Air cargo enters 2024 with cautious optimism: Xeneta

To say 2024 is a new dawn is perhaps a little too optimistic but I certainly think it’s the start of a new cycle for airlines and forwarders. Shippers are likely to also appreciate the stability returning to the market so they can more accurately predict the transportation costs: Niall van de Wouw, Xeneta.

Weekly market data for December shows the global average air cargo spot rate peaking at $2.60 per kg, up six percent from its November level, boosted by a 9% annual growth in demand.

The crisis impacting ocean container shipping in the Red Sea and disruption through the Suez Canal has yet to influence air cargo rates as the surge of air cargo demand for the holiday season was close to its end by the start of these events.

Xeneta market outlook forecast for 2024 remains unchanged with an anticipated one-two percent growth in demand and a two-four percent rise in supply.