XADD Summary
Global air cargo spot rates (airline sell) have seen surprisingly strong growth in the first quarter of 2024, reaching USD 2.59 per kg in the first week of April. This represented the second consecutive week of year-on-year growth after nearly two years of continuous decline.
There appears to be strong momentum behind this growth too, with the global spot rate of USD 2.59 per kg up by 14% compared to four weeks earlier. This growth cannot be solely attributed to jet fuel surcharges either, with the US Gulf Coast Kerosene-Type jet fuel spot rate only increasing by 5% in the same period.
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