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Global Market Update – May 13, 2020

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Country-Specific Updates:

India: Lockdown was extended until May 17th

Peru: Lockdown was extended until May 24th 

Airfreight highlights:

The heavy backlog in China remains but the situation is gradually improving. Space is still tight due to continued capacity suspension. Long transit is inevitable. 

Global air cargo capacity was 25% below levels for the same week in 2019, according to Seabury. Transpacific cargo capacity was up 9% to 18%, and Asia Pacific-Europe capacity returned to near 2019 capacity. Transatlantic capacity was down more than 50% from 2019 levels.

Global widebody belly capacity is down 78% from 2019 levels but has increased 30% in the past two weeks. Seabury says freighter capacity is 28% ahead of 2019 levels.

Over the past two weeks, capacity has been increasing across most lanes. Transpacific capacity has grown largely because of PPE shipments carried on passenger freighters. Week-on-week widebody belly increases were largest on Asia Pacific - North America (71%), Intra-Europe (74%) and Latin America – North America (68%) lanes, and for freighters on the Latin America – North America (27%) lane.

Belly capacity from China is rebounding, and freighter capacity is showing large week-to-week gains. The Boeing 777 and 787 and Airbus 330 are the aircraft deployed most as passenger freighters.

Ocean Freight Highlights:

17.3% of Transpacific capacity is blanked in Q2 2020, though we expect this to improve in the coming weeks. 

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