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Global air cargo tonnages stabilised in October close to their levels this time last year, with preliminary full-month tonnage figures for October down just -1% compared to those in October 2022, having tracked last October’s demand patterns closely on a week-by-week basis throughout the month, according to the latest figures from WorldACD Market Data.
That difference of -1% in October is the smallest full-month year-on-year drop recorded so far this year, narrowing from a year-on-year decline of -10% in the first quarter, -6% in the second quarter and -3% in the third quarter of the year. But this narrowing of the gap compared with last year’s demand levels should be seen more as a stabilization than a recovery, with tonnages in October 2022 having already experienced a double-digit percentage decline (-13%) compared with those of the previous year, heralding a non-existent peak season last winter.
To put these demand levels into context, tonnages for the full year in 2022 were around -6% below the (near-record) full-year figures for 2021, and just slightly above (+2%) those in 2016, with full-year figures for 2023 set to be significantly below last year’s levels (around -5%).
Weekly analysis
Preliminary figures for week 43 (23 to 29 October) show a -1% decrease in tonnages and a +1% increase in global average rates, compared with the previous week, based on the more than 400,000 weekly transactions covered by WorldACD’s data. The slight tonnage decrease in the last full week of October follows the same pattern as the previous year, characterised by a mid-month recovery in tonnages following a sharp drop during the first full week of October (-5% in 2023; -8% in 2022), corresponding with China’s Golden Week holiday break.
Comparing weeks 42 and 43 this year with the preceding two weeks (2Wo2W), overall tonnages and worldwide rates jumped +3%, while capacity increased by +1% versus the combined total in weeks 40 and 41.
At a regional level, increases in tonnages (2Wo2W) were recorded most strongly on flows outbound from Africa to Europe (+14%), and from Asia Pacific to, respectively, North America (+9%), Middle East & South Asia (+8%), Europe (+7%) and intra-Asia Pacific (+7%). Also, notable increases were recorded outbound from Europe to Asia Pacific (+7%), from North America to Central & South America (+5%), and from Central & South America to Europe (+5%). On the negative side, the biggest percentage decreases were recorded on flows outbound from Europe to Middle East & South Asia (-6%) and from North America to, respectively, Europe (-5%) and to Asia Pacific (-4%).
On the pricing side, there were small to modest increases in rates, on a 2Wo2W basis, on the majority of regional flows, most notably ex-Europe to North America (+6%), and ex-Asia Pacific to, respectively, North America (+4%) and Middle East & South Asia (+4%), as well as on flows between Middle East & South Asia and Asia Pacific (+4%) and ex-Central & South America to Europe (+4%). Slight decreases were recorded on flows ex-Europe to Central & South America (-3%) and ex-Europe to Asia Pacific (-1%).
Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 42 and 43 was down -2% compared with the equivalent period last year, with the most-notable changes on an origin region level being a +8% rise ex-Middle East & South Asia and a +6% increase ex-Central & South America and ex-Africa. Tonnages were also up ex-Asia Pacific (+4%). But, similar to previous reports, there were significant decreases in tonnages ex-North America (-13%) and ex-Europe (-11%).
Overall capacity has increased by +15% compared with last year, as passenger air services continue to return to the market, with capacity ex-Asia Pacific up by a noteworthy +31%. Other significant YoY capacity increases can be observed ex-Europe (+18%), ex-Middle East & South Asia (+13%), ex-Africa (+12%) and ex-North America (+10%), while a drop was recorded ex-Central & South America (-3%).
Worldwide average rates are currently -28% below their levels this time last year, at an average of US$2.40 per kilo in week 43, although they remain significantly above pre-Covid levels (+36% compared to October 2019).
The direct flight will be operated thrice a week; with this Tiruchi has seven international airlines operating to 10 overseas destinations.
The first Vietjet flight landed at the Tiruchi international airport on the night of Thursday, November 2, 2023 | Photo Credit: Special Arrangement
International passenger traffic at the non-metro Tiruchi international airport is poised to increase, with new-age carrier VietJet Air, the largest private airline in Vietnam, launching direct flight services from Ho Chi Minh City to Tiruchi and back.
The first Tiruchi-bound VietJet flight from Ho Chi Minh City in Vietnam, landed in Tiruchi at 11.30 p.m. on Thursday, November 2, 2023, with incoming passengers being given a warm welcome at the airport by the airline officials.
The flight departed from Tiruchi to Ho Chi Minh city at 12. 30 a.m. on Friday, November 3. A little over 100 passengers were on board the first flight from Tiruchi to Ho Chi Minh City, said airline sources.
The airline will be operating an A-320 flight with a seating capacity of 180, in this sector.
A samll function was organised by the VietJet airlines team at the Tiruchi airport on Thursday night, in which airport officials participated, to mark the launch of the new service .
The flights from Ho Chi Minh City to Tiruchi will be operated on Sundays, Tuesdays and Thursdays. The services from Tiruchi to Ho Chi Minh City will be operated on Mondays, Wednesdays and Fridays in the early hours.
Tiruchi has become the fifth destination in India where VietJet operates. The airline has already introduced its services in New Delhi, Mumbai, Ahmedabad and Kochi.
VietJet is the seventh international airline to start operations from the Tiruchi international airport from where Sri Lankan Airlines, AirAsia, Malindo Air, Scoot, Air India Express and IndiGo are already operating flights to different overseas destinations. Ho Chi Minh City has become the 10th overseas destination to have connectivity with Tiruchi after Colombo, Singapore, Kuala Lumpur, Dubai, Sharjah, Abu Dhabi, Doha, Kuwait and Muscat.
“The launch of new flight services to Ho Chi Minh City from Tiruchi by the VietJet airline is a very positive development for the Tiruchi international airport,” said P. Subramani, Airport Director, Tiruchi. The launch of the direct service would provide a great chance for travellers from Tiruchi and its neighbouring districts to visit Vietnam, besides further increasing international passenger movement from the Tiruchi airport, Mr. Subramani said.
According to the Airports Authority of India’s (AAI) statistics, the number of international passengers at Tiruchi airport was over 6.3 lakh from April to September 2023. This was higher than the corresponding period of 2022 when overseas passenger numbered a little over 5.3 lakh.
