Drewry Airfreight Insight, a new online airfreight market intelligence service launched today by Drewry's Supply Chain Advisory division, confirms airfreight's growing popularity among international shippers as cost and congestion issues continue to impede ocean transport.
2024 has been a year of continued supply chain disruption for ocean freight shippers and has forced many to think and act creatively to alleviate the pressures on their global transport networks. With unreliable transit times and a myriad of problems in ocean transport, airfreight has stepped in and aided procurement teams in a time of need.
As congestion has plagued the ocean freight sector, Drewry has seen double-digit growth in airfreight volumes, particularly out of Asia, but freighter capacity has remained buoyant enough to sustain this growth, and although rates have gone up, they have not matched the steep increases in ocean spot rates. Despite the demand boom in airfreight, between Dec-23 and Sep-24 the cost ratio between airfreight and ocean freight spot rates has narrowed from 25.9x to 5.6x (see below).
"Procurement teams within global shippers/BCOs and forwarders need access to up-to-date market insights across both ocean and air sectors," said Chantal McRoberts, Director and Head of Advisory within Drewry Supply Chain Advisors. "This new monthly service provides the timely insights stakeholders need to determine the 'best fit' transport mode for their business."
The service will focus on the key drivers of the airfreight market (supply, demand, and load factors) on all key routes as well as key regional indices are enhanced by spot rate benchmarks against 127 of the most popular air routes.
For more information:
Drewry
35-41 Folgate Street
London E1 6BX
United Kingdom
Tel: +44 20 7538 0191
Email: [email protected]
Website: www.drewry.co.uk
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