November cargo volume fell 12.6 per cent year on year, while air freight rates surged to a peak of 289 per cent
WorldACD, which specialises in air cargo market data, said: "To say the air cargo market is' hot 'is probably an understatement."
As the year 2020 draws to a close, the world's review of the year is special, and air cargo is no exception: the usual trends that have developed over the years are no guide to what actually happens, and fluctuations in cargo volumes and rates have become the norm in the market.
According to WorldACD, freight volumes in November 2020 were down 12.6 per cent year on year, but rates were the fastest since the "freaky Months of April and May".Freight rates rose 79% in November from a year earlier, compared with 11.2 percent in October.
However, freight volumes were down 2 per cent from the previous month and capacity was up 1 per cent from October, while belly capacity was up 3 per cent despite the decline.Asia-pacific was the only region to show growth between October and November, with growth of 3.2 per cent.
Of this, shipments of more than 5,000 kg increased year on year, while smaller heavyweight shipments declined by 16% to 29%, possibly reflecting the number of PPE flown this year.
And WorldACD added: "The toughest statistics for November are: airlift of remains has increased by 8 per cent over the same month last year."
The data company added some records for November: the highest average price was $6.88 per kg from Hong Kong to the U.S. Midwest;The biggest year-on-year increase was from the UK to the US North-East, up 289 per cent;
East China to the U.S. Midwest had the highest absolute annual change, up $3.43;The biggest monthly change was from South Korea to Germany, up 58 percent.
While volumes are down, revenues are up year by year -- "Can anything get weirder?"WorldACD asked.
"Take Chicago: Outbound traffic is down 9 per cent year on year [from January to November], but it has generated 10 per cent revenue growth for the airline.At the same time, revenue from flights to Chicago was up an incredible 92 percent from a year earlier."
Cargo loading rates were the highest in the first half of December, according to Clive Data Services, and volumes were up 2 per cent compared with the first half of November, with prices up 2 cents on the average for November.