Posted on March 5, 2024
Market updates

Market Update: Leverage House of Shipping’s Insights on Ocean and Air Freight Trends in February

Air-Ocean-Freight-Market-Insight_February-2024

Unlock unparalleled insights with House of Shipping’s February Market Update, your strategic advantage in the ever-evolving landscape of supply chain and logistics.  

At House of Shipping, we go beyond mere analysis and equip industry professionals with the foresight and tools needed to thrive amidst market fluctuations.  

With our expert consultancy and advisory services, you gain access to a wealth of knowledge and innovative approaches to not only understand the current market but to also lead it.  

Key highlights: 

  • Global full-year demand in 2023, measured in cargo tonne-kilometers (CTKs), was down 1.9% compared to 2022 (-2.2% for intl. ops.). Compared to 2019, it was down 3.6% (-3.8 for intl. ops.). 
  • Capacity in 2023, measured in available cargo tonne-kilometers (ACTKs), was 11.3% above 2022 (+9.6% for intl. ops.). Compared to 2019 (pre-COVID) levels, capacity was up 2.5% (0.0% for intl. ops.). 
  • IATA forecast air cargo demand growth to be +4.5% in 2024 YoY. 2024 Capacity is expected to contract -3%, signaling a change from the previous few years where capacity growth significantly outweighed overall demand. 
  • Indications that spot rates from Asia are already softening, after the recent bounce. If the Suez Canal diversions last until the end of Q2, then Drewry still expects average East-West rates to decline by more than 10% in 2024 (vs 2023). 

Market Update: Leverage House of Shipping’s Insights on Ocean and Air Freight Trends in February

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