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Global air freight rates take a dip as volumes lose height

Global airfreight volumes declined in the first full week of August, with chargeable weight falling from all origins as pricing and capacity edged down, according to WorldACD. Global tonnage dropped 4% week on week in week 32 (3-9 August), following a mild rally. Volumes fell 6% from the Middle East and South Asia (MESA), 4% from Europe and North America, 3% from Asia Pacific, and 2% from both Africa and Central and South America. Despite the weekly decline, global traffic was up 1% year on year, with growth of 1% to 2% from all origins except Europe, where it fell 1%. WorldACD said traffic had "fluctuated within a narrow band" over the past four weeks, alternating between contraction and growth. Comparing the latest two weeks with the previous fortnight, global chargeable weight was down 1%, led by declines from Asia Pacific and North America. Global capacity fell 1% week on week, while the average airfreight rate slipped from $2.96 in week 31 to $2.95, "driven largely by lower fuel costs", according to WorldACD. However, rates still remained 22% above year-earlier levels. Asian exports were particularly weak, with volumes from Asia Pacific to both Europe and the US showing a 4% decline week on week. Japan was an exception, however, its tonnage to the US rising 12% and to Europe 3%, while shipments from Taiwan to the US fell 11%, and Indonesia declined 10%. Typhoon Dolphin disrupted flows from China, causing evacuations in Shanghai and Beijing and more than 1,000 flight cancellations in Shanghai alone. Its port and other Chinese maritime gateways were also affected, potentially encouraging some exporters to shift cargo from ocean to air. Overall, China's airfreight tonnage fell 5%, while chargeable weight from Shanghai fell 8% week on week, including a 12% decline on intra-Asia routes. WorldACD also pointed to the lingering impact of the end of the de minimis exemption for ecommerce entering the EU. China mainland to Europe tonnage was down 8% year on year, while Hong Kong to Europe volumes plunged 29%. This was echoed by Maersk in its European update today. The Danish carrier said: "Since the removal of the €150 duty-free threshold, low-value air cargo imports into Europe have fallen by almost 33% year on year, reinforcing a broader shift away from ecommerce-driven volumes and toward higher-value cargo." It noted that, in its air freight division, European import volumes continued to expand in May, while exports remained in decline - "reflecting a more cautious demand environment across parts of the manufacturing sector". WorldACD said rising rates to Europe from China and Hong Kong, alongside falling transpacific prices, suggested freighter capacity previously used for ecommerce shipments to Europe may have shifted towards the transpacific market.

Freightos appoints Eldad as chief financial officer

Global freight pricing, booking and procurement platform, Freightos has appointed Yaron Eldad as chief financial officer. Eldad, whose appointment is effective 1 September, brings more than 25 years of chief financial officer and senior financial leadership experience across technology and life sciences, with particular experience in financial and operational management, business transformation, international growth and public-company finance. Most recently, Eldad served as chief financial officer of computational chemistry company, Evogene, where he led the finance organisation across the group and its subsidiaries and oversaw multiple rounds of financing, merger and acquisition (M&A) activity and significant organisational restructuring. Earlier, as chief financial officer of technology company e-SIM, he helped scale the business internationally, led its IPO and its finance function throughout its years as a Nasdaq-listed company. He also co-founded Yamba Group, gaining first-hand experience building and scaling an international business. "We're pleased to welcome Yaron to Freightos as our Chief Financial Officer," said Pablo Pinillos, chief executive of Freightos. "Yaron brings extensive public-company financial leadership experience, together with strong operational discipline and strategic business judgement. His appointment strengthens our leadership as we continue to focus on execution, profitability, and scalable growth. I look forward to working closely with him as we execute on Freightos' strategy." "Freightos has built a unique position at the intersection of technology, data, and global freight, in an industry with significant opportunity for continued digitalization," added Eldad. "I am excited to join Pablo and the Freightos team and look forward to helping translate that opportunity into sustainable financial performance, while supporting the investments and operational excellence needed to scale the business over time."

Loss-making Toll Group sells hard assets to rein in cash

Here comes our usual pay-to-play (A$52 per file!), mid-summer update regarding Toll Group after the Australian 3PL lodged its annual results (to the end of March) with the Australian Securities and Investments Commission a couple of weeks ago. The good news? Well, pass. Or? Delve into the financials and "assets held for sale" on the left side of the balance sheet provide some relief. The bad news? Rising interest payments to serve (rising) debt obligations was a major highlight, unfortunately. More broadly, the financial picture doesn't ...