Newsletter – March 13, 2024

Air Cargo’s ‘Surprisingly Strong’ Start to 2024 Continued in February with Another Double-Digit Rise in Demand and Rates Boost 
tiaca.org
The global air cargo market’s surprisingly positive start to 2024 continued in February with a second consecutive month of double-digit growth in demand and an uptick in general freight spot rates, according to Xeneta’s latest weekly market analysis.
Following January’s 11% growth in volumes, February saw a similarly welcome upward curve for airlines and freight forwarders, with demand increasing 11% year over year. Reflecting this improvement, in what is traditionally a slower time of year for airfreight volumes, the average global cargo spot rate in February rose 2% from the previous month to US$2.29 per kg. Read more here.

Airbus lab to test new concepts in cargo
aircargonews.net
Airbus is to go into partnership with experts from CHAMP Cargosystems, Fraport, KLM Cargo, Kuehne+Nagel and Swissport in a new tech initiative, the plane-maker announced at IATA World Cargo Symposium in Hong Kong on 13 March.
OpenCargoLab aims “to drive digital, resource-saving concepts, contributing to more resilient and efficient airfreight processes”, it said. Read more here.

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OCEAN FREIGHT UPDATES

Panama Canal Authority Adds Three More Daily Transit Slots
splash247.com
Solid amounts of rain have allowed the Panama Canal Authority (ACP) to add three extra slots per day at its panamax locks, taking the total daily maximum transits to 27, still more than 10 shy of the waterway’s normal maximum, but a sign that the worst is over from the record drought that has been plaguing the canal since June last year.
Two additional slots will be offered through auction for transit dates beginning March 18, and an additional slot will become available for transit dates beginning March 25. Read more here.

Carriers Need Another 400,000 TEU to Maintain Current Services
theloadstar.com
Nearly 200,000 TEU of newbuild containership capacity was delivered in February, following a record 300,000 TEU received the month before – the new tonnage being comfortably soaked up by Red Sea diversions around Africa.
In the current situation, it is claimed that carriers still need another 400,000 TEU to plug the gaps in their temporary networks, due to the longer voyage times around the Cape of Good Hope. Read more here (login required).

January surge in volumes stretches capacity at Mexican ports
theloadstar.com
After tepid growth in 2023, Mexico’s container ports experienced a surge in traffic in January, and there are concerns that continuing growth will strain capacity.
Container throughput increased 20% over December for Mexico’s top 18 ports, to 728,116 teu. Read more here (login required).