last few weeks, air cargo demand and rates from Asia Pacific origins “continue to soar well above last year’s levels.”
Its figures show that, in the last two weeks, overall Asia Pacific tonnages are up 20% year on year and rates are 16% ahead of the year-ago level, although WorldACD pointed out that there are some big variations between origins.
This comes as ocean shipping – already under pressure due to the Red Sea crisis – has seen volumes and rates soar due to unseasonal capacity shortages and port congestion.
“Shippers face significant shortages of both air and ocean freight capacity due to strong demand and disrupted seafreight services,” the data provider said.
Read more in an article from Air Cargo News.