Air cargo rates on major east-west trade lanes began to pick up in August as the industry faced supply chain disruption due to lockdowns in China and the peak season looms.
The latest figures from the Baltic Exchange Air Freight Index show that in August average prices from Hong Kong to North America increased by 9.4% compared with the previous month.
Compared with August last year, rates on the route are up by 57.1%, while compared with 2019, there is a 162.2% increase.
The main story of the month was the disruption experienced at several airports in China, in particular the country’s largest cargo hub Shanghai Pudong, as handlers and ramp companies were affected by lockdowns due to growing numbers of Covid cases.
Prices from Shanghai to North America are understood to have increased by more than 20% in the final week of the month due to the disruption.
Air Cargo News