Air cargo rates are now at their lowest level for at least the last three years as weakening growth and overcapacity take their toll on airline performance, according to the latest Drewry East-West Air Freight Price Index, published this week.
Rates on the 21 east-west routes now stand at US$2.91 per kg, while the index, which uses the May 2012 rate as a base level of 100, has now slipped to 89.8 points.
It is the first time Drewry's records show that prices have fallen below the $3 mark.
In its Sea & Air Shipper Insight analysis, Drewry said the decline was down to softening demand and overcapacity. It expects pricing to remain subdued over the coming months.
Airfreight rates fall below $3 per kg
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