Average air freight prices out of Asia fell 10.3 percent in June from the month before as airlines brought capacity back into the growing international market, according to the latest Drewry Air Freight Rate Index.
The June measure for cargo out of Shanghai was still 54.7 percent higher than the same month a year ago, but that compares to a point last summer when air freight rates were near their lowest point of 2009.
The month-to-month decline left the index, measured by London-based Drewry Shipping Consultants, at its lowest point since March.
By the Numbers:
Drewry Air Freight Price Index
The drop came as the recovery in global air freight demand maintained its momentum, with traffic growing 26.5 percent in June over the same month a year ago, including a 29.8 percent increase in the Asia-Pacific region.
But capacity also has been coming back rapidly. IATA said global air freight capacity grew 12.2 percent in June over last year, and Asia-Pacific capacity was up 20.5 percent.
Freighters that were parked during the downturn are coming back strongly. Hong Kong International Airport, the world’s largest international freight airport, said all-cargo flights grew 40.6 percent in the three months ending in June compared to the year before.