As of mid-2024, global air cargo rates remain elevated, driven by ongoing disruptions in ocean container shipping. Despite backhaul corridors nearing pre-pandemic levels, outbound Asia airline spot rates are experiencing significant upward pressure. This surge is linked to rising ocean spot rates, particularly from Asia to Europe and North America.
Since May, rates have seen the largest increases since 2018, with the Far East to North Europe 40ft container rate nearly doubling from late April to late June. Concerns over a capacity crunch are prompting shippers to frontload cargo, exacerbating disruptions and further elevating freight costs. Understanding the correlation between ocean and air freight markets is crucial, as shippers adapt to rapid rate adjustments, with the fastest response times observed in the Asia to North America route.
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