Weak demand and overcapacity adding to carrier Red Sea stress
Despite the considerable disruption to container shipping caused by the Red Sea crisis, consumer demand ...
Drewry’s monthly chart of misery – for air cargo – shows that air freight rates (on key east-west lanes) dropped to another record low in June, at under $2.90 per kg. And there is little hope of change in the near future. Drewry’s Sea & Air Shipper Insight states: “Whereas the eastbound transpacific has taken the brunt of pricing falls in recent months, June’s decline affected all the main east-west trades in broadly equal measure. Weak cargo growth coupled with rising capacity has further weakened the market, the latter fuelled by booming passenger demand which added more unwanted bellyhold space. Drewry expects air freight pricing to remain weak over the next few months, as carriers release additional passenger capacity.”
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Alex Lennane
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During August 2023, please contact
Alex Whiteman
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Alessandro Pasetti
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