Air Freight Rate Index Falls 10 Percent in July

Average air freight prices out of Asia fell 10.1 percent in July from the month before to the lowest point in nearly a year, according to the latest Drewry Air Freight Price Index.

The decline marked the second straight double-digit drop in the freight rate index and pushed the Drewry measure, based on pricing from Shanghai to major world air cargo gateways, to its lowest point since September 2009.

The average rate in July was still 36.8 percent higher than the same month a year ago, but at 109 the index has fallen about 40 points, or 26.9 percent, from its high point over the last two years reached last December.

By The Numbers: Air Freight Price Index.

Air freight demand has recovered strongly this year after reaching historic lows in 2009, and airlines have been restoring much of the capacity they had parked during the downturn.

The International Air Transport Association says international air freight capacity grew 11.9 percent in July over the same month a year ago, about half the rate of the expansion in traffic. But the freighter capacity most prized by shippers and forwarders appears to be growing most rapidly.

Flights by freighters at Hong Kong International Airport, the world’s largest international cargo airport, grew 40.6 percent in July over the same month a year ago and were up nearly 8 percent from June.