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Multiple factors drive transpacific air freight rates to record highs

Views: 0     Author: Site Editor     Publish Time: 2022-02-22      Origin: Site

Airfreight rates on transpacific routes have been surging since early November as peak season demand kicks in and a shift in ocean shipping patterns continues.

The latest figures from the Baltic Airfreight Index (BAI) show that freight rates from Hong Kong to North America hit an all-time high of $11.22 per kilogram last week, compared with $9.12 per kilogram in early October.

The price from Hong Kong to Europe was 7.80 euros per kilo, also a high for the index.

Meanwhile, the Freightos Air Cargo Index showed prices from Asia/China to the US West Coast hit $14.22 per kilogram last week, while to the East Coast was $12.76 per kilogram.

Prices have risen as Christmas is only 6 weeks away. It takes about 20-30 days to get from China to the US, and time is running out for those who want to receive their shipments in time for the Christmas shopping season by sea.

Delays at major maritime ports have exacerbated the situation.

"Peak season airfreight prices continue to climb as the holidays approach and seaborne delays force some cargo to be airlifted," Freightos said in its weekly market summary report.

Still, ocean freight rates are falling rapidly - a signal that the ocean market may have passed its peak.

Freight forwarder Cnto Global Logistics noted that the China International Import Expo will be held in Shanghai from November 5 to 10, causing some airlines to cancel scheduled freighter and PAX freighter services during this period.

"This, in turn, has led to a significant increase in market rates," the company said. "Due to limited capacity, shipping times are expected to be extended by three to five days."

"Airport capacity other than Hong Kong remains tight as some PAX flights are still cancelled; however, shippers continue to push out cargo," the company added.

Shenzhen Cnto Global Logistics Co., Ltd was founded in 2015, a young fast growing Classs A forwarder agent in global market, approved by The Ministry of Commerce.
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