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Airfreight soars above the congested ocean freight transport system
London, UK, 01 October 2024 – Drewry Airfreight Insight, a new online airfreight market intelligence service launched today by Drewry’s Supply Chain Advisory division, confirms airfreight’s growing popularity among international shippers as cost and congestion issues continue to impede ocean transport.
2024 has been a year of continued supply chain disruption for ocean freight shippers and has forced many to think and act creatively to alleviate the pressures on their global transport networks. With unreliable transit times and a myriad problems in ocean transport, airfreight has stepped-in and aided procurement teams at a time of need.
As congestion has plagued the ocean freight sector, Drewry has seen double digit growth in airfreight volumes, particularly out of Asia, but freighter capacity has remained buoyant enough to sustain this growth, and although rates have gone up, they have not matched the steep increases in ocean spot rates. Despite the demand boom in airfreight, between Dec-23 and Sep-24 the cost ratio between airfreight and ocean freight spot rates has narrowed from 25.9x to 5.6x (see below).
Drewry Airfreight vs Maritime Price Multiplier
Source: Drewry Airfreight Insight, Drewry Maritime Research, IATA
Note: Comparison of East-West Airfreight Price Index and Drewry’s East-West Container Freight Rate Index (converted to cost per kg: basis 4,500kg per teu)
“Procurement teams within global shippers/BCOs and forwarders need access to up to date market insights across both ocean and air sectors,” said Chantal McRoberts, Director and Head of Advisory within Drewry Supply Chain Advisors. “This new monthly service provides the timely insights stakeholders need to determine the ‘best fit’ transport mode for their business.”
The service will focus on the key drivers of the airfreight market (supply, demand and load factors) on all key routes and as well as key regional indices is enhanced by spot rate benchmarks against 127 of the most popular air routes.
Airfreight Insight is accessed via Drewry’s digital Container Freight Portal which also provides subscribers with wrap-around content such as Drewry’s World Container Index, Intra Asia Rate Index, Ocean Contract Rate Index and Port Throughput Index, further enhancing the ocean freight market intelligence offered.
About Airfreight Insight
Drewry’s new Airfreight Insight provides essential global airfreight market insights and cost comparisons between air and ocean freight modes. Accessed via Drewry’s Container Freight Portal, this new online-only service provides monthly analysis of the market, air freight rate indices and benchmarks rates against 127 of the most popular air routes.
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