The air freight market continues to be disrupted. Despite the added capacity of Passenger to Freighter (P2F) aircrafts and increased freighter services, there is still a significant shortage of space.
Meanwhile, a reduced workforce due to covid-related issues is continuing to cause delays and affect rate levels. China’s hardline approach to COVID-19 cases is causing major disruption, which is resulting in the closure of some airports and is putting additional pressure on alternative airports.
In some cases, because of the reduced workforce and airport closures, airlines have made the decision to cancel flights.
Peak season, combined with the backlog of freight, means that space and rates cannot be blocked. Rates provided today are likely to change by the time the goods are collected or handed over; the rate and space can change more than once before the physical cargo is uplifted.
CN-UK rates have doubled within the last four weeks and are up 55% compared to this time last year and 80% on 2019 levels. CN-US rates are up 57% compared to the same period in 2020, and up 162% compared with 2019.
Following Golden Week, it is expected that some supply may return to the market and rates could ease slightly.
With demand for air freight services high, our global experts are continuing to work hard to find the right solutions to meet customer requirements. For any enquiries relating to specific bookings, please contact our Customer teams.