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            september 17, 2019

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Hong Kong air cargo rates rise in July in spite of slowdown in demand


Air cargo rates on major trade lanes reached their highest levels so far in 2018 in July, despite a slowdown in market growth, reports London's Air Cargo News.
The latest figures from TAC Index show that prices on services from Hong Kong to North America increased 16.2 per cent year on year in July to US$3.88 per kilogramme and were also up on the level recorded in June of $3.80 per kilogramme.
This, along with June, is the highest level monthly prices on the trade lane have reached in 2018.
There was a similar result on services from Hong Kong to Europe, where rates increased 23.2 per cent year on year in July to $2.76 per kilogramme.
Typically, less growth follows a decline in rates, but not this year because of concerns over space shortages after the situation in the second half of last year.
What's more, the amount of cargo being handled is putting some major cargo hubs under pressure in a period of slower growth in 2018.
This is also ahead of the level recorded in July 2015 and 2016 and is the highest level prices on the trade lane have reached in 2018.
Looking ahead, the forward curve produced by derivatives broker FIS Investor shows continued growth with a mid-point of $3.20 per kilogramme reported for September is $3.60 per kilogramme in October and $3.70 per kilogramme for the fourth quarter.
"Air Cargo rates have continued to grow throughout July and look to continue to rise, resulting in a reluctance of airlines to commit their space for quarter four early," FIS' Nicola Hughes said.
"This is in the hope that they will achieve greater rates through the spot market at a later date. Leading shippers and freight forwarders to look for smarter ways to secure capacity in an environment where time to market is critical," she said.
Finally, the Frankfurt-North America lane saw rates increase 24 per cent year on year to $2.57 per kilogramme. This lags behind the $3.06 per kg recorded in February, but this should not come as too much of a surprise as airlines add capacity to the trade for the summer tourist peak.

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