XADD Summary
During Q3, the global average air cargo spot rate paid by freight forwarders stayed below levels seen in the past three years as the market gradually normalizes.
However, the market finally bottomed out in September and, as we head into air cargo’s traditional year-end peak season, average spot rates in the week ending 8 October ticked up 11% to USD 2.33 per kg compared to the previous month. This spot rate is also 35% higher than the same month in 2029.
The statistic is supported by the increase of cargo volumes (+4% month-on-month in the week ending 8 October) as shippers return from their summer break and prepare for the year-end holiday seasons.
Consequently, the global air cargo load factor, which measures the capacity utilization of aircraft, ticked up three percentage points in the same timeframe, with cargo capacity staying on par with last month.
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