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Air cargo costs soar to record high

Doubled prices per kilo of goods coming from Asia to Europe and North America

Around the world, air freight costs are rising to record high. As companies prepare to meet growing demand in the run-up to Christmas, they are facing with prices that have nearly doubled. That's what's been going on for the past three months along the world's major cargo routes connecting hub airports that pick up production in China and ports of call in the United States and Europe.

Case in point. Last week, prices on routes from Shanghai to North America reached 14 dollars per kilogram for the first time, while at the end of August the price was 8 dollars. A figure well above the previous record of 12 ones, reached during the first lockdowns, which had put global supply chains in crisis for the first time in the early 2020s. Strong increases are also seen in Hong Kong and on transatlantic routes such as Frankfurt-North America.

As a result, many logistics and air freight companies today are forced to find enough aircraft to keep up with deliveries. This dynamic also affects many companies in the fashion, automotive and electronics industries, which source their finished goods, raw materials or semiconductors by air. The volume of air freight still registers a -13% on 2019. However in view of Christmas there will be a definite increase in demand. Suffice it to say that East Midlands Airport in the UK expects to handle 470,000 tons of cargo compared to 370,000 tons before the pandemic. 

Gic - 1240998

AVIONEWS - World Aeronautical Press Agency