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Service Alert due to Situation in Ukraine...More

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 1. Home >
 2. Insights >
 3. News & Market Updates >
 4. Market Updates: June 9, 2022





FREIGHT MARKET UPDATE - WEEK OF JUNE 9, 2022





AIR CARGO INDUSTRY SHOWING SOME SIGNS OF RECOVERY, WHILE AIR FREIGHT RATES ARE
EXPECTED TO INCREASE

Top Takeaways
 * In May, the air cargo market saw a 7% drop in demand compared to May 2021 and
   remained 8% below May 2019 levels.
 * The recovery of air cargo capacity grew rapidly in May for the Transatlantic
   trade lane as passenger flights increased. Recovery is expected to continue
   with the busy summer schedules and the slow return of belly capacity.
 * Congestion at the Port of Shanghai is returning to the levels experienced
   before the latest Covid-19 lockdowns.
 * Congestion relief was reported at major ports in Spain, Italy, and Greece,
   while congestion in Rotterdam and Hamburg ports remain high.


North America

Air

 * The recovery of air cargo capacity grew rapidly in May for the Transatlantic
   trade lane as passenger flights increased. Recovery is expected to continue
   with the busy summer schedules and the slow return of belly capacity.

Ocean

 * After a decade of planning, the Port of Houston has started a $1.1 billion
   ship channel widening project. This will allow the port to accommodate an
   additional 1,400 vessels per year.
 * Performance improvements related to berth works are underway in the Port of
   Savannah, causing a temporary rise in congestion.


Latin America

Air

 * American Airlines will launch a new route between New York and Monterrey,
   Mexico, starting in November. The airline plans to increase operations by 14%
   compared to last year.
 * South American air freight company, Avianca, announced it would be adding up
   to four converted freighters to its fleet over the next two years starting
   later this year.
 * Brazilian exports are anticipated to increase USD $7.8 billion per year due
   to international trade and supply chain changes. Increased trade between
   Brazil and the US is the primary driver.


Asia-Pacific

Air

 * During Covid-19 lockdowns, Cathay Pacific utilized sea feeder solutions to
   keep cargo moving to the Hong Kong airport – a creative solution as ocean is
   regarded as the slowest mode for cargo transports.
 * As China and Hong Kong gradually reopen and resume production, air cargo
   rates are predicted to reach elevated levels as a result of the surge in
   demand.

Ocean

 * As of June 7, carriers announced 12 blank sailings in Transpacific Eastbound
   (TPEB) for June, reducing 5.6% of average capacity. In July, there is one
   blank sailing for TPEB reported so far.
 * Congestion at the Port of Shanghai has returned to almost normal wait time
   levels for tankers, bulkers, and container ships, shortened from averages of
   66 hours in April to 28 hours in May.


Europe

Air

 * More Transatlantic air freight capacity is available as airlines increase
   their summer flights schedule.

Ocean

 * Both US coasts are seeing signs of improvement at ports, although port
   congestions still remain on both ends of the Transatlantic trade lanes.
 * Congestion relief was reported at major ports in Spain, Italy, and Greece,
   while congestion in Rotterdam and Hamburg ports remain high.


Customs and Brokerage
 * The US Trade department announced an extension of Covid-19 related product
   exclusions from Chinese tariffs until the end of November.
 * On June 2, the US met with Bangladesh at the Indo-Pacific Economic Framework
   (IPEF) to discuss labor matters and sustainability practices. Both sides are
   committed to implementing economic recovery for international labor standards
   and decarbonization in Bangledesh.


Supply Chain & Market News
 * Air cargo market saw a drop in demand by 7% in May compared to the same month
   in 2021. Meanwhile, capacity is up 4% compared to May 2021. According to the
   Clive Data Center, the decline in demand can be attributed to China
   lockdowns, the ongoing situation in Ukraine, and rising inflation and high
   interest rates that are lowering consumption.









THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL
ADVICE. INFORMATION HEREIN WAS OBTAINED FROM GOVERNMENT, INDUSTRY, AND OTHER
PUBLIC SOURCES. IT HAS NOT BEEN INDEPENDENTLY VERIFIED BY UPS AND IS SUBJECT TO
CHANGE. RECIPIENT HAS SOLE RESPONSIBILITY FOR DETERMINING THE USABILITY OF ANY
INFORMATION PROVIDED HEREIN. BEFORE RECIPIENT ACTS ON THE INFORMATION, RECIPIENT
SHOULD SEEK PROFESSIONAL ADVICE REGARDING ITS APPLICABILITY TO THE RECIPIENT'S
SPECIFIC CIRCUMSTANCES.


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