Asian air freight rates increase by 29% from October to December

A new report by consultant Drewry has revealed that air freight rates out of Asia increased by 29% between October and December.

This was down to carriers withholding capacity amid a late-year demand surge.

Drewry, traditionally a maritime specialist, said there was a similar trend with rates on the key Asia-Europe/Mediterranean and transpacific container shipping trade lanes.

Drewry also believed that container shipping and airline industries would book a combined loss in the region of US$20-$30bn for 2009.

Simon Heaney, author of the report, said: “Air and ocean shippers alike are faced with the same headaches in terms of pricing and space allocation due almost entirely to the severe capacity retrenchments and decommissioning of fleets.

“Some shippers have told us they feel like they are being blackmailed by carriers who are showing little or no respect for contracts.

“It looks like the animosity between the two sides is intensifying, especially after the announcement by the Transpacific Stabilization Agreement carriers to impose an emergency revenue charge mid-contract.”

He added: “Just look at the way some lines are dressing up rate hikes as ‘peak-season surcharges’ even though it is historically the slackest period.”